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QLENX vs. WALSX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QLENX vs. WALSX

Last updated Jun 4, 2026

QLENX (AQR Long-Short Equity N) and WALSX (Wasatch Long/Short Alpha Fund) are both Long-Short funds. Over the past 3 years, QLENX returned 27.39%/yr vs 6.19%/yr for WALSX. At a 0.21 correlation, their price movements are largely independent. QLENX charges 5.18%/yr vs 1.75%/yr for WALSX.

Performance

QLENX vs. WALSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR Long-Short Equity N (QLENX) and Wasatch Long/Short Alpha Fund (WALSX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, QLENX achieves a 0.29% return, which is significantly lower than WALSX's 5.30% return.

QLENX

1D
-0.19%
1M
3.51%
YTD
0.29%
6M
4.65%
1Y
15.75%
3Y*
27.39%
5Y*
21.63%
10Y*
11.73%

WALSX

1D
0.86%
1M
0.16%
YTD
5.30%
6M
2.38%
1Y
-4.23%
3Y*
6.19%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

QLENX vs. WALSX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
QLENX
AQR Long-Short Equity N		0.29%34.07%30.18%23.67%18.92%9.91%
WALSX
Wasatch Long/Short Alpha Fund		5.30%-12.79%7.24%27.75%-8.38%12.20%

Correlation

The correlation between QLENX and WALSX is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.23

Correlation (3Y)
Calculated over the trailing 3-year period

0.26

Correlation (All Time)
Calculated using the full available price history since Oct 4, 2021

0.21

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AQR Long-Short Equity N

Wasatch Long/Short Alpha Fund

Often compared with QLENX:
QLENX vs. QMNNXQLENX vs. QLEIXQLENX vs. SPYQLENX vs. CLOIQLENX vs. CLOBQLENX vs. CPERQLENX vs. VIG
Often compared with WALSX:
WALSX vs. QLEIXWALSX vs. IVVWALSX vs. SPYWALSX vs. VMNIXWALSX vs. WTLSWALSX vs. ASILXWALSX vs. NLSIX

Return for Risk

QLENX vs. WALSX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QLENX
QLENX Risk / Return Rank: 5151
Overall Rank
QLENX Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
QLENX Sortino Ratio Rank: 6060
Sortino Ratio Rank
QLENX Omega Ratio Rank: 5454
Omega Ratio Rank
QLENX Calmar Ratio Rank: 4747
Calmar Ratio Rank
QLENX Martin Ratio Rank: 3737
Martin Ratio Rank
WALSX
WALSX Risk / Return Rank: 22
Overall Rank
WALSX Sharpe Ratio Rank: 22
Sharpe Ratio Rank
WALSX Sortino Ratio Rank: 22
Sortino Ratio Rank
WALSX Omega Ratio Rank: 22
Omega Ratio Rank
WALSX Calmar Ratio Rank: 22
Calmar Ratio Rank
WALSX Martin Ratio Rank: 22
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

QLENX vs. WALSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Long-Short Equity N (QLENX) and Wasatch Long/Short Alpha Fund (WALSX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

QLENXWALSXDifference
Sharpe ratioReturn per unit of total volatility
2.21
-0.18

+2.39

Sortino ratioReturn per unit of downside risk
3.25
-0.16

+3.41

Omega ratioGain probability vs. loss probability

1.40

0.98

+0.42

Calmar ratioReturn relative to maximum drawdown

2.62

-0.21

+2.83

Martin ratioReturn relative to average drawdown

8.18

-0.40

+8.58

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QLENX vs. WALSX - Sharpe Ratio Comparison

The current QLENX Sharpe Ratio is 2.21, which is higher than the WALSX Sharpe Ratio of -0.18. The chart below compares the historical Sharpe Ratios of QLENX and WALSX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

QLENXWALSXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.21

-0.18

+2.39

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

2.16

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

1.11

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.22

0.35

+0.87

Drawdowns

QLENX vs. WALSX - Drawdown Comparison

The maximum QLENX drawdown since its inception was -38.50%, which is greater than WALSX's maximum drawdown of -25.28%. Use the drawdown chart below to compare losses from any high point for QLENX and WALSX.

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Drawdown Indicators

QLENXWALSXDifference

Max Drawdown

Largest peak-to-trough decline

-38.50%

-25.28%

-13.22%

Max Drawdown (1Y)

Largest decline over 1 year

-6.09%

-13.42%

+7.33%

Max Drawdown (3Y)

Largest decline over 3 years

-7.09%

-25.28%

+18.19%

Max Drawdown (5Y)

Largest decline over 5 years

-17.19%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-38.50%

—

—

Current Drawdown

Current decline from peak

-0.34%

-19.15%

+18.81%

Average Drawdown

Average peak-to-trough decline

-7.48%

-9.52%

+2.04%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.95%

7.12%

-5.17%

Volatility

QLENX vs. WALSX - Volatility Comparison

The current volatility for AQR Long-Short Equity N (QLENX) is 2.21%, while Wasatch Long/Short Alpha Fund (WALSX) has a volatility of 4.15%. This indicates that QLENX experiences smaller price fluctuations and is considered to be less risky than WALSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

QLENXWALSXDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.21%

4.15%

-1.94%

Volatility (6M)

Calculated over the trailing 6-month period

5.60%

11.81%

-6.21%

Volatility (1Y)

Calculated over the trailing 1-year period

7.27%

15.83%

-8.56%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.08%

16.37%

-6.29%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

10.59%

16.37%

-5.78%

QLENX vs. WALSX - Expense Ratio Comparison

QLENX has a 5.18% expense ratio, which is higher than WALSX's 1.75% expense ratio.

Dividends

QLENX vs. WALSX - Dividend Comparison

QLENX's dividend yield for the trailing twelve months is around 1.63%, while WALSX has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
QLENX
AQR Long-Short Equity N		1.63%1.64%7.13%21.21%14.09%0.00%1.59%0.00%6.09%8.91%2.87%4.91%
WALSX
Wasatch Long/Short Alpha Fund		0.00%0.00%0.00%0.00%0.09%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

QLENX and WALSX have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

WALSX has higher volatility (4.15%) compared to QLENX (2.21%). In terms of maximum drawdown, QLENX dropped -38.50% vs WALSX's -25.28%.

QLENX currently has the higher Sharpe Ratio (2.21 vs -0.18), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

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