QLFNX vs. VMNFX

Last updated Jun 25, 2026

QLFNX (AQR LSE Fusion Fund Class N) and VMNFX (Vanguard Market Neutral Fund Investor Shares) are both Long-Short funds. At a 0.09 correlation, their price movements are largely independent. QLFNX charges 6.55%/yr vs 1.31%/yr for VMNFX.

Performance

QLFNX vs. VMNFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR LSE Fusion Fund Class N (QLFNX) and Vanguard Market Neutral Fund Investor Shares (VMNFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QLFNX achieves a -4.08% return, which is significantly lower than VMNFX's 14.03% return.

QLFNX

• 1D: -2.78%
• 1M: -1.03%
• YTD: -4.08%
• 6M: -5.26%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

VMNFX

• 1D: -0.31%
• 1M: 3.58%
• YTD: 14.03%
• 6M: 14.85%
• 1Y: 20.73%
• 3Y*: 13.81%
• 5Y*: 13.89%
• 10Y*: 5.20%

*Multi-year figures are annualized to reflect compound growth (CAGR)

QLFNX vs. VMNFX - Yearly Performance Comparison

	2026 (YTD)	2025
QLFNX AQR LSE Fusion Fund Class N	-4.08%	6.71%
VMNFX Vanguard Market Neutral Fund Investor Shares	14.03%	1.35%

Correlation

The correlation between QLFNX and VMNFX is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 6, 2025	0.09

Return for Risk

QLFNX vs. VMNFX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

QLFNX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

VMNFX

VMNFX Risk / Return Rank: 86
VMNFX Sharpe Ratio Rank: 90
VMNFX Sortino Ratio Rank: 91
VMNFX Omega Ratio Rank: 84
VMNFX Calmar Ratio Rank: 92
VMNFX Martin Ratio Rank: 73

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.

QLFNX vs. VMNFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR LSE Fusion Fund Class N (QLFNX) and Vanguard Market Neutral Fund Investor Shares (VMNFX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	QLFNX	VMNFX	Difference
Sharpe ratio: Return per unit of total volatility	—	2.73	—
Sortino ratio: Return per unit of downside risk	—	4.15	—
Omega ratio: Gain probability vs. loss probability	—	1.51	—
Calmar ratio: Return relative to maximum drawdown	—	4.59	—
Martin ratio: Return relative to average drawdown	—	12.86	—

Drawdowns

QLFNX vs. VMNFX - Drawdown Comparison

The maximum QLFNX drawdown since its inception was -14.54%, smaller than the maximum VMNFX drawdown of -26.42%. Use the drawdown chart below to compare losses from any high point for QLFNX and VMNFX.

Drawdown Indicators

	QLFNX	VMNFX	Difference
Max Drawdown Largest peak-to-trough decline	-14.54%	-26.42%	+11.88%
Max Drawdown (1Y) Largest decline over 1 year	—	-4.65%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-5.44%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-6.75%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-25.09%	—
Current Drawdown Current decline from peak	-5.26%	-0.31%	-4.95%
Average Drawdown Average peak-to-trough decline	-5.49%	-8.74%	+3.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.66%	—

Volatility

Volatility by Period

	QLFNX	VMNFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.22%	—
Volatility (6M) Calculated over the trailing 6-month period	—	5.77%	—
Volatility (1Y) Calculated over the trailing 1-year period	16.92%	7.83%	+9.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.92%	7.22%	+9.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.92%	6.41%	+10.51%

QLFNX vs. VMNFX - Expense Ratio Comparison

QLFNX has a 6.55% expense ratio, which is higher than VMNFX's 1.31% expense ratio.

Dividends

QLFNX vs. VMNFX - Dividend Comparison

QLFNX's dividend yield for the trailing twelve months is around 0.14%, less than VMNFX's 3.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QLFNX AQR LSE Fusion Fund Class N	0.14%	0.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VMNFX Vanguard Market Neutral Fund Investor Shares	3.08%	3.53%	5.61%	5.09%	0.75%	0.16%	0.81%	3.16%	0.94%	1.07%	0.38%	0.02%

Frequently Asked Questions

Can I hold both QLFNX and VMNFX in my portfolio?

QLFNX and VMNFX have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.