QLFNX vs. VMNIX

Last updated Apr 1, 2026

Compare and contrast key facts about AQR LSE Fusion Fund Class N (QLFNX) and Vanguard Market Neutral Fund Institutional Shares (VMNIX).

QLFNX is an actively managed fund by AQR. It was launched on Jun 25, 2025. VMNIX is managed by Vanguard. It was launched on Oct 19, 1998.

Performance

QLFNX vs. VMNIX - 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 Institutional Shares (VMNIX). The values are adjusted to include any dividend payments, if applicable.

QLFNX vs. VMNIX - Yearly Performance Comparison

	2026 (YTD)	2025
QLFNX AQR LSE Fusion Fund Class N	-13.14%	6.71%
VMNIX Vanguard Market Neutral Fund Institutional Shares	6.12%	1.25%

Returns By Period

In the year-to-date period, QLFNX achieves a -13.14% return, which is significantly lower than VMNIX's 6.12% return.

QLFNX

• 1D: 0.38%
• 1M: -8.82%
• YTD: -13.14%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

VMNIX

• 1D: 0.09%
• 1M: 3.02%
• YTD: 6.12%
• 6M: 8.21%
• 1Y: 16.09%
• 3Y*: 11.80%
• 5Y*: 12.53%
• 10Y*: 4.06%

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

QLFNX vs. VMNIX - Expense Ratio Comparison

QLFNX has a 6.55% expense ratio, which is higher than VMNIX's 1.25% expense ratio.

QLFNX

AQR LSE Fusion Fund Class N

VMNIX

Vanguard Market Neutral Fund Institutional Shares

Return for Risk

QLFNX vs. VMNIX — Risk / Return Rank

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

VMNIX

VMNIX Risk / Return Rank: 93
VMNIX Sharpe Ratio Rank: 95
VMNIX Sortino Ratio Rank: 95
VMNIX Omega Ratio Rank: 90
VMNIX Calmar Ratio Rank: 95
VMNIX Martin Ratio Rank: 88

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. VMNIX - 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 Institutional Shares (VMNIX). 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.

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

Sharpe Ratios by Period

	QLFNX	VMNIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.20	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.75	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.64	—
Sharpe Ratio (All Time) Calculated using the full available price history	-1.22	0.31	-1.53

Correlation

The correlation between QLFNX and VMNIX is 0.10, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

QLFNX vs. VMNIX - Dividend Comparison

QLFNX's dividend yield for the trailing twelve months is around 0.16%, less than VMNIX's 3.37% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QLFNX AQR LSE Fusion Fund Class N	0.16%	0.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VMNIX Vanguard Market Neutral Fund Institutional Shares	3.37%	3.59%	5.67%	5.15%	0.78%	0.20%	0.86%	3.23%	1.00%	1.16%	0.45%	0.10%

Drawdowns

QLFNX vs. VMNIX - Drawdown Comparison

The maximum QLFNX drawdown since its inception was -14.54%, smaller than the maximum VMNIX drawdown of -27.90%. Use the drawdown chart below to compare losses from any high point for QLFNX and VMNIX.

Drawdown Indicators

	QLFNX	VMNIX	Difference
Max Drawdown Largest peak-to-trough decline	-14.54%	-27.90%	+13.36%
Max Drawdown (1Y) Largest decline over 1 year	—	-4.95%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-6.69%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-24.95%	—
Current Drawdown Current decline from peak	-14.22%	0.00%	-14.22%
Average Drawdown Average peak-to-trough decline	-5.03%	-8.82%	+3.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.73%	—

Volatility

Volatility by Period

	QLFNX	VMNIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.54%	—
Volatility (6M) Calculated over the trailing 6-month period	—	5.73%	—
Volatility (1Y) Calculated over the trailing 1-year period	15.65%	7.59%	+8.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.65%	7.19%	+8.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.65%	6.35%	+9.30%