QNZIX vs. QLENX

Last updated Jun 16, 2026

QNZIX (AQR Trend Total Return Fund Class I) and QLENX (AQR Long-Short Equity Fund Class N) are both mutual funds - QNZIX is a Systematic Trend fund actively managed by AQR Funds, while QLENX is a Long-Short fund actively managed by AQR Funds. Both are actively managed. Over the past 3 years, QNZIX returned 30.27%/yr vs 25.83%/yr for QLENX. A 0.77 correlation means they provide meaningful diversification when combined. QNZIX charges 1.27%/yr vs 1.57%/yr for QLENX.

Performance

QNZIX vs. QLENX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR Trend Total Return Fund Class I (QNZIX) and AQR Long-Short Equity Fund Class N (QLENX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QNZIX achieves a 14.81% return, which is significantly higher than QLENX's -0.92% return.

QNZIX

• 1D: 0.60%
• 1M: -1.86%
• YTD: 14.81%
• 6M: 16.43%
• 1Y: 36.25%
• 3Y*: 30.27%
• 5Y*: —
• 10Y*: —

QLENX

• 1D: 0.59%
• 1M: 0.84%
• YTD: -0.92%
• 6M: 0.04%
• 1Y: 15.05%
• 3Y*: 25.83%
• 5Y*: 21.88%
• 10Y*: 11.81%

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

QNZIX vs. QLENX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
QNZIX AQR Trend Total Return Fund Class I	14.81%	23.26%	35.22%	23.03%	1.57%
QLENX AQR Long-Short Equity Fund Class N	-0.92%	34.07%	30.18%	23.67%	4.41%

Correlation

The correlation between QNZIX and QLENX is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (All Time) Calculated using the full available price history since Mar 17, 2022	0.77

Over the past year, the correlation between QNZIX and QLENX has dropped to 0.53 - well below their long-term average of 0.77, suggesting their price drivers have been diverging.

Return for Risk

QNZIX vs. QLENX — Risk / Return Rank

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

QNZIX

QNZIX Risk / Return Rank: 94
QNZIX Sharpe Ratio Rank: 97
QNZIX Sortino Ratio Rank: 91
QNZIX Omega Ratio Rank: 88
QNZIX Calmar Ratio Rank: 98
QNZIX Martin Ratio Rank: 98

QLENX

QLENX Risk / Return Rank: 57
QLENX Sharpe Ratio Rank: 66
QLENX Sortino Ratio Rank: 70
QLENX Omega Ratio Rank: 62
QLENX Calmar Ratio Rank: 51
QLENX Martin Ratio Rank: 39

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.

QNZIX vs. QLENX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Trend Total Return Fund Class I (QNZIX) and AQR Long-Short Equity Fund Class N (QLENX). 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.

	QNZIX	QLENX	Difference
Sharpe ratio: Return per unit of total volatility	3.16	2.01	+1.15
Sortino ratio: Return per unit of downside risk	4.10	2.94	+1.16
Omega ratio: Gain probability vs. loss probability	1.56	1.37	+0.19
Calmar ratio: Return relative to maximum drawdown	7.20	2.44	+4.76
Martin ratio: Return relative to average drawdown	27.31	7.53	+19.78

QNZIX vs. QLENX - Sharpe Ratio Comparison

The current QNZIX Sharpe Ratio is 3.16, which is higher than the QLENX Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of QNZIX and QLENX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

QNZIX vs. QLENX - Drawdown Comparison

The maximum QNZIX drawdown since its inception was -18.35%, smaller than the maximum QLENX drawdown of -38.50%. Use the drawdown chart below to compare losses from any high point for QNZIX and QLENX.

Drawdown Indicators

	QNZIX	QLENX	Difference
Max Drawdown Largest peak-to-trough decline	-18.35%	-38.50%	+20.15%
Max Drawdown (1Y) Largest decline over 1 year	-4.86%	-6.09%	+1.23%
Max Drawdown (3Y) Largest decline over 3 years	-13.51%	-7.09%	-6.42%
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	-3.25%	-1.55%	-1.70%
Average Drawdown Average peak-to-trough decline	-2.76%	-7.47%	+4.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.28%	1.97%	-0.69%

Volatility

QNZIX vs. QLENX - Volatility Comparison

AQR Trend Total Return Fund Class I (QNZIX) has a higher volatility of 3.22% compared to AQR Long-Short Equity Fund Class N (QLENX) at 2.73%. This indicates that QNZIX's price experiences larger fluctuations and is considered to be riskier than QLENX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QNZIX	QLENX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.22%	2.73%	+0.49%
Volatility (6M) Calculated over the trailing 6-month period	7.61%	5.77%	+1.84%
Volatility (1Y) Calculated over the trailing 1-year period	11.08%	7.41%	+3.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.06%	10.09%	+1.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.06%	10.59%	+1.47%

QNZIX vs. QLENX - Expense Ratio Comparison

QNZIX has a 1.27% expense ratio, which is lower than QLENX's 1.57% expense ratio.

Dividends

QNZIX vs. QLENX - Dividend Comparison

QNZIX's dividend yield for the trailing twelve months is around 0.93%, less than QLENX's 1.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QLENX AQR Long-Short Equity Fund Class N	1.65%	1.64%	7.13%	21.21%	14.09%	0.00%	1.59%	0.00%	6.09%	8.91%	2.87%	4.91%
QNZIX AQR Trend Total Return Fund Class I	0.93%	1.07%	16.81%	23.32%	2.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QNZIX and QLENX in my portfolio?

QNZIX and QLENX have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QNZIX or QLENX?

QNZIX has higher volatility (3.22%) compared to QLENX (2.73%). In terms of maximum drawdown, QNZIX dropped -18.35% vs QLENX's -38.50%.

Which has better risk-adjusted returns?

QNZIX currently has the higher Sharpe Ratio (3.16 vs 2.01), 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.