QRPIX vs. QLEIX
QRPIX (AQR Alternative Risk Premia Fund - Class I) and QLEIX (AQR Long-Short Equity Fund) are both mutual funds - QRPIX is a Multistrategy fund managed by AQR, while QLEIX is a Long-Short fund actively managed by AQR. Over the past 5 years, QRPIX returned 19.85%/yr vs 22.95%/yr for QLEIX. Their 0.51 correlation means they have sometimes moved together and sometimes differently. QRPIX charges 1.48%/yr vs 1.30%/yr for QLEIX.
Performance
QRPIX vs. QLEIX - Performance Comparison
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Returns By Period
In the year-to-date period, QRPIX achieves a 21.98% return, which is significantly higher than QLEIX's 0.43% return.
QRPIX
- 1D
- 0.18%
- 1M
- 5.67%
- 6M
- 16.88%
- YTD
- 21.98%
- 1Y
- 37.27%
- 3Y*
- 22.75%
- 5Y*
- 19.85%
- 10Y*
- —
- ALL TIME*
- 8.89%
QLEIX
- 1D
- 2.11%
- 1M
- 4.63%
- 6M
- 1.63%
- YTD
- 0.43%
- 1Y
- 16.21%
- 3Y*
- 24.57%
- 5Y*
- 22.95%
- 10Y*
- 11.74%
- ALL TIME*
- 11.73%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
QRPIX vs. QLEIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
QRPIX AQR Alternative Risk Premia Fund - Class I | 21.98% | 23.39% | 18.85% | 7.23% | 25.26% | 14.27% | -21.04% | -2.98% | -4.46% |
QLEIX AQR Long-Short Equity Fund | 0.43% | 34.43% | 30.50% | 23.95% | 19.18% | 31.10% | -13.92% | 1.19% | -13.91% |
Correlation
The correlation between QRPIX and QLEIX is 0.53, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.53 |
Correlation (3Y) Balances recent behavior with more history. | 0.53 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.57 |
Correlation (All Time) Calculated using the full available price history since May 21, 2018 | 0.51 |
The correlation between QRPIX and QLEIX has been stable across timeframes, ranging from 0.51 to 0.57 - a consistent structural relationship.
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Return for Risk
QRPIX vs. QLEIX — Risk / Return Rank
QRPIX
QLEIX
QRPIX vs. QLEIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AQR Alternative Risk Premia Fund - Class I (QRPIX) and AQR Long-Short Equity Fund (QLEIX). 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.
| QRPIX | QLEIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.80 | ||
| Sortino ratioReturn per unit of downside risk | +2.49 | ||
| Omega ratioGain probability vs. loss probability | 1.67 | 1.36 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 9.92 | 2.65 | +7.27 |
| Martin ratioReturn relative to average drawdown | 26.79 | 7.54 | +19.25 |
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Drawdowns
QRPIX vs. QLEIX - Drawdown Comparison
The maximum QRPIX drawdown since its inception was -28.45%, smaller than the maximum QLEIX drawdown of -38.11%. Use the drawdown chart below to compare losses from any high point for QRPIX and QLEIX.
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Drawdown Indicators
| QRPIX | QLEIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.45% | -38.11% | +9.66% |
Max Drawdown (1Y)Largest decline over 1 year | -3.59% | -6.01% | +2.42% |
Max Drawdown (3Y)Largest decline over 3 years | -11.29% | -7.07% | -4.22% |
Max Drawdown (5Y)Largest decline over 5 years | -11.29% | -17.07% | +5.78% |
Max Drawdown (10Y)Largest decline over 10 years | — | -38.11% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.19% | +0.19% |
Average DrawdownAverage peak-to-trough decline | -7.52% | -7.66% | +0.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.33% | 2.10% | -0.77% |
Volatility
QRPIX vs. QLEIX - Volatility Comparison
The current volatility for AQR Alternative Risk Premia Fund - Class I (QRPIX) is 2.50%, while AQR Long-Short Equity Fund (QLEIX) has a volatility of 3.44%. This indicates that QRPIX experiences smaller price fluctuations and is considered to be less risky than QLEIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QRPIX | QLEIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.50% | 3.44% | -0.94% |
Volatility (6M)Calculated over the trailing 6-month period | 6.87% | 6.70% | +0.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.46% | 8.12% | +1.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.86% | 10.03% | +1.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.34% | 10.60% | -0.26% |
QRPIX vs. QLEIX - Expense Ratio Comparison
QRPIX has a 1.48% expense ratio, which is higher than QLEIX's 1.30% expense ratio.
Dividends
QRPIX vs. QLEIX - Dividend Comparison
QRPIX's dividend yield for the trailing twelve months is around 1.19%, less than QLEIX's 1.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QLEIX AQR Long-Short Equity Fund | 1.74% | 1.75% | 7.12% | 20.88% | 14.15% | 0.00% | 1.57% | 0.00% | 6.03% | 9.11% | 3.01% | 4.98% |
QRPIX AQR Alternative Risk Premia Fund - Class I | 1.19% | 1.45% | 2.24% | 4.52% | 0.00% | 4.08% | 1.98% | 0.85% | 0.09% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
QRPIX and QLEIX 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.
QLEIX has higher volatility (3.44%) compared to QRPIX (2.50%). In terms of maximum drawdown, QRPIX dropped -28.45% vs QLEIX's -38.11%.
QRPIX currently has the higher Sharpe Ratio (3.76 vs 1.96), 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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