QTELX vs. DRESX

Last updated Jun 26, 2026

QTELX (AQR Emerging Multi-Style II Fund) and DRESX (Driehaus Emerging Markets Small Cap Growth Fund) are both Emerging Markets Diversified funds. Over the past 10 years, QTELX returned 10.58%/yr vs 11.10%/yr for DRESX. A 0.76 correlation means they provide meaningful diversification when combined. QTELX charges 0.70%/yr vs 1.24%/yr for DRESX.

Performance

QTELX vs. DRESX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR Emerging Multi-Style II Fund (QTELX) and Driehaus Emerging Markets Small Cap Growth Fund (DRESX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QTELX achieves a 24.52% return, which is significantly higher than DRESX's 15.21% return. Both investments have delivered pretty close results over the past 10 years, with QTELX having a 10.58% annualized return and DRESX not far ahead at 11.10%.

QTELX

• 1D: 0.31%
• 1M: -1.70%
• YTD: 24.52%
• 6M: 25.78%
• 1Y: 42.71%
• 3Y*: 26.13%
• 5Y*: 8.47%
• 10Y*: 10.58%

DRESX

• 1D: -0.85%
• 1M: -6.10%
• YTD: 15.21%
• 6M: 15.56%
• 1Y: 31.71%
• 3Y*: 19.76%
• 5Y*: 7.52%
• 10Y*: 11.10%

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

QTELX vs. DRESX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QTELX AQR Emerging Multi-Style II Fund	24.52%	32.89%	11.82%	12.66%	-21.29%	0.92%	16.90%	14.27%	-16.22%	37.15%
DRESX Driehaus Emerging Markets Small Cap Growth Fund	15.21%	24.08%	14.86%	10.30%	-21.17%	15.93%	33.56%	33.70%	-24.00%	33.30%

Correlation

The correlation between QTELX and DRESX is 0.79, 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	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.76

The correlation between QTELX and DRESX has been stable across timeframes, ranging from 0.76 to 0.79 - a consistent structural relationship.

Return for Risk

QTELX vs. DRESX — Risk / Return Rank

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

QTELX

QTELX Risk / Return Rank: 74
QTELX Sharpe Ratio Rank: 74
QTELX Sortino Ratio Rank: 60
QTELX Omega Ratio Rank: 76
QTELX Calmar Ratio Rank: 82
QTELX Martin Ratio Rank: 77

DRESX

DRESX Risk / Return Rank: 61
DRESX Sharpe Ratio Rank: 62
DRESX Sortino Ratio Rank: 56
DRESX Omega Ratio Rank: 63
DRESX Calmar Ratio Rank: 76
DRESX Martin Ratio Rank: 51

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.

QTELX vs. DRESX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Emerging Multi-Style II Fund (QTELX) and Driehaus Emerging Markets Small Cap Growth Fund (DRESX). 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.

	QTELX	DRESX	Difference
Sharpe ratio: Return per unit of total volatility	2.09	1.89	+0.19
Sortino ratio: Return per unit of downside risk	2.62	2.57	+0.06
Omega ratio: Gain probability vs. loss probability	1.40	1.36	+0.05
Calmar ratio: Return relative to maximum drawdown	3.22	2.95	+0.27
Martin ratio: Return relative to average drawdown	11.94	9.00	+2.94

QTELX vs. DRESX - Sharpe Ratio Comparison

The current QTELX Sharpe Ratio is 2.09, which is comparable to the DRESX Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of QTELX and DRESX, 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

QTELX vs. DRESX - Drawdown Comparison

The maximum QTELX drawdown since its inception was -40.55%, which is greater than DRESX's maximum drawdown of -33.38%. Use the drawdown chart below to compare losses from any high point for QTELX and DRESX.

Drawdown Indicators

	QTELX	DRESX	Difference
Max Drawdown Largest peak-to-trough decline	-40.55%	-33.38%	-7.17%
Max Drawdown (1Y) Largest decline over 1 year	-13.38%	-10.92%	-2.46%
Max Drawdown (3Y) Largest decline over 3 years	-16.94%	-17.65%	+0.71%
Max Drawdown (5Y) Largest decline over 5 years	-36.90%	-25.88%	-11.02%
Max Drawdown (10Y) Largest decline over 10 years	-40.55%	-33.38%	-7.17%
Current Drawdown Current decline from peak	-5.04%	-9.12%	+4.08%
Average Drawdown Average peak-to-trough decline	-12.39%	-9.89%	-2.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.60%	3.56%	+0.04%

Volatility

QTELX vs. DRESX - Volatility Comparison

AQR Emerging Multi-Style II Fund (QTELX) has a higher volatility of 11.96% compared to Driehaus Emerging Markets Small Cap Growth Fund (DRESX) at 8.41%. This indicates that QTELX's price experiences larger fluctuations and is considered to be riskier than DRESX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QTELX	DRESX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.96%	8.41%	+3.55%
Volatility (6M) Calculated over the trailing 6-month period	18.71%	15.11%	+3.60%
Volatility (1Y) Calculated over the trailing 1-year period	20.78%	17.06%	+3.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.70%	15.10%	+2.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.09%	16.07%	+2.02%

QTELX vs. DRESX - Expense Ratio Comparison

QTELX has a 0.70% expense ratio, which is lower than DRESX's 1.24% expense ratio.

Dividends

QTELX vs. DRESX - Dividend Comparison

QTELX's dividend yield for the trailing twelve months is around 3.38%, more than DRESX's 1.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DRESX Driehaus Emerging Markets Small Cap Growth Fund	1.95%	2.25%	0.68%	1.09%	0.00%	0.04%	0.65%	0.41%	0.00%	0.00%	0.00%
QTELX AQR Emerging Multi-Style II Fund	3.38%	4.21%	4.84%	5.65%	4.60%	2.42%	1.53%	2.32%	2.32%	1.55%	2.51%

Frequently Asked Questions

Can I hold both QTELX and DRESX in my portfolio?

QTELX and DRESX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QTELX or DRESX?

QTELX has higher volatility (11.96%) compared to DRESX (8.41%). In terms of maximum drawdown, QTELX dropped -40.55% vs DRESX's -33.38%.

Which has better risk-adjusted returns?

QTELX currently has the higher Sharpe Ratio (2.09 vs 1.89), 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.