WAYEX vs. QLENX
WAYEX (Waycross Long/Short Equity Fund) and QLENX (AQR Long-Short Equity Fund Class N) are both Long-Short funds. Over the past 10 years, WAYEX returned 10.06%/yr vs 11.97%/yr for QLENX. At a 0.42 correlation, their price movements are largely independent. WAYEX charges 2.27%/yr vs 1.57%/yr for QLENX.
Performance
WAYEX vs. QLENX - Performance Comparison
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Returns By Period
Over the past 10 years, WAYEX has underperformed QLENX with an annualized return of 10.06%, while QLENX has yielded a comparatively higher 11.97% annualized return.
WAYEX
- 1D
- -0.50%
- 1M
- -0.50%
- YTD
- -0.00%
- 6M
- -0.55%
- 1Y
- 10.38%
- 3Y*
- 14.38%
- 5Y*
- 8.41%
- 10Y*
- 10.06%
QLENX
- 1D
- 0.20%
- 1M
- 1.14%
- YTD
- -0.63%
- 6M
- -1.26%
- 1Y
- 15.19%
- 3Y*
- 25.46%
- 5Y*
- 23.16%
- 10Y*
- 11.97%
WAYEX vs. QLENX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
WAYEX Waycross Long/Short Equity Fund | -0.00% | 13.16% | 22.40% | 18.99% | -11.66% | 11.43% | 22.27% | 21.17% | -8.80% | 13.05% |
QLENX AQR Long-Short Equity Fund Class N | -0.63% | 34.07% | 30.18% | 23.67% | 18.92% | 30.70% | -14.18% | 1.01% | -16.64% | 15.48% |
Correlation
The correlation between WAYEX and QLENX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.42 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.30 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since May 11, 2015 | 0.42 |
The correlation between WAYEX and QLENX shifts across timeframes, from 0.30 (5 years) to 0.42 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
WAYEX vs. QLENX — Risk / Return Rank
WAYEX
QLENX
WAYEX vs. QLENX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Waycross Long/Short Equity Fund (WAYEX) 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.
| WAYEX | QLENX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.72 | ||
| Sortino ratioReturn per unit of downside risk | -1.03 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.39 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.37 | 2.56 | -1.19 |
| Martin ratioReturn relative to average drawdown | 5.11 | 7.88 | -2.76 |
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Drawdowns
WAYEX vs. QLENX - Drawdown Comparison
The maximum WAYEX drawdown since its inception was -20.77%, smaller than the maximum QLENX drawdown of -38.50%. Use the drawdown chart below to compare losses from any high point for WAYEX and QLENX.
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Drawdown Indicators
| WAYEX | QLENX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.77% | -38.50% | +17.73% |
Max Drawdown (1Y)Largest decline over 1 year | -8.05% | -6.09% | -1.96% |
Max Drawdown (3Y)Largest decline over 3 years | -10.83% | -7.09% | -3.74% |
Max Drawdown (5Y)Largest decline over 5 years | -17.31% | -17.19% | -0.12% |
Max Drawdown (10Y)Largest decline over 10 years | -20.77% | -38.50% | +17.73% |
Current DrawdownCurrent decline from peak | -1.64% | -1.26% | -0.38% |
Average DrawdownAverage peak-to-trough decline | -4.12% | -7.46% | +3.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.15% | 1.97% | +0.18% |
Volatility
WAYEX vs. QLENX - Volatility Comparison
Waycross Long/Short Equity Fund (WAYEX) and AQR Long-Short Equity Fund Class N (QLENX) have volatilities of 2.97% and 2.86%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| WAYEX | QLENX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.97% | 2.86% | +0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 6.19% | 5.78% | +0.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.93% | 7.40% | +0.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.44% | 10.01% | +0.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.60% | 10.60% | +1.00% |
WAYEX vs. QLENX - Expense Ratio Comparison
WAYEX has a 2.27% expense ratio, which is higher than QLENX's 1.57% expense ratio.
Dividends
WAYEX vs. QLENX - Dividend Comparison
WAYEX's dividend yield for the trailing twelve months is around 5.29%, more 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% |
WAYEX Waycross Long/Short Equity Fund | 5.29% | 5.29% | 12.41% | 2.86% | 0.00% | 5.33% | 1.17% | 1.05% | 0.00% | 1.01% | 0.00% | 0.00% |
Frequently Asked Questions
WAYEX and QLENX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
WAYEX has higher volatility (2.97%) compared to QLENX (2.86%). In terms of maximum drawdown, WAYEX dropped -20.77% vs QLENX's -38.50%.
QLENX currently has the higher Sharpe Ratio (2.11 vs 1.39), 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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