Aqr Long-short Correlations

Mutual Funds . USA . 
Fund . Aqr Long Short Equity
QLEIX Fund  USD 17.21  0.07  0.41%   
The current 90-days correlation between Aqr Long Short and Dreyfusstandish Global Fixed is -0.3 (i.e., Very good diversification). The correlation of Aqr Long-short is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Aqr Long-short Correlation With Market

Very poor diversification

The correlation between Aqr Long Short Equity and DJI is 0.83 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Aqr Long Short Equity and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Aqr Long Short Equity. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product.

Moving together with Aqr Mutual Fund

  0.8ANDRX Aqr InternationalPairCorr
  0.8ANDNX Aqr InternationalPairCorr
  0.8ANDIX Aqr InternationalPairCorr
  1.0QLENX Aqr Long ShortPairCorr
  1.0QLERX Aqr Long ShortPairCorr
  0.84QMHIX Aqr Managed FuturesPairCorr
  0.74QMHRX Aqr Managed FuturesPairCorr
  0.74QMHNX Aqr Managed FuturesPairCorr
  0.72QMNIX Aqr Equity MarketPairCorr
  0.83AQMRX Aqr Managed FuturesPairCorr
  0.83AQMNX Aqr Managed FuturesPairCorr
  0.83AQMIX Aqr Managed FuturesPairCorr
  0.61ADANX Aqr Diversified ArbitragePairCorr
  0.62ADAIX Aqr Diversified ArbitragePairCorr
  0.79QRPRX Aqr Alternative RiskPairCorr
  0.75QRPNX Aqr Alternative RiskPairCorr
  0.78QRPIX Aqr Alternative RiskPairCorr

Related Correlations Analysis

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.
High positive correlations   
RTIUX
+ 0.98
PMIEX
RTIUX
+ 0.9
MSTFX
PMIEX
+ 0.84
MSTFX
TACIX
+ 0.78
PMIEX
RTIUX
+ 0.68
TACIX
TACIX
+ 0.56
MSTFX
  
High negative correlations   
TACIX
- 0.0
DHGAX

Risk-Adjusted Indicators

There is a big difference between Aqr Mutual Fund performing well and Aqr Long-short Mutual Fund doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Aqr Long-short's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

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