Aqr Long-short Correlations

Mutual Funds . USA . 
Fund . Aqr Long Short Equity
QLENX Fund  USD 17.66  0.07  0.40%   
The current 90-days correlation between Aqr Long Short and Dws Emerging Markets is -0.06 (i.e., 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 board of governors.

Moving together with Aqr Mutual Fund

  0.79QTERX Aqr Tm EmergingPairCorr
  0.68QDARX Aqr Diversified ArbitragePairCorr
  1.0QLERX Aqr Long ShortPairCorr
  0.64DHLSX Diamond Hill LongPairCorr
  0.63DIAMX Diamond Hill LongPairCorr
  0.67TOLIX Deutsche Global InfrPairCorr
  0.9DFVQX Dfa International VectorPairCorr
  0.7KGGAX Kopernik Global AllPairCorr
  0.77CIISX Causeway InternationalPairCorr
  0.71BNIVX Advisors Inner CirclePairCorr
  0.88WINIX Wilmington InternationalPairCorr
  0.89TISVX Transamerica InternationalPairCorr
  0.79CENTX Centerstone InvestorsPairCorr
  0.7BAFHX Brown AdvisoryPairCorr

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   
PIEFX
+ 0.96
JOEAX
EPASX
+ 0.92
SEKRX
PIEFX
+ 0.9
SEKRX
SEDAX
+ 0.89
EPASX
JOEAX
+ 0.88
EPASX
PIEFX
+ 0.87
EPASX
  
High negative correlations   
BXECX
- 0.27
SEKRX
BXECX
- 0.17
PIEFX
DLTZX
- 0.09
SEKRX
PIEFX
- 0.08
DLTZX
BXECX
- 0.05
JOEAX

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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