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CLOA vs. QLENX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CLOA vs. QLENX

Last updated Jun 4, 2026

CLOA (BlackRock AAA CLO ETF) and QLENX (AQR Long-Short Equity N) are both funds - CLOA is a CLO fund actively managed by BlackRock, while QLENX is a Long-Short fund actively managed by AQR Funds. Both are actively managed. Over the past 3 years, CLOA returned 6.74%/yr vs 27.39%/yr for QLENX. At a 0.08 correlation, their price movements are largely independent. CLOA charges 0.20%/yr vs 5.18%/yr for QLENX.

Performance

CLOA vs. QLENX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock AAA CLO ETF (CLOA) and AQR Long-Short Equity N (QLENX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CLOA achieves a 2.06% return, which is significantly higher than QLENX's 0.29% return.

CLOA

1D
0.02%
1M
0.44%
YTD
2.06%
6M
2.51%
1Y
5.28%
3Y*
6.74%
5Y*
—
10Y*
—

QLENX

1D
-0.19%
1M
3.51%
YTD
0.29%
6M
4.65%
1Y
15.75%
3Y*
27.39%
5Y*
21.63%
10Y*
11.73%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CLOA vs. QLENX - Yearly Performance Comparison

2026 (YTD)202520242023
CLOA
BlackRock AAA CLO ETF		2.06%5.44%7.25%8.38%
QLENX
AQR Long-Short Equity N		0.29%34.07%30.18%22.30%

Correlation

The correlation between CLOA and QLENX is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.11

Correlation (3Y)
Calculated over the trailing 3-year period

0.08

Correlation (All Time)
Calculated using the full available price history since Jan 13, 2023

0.08

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BlackRock AAA CLO ETF

AQR Long-Short Equity N

Often compared with CLOA:
CLOA vs. CLOICLOA vs. PAAACLOA vs. AAACLOA vs. ICLOCLOA vs. JBBBCLOA vs. CLOXCLOA vs. JAAA
Often compared with QLENX:
QLENX vs. QMNNXQLENX vs. QLEIXQLENX vs. SPYQLENX vs. CLOIQLENX vs. CLOBQLENX vs. CPERQLENX vs. QNZNX

Return for Risk

CLOA vs. QLENX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CLOA
CLOA Risk / Return Rank: 9999
Overall Rank
CLOA Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
CLOA Sortino Ratio Rank: 9999
Sortino Ratio Rank
CLOA Omega Ratio Rank: 9999
Omega Ratio Rank
CLOA Calmar Ratio Rank: 9999
Calmar Ratio Rank
CLOA Martin Ratio Rank: 9999
Martin Ratio Rank
QLENX
QLENX Risk / Return Rank: 5151
Overall Rank
QLENX Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
QLENX Sortino Ratio Rank: 6060
Sortino Ratio Rank
QLENX Omega Ratio Rank: 5454
Omega Ratio Rank
QLENX Calmar Ratio Rank: 4747
Calmar Ratio Rank
QLENX Martin Ratio Rank: 3737
Martin Ratio Rank
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.

CLOA vs. QLENX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock AAA CLO ETF (CLOA) and AQR Long-Short Equity 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.

CLOAQLENXDifference

Sharpe ratio

Return per unit of total volatility

7.45

2.21

+5.24

Sortino ratio

Return per unit of downside risk

13.98

3.25

+10.73

Omega ratio

Gain probability vs. loss probability

3.34

1.40

+1.94

Calmar ratio

Return relative to maximum drawdown

30.02

2.62

+27.40

Martin ratio

Return relative to average drawdown

150.47

8.18

+142.29

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CLOA vs. QLENX - Sharpe Ratio Comparison

The current CLOA Sharpe Ratio is 7.45, which is higher than the QLENX Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of CLOA and QLENX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

CLOAQLENXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

7.45

2.21

+5.24

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

2.16

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

1.11

—

Sharpe Ratio (All Time)

Calculated using the full available price history

5.22

1.22

+4.00

Drawdowns

CLOA vs. QLENX - Drawdown Comparison

The maximum CLOA drawdown since its inception was -1.34%, smaller than the maximum QLENX drawdown of -38.50%. Use the drawdown chart below to compare losses from any high point for CLOA and QLENX.

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Drawdown Indicators

CLOAQLENXDifference

Max Drawdown

Largest peak-to-trough decline

-1.34%

-38.50%

+37.16%

Max Drawdown (1Y)

Largest decline over 1 year

-0.18%

-6.09%

+5.91%

Max Drawdown (3Y)

Largest decline over 3 years

-1.13%

-7.09%

+5.96%

Max Drawdown (5Y)

Largest decline over 5 years

—

-17.19%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-38.50%

—

Current Drawdown

Current decline from peak

0.00%

-0.34%

+0.34%

Average Drawdown

Average peak-to-trough decline

-0.05%

-7.48%

+7.43%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.04%

1.95%

-1.91%

Volatility

CLOA vs. QLENX - Volatility Comparison

The current volatility for BlackRock AAA CLO ETF (CLOA) is 0.15%, while AQR Long-Short Equity N (QLENX) has a volatility of 2.21%. This indicates that CLOA experiences smaller price fluctuations and is considered to be less risky than QLENX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CLOAQLENXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.15%

2.21%

-2.06%

Volatility (6M)

Calculated over the trailing 6-month period

0.48%

5.60%

-5.12%

Volatility (1Y)

Calculated over the trailing 1-year period

0.71%

7.27%

-6.56%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

1.32%

10.08%

-8.76%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

1.32%

10.59%

-9.27%

CLOA vs. QLENX - Expense Ratio Comparison

CLOA has a 0.20% expense ratio, which is lower than QLENX's 5.18% expense ratio.

Dividends

CLOA vs. QLENX - Dividend Comparison

CLOA's dividend yield for the trailing twelve months is around 4.96%, more than QLENX's 1.63% yield.

PositionTTM20252024202320222021202020192018201720162015
CLOA
BlackRock AAA CLO ETF		4.96%5.35%6.01%5.88%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
QLENX
AQR Long-Short Equity N		1.63%1.64%7.13%21.21%14.09%0.00%1.59%0.00%6.09%8.91%2.87%4.91%

Frequently Asked Questions

CLOA and QLENX have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

QLENX has higher volatility (2.21%) compared to CLOA (0.15%). In terms of maximum drawdown, CLOA dropped -1.34% vs QLENX's -38.50%.

CLOA currently has the higher Sharpe Ratio (7.45 vs 2.21), 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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