IAU vs. QLEIX
IAU (iShares Gold Trust) and QLEIX (AQR Long-Short Equity Fund) are both funds - IAU is a Gold fund tracking the LBMA Gold Price, while QLEIX is a Long-Short fund managed by AQR Funds. Over the past 10 years, IAU returned 12.97%/yr vs 12.01%/yr for QLEIX. At a correlation of -0.03, they often move in opposite directions. IAU charges 0.25%/yr vs 1.30%/yr for QLEIX.
Performance
IAU vs. QLEIX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IAU achieves a 0.06% return, which is significantly lower than QLEIX's 0.09% return. Over the past 10 years, IAU has outperformed QLEIX with an annualized return of 12.97%, while QLEIX has yielded a comparatively lower 12.01% annualized return.
IAU
- 1D
- -3.63%
- 1M
- -8.61%
- YTD
- 0.06%
- 6M
- 2.63%
- 1Y
- 30.01%
- 3Y*
- 29.73%
- 5Y*
- 17.65%
- 10Y*
- 12.97%
QLEIX
- 1D
- -0.14%
- 1M
- 1.97%
- YTD
- 0.09%
- 6M
- 3.69%
- 1Y
- 15.71%
- 3Y*
- 27.54%
- 5Y*
- 21.76%
- 10Y*
- 12.01%
IAU vs. QLEIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IAU iShares Gold Trust | 0.06% | 63.95% | 26.85% | 12.84% | -0.63% | -4.00% | 25.03% | 17.98% | -1.76% | 12.91% |
QLEIX AQR Long-Short Equity Fund | 0.09% | 34.43% | 30.50% | 23.95% | 19.18% | 31.10% | -13.92% | 1.19% | -16.33% | 15.74% |
Correlation
The correlation between IAU and QLEIX is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2014 | -0.03 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
IAU vs. QLEIX — Risk / Return Rank
IAU
QLEIX
IAU vs. QLEIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Gold Trust (IAU) and AQR Long-Short Equity Fund (QLEIX). 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.
| IAU | QLEIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.15 | ||
| Sortino ratioReturn per unit of downside risk | -1.82 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.41 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 1.42 | 2.65 | -1.23 |
| Martin ratioReturn relative to average drawdown | 3.60 | 8.35 | -4.75 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| IAU | QLEIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.07 | 2.22 | -1.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.98 | 2.17 | -1.18 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.82 | 1.14 | -0.32 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.61 | 1.12 | -0.51 |
Drawdowns
IAU vs. QLEIX - Drawdown Comparison
The maximum IAU drawdown since its inception was -45.14%, which is greater than QLEIX's maximum drawdown of -38.11%. Use the drawdown chart below to compare losses from any high point for IAU and QLEIX.
Loading charts...
Drawdown Indicators
| IAU | QLEIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.14% | -38.11% | -7.03% |
Max Drawdown (1Y)Largest decline over 1 year | -20.04% | -6.01% | -14.03% |
Max Drawdown (3Y)Largest decline over 3 years | -20.04% | -7.07% | -12.97% |
Max Drawdown (5Y)Largest decline over 5 years | -20.93% | -17.07% | -3.86% |
Max Drawdown (10Y)Largest decline over 10 years | -21.82% | -38.11% | +16.29% |
Current DrawdownCurrent decline from peak | -20.04% | -0.52% | -19.52% |
Average DrawdownAverage peak-to-trough decline | -15.97% | -7.73% | -8.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.89% | 1.91% | +5.98% |
Volatility
IAU vs. QLEIX - Volatility Comparison
iShares Gold Trust (IAU) has a higher volatility of 5.64% compared to AQR Long-Short Equity Fund (QLEIX) at 2.21%. This indicates that IAU's price experiences larger fluctuations and is considered to be riskier than QLEIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| IAU | QLEIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.64% | 2.21% | +3.43% |
Volatility (6M)Calculated over the trailing 6-month period | 23.33% | 5.57% | +17.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.67% | 7.20% | +19.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.01% | 10.09% | +7.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.94% | 10.58% | +5.36% |
IAU vs. QLEIX - Expense Ratio Comparison
IAU has a 0.25% expense ratio, which is lower than QLEIX's 1.30% expense ratio.
Dividends
IAU vs. QLEIX - Dividend Comparison
IAU has not paid dividends to shareholders, while QLEIX's dividend yield for the trailing twelve months is around 1.75%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IAU iShares Gold Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
QLEIX AQR Long-Short Equity Fund | 1.75% | 1.75% | 7.12% | 20.88% | 14.15% | 0.00% | 1.57% | 0.00% | 6.03% | 9.11% | 3.01% | 4.98% |
Frequently Asked Questions
IAU and QLEIX have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IAU has higher volatility (5.64%) compared to QLEIX (2.21%). In terms of maximum drawdown, IAU dropped -45.14% vs QLEIX's -38.11%.
QLEIX currently has the higher Sharpe Ratio (2.22 vs 1.07), 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.
Find the right allocation for IAU and QLEIX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer