IJAN vs. QLENX

Last updated Apr 1, 2026

Compare and contrast key facts about Innovator International Developed Power Buffer ETF - January (IJAN) and AQR Long-Short Equity N (QLENX).

IJAN is an actively managed fund by Innovator. It was launched on Dec 31, 2019. QLENX is an actively managed fund by AQR Funds. It was launched on Jul 16, 2013.

Performance

IJAN vs. QLENX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator International Developed Power Buffer ETF - January (IJAN) and AQR Long-Short Equity N (QLENX). The values are adjusted to include any dividend payments, if applicable.

IJAN vs. QLENX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
IJAN Innovator International Developed Power Buffer ETF - January	0.33%	19.62%	-0.57%	13.82%	-2.52%	7.28%	3.49%
QLENX AQR Long-Short Equity N	-3.31%	34.07%	30.18%	23.67%	18.92%	30.70%	-14.88%

Returns By Period

In the year-to-date period, IJAN achieves a 0.33% return, which is significantly higher than QLENX's -3.31% return.

IJAN

• 1D: 1.79%
• 1M: -3.64%
• YTD: 0.33%
• 6M: 3.10%
• 1Y: 13.47%
• 3Y*: 8.44%
• 5Y*: 6.72%
• 10Y*: —

QLENX

• 1D: 0.56%
• 1M: -2.74%
• YTD: -3.31%
• 6M: 4.39%
• 1Y: 19.30%
• 3Y*: 26.24%
• 5Y*: 22.20%
• 10Y*: 11.26%

*Multi-year figures are annualized to reflect compound growth (CAGR)

IJAN vs. QLENX - Expense Ratio Comparison

IJAN has a 0.85% expense ratio, which is lower than QLENX's 5.18% expense ratio.

QLENX

AQR Long-Short Equity N

IJAN

Innovator International Developed Power Buffer ETF - January

Return for Risk

IJAN vs. QLENX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IJAN

IJAN Risk / Return Rank: 76
IJAN Sharpe Ratio Rank: 74
IJAN Sortino Ratio Rank: 76
IJAN Omega Ratio Rank: 83
IJAN Calmar Ratio Rank: 70
IJAN Martin Ratio Rank: 77

QLENX

QLENX Risk / Return Rank: 93
QLENX Sharpe Ratio Rank: 95
QLENX Sortino Ratio Rank: 94
QLENX Omega Ratio Rank: 93
QLENX Calmar Ratio Rank: 93
QLENX Martin Ratio Rank: 92

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.

IJAN vs. QLENX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator International Developed Power Buffer ETF - January (IJAN) 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.

	IJAN	QLENX	Difference
Sharpe ratio Return per unit of total volatility	1.34	2.26	-0.92
Sortino ratio Return per unit of downside risk	1.93	2.93	-1.00
Omega ratio Gain probability vs. loss probability	1.33	1.46	-0.13
Calmar ratio Return relative to maximum drawdown	1.78	2.83	-1.05
Martin ratio Return relative to average drawdown	8.29	11.16	-2.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IJAN vs. QLENX - Sharpe Ratio Comparison

The current IJAN Sharpe Ratio is 1.34, which is lower than the QLENX Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of IJAN and QLENX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	IJAN	QLENX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.34	2.26	-0.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	2.19	-1.52
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.07	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	1.21	-0.70

Correlation

The correlation between IJAN and QLENX is 0.38, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

IJAN vs. QLENX - Dividend Comparison

IJAN has not paid dividends to shareholders, while QLENX's dividend yield for the trailing twelve months is around 1.69%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IJAN Innovator International Developed Power Buffer ETF - January	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QLENX AQR Long-Short Equity N	1.69%	1.64%	7.13%	21.21%	14.09%	0.00%	1.59%	0.00%	6.09%	8.91%	2.87%	4.91%

Drawdowns

IJAN vs. QLENX - Drawdown Comparison

The maximum IJAN drawdown since its inception was -22.68%, smaller than the maximum QLENX drawdown of -38.50%. Use the drawdown chart below to compare losses from any high point for IJAN and QLENX.

Drawdown Indicators

	IJAN	QLENX	Difference
Max Drawdown Largest peak-to-trough decline	-22.68%	-38.50%	+15.82%
Max Drawdown (1Y) Largest decline over 1 year	-7.17%	-6.50%	-0.67%
Max Drawdown (5Y) Largest decline over 5 years	-16.71%	-17.19%	+0.48%
Max Drawdown (10Y) Largest decline over 10 years	—	-38.50%	—
Current Drawdown Current decline from peak	-4.02%	-3.91%	-0.11%
Average Drawdown Average peak-to-trough decline	-3.00%	-7.55%	+4.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.54%	1.65%	-0.11%

Volatility

IJAN vs. QLENX - Volatility Comparison

Innovator International Developed Power Buffer ETF - January (IJAN) has a higher volatility of 4.64% compared to AQR Long-Short Equity N (QLENX) at 1.92%. This indicates that IJAN's price experiences larger fluctuations and is considered to be riskier than QLENX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IJAN	QLENX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.64%	1.92%	+2.72%
Volatility (6M) Calculated over the trailing 6-month period	5.61%	4.92%	+0.69%
Volatility (1Y) Calculated over the trailing 1-year period	10.11%	8.66%	+1.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.21%	10.22%	-0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.59%	10.55%	+2.04%