IJAN vs. QLENX

Last updated Jun 5, 2026

IJAN (Innovator International Developed Power Buffer ETF - January) and QLENX (AQR Long-Short Equity N) are both funds - IJAN is a Defined Outcome fund actively managed by Innovator, while QLENX is a Long-Short fund actively managed by AQR Funds. Both are actively managed. Over the past 5 years, IJAN returned 7.18%/yr vs 21.48%/yr for QLENX. At a 0.37 correlation, their price movements are largely independent. IJAN charges 0.85%/yr vs 5.18%/yr for QLENX.

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.

Returns By Period

In the year-to-date period, IJAN achieves a 4.67% return, which is significantly higher than QLENX's 0.10% return.

IJAN

• 1D: 0.22%
• 1M: 1.35%
• YTD: 4.67%
• 6M: 5.64%
• 1Y: 11.91%
• 3Y*: 9.66%
• 5Y*: 7.18%
• 10Y*: —

QLENX

• 1D: -0.19%
• 1M: 3.16%
• YTD: 0.10%
• 6M: 3.83%
• 1Y: 15.72%
• 3Y*: 27.31%
• 5Y*: 21.48%
• 10Y*: 11.70%

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

IJAN vs. QLENX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
IJAN Innovator International Developed Power Buffer ETF - January	4.67%	19.62%	-0.57%	13.82%	-2.52%	7.28%	3.49%
QLENX AQR Long-Short Equity N	0.10%	34.07%	30.18%	23.67%	18.92%	30.70%	-14.88%

Correlation

The correlation between IJAN and QLENX is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (All Time) Calculated using the full available price history since Jan 3, 2020	0.37

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: 48
IJAN Sharpe Ratio Rank: 48
IJAN Sortino Ratio Rank: 47
IJAN Omega Ratio Rank: 55
IJAN Calmar Ratio Rank: 40
IJAN Martin Ratio Rank: 50

QLENX

QLENX Risk / Return Rank: 48
QLENX Sharpe Ratio Rank: 53
QLENX Sortino Ratio Rank: 57
QLENX Omega Ratio Rank: 51
QLENX Calmar Ratio Rank: 45
QLENX Martin Ratio Rank: 36

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	1.64	2.16	-0.52
Sortino ratio: Return per unit of downside risk	2.32	3.18	-0.86
Omega ratio: Gain probability vs. loss probability	1.33	1.39	-0.06
Calmar ratio: Return relative to maximum drawdown	1.95	2.56	-0.61
Martin ratio: Return relative to average drawdown	8.25	8.00	+0.25
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 1.64, which is comparable to the QLENX Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of IJAN 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.

Sharpe Ratios by Period

	IJAN	QLENX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.64	2.16	-0.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	2.14	-1.44
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.11	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	1.22	-0.67

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	-6.14%	-6.09%	-0.05%
Max Drawdown (3Y) Largest decline over 3 years	-10.30%	-7.09%	-3.21%
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	-0.07%	-0.53%	+0.46%
Average Drawdown Average peak-to-trough decline	-2.95%	-7.48%	+4.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.45%	1.95%	-0.50%

Volatility

IJAN vs. QLENX - Volatility Comparison

Innovator International Developed Power Buffer ETF - January (IJAN) and AQR Long-Short Equity N (QLENX) have volatilities of 2.12% and 2.23%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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	2.12%	2.23%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	6.44%	5.60%	+0.84%
Volatility (1Y) Calculated over the trailing 1-year period	7.32%	7.23%	+0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.29%	10.08%	+0.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.50%	10.58%	+1.92%

IJAN vs. QLENX - Expense Ratio Comparison

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

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 1.64%.

Position	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	1.64%	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

Can I hold both IJAN and QLENX in my portfolio?

IJAN and QLENX have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IJAN or QLENX?

QLENX has higher volatility (2.23%) compared to IJAN (2.12%). In terms of maximum drawdown, IJAN dropped -22.68% vs QLENX's -38.50%.

Which has better risk-adjusted returns?

QLENX currently has the higher Sharpe Ratio (2.16 vs 1.64), 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.