QLEIX vs. IAU
QLEIX (AQR Long-Short Equity Fund) and IAU (iShares Gold Trust) are both funds - QLEIX is a Long-Short fund managed by AQR Funds, while IAU is a Gold fund tracking the LBMA Gold Price. Over the past 10 years, QLEIX returned 12.01%/yr vs 12.97%/yr for IAU. At a correlation of -0.03, they often move in opposite directions. QLEIX charges 1.30%/yr vs 0.25%/yr for IAU.
Performance
QLEIX vs. IAU - Performance Comparison
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Returns By Period
In the year-to-date period, QLEIX achieves a 0.09% return, which is significantly higher than IAU's 0.06% return. Over the past 10 years, QLEIX has underperformed IAU with an annualized return of 12.01%, while IAU has yielded a comparatively higher 12.97% annualized return.
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
- 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 vs. IAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
IAU iShares Gold Trust | 0.06% | 63.95% | 26.85% | 12.84% | -0.63% | -4.00% | 25.03% | 17.98% | -1.76% | 12.91% |
Correlation
The correlation between QLEIX and IAU 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 |
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Return for Risk
QLEIX vs. IAU — Risk / Return Rank
QLEIX
IAU
QLEIX vs. IAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AQR Long-Short Equity Fund (QLEIX) and iShares Gold Trust (IAU). 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.
| QLEIX | IAU | 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 | 1.41 | 1.22 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 2.65 | 1.42 | +1.23 |
| Martin ratioReturn relative to average drawdown | 8.35 | 3.60 | +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. | |||
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Sharpe Ratios by Period
| QLEIX | IAU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.22 | 1.07 | +1.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 2.17 | 0.98 | +1.18 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.14 | 0.82 | +0.32 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.12 | 0.61 | +0.51 |
Drawdowns
QLEIX vs. IAU - Drawdown Comparison
The maximum QLEIX drawdown since its inception was -38.11%, smaller than the maximum IAU drawdown of -45.14%. Use the drawdown chart below to compare losses from any high point for QLEIX and IAU.
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Drawdown Indicators
| QLEIX | IAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.11% | -45.14% | +7.03% |
Max Drawdown (1Y)Largest decline over 1 year | -6.01% | -20.04% | +14.03% |
Max Drawdown (3Y)Largest decline over 3 years | -7.07% | -20.04% | +12.97% |
Max Drawdown (5Y)Largest decline over 5 years | -17.07% | -20.93% | +3.86% |
Max Drawdown (10Y)Largest decline over 10 years | -38.11% | -21.82% | -16.29% |
Current DrawdownCurrent decline from peak | -0.52% | -20.04% | +19.52% |
Average DrawdownAverage peak-to-trough decline | -7.73% | -15.97% | +8.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.91% | 7.89% | -5.98% |
Volatility
QLEIX vs. IAU - Volatility Comparison
The current volatility for AQR Long-Short Equity Fund (QLEIX) is 2.21%, while iShares Gold Trust (IAU) has a volatility of 5.64%. This indicates that QLEIX experiences smaller price fluctuations and is considered to be less risky than IAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QLEIX | IAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.21% | 5.64% | -3.43% |
Volatility (6M)Calculated over the trailing 6-month period | 5.57% | 23.33% | -17.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.20% | 26.67% | -19.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.09% | 18.01% | -7.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.58% | 15.94% | -5.36% |
QLEIX vs. IAU - Expense Ratio Comparison
QLEIX has a 1.30% expense ratio, which is higher than IAU's 0.25% expense ratio.
Dividends
QLEIX vs. IAU - Dividend Comparison
QLEIX's dividend yield for the trailing twelve months is around 1.75%, while IAU has not paid dividends to shareholders.
| 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
QLEIX and IAU 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, QLEIX dropped -38.11% vs IAU's -45.14%.
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.
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