QLENX vs. CLOA

Last updated Apr 1, 2026

Compare and contrast key facts about AQR Long-Short Equity N (QLENX) and BlackRock AAA CLO ETF (CLOA).

QLENX is an actively managed fund by AQR Funds. It was launched on Jul 16, 2013. CLOA is an actively managed fund by BlackRock. It was launched on Jan 10, 2023.

Performance

QLENX vs. CLOA - Performance Comparison

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

QLENX vs. CLOA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
QLENX AQR Long-Short Equity N	-3.31%	34.07%	30.18%	22.30%
CLOA BlackRock AAA CLO ETF	0.94%	5.44%	7.25%	8.38%

Returns By Period

In the year-to-date period, QLENX achieves a -3.31% return, which is significantly lower than CLOA's 0.94% return.

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%

CLOA

• 1D: 0.04%
• 1M: 0.42%
• YTD: 0.94%
• 6M: 2.27%
• 1Y: 5.47%
• 3Y*: 6.87%
• 5Y*: —
• 10Y*: —

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

QLENX vs. CLOA - Expense Ratio Comparison

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

QLENX

AQR Long-Short Equity N

CLOA

BlackRock AAA CLO ETF

Return for Risk

QLENX vs. CLOA — Risk / Return Rank

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

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

CLOA

CLOA Risk / Return Rank: 98
CLOA Sharpe Ratio Rank: 98
CLOA Sortino Ratio Rank: 98
CLOA Omega Ratio Rank: 99
CLOA Calmar Ratio Rank: 97
CLOA Martin Ratio Rank: 98

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.

QLENX vs. CLOA - Risk-Adjusted Trends Comparison

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

	QLENX	CLOA	Difference
Sharpe ratio Return per unit of total volatility	2.26	3.34	-1.08
Sortino ratio Return per unit of downside risk	2.93	4.54	-1.61
Omega ratio Gain probability vs. loss probability	1.46	2.22	-0.76
Calmar ratio Return relative to maximum drawdown	2.83	5.01	-2.17
Martin ratio Return relative to average drawdown	11.16	36.22	-25.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QLENX vs. CLOA - Sharpe Ratio Comparison

The current QLENX Sharpe Ratio is 2.26, which is lower than the CLOA Sharpe Ratio of 3.34. The chart below compares the historical Sharpe Ratios of QLENX and CLOA, 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

	QLENX	CLOA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.26	3.34	-1.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.19	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.07	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.21	5.12	-3.91

Correlation

The correlation between QLENX and CLOA is 0.08, 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

QLENX vs. CLOA - Dividend Comparison

QLENX's dividend yield for the trailing twelve months is around 1.69%, less than CLOA's 5.21% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
CLOA BlackRock AAA CLO ETF	5.21%	5.35%	6.01%	5.88%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

QLENX vs. CLOA - Drawdown Comparison

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

Drawdown Indicators

	QLENX	CLOA	Difference
Max Drawdown Largest peak-to-trough decline	-38.50%	-1.34%	-37.16%
Max Drawdown (1Y) Largest decline over 1 year	-6.50%	-1.10%	-5.40%
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	-3.91%	-0.04%	-3.87%
Average Drawdown Average peak-to-trough decline	-7.55%	-0.06%	-7.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.65%	0.15%	+1.50%

Volatility

QLENX vs. CLOA - Volatility Comparison

AQR Long-Short Equity N (QLENX) has a higher volatility of 1.92% compared to BlackRock AAA CLO ETF (CLOA) at 0.27%. This indicates that QLENX's price experiences larger fluctuations and is considered to be riskier than CLOA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QLENX	CLOA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.92%	0.27%	+1.65%
Volatility (6M) Calculated over the trailing 6-month period	4.92%	0.51%	+4.41%
Volatility (1Y) Calculated over the trailing 1-year period	8.66%	1.64%	+7.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.22%	1.35%	+8.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.55%	1.35%	+9.20%