QLENX vs. CLOA
QLENX (AQR Long-Short Equity Fund Class N) and CLOA (iShares AAA CLO Active ETF) are both funds - QLENX is a Long-Short fund actively managed by AQR Funds, while CLOA is a CLO fund actively managed by BlackRock. Both are actively managed. Over the past 3 years, QLENX returned 24.70%/yr vs 6.52%/yr for CLOA. At a 0.08 correlation, their price movements are largely independent. QLENX charges 1.57%/yr vs 0.20%/yr for CLOA.
Performance
QLENX vs. CLOA - Performance Comparison
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Returns By Period
In the year-to-date period, QLENX achieves a -1.65% return, which is significantly lower than CLOA's 2.44% return.
QLENX
- 1D
- 1.30%
- 1M
- -0.74%
- 6M
- -0.93%
- YTD
- -1.65%
- 1Y
- 14.13%
- 3Y*
- 24.70%
- 5Y*
- 22.42%
- 10Y*
- 11.44%
CLOA
- 1D
- 0.04%
- 1M
- 0.30%
- 6M
- 2.31%
- YTD
- 2.44%
- 1Y
- 5.09%
- 3Y*
- 6.52%
- 5Y*
- —
- 10Y*
- —
QLENX vs. CLOA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
QLENX AQR Long-Short Equity Fund Class N | -1.65% | 34.07% | 30.18% | 23.47% |
CLOA iShares AAA CLO Active ETF | 2.44% | 5.44% | 7.25% | 8.38% |
Correlation
The correlation between QLENX and CLOA is 0.09, 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 | 0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 2023 | 0.08 |
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Return for Risk
QLENX vs. CLOA — Risk / Return Rank
QLENX
CLOA
QLENX vs. CLOA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AQR Long-Short Equity Fund Class N (QLENX) and iShares AAA CLO Active 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| QLENX | CLOA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.99 | ||
| Sortino ratioReturn per unit of downside risk | -12.00 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 3.48 | -2.17 |
| Calmar ratioReturn relative to maximum drawdown | 2.12 | 29.05 | -26.93 |
| Martin ratioReturn relative to average drawdown | 6.11 | 152.91 | -146.80 |
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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.
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Drawdown Indicators
| QLENX | CLOA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.50% | -1.34% | -37.16% |
Max Drawdown (1Y)Largest decline over 1 year | -6.09% | -0.18% | -5.91% |
Max Drawdown (3Y)Largest decline over 3 years | -7.09% | -1.13% | -5.96% |
Max Drawdown (5Y)Largest decline over 5 years | -17.19% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -38.50% | — | — |
Current DrawdownCurrent decline from peak | -2.27% | 0.00% | -2.27% |
Average DrawdownAverage peak-to-trough decline | -7.44% | -0.05% | -7.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.13% | 0.03% | +2.10% |
Volatility
QLENX vs. CLOA - Volatility Comparison
AQR Long-Short Equity Fund Class N (QLENX) has a higher volatility of 3.31% compared to iShares AAA CLO Active ETF (CLOA) at 0.14%. 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.
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Volatility by Period
| QLENX | CLOA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.31% | 0.14% | +3.17% |
Volatility (6M)Calculated over the trailing 6-month period | 6.25% | 0.48% | +5.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.76% | 0.67% | +7.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.02% | 1.30% | +8.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.56% | 1.30% | +9.26% |
QLENX vs. CLOA - Expense Ratio Comparison
QLENX has a 1.57% expense ratio, which is higher than CLOA's 0.20% expense ratio.
Dividends
QLENX vs. CLOA - Dividend Comparison
QLENX's dividend yield for the trailing twelve months is around 1.67%, less than CLOA's 4.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CLOA iShares AAA CLO Active ETF | 4.90% | 5.35% | 6.01% | 5.88% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
QLENX AQR Long-Short Equity Fund Class N | 1.67% | 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
QLENX and CLOA have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QLENX has higher volatility (3.31%) compared to CLOA (0.14%). In terms of maximum drawdown, QLENX dropped -38.50% vs CLOA's -1.34%.
CLOA currently has the higher Sharpe Ratio (7.65 vs 1.67), 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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