QTELX vs. BADEX

Last updated Aug 1, 2026

QTELX (AQR Emerging Multi-Style II Fund) and BADEX (BlackRock Defensive Advantage Emerging Markets Fund) are both Emerging Markets Equities funds. Over the past 5 years, QTELX returned 8.36%/yr vs 7.59%/yr for BADEX. Their correlation of 0.89 means they have usually moved in the same direction. QTELX charges 0.70%/yr vs 1.06%/yr for BADEX.

Performance

QTELX vs. BADEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR Emerging Multi-Style II Fund (QTELX) and BlackRock Defensive Advantage Emerging Markets Fund (BADEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QTELX achieves a 16.53% return, which is significantly higher than BADEX's 14.36% return.

QTELX

• 1D: 4.19%
• 1M: -3.99%
• 6M: 6.24%
• YTD: 16.53%
• 1Y: 34.92%
• 3Y*: 20.24%
• 5Y*: 8.36%
• 10Y*: 8.81%
• ALL TIME*: 9.52%

BADEX

• 1D: 2.44%
• 1M: -1.28%
• 6M: 8.24%
• YTD: 14.36%
• 1Y: 20.71%
• 3Y*: 12.76%
• 5Y*: 7.59%
• 10Y*: —
• ALL TIME*: 7.76%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BADEX BlackRock Defensive Advantage Emerging Markets Fund	$0.00	$0.00	$0.00
QTELX AQR Emerging Multi-Style II Fund	$0.00	$0.00	$0.00

QTELX vs. BADEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
QTELX AQR Emerging Multi-Style II Fund	16.53%	32.89%	11.82%	12.66%	-21.29%	0.92%	2.54%
BADEX BlackRock Defensive Advantage Emerging Markets Fund	14.36%	13.95%	10.15%	11.67%	-11.34%	4.49%	2.32%

Correlation

The correlation between QTELX and BADEX is 0.90, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.90
Correlation (3Y) Balances recent behavior with more history.	0.87
Correlation (5Y) Shows whether the relationship held over a longer period.	0.89
Correlation (All Time) Calculated using the full available price history since Dec 24, 2020	0.89

The correlation between QTELX and BADEX has been stable across timeframes, ranging from 0.87 to 0.90 - a consistent structural relationship.

Return for Risk

QTELX vs. BADEX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

QTELX

QTELX Risk / Return Rank: 53
QTELX Sharpe Ratio Rank: 51
QTELX Sortino Ratio Rank: 45
QTELX Omega Ratio Rank: 56
QTELX Calmar Ratio Rank: 63
QTELX Martin Ratio Rank: 51

BADEX

BADEX Risk / Return Rank: 61
BADEX Sharpe Ratio Rank: 60
BADEX Sortino Ratio Rank: 56
BADEX Omega Ratio Rank: 67
BADEX Calmar Ratio Rank: 67
BADEX Martin Ratio Rank: 56

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

QTELX vs. BADEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Emerging Multi-Style II Fund (QTELX) and BlackRock Defensive Advantage Emerging Markets Fund (BADEX). 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.

	QTELX	BADEX	Difference
Sharpe ratio: Return per unit of total volatility	1.39	1.47	-0.07
Sortino ratio: Return per unit of downside risk	1.87	2.04	-0.17
Omega ratio: Gain probability vs. loss probability	1.27	1.29	-0.03
Calmar ratio: Return relative to maximum drawdown	2.18	2.20	-0.03
Martin ratio: Return relative to average drawdown	7.15	7.37	-0.23

QTELX vs. BADEX - Sharpe Ratio Comparison

The current QTELX Sharpe Ratio is 1.39, which is comparable to the BADEX Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of QTELX and BADEX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

QTELX vs. BADEX - Drawdown Comparison

The maximum QTELX drawdown since its inception was -40.55%, which is greater than BADEX's maximum drawdown of -21.86%. Use the drawdown chart below to compare losses from any high point for QTELX and BADEX.

Drawdown Indicators

	QTELX	BADEX	Difference
Max Drawdown Largest peak-to-trough decline	-40.55%	-21.86%	-18.69%
Max Drawdown (1Y) Largest decline over 1 year	-14.71%	-8.89%	-5.82%
Max Drawdown (3Y) Largest decline over 3 years	-16.94%	-8.89%	-8.05%
Max Drawdown (5Y) Largest decline over 5 years	-34.86%	-20.57%	-14.29%
Max Drawdown (10Y) Largest decline over 10 years	-40.55%	—	—
Current Drawdown Current decline from peak	-11.14%	-5.52%	-5.62%
Average Drawdown Average peak-to-trough decline	-12.35%	-5.56%	-6.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.47%	2.65%	+1.82%

Volatility

QTELX vs. BADEX - Volatility Comparison

AQR Emerging Multi-Style II Fund (QTELX) has a higher volatility of 10.16% compared to BlackRock Defensive Advantage Emerging Markets Fund (BADEX) at 6.13%. This indicates that QTELX's price experiences larger fluctuations and is considered to be riskier than BADEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QTELX	BADEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.16%	6.13%	+4.03%
Volatility (6M) Calculated over the trailing 6-month period	21.02%	12.54%	+8.48%
Volatility (1Y) Calculated over the trailing 1-year period	23.02%	13.37%	+9.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.16%	10.85%	+7.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.31%	10.92%	+7.39%

QTELX vs. BADEX - Expense Ratio Comparison

QTELX has a 0.70% expense ratio, which is lower than BADEX's 1.06% expense ratio.

Dividends

QTELX vs. BADEX - Dividend Comparison

QTELX's dividend yield for the trailing twelve months is around 3.62%, less than BADEX's 11.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BADEX BlackRock Defensive Advantage Emerging Markets Fund	11.51%	7.52%	2.27%	1.92%	2.43%	7.54%	0.03%	0.00%	0.00%	0.00%	0.00%
QTELX AQR Emerging Multi-Style II Fund	3.62%	4.21%	4.84%	5.65%	4.60%	2.42%	1.53%	2.32%	2.32%	1.55%	2.51%

Frequently Asked Questions

Can I hold both QTELX and BADEX in my portfolio?

With a correlation of 0.90, QTELX and BADEX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, QTELX or BADEX?

QTELX has higher volatility (10.16%) compared to BADEX (6.13%). In terms of maximum drawdown, QTELX dropped -40.55% vs BADEX's -21.86%.

Which has better risk-adjusted returns?

BADEX currently has the higher Sharpe Ratio (1.47 vs 1.39), 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.