QUERX vs. LGLV

Last updated Jun 26, 2026

QUERX (AQR Large Cap Defensive Style Fund Class R6) and LGLV (SPDR SSGA US Large Cap Low Volatility Index ETF) are both funds - QUERX is a Large Cap Blend Equities fund actively managed by AQR Funds, while LGLV is a Volatility Hedged Equity fund tracking the SSGA US Large Cap Low Volatility (TR). QUERX is actively managed, while LGLV is passively managed. Over the past 10 years, QUERX returned 11.03%/yr vs 11.56%/yr for LGLV. Their correlation of 0.85 suggests significant overlap in exposure. QUERX charges 0.31%/yr vs 0.12%/yr for LGLV.

Performance

QUERX vs. LGLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR Large Cap Defensive Style Fund Class R6 (QUERX) and SPDR SSGA US Large Cap Low Volatility Index ETF (LGLV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QUERX achieves a 4.66% return, which is significantly higher than LGLV's 4.01% return. Both investments have delivered pretty close results over the past 10 years, with QUERX having a 11.03% annualized return and LGLV not far ahead at 11.56%.

QUERX

• 1D: -0.05%
• 1M: -1.55%
• YTD: 4.66%
• 6M: 3.37%
• 1Y: 6.74%
• 3Y*: 10.75%
• 5Y*: 6.09%
• 10Y*: 11.03%

LGLV

• 1D: 0.44%
• 1M: 1.01%
• YTD: 4.01%
• 6M: 3.04%
• 1Y: 7.30%
• 3Y*: 11.79%
• 5Y*: 8.36%
• 10Y*: 11.56%

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

QUERX vs. LGLV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QUERX AQR Large Cap Defensive Style Fund Class R6	4.66%	6.98%	13.98%	9.55%	-13.73%	23.56%	13.20%	28.82%	-0.21%	22.22%
LGLV SPDR SSGA US Large Cap Low Volatility Index ETF	4.01%	8.37%	16.22%	9.19%	-8.17%	27.95%	7.42%	30.83%	0.32%	17.84%

Correlation

The correlation between QUERX and LGLV is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015	0.85

The correlation between QUERX and LGLV shifts across timeframes, from 0.70 (1 year) to 0.90 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

QUERX vs. LGLV — Risk / Return Rank

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

QUERX

QUERX Risk / Return Rank: 12
QUERX Sharpe Ratio Rank: 11
QUERX Sortino Ratio Rank: 11
QUERX Omega Ratio Rank: 10
QUERX Calmar Ratio Rank: 14
QUERX Martin Ratio Rank: 15

LGLV

LGLV Risk / Return Rank: 23
LGLV Sharpe Ratio Rank: 23
LGLV Sortino Ratio Rank: 23
LGLV Omega Ratio Rank: 21
LGLV Calmar Ratio Rank: 25
LGLV Martin Ratio Rank: 22

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.

QUERX vs. LGLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Large Cap Defensive Style Fund Class R6 (QUERX) and SPDR SSGA US Large Cap Low Volatility Index ETF (LGLV). 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.

	QUERX	LGLV	Difference
Sharpe ratio: Return per unit of total volatility	0.71	0.77	-0.07
Sortino ratio: Return per unit of downside risk	1.04	1.17	-0.13
Omega ratio: Gain probability vs. loss probability	1.13	1.13	-0.01
Calmar ratio: Return relative to maximum drawdown	0.99	1.07	-0.08
Martin ratio: Return relative to average drawdown	3.28	2.51	+0.77

QUERX vs. LGLV - Sharpe Ratio Comparison

The current QUERX Sharpe Ratio is 0.71, which is comparable to the LGLV Sharpe Ratio of 0.77. The chart below compares the historical Sharpe Ratios of QUERX and LGLV, 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

QUERX vs. LGLV - Drawdown Comparison

The maximum QUERX drawdown since its inception was -30.81%, smaller than the maximum LGLV drawdown of -36.64%. Use the drawdown chart below to compare losses from any high point for QUERX and LGLV.

Drawdown Indicators

	QUERX	LGLV	Difference
Max Drawdown Largest peak-to-trough decline	-30.81%	-36.64%	+5.83%
Max Drawdown (1Y) Largest decline over 1 year	-5.93%	-6.86%	+0.93%
Max Drawdown (3Y) Largest decline over 3 years	-10.21%	-10.17%	-0.04%
Max Drawdown (5Y) Largest decline over 5 years	-22.04%	-17.49%	-4.55%
Max Drawdown (10Y) Largest decline over 10 years	-30.81%	-36.64%	+5.83%
Current Drawdown Current decline from peak	-2.33%	-3.65%	+1.32%
Average Drawdown Average peak-to-trough decline	-3.91%	-3.22%	-0.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.79%	2.91%	-1.12%

Volatility

QUERX vs. LGLV - Volatility Comparison

AQR Large Cap Defensive Style Fund Class R6 (QUERX) and SPDR SSGA US Large Cap Low Volatility Index ETF (LGLV) have volatilities of 3.43% and 3.56%, 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

	QUERX	LGLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.43%	3.56%	-0.13%
Volatility (6M) Calculated over the trailing 6-month period	6.26%	7.02%	-0.76%
Volatility (1Y) Calculated over the trailing 1-year period	8.34%	9.54%	-1.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.04%	12.94%	+0.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.22%	16.07%	-0.85%

QUERX vs. LGLV - Expense Ratio Comparison

QUERX has a 0.31% expense ratio, which is higher than LGLV's 0.12% expense ratio.

Dividends

QUERX vs. LGLV - Dividend Comparison

QUERX's dividend yield for the trailing twelve months is around 21.84%, more than LGLV's 2.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LGLV SPDR SSGA US Large Cap Low Volatility Index ETF	2.06%	1.94%	1.93%	2.03%	1.95%	1.65%	1.98%	1.89%	2.09%	4.39%	2.54%	2.97%
QUERX AQR Large Cap Defensive Style Fund Class R6	21.84%	22.86%	24.47%	24.43%	10.37%	2.62%	1.37%	1.18%	1.74%	2.45%	2.06%	6.28%

Frequently Asked Questions

Can I hold both QUERX and LGLV in my portfolio?

QUERX and LGLV have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QUERX or LGLV?

LGLV has higher volatility (3.56%) compared to QUERX (3.43%). In terms of maximum drawdown, QUERX dropped -30.81% vs LGLV's -36.64%.

Which has better risk-adjusted returns?

LGLV currently has the higher Sharpe Ratio (0.77 vs 0.71), 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.