Clown's depressed (3)
I believe the answer is:
low
'depressed' is the definition.
(similar in meaning)
'clown's' is the wordplay.
'LOW' is hidden within the letters.
However, I am unsure how this is indicated.
(Other definitions for low that I've seen before include "SECOND PART OF 14" , "Inferior; not loud" , "Not high or loud" , "Make a cow-like noise" , "Not high or tall" .)