- ISIN
- US45409B1070
- CUSIP
- 45409B107
- Issuer
- New York Life
- Inception Date
- Mar 25, 2009
- Region
- Developed Markets (Broad)
- Category
- Long-Short
- Leveraged
- 1x (No leverage)
- Index Tracked
- IQ Hedge Multi-Strategy Index
- Distribution Policy
- Distributing
- Asset Class
- Alternatives
- Assets Under Management
- $762M
Share Price Chart
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Performance
QAI Performance Chart
IQ Hedge Multi-Strategy Tracker ETF (QAI) is up 8.5% since the beginning of the year. QAI is currently trading at $36 per share. Investors who bought $1,000 worth of QAI shares 5 years ago would now be looking at an investment worth $1,243.
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Returns By Period
IQ Hedge Multi-Strategy Tracker ETF (QAI) has returned 8.45% so far this year and 15.12% over the past 12 months. Over the last ten years, QAI has returned 3.94% per year, falling short of the S&P 500 Index benchmark, which averaged 13.71% annually.
IQ Hedge Multi-Strategy Tracker ETF
- 1D
- -1.20%
- 1M
- 0.61%
- YTD
- 8.45%
- 6M
- 8.10%
- 1Y
- 15.12%
- 3Y*
- 9.95%
- 5Y*
- 4.45%
- 10Y*
- 3.94%
Benchmark (S&P 500 Index)
- 1D
- -1.44%
- 1M
- -1.45%
- YTD
- 7.60%
- 6M
- 6.59%
- 1Y
- 22.24%
- 3Y*
- 19.20%
- 5Y*
- 11.54%
- 10Y*
- 13.71%
QAI Monthly Returns History
Based on dividend-adjusted daily data since Mar 25, 2009, QAI's average daily return is +0.01%, while the average monthly return is +0.30%. At this rate, an investment would double in approximately 19.3 years.
Historically, 59% of months were positive and 41% were negative. The best month was Apr 2026 with a return of +4.6%, while the worst month was Mar 2020 at -5.6%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 6 months.
On a daily basis, QAI closed higher 52% of trading days. The best single day was Jul 10, 2012 with a return of +4.6%, while the worst single day was Jul 11, 2012 at -4.3%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2.33% | 1.78% | -2.23% | 4.60% | 2.02% | -0.19% | 8.45% | ||||||
| 2025 | 1.62% | -0.60% | -1.32% | -0.26% | 1.93% | 1.53% | 0.68% | 1.51% | 1.82% | 0.69% | -0.10% | 0.54% | 8.29% |
| 2024 | -0.39% | 1.56% | 1.44% | -1.20% | 1.35% | 0.32% | 1.13% | 0.76% | 1.45% | -0.59% | 2.29% | -1.57% | 6.67% |
| 2023 | 2.92% | -0.85% | 0.59% | 0.51% | -0.65% | 2.26% | 1.94% | -0.59% | -0.66% | -1.23% | 3.27% | 2.27% | 10.07% |
| 2022 | -2.08% | -0.68% | -0.25% | -3.34% | -0.40% | -3.37% | 1.88% | -1.16% | -3.98% | 1.48% | 3.98% | -0.82% | -8.68% |
| 2021 | 0.13% | 0.19% | -0.72% | 0.60% | 0.59% | 0.25% | -0.34% | 0.12% | -1.34% | 1.07% | -1.50% | 0.82% | -0.16% |
Benchmark Metrics
IQ Hedge Multi-Strategy Tracker ETF has an annualized alpha of -0.05%, beta of 0.26, and R2 of 0.52 versus S&P 500 Index. Calculated based on daily prices since March 25, 2009.
- This ETF participated in 35.27% of S&P 500 Index downside but only 25.02% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.26 indicates this ETF moves significantly less than S&P 500 Index - a genuinely defensive profile with reduced participation in both market rallies and downturns.
- Alpha
- -0.05%
- Beta
- 0.26
- R²
- 0.52
- Upside Capture
- 25.02%
- Downside Capture
- 35.27%
Expense Ratio
QAI has an expense ratio of 0.79%, placing it in the medium range.
Return for Risk
Risk / Return Rank
QAI ranks 80 for risk / return — better than 80% of ETFs on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for IQ Hedge Multi-Strategy Tracker ETF (QAI) and compare them to S&P 500 Index.
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.
| QAI | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.53 | ||
| Sortino ratioReturn per unit of downside risk | +0.77 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.32 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 4.09 | 2.46 | +1.63 |
| Martin ratioReturn relative to average drawdown | 16.12 | 10.92 | +5.20 |
Dividends
Dividend History
IQ Hedge Multi-Strategy Tracker ETF provided a 1.39% dividend yield over the last twelve months, with an annual payout of $0.50 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.50 | $0.50 | $0.70 | $1.23 | $0.57 | $0.09 | $0.63 | $0.59 | $0.55 | $0.00 | $0.00 | $0.14 |
Dividend yield | 1.39% | 1.50% | 2.22% | 4.08% | 2.00% | 0.28% | 1.98% | 1.91% | 1.90% | 0.00% | 0.00% | 0.48% |
Monthly Dividends
The table displays the monthly dividend distributions for IQ Hedge Multi-Strategy Tracker ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.50 | $0.50 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.70 | $0.70 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.23 | $1.23 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.57 | $0.57 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.09 | $0.09 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the IQ Hedge Multi-Strategy Tracker ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the IQ Hedge Multi-Strategy Tracker ETF was 14.95%, occurring on Oct 14, 2022. Recovery took 352 trading sessions.
The current IQ Hedge Multi-Strategy Tracker ETF drawdown is 1.20%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -14.95%Oct 2022 | 1y 7mo | 1y 5mo | 3y 23dFeb 2021 - Mar 2024 |
COVID crash2020 | -14.11%Mar 2020 | 2mo 2d | 4mo 15d | 6mo 17dJan 2020 - Aug 2020 |
2025 selloff2025 | -7.78%Apr 2025 | 1mo 18d | 2mo 19d | 4mo 7dFeb 2025 - Jun 2025 |
2016 pullback2016 | -7.67%Feb 2016 | 10mo | 1y 8mo | 2y 6moApr 2015 - Oct 2017 |
2013 pullback2013 | -7.20%Jun 2013 | 1mo 11d | 6mo 10d | 7mo 21dMay 2013 - Dec 2013 |
Drawdown Indicators
| QAI | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.95% | -56.78% | +41.83% |
Max Drawdown (1Y)Largest decline over 1 year | -3.71% | -9.10% | +5.39% |
Max Drawdown (3Y)Largest decline over 3 years | -7.78% | -18.90% | +11.12% |
Max Drawdown (5Y)Largest decline over 5 years | -14.32% | -25.43% | +11.11% |
Max Drawdown (10Y)Largest decline over 10 years | -14.95% | -33.92% | +18.97% |
Current DrawdownCurrent decline from peak | -1.20% | -3.21% | +2.01% |
Average DrawdownAverage peak-to-trough decline | -2.57% | -10.71% | +8.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | 2.04% | -1.10% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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