IQ Hedge Multi-Strategy Tracker ETF (QAI) belongs to the Long-Short category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with QAI. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to QAI
QAI charges 0.79% annually. There are 7 ETFs in the Long-Short category with lower expense ratios, going as low as 0.45%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| Proshares Large Cap Core Plus | 0.45% | 524.02M | Jul 2009 | QAI vs CSM | |
| Aptus International Enhanced Yield ETF | 0.45% | 372.15M | Jul 2021 | QAI vs IDUB | |
| Arin Tactical Tail Risk ETF | 0.63% | — | Oct 2025 | QAI vs ATTR | |
| Franklin Liberty Systematic Style Premia ETF | 0.65% | 908.01M | Dec 2019 | QAI vs FLSP | |
| WisdomTree Inflation Plus Fund | 0.65% | 23.76M | Jun 2025 | QAI vs WTIP |
Best Risk-Adjusted Alternatives to QAI
QAI has a PortfoliosLab risk / return rank of 87. There is 1 ETF in the Long-Short category with a higher risk-adjusted rank, going as high as 95.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| Convergence Long/Short Equity ETF | 95 | 447.61M | Feb 2022 | QAI vs CLSE | |
| Hull Tactical US ETF | 81 | 137.43M | Jun 2015 | QAI vs HTUS | |
| ProShares Hedge Replication | 76 | 21.57M | Jul 2011 | QAI vs HDG | |
| Proshares Large Cap Core Plus | 74 | 524.02M | Jul 2009 | QAI vs CSM | |
| Aptus International Enhanced Yield ETF | 66 | 372.15M | Jul 2021 | QAI vs IDUB |
Top Performing QAI Alternatives (YTD)
QAI is at 9.46% YTD. There are 12 ETFs in the Long-Short category with higher YTD returns, going as high as 25.99%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| Harbor Long-Short Equity ETF | 25.99% | 15.30M | Dec 2023 | QAI vs LSEQ | |
| Convergence Long/Short Equity ETF | 25.32% | 447.61M | Feb 2022 | QAI vs CLSE | |
| Changebridge Capital Long/Short Equity ETF | 24.17% | 55.44M | Nov 2020 | QAI vs CBLS | |
| Aptus International Enhanced Yield ETF | 17.21% | 372.15M | Jul 2021 | QAI vs IDUB | |
| Rareview Systematic Equity ETF | 17.06% | 59.01M | Jan 2022 | QAI vs RSEE |
Lowest Volatility Alternatives to QAI
QAI has 5.97% 1-year volatility. There are 4 ETFs in the Long-Short category with lower 1-year volatility, going as low as 0.00%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| AdvisorShares Alpha DNA Equity Sentiment ETF | 0.00% | 3.55M | Feb 2021 | QAI vs SENT | |
| Arin Tactical Tail Risk ETF | 2.98% | — | Oct 2025 | QAI vs ATTR | |
| First Trust Merger Arbitrage ETF | 5.31% | 19.86M | Feb 2020 | QAI vs MARB | |
| ProShares Hedge Replication | 5.62% | 21.57M | Jul 2011 | QAI vs HDG | |
| Federated Hermes MDT Market Neutral ETF | 6.83% | 82.10M | Sep 2025 | QAI vs MKTN |
Lowest Drawdown Alternatives to QAI
QAI has a 1-year max drawdown of -3.71%. There are 3 ETFs in the Long-Short category with shallower 1-year drawdowns, going as shallow as 0.00%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| AdvisorShares Alpha DNA Equity Sentiment ETF | 0.00% | 3.55M | Feb 2021 | QAI vs SENT | |
| First Trust Merger Arbitrage ETF | -2.43% | 19.86M | Feb 2020 | QAI vs MARB | |
| AltShares Event-Driven ETF | -3.35% | 8.62M | Dec 2014 | QAI vs EVNT | |
| First Trust Long/Short Equity ETF | -3.79% | 2.35B | Sep 2014 | QAI vs FTLS | |
| ProShares Hedge Replication | -3.97% | 21.57M | Jul 2011 | QAI vs HDG |
Other ETFs from New York Life
The 7 most viewed New York Life ETFs shown here include MNA, HFXI, IQSI and span 4 categories. AUM among these funds goes as high as $1B.
| Symbol | Name | Category | Risk / Return Rank | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|---|---|
| IQ Merger Arbitrage ETF | Hedge Fund | 34 | 1.44% | 253.18M | Nov 2009 | QAI vs MNA | |
| IQ 50 Percent Hedged FTSE International ETF | Foreign Large Cap Equities | 72 | 17.66% | 1.38B | Jul 2015 | QAI vs HFXI | |
| IQ Candriam ESG International Equity ETF | Foreign Large Cap Equities | 34 | 9.57% | 220.96M | Dec 2019 | QAI vs IQSI | |
| IQ MacKay Municipal Insured ETF | Municipal Bonds | 70 | 2.32% | 417.13M | Oct 2017 | QAI vs MMIN | |
| IQ Candriam ESG U.S. Equity ETF | Large Cap Growth Equities | 62 | 13.58% | 280.56M | Dec 2019 | QAI vs IQSU | |
| IQ MacKay Municipal Intermediate ETF | Municipal Bonds | 69 | 1.44% | 1.46B | Oct 2017 | QAI vs MMIT | |
| NYLI Winslow Focused Large Cap Growth ETF | Large Cap Growth Equities | 22 | 3.42% | 51.15M | Jun 2022 | QAI vs IWFG |
Often Compared With QAI
Investors most often compare QAI with SPY, IGHG, VOO. These 20 comparison targets span 15 categories, based on PortfoliosLab usage data.
Compare QAI with Any Fund or Stock
Compare QAI with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair QAI with funds that move differently
IQ Hedge Multi-Strategy Tracker ETF alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to QAI.
Explore QAI Diversifiers