NYLI 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 9 ETFs in the Long-Short category with lower expense ratios, going as low as 0.40%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| iShares Flexible Equity Active ETF | 0.40% | 1.61B | May 2026 | QAI vs BFLX | |
| Aptus International Enhanced Yield ETF | 0.45% | 490.37M | Jul 2021 | QAI vs IDUB | |
| Proshares Large Cap Core Plus | 0.45% | 515.52M | Jul 2009 | QAI vs CSM | |
| Arin Tactical Tail Risk ETF | 0.63% | — | Oct 2025 | QAI vs ATTR | |
| ProShares Long Online/Short Stores ETF | 0.65% | 7.48M | Nov 2017 | QAI vs CLIX |
Best Risk-Adjusted Alternatives to QAI
QAI has a PortfoliosLab risk / return rank of 83. There are 2 ETFs in the Long-Short category with higher risk-adjusted ranks, going as high as 96.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| Convergence Long/Short Equity ETF | 96 | 447.61M | Dec 2009 | QAI vs CLSE | |
| Franklin Liberty Systematic Style Premia ETF | 88 | 1.04B | Dec 2019 | QAI vs FLSP | |
| ProShares Hedge Replication | 80 | 22.00M | Jul 2011 | QAI vs HDG | |
| Aptus International Enhanced Yield ETF | 78 | 490.37M | Jul 2021 | QAI vs IDUB | |
| Hull Tactical US ETF | 77 | 137.43M | Jun 2015 | QAI vs HTUS |
Top Performing QAI Alternatives (YTD)
QAI is at 7.67% YTD. There are 12 ETFs in the Long-Short category with higher YTD returns, going as high as 24.37%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| Convergence Long/Short Equity ETF | 24.37% | 447.61M | Dec 2009 | QAI vs CLSE | |
| Harbor Long-Short Equity ETF | 23.37% | 15.30M | Dec 2023 | QAI vs LSEQ | |
| Aptus International Enhanced Yield ETF | 15.21% | 490.37M | Jul 2021 | QAI vs IDUB | |
| Efficient Market Portfolio Plus ETF | 14.62% | — | Dec 2024 | QAI vs EMPB | |
| Militia Long/Short Equity ETF | 13.55% | 138.61M | Jan 2025 | QAI vs ORR |
Lowest Volatility Alternatives to QAI
QAI has 6.85% 1-year volatility. There are 3 ETFs in the Long-Short category with lower 1-year volatility, going as low as 3.30%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| Arin Tactical Tail Risk ETF | 3.30% | — | Oct 2025 | QAI vs ATTR | |
| ProShares Hedge Replication | 6.41% | 22.00M | Jul 2011 | QAI vs HDG | |
| Federated Hermes MDT Market Neutral ETF | 6.65% | 106.80M | Sep 2025 | QAI vs MKTN | |
| AltShares Event-Driven ETF | 7.57% | 8.62M | Dec 2014 | QAI vs EVNT | |
| First Trust Long/Short Equity ETF | 8.54% | 2.49B | Sep 2014 | QAI vs FTLS |
Lowest Drawdown Alternatives to QAI
QAI has a 1-year max drawdown of -3.71%. There is 1 ETF in the Long-Short category with a shallower 1-year drawdown, going as shallow as -3.35%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| AltShares Event-Driven ETF | -3.35% | 8.62M | Dec 2014 | QAI vs EVNT | |
| First Trust Long/Short Equity ETF | -3.79% | 2.49B | Sep 2014 | QAI vs FTLS | |
| ProShares Hedge Replication | -3.97% | 22.00M | Jul 2011 | QAI vs HDG | |
| Franklin Liberty Systematic Style Premia ETF | -4.03% | 1.04B | Dec 2019 | QAI vs FLSP | |
| Convergence Long/Short Equity ETF | -4.85% | 447.61M | Dec 2009 | QAI vs CLSE |
Other ETFs from New York Life
The 9 most viewed New York Life ETFs shown here include MNA, HFXI, IQSI and span 7 categories. AUM among these funds goes as high as $2B.
| Symbol | Name | Category | Risk / Return Rank | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|---|---|
| IQ Merger Arbitrage ETF | Event Driven | 40 | 2.05% | 251.39M | Nov 2009 | QAI vs MNA | |
| IQ 50 Percent Hedged FTSE International ETF | Foreign Large Cap Equities | 82 | 16.19% | 1.89B | Jul 2015 | QAI vs HFXI | |
| IQ Candriam ESG International Equity ETF | Foreign Large Cap Equities | 56 | 10.87% | 260.53M | Dec 2019 | QAI vs IQSI | |
| IQ MacKay Municipal Insured ETF | Municipal Bonds | 83 | 1.04% | 459.15M | Oct 2017 | QAI vs MMIN | |
| IQ Candriam ESG U.S. Equity ETF | Large Cap Growth Equities | 71 | 12.56% | 331.47M | Dec 2019 | QAI vs IQSU | |
| IQ MacKay Municipal Intermediate ETF | Municipal Bonds | 68 | 0.42% | 1.47B | Oct 2017 | QAI vs MMIT | |
| NYLI Winslow Focused Large Cap Growth ETF | Large Cap Growth Equities | 11 | -0.56% | 61.24M | Jun 2022 | QAI vs IWFG | |
| NYLI Investment Grade CLO ETF | CLO, Investment Grade Bonds | — | — | 41.41M | May 2026 | QAI vs CLOO | |
| NYLI International Small-Mid Cap Equity ETF | Foreign Small & Mid Cap Equities | — | — | 24.94M | May 2026 | QAI vs NISM |
Often Compared With QAI
Investors most often compare QAI with SPY, IGHG, VOO. These 20 comparison targets span 17 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
NYLI 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