AQGIX vs. QAI

Last updated Aug 1, 2026

AQGIX (AQR Global Equity Fund) and QAI (NYLI Hedge Multi-Strategy Tracker ETF) are both funds - AQGIX is a Global Equities fund managed by AQR, while QAI is a Long-Short fund tracking the NYLI Hedge Multi-Strategy Index. Over the past 10 years, AQGIX returned 13.18%/yr vs 3.74%/yr for QAI. Their 0.75 correlation means they have sometimes moved together and sometimes differently. AQGIX charges 0.80%/yr vs 0.79%/yr for QAI.

Performance

AQGIX vs. QAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AQR Global Equity Fund (AQGIX) and NYLI Hedge Multi-Strategy Tracker ETF (QAI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AQGIX achieves a 13.10% return, which is significantly higher than QAI's 7.67% return. Over the past 10 years, AQGIX has outperformed QAI with an annualized return of 13.18%, while QAI has yielded a comparatively lower 3.74% annualized return.

AQGIX

• 1D: 2.45%
• 1M: 1.77%
• 6M: 10.66%
• YTD: 13.10%
• 1Y: 28.90%
• 3Y*: 24.09%
• 5Y*: 15.36%
• 10Y*: 13.18%
• ALL TIME*: 11.00%

QAI

• 1D: 0.25%
• 1M: -0.72%
• 6M: 5.22%
• YTD: 7.67%
• 1Y: 12.58%
• 3Y*: 8.67%
• 5Y*: 4.39%
• 10Y*: 3.74%
• ALL TIME*: 3.49%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AQGIX AQR Global Equity Fund	$0.00	$0.00	$0.00
QAI NYLI Hedge Multi-Strategy Tracker ETF	$2.04M	$2.05M	$2.17M

AQGIX vs. QAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AQGIX AQR Global Equity Fund	13.10%	31.64%	24.56%	22.92%	-14.14%	18.32%	9.33%	22.55%	-14.50%	25.44%
QAI NYLI Hedge Multi-Strategy Tracker ETF	7.67%	8.29%	6.67%	10.07%	-8.68%	-0.16%	5.73%	8.68%	-3.32%	6.17%

Correlation

The correlation between AQGIX and QAI is 0.86, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.86
Correlation (3Y) Balances recent behavior with more history.	0.83
Correlation (5Y) Shows whether the relationship held over a longer period.	0.80
Correlation (10Y) Provides a long-term view across more market conditions.	0.80
Correlation (All Time) Calculated using the full available price history since Jan 4, 2010	0.75

The correlation between AQGIX and QAI shifts across timeframes, from 0.75 (all time) to 0.86 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

AQGIX vs. QAI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

AQGIX

AQGIX Risk / Return Rank: 81
AQGIX Sharpe Ratio Rank: 79
AQGIX Sortino Ratio Rank: 78
AQGIX Omega Ratio Rank: 76
AQGIX Calmar Ratio Rank: 82
AQGIX Martin Ratio Rank: 88

QAI

QAI Risk / Return Rank: 83
QAI Sharpe Ratio Rank: 81
QAI Sortino Ratio Rank: 80
QAI Omega Ratio Rank: 82
QAI Calmar Ratio Rank: 87
QAI Martin Ratio Rank: 84

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

AQGIX vs. QAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AQR Global Equity Fund (AQGIX) and NYLI Hedge Multi-Strategy Tracker ETF (QAI). 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.

	AQGIX	QAI	Difference
Sharpe ratio: Return per unit of total volatility	1.85	1.84	+0.01
Sortino ratio: Return per unit of downside risk	2.62	2.57	+0.05
Omega ratio: Gain probability vs. loss probability	1.33	1.35	-0.02
Calmar ratio: Return relative to maximum drawdown	2.70	3.39	-0.69
Martin ratio: Return relative to average drawdown	11.43	11.62	-0.19

AQGIX vs. QAI - Sharpe Ratio Comparison

The current AQGIX Sharpe Ratio is 1.85, which is comparable to the QAI Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of AQGIX and QAI, 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

AQGIX vs. QAI - Drawdown Comparison

The maximum AQGIX drawdown since its inception was -35.47%, which is greater than QAI's maximum drawdown of -14.95%. Use the drawdown chart below to compare losses from any high point for AQGIX and QAI.

Drawdown Indicators

	AQGIX	QAI	Difference
Max Drawdown Largest peak-to-trough decline	-35.47%	-14.95%	-20.52%
Max Drawdown (1Y) Largest decline over 1 year	-9.88%	-3.71%	-6.17%
Max Drawdown (3Y) Largest decline over 3 years	-18.50%	-7.78%	-10.72%
Max Drawdown (5Y) Largest decline over 5 years	-29.62%	-14.32%	-15.30%
Max Drawdown (10Y) Largest decline over 10 years	-35.47%	-14.95%	-20.52%
Current Drawdown Current decline from peak	-0.72%	-1.90%	+1.18%
Average Drawdown Average peak-to-trough decline	-6.50%	-2.56%	-3.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.34%	1.08%	+1.26%

Volatility

AQGIX vs. QAI - Volatility Comparison

AQR Global Equity Fund (AQGIX) has a higher volatility of 3.98% compared to NYLI Hedge Multi-Strategy Tracker ETF (QAI) at 1.82%. This indicates that AQGIX's price experiences larger fluctuations and is considered to be riskier than QAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AQGIX	QAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.98%	1.82%	+2.16%
Volatility (6M) Calculated over the trailing 6-month period	11.64%	5.78%	+5.86%
Volatility (1Y) Calculated over the trailing 1-year period	14.46%	6.85%	+7.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.40%	6.71%	+11.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.91%	6.24%	+11.67%

AQGIX vs. QAI - Expense Ratio Comparison

AQGIX has a 0.80% expense ratio, which is higher than QAI's 0.79% expense ratio.

Dividends

AQGIX vs. QAI - Dividend Comparison

AQGIX's dividend yield for the trailing twelve months is around 11.65%, more than QAI's 1.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AQGIX AQR Global Equity Fund	11.65%	13.18%	13.59%	5.97%	4.39%	12.17%	1.16%	1.41%	4.72%	5.05%	10.34%	0.09%
QAI NYLI Hedge Multi-Strategy Tracker ETF	1.40%	1.50%	2.22%	4.08%	2.00%	0.28%	1.98%	1.91%	1.90%	0.00%	0.00%	0.48%

Frequently Asked Questions

Can I hold both AQGIX and QAI in my portfolio?

AQGIX and QAI have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AQGIX or QAI?

AQGIX has higher volatility (3.98%) compared to QAI (1.82%). In terms of maximum drawdown, AQGIX dropped -35.47% vs QAI's -14.95%.

Which has better risk-adjusted returns?

AQGIX currently has the higher Sharpe Ratio (1.85 vs 1.84), 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.