BBUS vs. QAI

Last updated Jun 9, 2026

BBUS (JP Morgan Betabuilders U.S. Equity ETF) and QAI (IQ Hedge Multi-Strategy Tracker ETF) are both exchange-traded funds - BBUS is a Large Cap Growth Equities fund tracking the Morningstar US Target Market Exposure Index, while QAI is a Long-Short fund tracking the IQ Hedge Multi-Strategy Index. Both are passively managed. Over the past 5 years, BBUS returned 13.01%/yr vs 4.31%/yr for QAI. A 0.78 correlation means they provide meaningful diversification when combined. BBUS charges 0.02%/yr vs 0.79%/yr for QAI.

Performance

BBUS vs. QAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JP Morgan Betabuilders U.S. Equity ETF (BBUS) and IQ 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, BBUS achieves a 8.45% return, which is significantly higher than QAI's 7.58% return.

BBUS

• 1D: 0.23%
• 1M: 0.44%
• YTD: 8.45%
• 6M: 8.40%
• 1Y: 24.33%
• 3Y*: 21.53%
• 5Y*: 13.01%
• 10Y*: —

QAI

• 1D: 0.42%
• 1M: -0.22%
• YTD: 7.58%
• 6M: 8.00%
• 1Y: 14.10%
• 3Y*: 9.67%
• 5Y*: 4.31%
• 10Y*: 3.79%

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

BBUS vs. QAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BBUS JP Morgan Betabuilders U.S. Equity ETF	8.45%	17.77%	24.89%	27.20%	-19.46%	27.13%	20.69%	16.53%
QAI IQ Hedge Multi-Strategy Tracker ETF	7.58%	8.29%	6.67%	10.07%	-8.68%	-0.16%	5.73%	4.69%

Correlation

The correlation between BBUS and QAI is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (All Time) Calculated using the full available price history since Mar 14, 2019	0.78

The correlation between BBUS and QAI has been stable across timeframes, ranging from 0.78 to 0.85 - a consistent structural relationship.

BBUS vs. QAI - Sectors Allocation Comparison

Sectors	BBUS	QAI
Technology	39.7%	21.9%
Communication Services	11.3%	11.2%
Financial Services	10.5%	19.5%
Consumer Cyclical	9.7%	7.3%
Healthcare	7.9%	7.1%
Industrials	6.9%	13.6%
Consumer Defensive	4.0%	3.7%
Energy	3.0%	3.7%
Utilities	1.9%	3.8%
Real Estate	1.1%	2.9%
Basic Materials	0.9%	5.3%

Return for Risk

BBUS vs. QAI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BBUS

BBUS Risk / Return Rank: 67
BBUS Sharpe Ratio Rank: 68
BBUS Sortino Ratio Rank: 66
BBUS Omega Ratio Rank: 68
BBUS Calmar Ratio Rank: 59
BBUS Martin Ratio Rank: 72

QAI

QAI Risk / Return Rank: 81
QAI Sharpe Ratio Rank: 78
QAI Sortino Ratio Rank: 78
QAI Omega Ratio Rank: 83
QAI Calmar Ratio Rank: 80
QAI Martin Ratio Rank: 83

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BBUS vs. QAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JP Morgan Betabuilders U.S. Equity ETF (BBUS) and IQ 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.

	BBUS	QAI	Difference
Sharpe ratio: Return per unit of total volatility	2.02	2.26	-0.25
Sortino ratio: Return per unit of downside risk	2.72	3.12	-0.40
Omega ratio: Gain probability vs. loss probability	1.37	1.45	-0.08
Calmar ratio: Return relative to maximum drawdown	2.65	3.81	-1.16
Martin ratio: Return relative to average drawdown	12.09	15.45	-3.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BBUS vs. QAI - Sharpe Ratio Comparison

The current BBUS Sharpe Ratio is 2.02, which is comparable to the QAI Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of BBUS 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.

Sharpe Ratios by Period

	BBUS	QAI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.02	2.26	-0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	0.66	+0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.61	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	0.56	+0.26

Drawdowns

BBUS vs. QAI - Drawdown Comparison

The maximum BBUS drawdown since its inception was -35.35%, which is greater than QAI's maximum drawdown of -14.95%. Use the drawdown chart below to compare losses from any high point for BBUS and QAI.

Drawdown Indicators

	BBUS	QAI	Difference
Max Drawdown Largest peak-to-trough decline	-35.35%	-14.95%	-20.40%
Max Drawdown (1Y) Largest decline over 1 year	-9.21%	-3.71%	-5.50%
Max Drawdown (3Y) Largest decline over 3 years	-19.01%	-7.78%	-11.23%
Max Drawdown (5Y) Largest decline over 5 years	-25.46%	-14.32%	-11.14%
Max Drawdown (10Y) Largest decline over 10 years	—	-14.95%	—
Current Drawdown Current decline from peak	-2.68%	-1.72%	-0.96%
Average Drawdown Average peak-to-trough decline	-5.45%	-2.57%	-2.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.02%	0.91%	+1.11%

Volatility

BBUS vs. QAI - Volatility Comparison

JP Morgan Betabuilders U.S. Equity ETF (BBUS) has a higher volatility of 3.78% compared to IQ Hedge Multi-Strategy Tracker ETF (QAI) at 2.56%. This indicates that BBUS'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

	BBUS	QAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.78%	2.56%	+1.22%
Volatility (6M) Calculated over the trailing 6-month period	9.37%	5.25%	+4.12%
Volatility (1Y) Calculated over the trailing 1-year period	12.15%	6.26%	+5.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.07%	6.60%	+10.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.60%	6.19%	+13.41%

BBUS vs. QAI - Expense Ratio Comparison

BBUS has a 0.02% expense ratio, which is lower than QAI's 0.79% expense ratio.

Dividends

BBUS vs. QAI - Dividend Comparison

BBUS's dividend yield for the trailing twelve months is around 1.00%, less than QAI's 1.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BBUS JP Morgan Betabuilders U.S. Equity ETF	1.00%	1.07%	1.21%	1.38%	1.57%	1.11%	1.43%	1.37%	0.00%	0.00%	0.00%	0.00%
QAI IQ 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 BBUS and QAI in my portfolio?

BBUS and QAI have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BBUS or QAI?

BBUS has higher volatility (3.78%) compared to QAI (2.56%). In terms of maximum drawdown, BBUS dropped -35.35% vs QAI's -14.95%.

Which ETF is better, BBUS or QAI?

On 5-year performance, BBUS leads with 13.01% vs 4.31% for QAI. On fees, BBUS is cheaper at 0.02% per year. On volatility, QAI has been the lower-risk option at 2.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BBUS or QAI?

Over the 5-year period, BBUS has performed better with a 13.01% return vs 4.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BBUS or QAI?

BBUS is cheaper with a 0.02% expense ratio, compared with 0.79% for QAI.

Which ETF pays a higher dividend yield, BBUS or QAI?

QAI has the higher dividend yield at 1.40%, compared with 1.00% for BBUS.

What is the main difference between BBUS and QAI?

BBUS is categorized as Large Cap Growth Equities, while QAI is Long-Short. BBUS tracks Morningstar US Target Market Exposure Index, while QAI tracks IQ Hedge Multi-Strategy Index. They also come from different issuers: JPMorgan and New York Life. Their fees differ too: 0.02% for BBUS and 0.79% for QAI.

Which has better risk-adjusted returns?

QAI currently has the higher Sharpe Ratio (2.26 vs 2.02), 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.