BFLX vs. QAI
BFLX (iShares Flexible Equity Active ETF) and QAI (IQ Hedge Multi-Strategy Tracker ETF) are both Long-Short funds. BFLX is actively managed, while QAI is passively managed. Their correlation of 0.85 suggests significant overlap in exposure. BFLX charges 0.40%/yr vs 0.79%/yr for QAI.
Performance
BFLX vs. QAI - Performance Comparison
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Returns By Period
BFLX
- 1D
- 0.76%
- 1M
- -0.90%
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
QAI
- 1D
- 0.55%
- 1M
- 0.22%
- YTD
- 8.89%
- 6M
- 8.58%
- 1Y
- 14.70%
- 3Y*
- 9.72%
- 5Y*
- 4.55%
- 10Y*
- 3.87%
BFLX vs. QAI - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
BFLX iShares Flexible Equity Active ETF | 0.36% |
QAI IQ Hedge Multi-Strategy Tracker ETF | 1.96% |
Correlation
The correlation between BFLX 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 (All Time) Calculated using the full available price history since May 20, 2026 | 0.85 |
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Return for Risk
BFLX vs. QAI — Risk / Return Rank
BFLX
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
QAI
BFLX vs. QAI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Flexible Equity Active ETF (BFLX) 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.
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.
| BFLX | QAI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.44 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 3.98 | — |
| Martin ratioReturn relative to average drawdown | — | 15.53 | — |
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Drawdowns
BFLX vs. QAI - Drawdown Comparison
The maximum BFLX drawdown since its inception was -3.85%, smaller than the maximum QAI drawdown of -14.95%. Use the drawdown chart below to compare losses from any high point for BFLX and QAI.
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Drawdown Indicators
| BFLX | QAI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.85% | -14.95% | +11.10% |
Max Drawdown (1Y)Largest decline over 1 year | — | -3.71% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -7.78% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -14.32% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.95% | — |
Current DrawdownCurrent decline from peak | -2.39% | -0.79% | -1.60% |
Average DrawdownAverage peak-to-trough decline | -1.04% | -2.57% | +1.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.95% | — |
Volatility
BFLX vs. QAI - Volatility Comparison
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Volatility by Period
| BFLX | QAI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 3.18% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 5.70% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 15.10% | 6.64% | +8.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.10% | 6.68% | +8.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.10% | 6.23% | +8.87% |
BFLX vs. QAI - Expense Ratio Comparison
BFLX has a 0.40% expense ratio, which is lower than QAI's 0.79% expense ratio.
Dividends
BFLX vs. QAI - Dividend Comparison
BFLX has not paid dividends to shareholders, while QAI's dividend yield for the trailing twelve months is around 1.38%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BFLX iShares Flexible Equity Active ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
QAI IQ Hedge Multi-Strategy Tracker ETF | 1.38% | 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
BFLX 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.
On fees, BFLX is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BFLX is cheaper with a 0.40% expense ratio, compared with 0.79% for QAI.
QAI has the higher dividend yield at 1.38%, compared with 0.00% for BFLX.
They also come from different issuers: iShares and New York Life. Their fees differ too: 0.40% for BFLX and 0.79% for QAI.
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