BKLN vs. QAI

Last updated Jun 9, 2026

BKLN (Invesco Senior Loan ETF) and QAI (IQ Hedge Multi-Strategy Tracker ETF) are both exchange-traded funds - BKLN is a Bank Loan fund tracking the Morningstar LSTA US Leveraged Loan 100 Index, while QAI is a Long-Short fund tracking the IQ Hedge Multi-Strategy Index. Both are passively managed. Over the past 10 years, BKLN returned 4.25%/yr vs 3.79%/yr for QAI. At a 0.49 correlation, their price movements are largely independent. BKLN charges 0.65%/yr vs 0.79%/yr for QAI.

Performance

BKLN vs. QAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Senior Loan ETF (BKLN) 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, BKLN achieves a -0.04% return, which is significantly lower than QAI's 7.58% return. Over the past 10 years, BKLN has outperformed QAI with an annualized return of 4.25%, while QAI has yielded a comparatively lower 3.79% annualized return.

BKLN

• 1D: 0.00%
• 1M: -0.43%
• YTD: -0.04%
• 6M: 0.55%
• 1Y: 4.39%
• 3Y*: 7.44%
• 5Y*: 5.09%
• 10Y*: 4.25%

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)

BKLN vs. QAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BKLN Invesco Senior Loan ETF	-0.04%	6.88%	8.21%	12.53%	-2.51%	2.32%	1.32%	10.03%	-1.32%	2.13%
QAI IQ Hedge Multi-Strategy Tracker ETF	7.58%	8.29%	6.67%	10.07%	-8.68%	-0.16%	5.73%	8.68%	-3.32%	6.17%

Correlation

The correlation between BKLN and QAI is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (10Y) Calculated over the trailing 10-year period	0.55
Correlation (All Time) Calculated using the full available price history since Mar 4, 2011	0.49

The correlation between BKLN and QAI has been stable across timeframes, ranging from 0.49 to 0.58 - a consistent structural relationship.

BKLN vs. QAI - Sectors Allocation Comparison

Sectors	BKLN	QAI
Technology	5.8%	21.9%
Consumer Cyclical	2.3%	7.3%
Financial Services	2.3%	19.5%
Real Estate	1.5%	2.9%
Industrials	0.8%	13.6%
Communication Services	0.8%	11.2%
Healthcare	0.8%	7.1%
Consumer Defensive	0.7%	3.7%
Basic Materials	-	5.3%
Energy	-	3.7%
Utilities	-	3.8%

Return for Risk

BKLN vs. QAI — Risk / Return Rank

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

BKLN

BKLN Risk / Return Rank: 50
BKLN Sharpe Ratio Rank: 52
BKLN Sortino Ratio Rank: 54
BKLN Omega Ratio Rank: 70
BKLN Calmar Ratio Rank: 32
BKLN Martin Ratio Rank: 39

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.

BKLN vs. QAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Senior Loan ETF (BKLN) 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.

	BKLN	QAI	Difference
Sharpe ratio: Return per unit of total volatility	1.61	2.26	-0.66
Sortino ratio: Return per unit of downside risk	2.37	3.12	-0.76
Omega ratio: Gain probability vs. loss probability	1.37	1.45	-0.08
Calmar ratio: Return relative to maximum drawdown	1.44	3.81	-2.38
Martin ratio: Return relative to average drawdown	5.65	15.45	-9.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BKLN vs. QAI - Sharpe Ratio Comparison

The current BKLN Sharpe Ratio is 1.61, which is comparable to the QAI Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of BKLN 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

	BKLN	QAI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.61	2.26	-0.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.14	0.66	+0.48
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	0.61	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.56	+0.08

Drawdowns

BKLN vs. QAI - Drawdown Comparison

The maximum BKLN drawdown since its inception was -24.17%, which is greater than QAI's maximum drawdown of -14.95%. Use the drawdown chart below to compare losses from any high point for BKLN and QAI.

Drawdown Indicators

	BKLN	QAI	Difference
Max Drawdown Largest peak-to-trough decline	-24.17%	-14.95%	-9.22%
Max Drawdown (1Y) Largest decline over 1 year	-3.07%	-3.71%	+0.64%
Max Drawdown (3Y) Largest decline over 3 years	-3.55%	-7.78%	+4.23%
Max Drawdown (5Y) Largest decline over 5 years	-7.31%	-14.32%	+7.01%
Max Drawdown (10Y) Largest decline over 10 years	-24.17%	-14.95%	-9.22%
Current Drawdown Current decline from peak	-0.48%	-1.72%	+1.24%
Average Drawdown Average peak-to-trough decline	-1.09%	-2.57%	+1.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	0.91%	-0.13%

Volatility

BKLN vs. QAI - Volatility Comparison

The current volatility for Invesco Senior Loan ETF (BKLN) is 0.44%, while IQ Hedge Multi-Strategy Tracker ETF (QAI) has a volatility of 2.56%. This indicates that BKLN experiences smaller price fluctuations and is considered to be less risky than QAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BKLN	QAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.44%	2.56%	-2.12%
Volatility (6M) Calculated over the trailing 6-month period	2.52%	5.25%	-2.73%
Volatility (1Y) Calculated over the trailing 1-year period	2.75%	6.26%	-3.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.48%	6.60%	-2.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.43%	6.19%	+0.24%

BKLN vs. QAI - Expense Ratio Comparison

BKLN has a 0.65% expense ratio, which is lower than QAI's 0.79% expense ratio.

Dividends

BKLN vs. QAI - Dividend Comparison

BKLN's dividend yield for the trailing twelve months is around 6.63%, more than QAI's 1.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BKLN Invesco Senior Loan ETF	6.63%	6.95%	8.41%	8.59%	4.93%	3.11%	3.56%	4.86%	4.52%	3.50%	4.54%	4.12%
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 BKLN and QAI in my portfolio?

BKLN and QAI have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BKLN or QAI?

QAI has higher volatility (2.56%) compared to BKLN (0.44%). In terms of maximum drawdown, BKLN dropped -24.17% vs QAI's -14.95%.

Which ETF is better, BKLN or QAI?

On 10-year performance, BKLN leads with 4.25% vs 3.79% for QAI. On fees, BKLN is cheaper at 0.65% per year. On volatility, BKLN has been the lower-risk option at 0.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BKLN or QAI?

Over the 10-year period, BKLN has performed better with a 4.25% return vs 3.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BKLN or QAI?

BKLN is cheaper with a 0.65% expense ratio, compared with 0.79% for QAI.

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

BKLN has the higher dividend yield at 6.63%, compared with 1.40% for QAI.

What is the main difference between BKLN and QAI?

BKLN is categorized as Bank Loan, while QAI is Long-Short. BKLN tracks Morningstar LSTA US Leveraged Loan 100 Index, while QAI tracks IQ Hedge Multi-Strategy Index. They also come from different issuers: Invesco and New York Life. Their fees differ too: 0.65% for BKLN and 0.79% for QAI.

Which has better risk-adjusted returns?

QAI currently has the higher Sharpe Ratio (2.26 vs 1.61), 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.