DFND vs. QAI

Last updated Jul 14, 2026

DFND (Siren DIVCON Dividend Defender ETF) and QAI (NYLI Hedge Multi-Strategy Tracker ETF) are both exchange-traded funds - DFND is a Large Cap Blend Equities fund tracking the Siren DIVCON Dividend Defender Index, while QAI is a Long-Short fund tracking the NYLI Hedge Multi-Strategy Index. Both are passively managed. At a 0.39 correlation, their price movements are largely independent. DFND charges 1.50%/yr vs 0.79%/yr for QAI.

Performance

DFND vs. QAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Siren DIVCON Dividend Defender ETF (DFND) and NYLI Hedge Multi-Strategy Tracker ETF (QAI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

DFND

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

QAI

• 1D: -0.47%
• 1M: -0.52%
• 6M: 5.71%
• YTD: 7.94%
• 1Y: 13.07%
• 3Y*: 9.01%
• 5Y*: 4.42%
• 10Y*: 3.85%

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

DFND vs. QAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFND Siren DIVCON Dividend Defender ETF	0.00%	10.37%	8.48%	12.13%	-19.59%	14.80%	16.12%	19.53%	-1.83%	16.33%
QAI NYLI Hedge Multi-Strategy Tracker ETF	7.94%	8.29%	6.67%	10.07%	-8.68%	-0.16%	5.73%	8.68%	-3.32%	6.17%

Correlation

The correlation between DFND and QAI is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (10Y) Calculated over the trailing 10-year period	0.40
Correlation (All Time) Calculated using the full available price history since Jan 14, 2016	0.39

Over the past year, the correlation between DFND and QAI has dropped to 0.08 - well below their long-term average of 0.39, suggesting their price drivers have been diverging.

Return for Risk

DFND vs. QAI — Risk / Return Rank

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

DFND

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

QAI

QAI Risk / Return Rank: 80
QAI Sharpe Ratio Rank: 77
QAI Sortino Ratio Rank: 77
QAI Omega Ratio Rank: 80
QAI Calmar Ratio Rank: 83
QAI Martin Ratio Rank: 84

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.

DFND vs. QAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Siren DIVCON Dividend Defender ETF (DFND) 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.

	DFND	QAI	Difference
Sharpe ratio: Return per unit of total volatility	—	1.95	—
Sortino ratio: Return per unit of downside risk	—	2.71	—
Omega ratio: Gain probability vs. loss probability	—	1.38	—
Calmar ratio: Return relative to maximum drawdown	—	3.53	—
Martin ratio: Return relative to average drawdown	—	13.38	—

Drawdowns

Drawdown Indicators

	DFND	QAI	Difference
Max Drawdown Largest peak-to-trough decline	—	-14.95%	—
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 Drawdown Current decline from peak	—	-1.66%	—
Average Drawdown Average peak-to-trough decline	—	-2.56%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.98%	—

Volatility

Volatility by Period

	DFND	QAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.74%	—
Volatility (6M) Calculated over the trailing 6-month period	—	5.71%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	6.73%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	6.70%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	6.24%	—

DFND vs. QAI - Expense Ratio Comparison

DFND has a 1.50% expense ratio, which is higher than QAI's 0.79% expense ratio.

Dividends

DFND vs. QAI - Dividend Comparison

DFND has not paid dividends to shareholders, while QAI's dividend yield for the trailing twelve months is around 1.39%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFND Siren DIVCON Dividend Defender ETF	0.29%	1.10%	1.64%	1.84%	0.29%	0.00%	0.00%	0.77%	0.53%	0.02%	0.00%	0.00%
QAI NYLI Hedge Multi-Strategy Tracker ETF	1.39%	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 DFND and QAI in my portfolio?

DFND and QAI have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DFND or QAI?

On fees, QAI is cheaper at 0.79% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DFND or QAI?

QAI is cheaper with a 0.79% expense ratio, compared with 1.50% for DFND.

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

QAI has the higher dividend yield at 1.39%, compared with 0.29% for DFND.

What is the main difference between DFND and QAI?

DFND is categorized as Large Cap Blend Equities, while QAI is Long-Short. DFND tracks Siren DIVCON Dividend Defender Index, while QAI tracks NYLI Hedge Multi-Strategy Index. They also come from different issuers: SRN Advisors and New York Life. Their fees differ too: 1.50% for DFND and 0.79% for QAI.