HDG vs. QAI
Compare and contrast key facts about ProShares Hedge Replication (HDG) and IQ Hedge Multi-Strategy Tracker ETF (QAI).
HDG and QAI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HDG is a passively managed fund by ProShares that tracks the performance of the Merrill Lynch Factor Model - Exchange Series. It was launched on Jul 12, 2011. QAI is a passively managed fund by New York Life that tracks the performance of the IQ Hedge Multi-Strategy Index. It was launched on Mar 25, 2009. Both HDG and QAI are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: HDG or QAI.
Key characteristics
| HDG | QAI | |
|---|---|---|
| YTD Return | 1.12% | 1.40% |
| 1Y Return | 5.85% | 8.41% |
| 3Y Return (Ann) | -0.75% | 0.52% |
| 5Y Return (Ann) | 2.58% | 2.26% |
| 10Y Return (Ann) | 2.27% | 1.79% |
| Sharpe Ratio | 1.23 | 1.73 |
| Daily Std Dev | 4.63% | 4.74% |
| Max Drawdown | -15.31% | -14.95% |
| Current Drawdown | -3.44% | -1.29% |
Correlation
The correlation between HDG and QAI is 0.64, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Performance
HDG vs. QAI - Performance Comparison
In the year-to-date period, HDG achieves a 1.12% return, which is significantly lower than QAI's 1.40% return. Over the past 10 years, HDG has outperformed QAI with an annualized return of 2.27%, while QAI has yielded a comparatively lower 1.79% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
HDG vs. QAI - Expense Ratio Comparison
HDG has a 0.95% expense ratio, which is higher than QAI's 0.79% expense ratio.
Risk-Adjusted Performance
HDG vs. QAI - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Hedge Replication (HDG) 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.
Dividends
HDG vs. QAI - Dividend Comparison
HDG's dividend yield for the trailing twelve months is around 3.68%, less than QAI's 4.02% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HDG ProShares Hedge Replication | 3.68% | 3.48% | 0.39% | 0.00% | 0.08% | 1.09% | 0.51% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
QAI IQ Hedge Multi-Strategy Tracker ETF | 4.02% | 4.08% | 2.00% | 0.28% | 1.98% | 1.91% | 1.90% | 0.00% | 0.00% | 0.48% | 1.34% | 1.26% |
Drawdowns
HDG vs. QAI - Drawdown Comparison
The maximum HDG drawdown since its inception was -15.31%, roughly equal to the maximum QAI drawdown of -14.95%. Use the drawdown chart below to compare losses from any high point for HDG and QAI. For additional features, visit the drawdowns tool.
Volatility
HDG vs. QAI - Volatility Comparison
The current volatility for ProShares Hedge Replication (HDG) is 1.43%, while IQ Hedge Multi-Strategy Tracker ETF (QAI) has a volatility of 1.51%. This indicates that HDG 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.