HELS vs. QAI
HELS (Hedgeye 130/30 Equity ETF) and QAI (IQ Hedge Multi-Strategy Tracker ETF) are both Long-Short funds. HELS is actively managed, while QAI is passively managed. A 0.65 correlation means they provide meaningful diversification when combined. HELS charges 0.70%/yr vs 0.79%/yr for QAI.
Performance
HELS vs. QAI - Performance Comparison
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Returns By Period
In the year-to-date period, HELS achieves a 1.10% return, which is significantly lower than QAI's 8.30% return.
HELS
- 1D
- 2.03%
- 1M
- 1.43%
- YTD
- 1.10%
- 6M
- -1.28%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
QAI
- 1D
- -0.66%
- 1M
- -0.22%
- YTD
- 8.30%
- 6M
- 7.76%
- 1Y
- 14.14%
- 3Y*
- 9.80%
- 5Y*
- 4.39%
- 10Y*
- 3.90%
HELS vs. QAI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
HELS Hedgeye 130/30 Equity ETF | 1.10% | -2.37% |
QAI IQ Hedge Multi-Strategy Tracker ETF | 8.30% | -0.11% |
Correlation
The correlation between HELS and QAI is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Dec 11, 2025 | 0.65 |
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Return for Risk
HELS vs. QAI — Risk / Return Rank
HELS
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
QAI
HELS vs. QAI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hedgeye 130/30 Equity ETF (HELS) 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.
| HELS | QAI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.42 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 3.82 | — |
| Martin ratioReturn relative to average drawdown | — | 14.96 | — |
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Drawdowns
HELS vs. QAI - Drawdown Comparison
The maximum HELS drawdown since its inception was -13.60%, smaller than the maximum QAI drawdown of -14.95%. Use the drawdown chart below to compare losses from any high point for HELS and QAI.
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Drawdown Indicators
| HELS | QAI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.60% | -14.95% | +1.35% |
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 | -5.27% | -1.33% | -3.94% |
Average DrawdownAverage peak-to-trough decline | -5.70% | -2.57% | -3.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.95% | — |
Volatility
HELS vs. QAI - Volatility Comparison
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Volatility by Period
| HELS | QAI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 3.14% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 5.68% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 16.70% | 6.62% | +10.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.70% | 6.67% | +10.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.70% | 6.23% | +10.47% |
HELS vs. QAI - Expense Ratio Comparison
HELS has a 0.70% expense ratio, which is lower than QAI's 0.79% expense ratio.
Dividends
HELS vs. QAI - Dividend Comparison
HELS's dividend yield for the trailing twelve months is around 0.02%, less than QAI's 1.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HELS Hedgeye 130/30 Equity ETF | 0.02% | 0.02% | 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 | 1.39% | 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
HELS and QAI have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HELS is cheaper at 0.70% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HELS is cheaper with a 0.70% expense ratio, compared with 0.79% for QAI.
QAI has the higher dividend yield at 1.39%, compared with 0.02% for HELS.
They also come from different issuers: Hedgeye and New York Life. Their fees differ too: 0.70% for HELS and 0.79% for QAI.
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