HFND vs. QIS

Last updated Aug 2, 2026

HFND (Unlimited HFND Multi-Strategy Return Tracker ETF) and QIS (Simplify Multi-Qis Alternative ETF) are both Multistrategy funds. Both are actively managed. Over the past 3 years, HFND returned 8.42%/yr vs -24.55%/yr for QIS. Their 0.03 correlation means their historical movements had little consistent relationship. HFND charges 1.22%/yr vs 1.00%/yr for QIS.

Performance

HFND vs. QIS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Unlimited HFND Multi-Strategy Return Tracker ETF (HFND) and Simplify Multi-Qis Alternative ETF (QIS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HFND achieves a 7.36% return, which is significantly higher than QIS's -31.94% return.

HFND

• 1D: -0.16%
• 1M: -0.78%
• 6M: 3.29%
• YTD: 7.36%
• 1Y: 14.50%
• 3Y*: 8.42%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 8.05%

QIS

• 1D: 2.58%
• 1M: 2.94%
• 6M: -34.00%
• YTD: -31.94%
• 1Y: -48.32%
• 3Y*: -24.55%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -24.05%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HFND Unlimited HFND Multi-Strategy Return Tracker ETF	$479.64K	$339.51K	$276.08K
QIS Simplify Multi-Qis Alternative ETF	$8.01K	$6.87K	$26.74K

HFND vs. QIS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HFND Unlimited HFND Multi-Strategy Return Tracker ETF	7.36%	8.93%	8.34%	2.57%
QIS Simplify Multi-Qis Alternative ETF	-31.94%	-38.02%	0.19%	2.08%

Correlation

The correlation between HFND and QIS is 0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.08
Correlation (3Y) Balances recent behavior with more history.	0.03
Correlation (All Time) Calculated using the full available price history since Jul 11, 2023	0.03

Return for Risk

HFND vs. QIS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HFND

HFND Risk / Return Rank: 65
HFND Sharpe Ratio Rank: 57
HFND Sortino Ratio Rank: 57
HFND Omega Ratio Rank: 56
HFND Calmar Ratio Rank: 78
HFND Martin Ratio Rank: 76

QIS

QIS Risk / Return Rank: 0
QIS Sharpe Ratio Rank: 0
QIS Sortino Ratio Rank: 0
QIS Omega Ratio Rank: 1
QIS Calmar Ratio Rank: 1
QIS Martin Ratio Rank: 0

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HFND vs. QIS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Unlimited HFND Multi-Strategy Return Tracker ETF (HFND) and Simplify Multi-Qis Alternative ETF (QIS). 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.

	HFND	QIS	Difference
Sharpe ratio: Return per unit of total volatility	1.36	-1.26	+2.62
Sortino ratio: Return per unit of downside risk	1.96	-1.99	+3.95
Omega ratio: Gain probability vs. loss probability	1.25	0.77	+0.48
Calmar ratio: Return relative to maximum drawdown	2.76	-0.93	+3.69
Martin ratio: Return relative to average drawdown	9.47	-1.62	+11.09

HFND vs. QIS - Sharpe Ratio Comparison

The current HFND Sharpe Ratio is 1.36, which is higher than the QIS Sharpe Ratio of -1.26. The chart below compares the historical Sharpe Ratios of HFND and QIS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HFND vs. QIS - Drawdown Comparison

The maximum HFND drawdown since its inception was -13.31%, smaller than the maximum QIS drawdown of -62.82%. Use the drawdown chart below to compare losses from any high point for HFND and QIS.

Drawdown Indicators

	HFND	QIS	Difference
Max Drawdown Largest peak-to-trough decline	-13.31%	-62.82%	+49.51%
Max Drawdown (1Y) Largest decline over 1 year	-4.94%	-54.47%	+49.53%
Max Drawdown (3Y) Largest decline over 3 years	-13.31%	-62.82%	+49.51%
Current Drawdown Current decline from peak	-2.02%	-60.09%	+58.07%
Average Drawdown Average peak-to-trough decline	-2.06%	-16.05%	+13.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.44%	31.13%	-29.69%

Volatility

HFND vs. QIS - Volatility Comparison

The current volatility for Unlimited HFND Multi-Strategy Return Tracker ETF (HFND) is 2.51%, while Simplify Multi-Qis Alternative ETF (QIS) has a volatility of 14.48%. This indicates that HFND experiences smaller price fluctuations and is considered to be less risky than QIS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HFND	QIS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.51%	14.48%	-11.97%
Volatility (6M) Calculated over the trailing 6-month period	7.86%	32.96%	-25.10%
Volatility (1Y) Calculated over the trailing 1-year period	10.04%	40.15%	-30.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.49%	30.10%	-20.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.49%	30.10%	-20.61%

HFND vs. QIS - Expense Ratio Comparison

HFND has a 1.22% expense ratio, which is higher than QIS's 1.00% expense ratio.

Dividends

HFND vs. QIS - Dividend Comparison

HFND's dividend yield for the trailing twelve months is around 4.73%, more than QIS's 2.00% yield.

Position	TTM	2025	2024	2023	2022
HFND Unlimited HFND Multi-Strategy Return Tracker ETF	4.73%	5.08%	3.70%	1.41%	0.43%
QIS Simplify Multi-Qis Alternative ETF	2.00%	3.37%	1.07%	3.29%	0.00%

Frequently Asked Questions

Can I hold both HFND and QIS in my portfolio?

HFND and QIS 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 is riskier, HFND or QIS?

QIS has higher volatility (14.48%) compared to HFND (2.51%). In terms of maximum drawdown, HFND dropped -13.31% vs QIS's -62.82%.

Which ETF is better, HFND or QIS?

On 3-year performance, HFND leads with 8.42% vs -24.55% for QIS. On fees, QIS is cheaper at 1.00% per year. On volatility, HFND has been the lower-risk option at 2.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HFND or QIS?

Over the 3-year period, HFND has performed better with a 8.42% return vs -24.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HFND or QIS?

QIS is cheaper with a 1.00% expense ratio, compared with 1.22% for HFND.

Which ETF pays a higher dividend yield, HFND or QIS?

HFND has the higher dividend yield at 4.73%, compared with 2.00% for QIS.

What is the main difference between HFND and QIS?

They also come from different issuers: Tidal and Simplify. Their fees differ too: 1.22% for HFND and 1.00% for QIS.

Which has better risk-adjusted returns?

HFND currently has the higher Sharpe Ratio (1.36 vs -1.26), 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.