HMEZX vs. QAI
Compare and contrast key facts about NexPoint Merger Arbitrage Fund (HMEZX) and IQ Hedge Multi-Strategy Tracker ETF (QAI).
HMEZX is managed by Highland Funds. It was launched on Aug 18, 2016. 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.
Performance
HMEZX vs. QAI - Performance Comparison
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HMEZX vs. QAI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HMEZX NexPoint Merger Arbitrage Fund | 0.66% | 6.30% | 7.42% | 4.10% | 2.70% | 5.37% | 8.46% | 8.10% | 5.92% | 5.48% |
QAI IQ Hedge Multi-Strategy Tracker ETF | 1.82% | 8.29% | 6.67% | 10.07% | -8.68% | -0.16% | 5.73% | 8.68% | -3.32% | 6.17% |
Returns By Period
In the year-to-date period, HMEZX achieves a 0.66% return, which is significantly lower than QAI's 1.82% return. Over the past 10 years, HMEZX has outperformed QAI with an annualized return of 5.88%, while QAI has yielded a comparatively lower 3.30% annualized return.
HMEZX
- 1D
- 0.00%
- 1M
- 0.41%
- YTD
- 0.66%
- 6M
- 2.09%
- 1Y
- 5.60%
- 3Y*
- 6.36%
- 5Y*
- 4.92%
- 10Y*
- 5.88%
QAI
- 1D
- 1.25%
- 1M
- -2.23%
- YTD
- 1.82%
- 6M
- 2.98%
- 1Y
- 10.61%
- 3Y*
- 8.05%
- 5Y*
- 3.40%
- 10Y*
- 3.30%
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HMEZX vs. QAI - Expense Ratio Comparison
HMEZX has a 1.50% expense ratio, which is higher than QAI's 0.79% expense ratio.
Return for Risk
HMEZX vs. QAI — Risk / Return Rank
HMEZX
QAI
HMEZX vs. QAI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for NexPoint Merger Arbitrage Fund (HMEZX) 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.
| HMEZX | QAI | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 3.57 | 1.41 | +2.16 |
Sortino ratioReturn per unit of downside risk | 5.59 | 1.99 | +3.60 |
Omega ratioGain probability vs. loss probability | 1.95 | 1.31 | +0.64 |
Calmar ratioReturn relative to maximum drawdown | 5.23 | 1.93 | +3.30 |
Martin ratioReturn relative to average drawdown | 33.91 | 8.93 | +24.98 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HMEZX | QAI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.57 | 1.41 | +2.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 2.93 | 0.53 | +2.41 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.53 | 0.54 | +0.99 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.58 | 0.51 | +1.07 |
Correlation
The correlation between HMEZX and QAI is 0.25, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
HMEZX vs. QAI - Dividend Comparison
HMEZX's dividend yield for the trailing twelve months is around 5.07%, more than QAI's 1.48% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HMEZX NexPoint Merger Arbitrage Fund | 5.07% | 5.04% | 6.36% | 5.07% | 5.11% | 3.63% | 5.83% | 0.33% | 19.16% | 6.88% | 0.02% | 0.00% |
QAI IQ Hedge Multi-Strategy Tracker ETF | 1.48% | 1.50% | 2.22% | 4.08% | 2.00% | 0.28% | 1.98% | 1.91% | 1.90% | 0.00% | 0.00% | 0.48% |
Drawdowns
HMEZX vs. QAI - Drawdown Comparison
The maximum HMEZX drawdown since its inception was -6.86%, smaller than the maximum QAI drawdown of -14.95%. Use the drawdown chart below to compare losses from any high point for HMEZX and QAI.
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Drawdown Indicators
| HMEZX | QAI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.86% | -14.95% | +8.09% |
Max Drawdown (1Y)Largest decline over 1 year | -1.06% | -5.43% | +4.37% |
Max Drawdown (5Y)Largest decline over 5 years | -1.94% | -14.32% | +12.38% |
Max Drawdown (10Y)Largest decline over 10 years | -6.86% | -14.95% | +8.09% |
Current DrawdownCurrent decline from peak | 0.00% | -2.51% | +2.51% |
Average DrawdownAverage peak-to-trough decline | -0.38% | -2.60% | +2.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.16% | 1.17% | -1.01% |
Volatility
HMEZX vs. QAI - Volatility Comparison
The current volatility for NexPoint Merger Arbitrage Fund (HMEZX) is 0.44%, while IQ Hedge Multi-Strategy Tracker ETF (QAI) has a volatility of 2.83%. This indicates that HMEZX 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.
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Volatility by Period
| HMEZX | QAI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.44% | 2.83% | -2.39% |
Volatility (6M)Calculated over the trailing 6-month period | 0.97% | 4.95% | -3.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.61% | 7.55% | -5.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.68% | 6.51% | -4.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.85% | 6.12% | -2.27% |