IQSI vs. QAI

Last updated Jun 4, 2026

IQSI (IQ Candriam ESG International Equity ETF) and QAI (IQ Hedge Multi-Strategy Tracker ETF) are both exchange-traded funds - IQSI is a Foreign Large Cap Equities fund tracking the IQ Candriam ESG International Equity Index, while QAI is a Long-Short fund tracking the IQ Hedge Multi-Strategy Index. Both are passively managed. Over the past 5 years, IQSI returned 7.66%/yr vs 4.57%/yr for QAI. A 0.76 correlation means they provide meaningful diversification when combined. IQSI charges 0.15%/yr vs 0.79%/yr for QAI.

Performance

IQSI vs. QAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in IQ Candriam ESG International Equity ETF (IQSI) and IQ Hedge Multi-Strategy Tracker ETF (QAI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with IQSI having a 9.26% return and QAI slightly lower at 9.07%.

IQSI

• 1D: -0.28%
• 1M: 4.63%
• YTD: 9.26%
• 6M: 11.32%
• 1Y: 19.37%
• 3Y*: 15.29%
• 5Y*: 7.66%
• 10Y*: —

QAI

• 1D: -0.35%
• 1M: 2.48%
• YTD: 9.07%
• 6M: 9.63%
• 1Y: 16.35%
• 3Y*: 10.28%
• 5Y*: 4.57%
• 10Y*: 3.93%

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

IQSI vs. QAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
IQSI IQ Candriam ESG International Equity ETF	9.26%	26.95%	4.84%	16.21%	-14.76%	12.70%	10.36%	0.27%
QAI IQ Hedge Multi-Strategy Tracker ETF	9.07%	8.29%	6.67%	10.07%	-8.68%	-0.16%	5.73%	0.31%

Correlation

The correlation between IQSI and QAI is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since Dec 18, 2019	0.76

The correlation between IQSI and QAI has been stable across timeframes, ranging from 0.75 to 0.77 - a consistent structural relationship.

IQSI vs. QAI - Sectors Allocation Comparison

Sectors	IQSI	QAI
Financial Services	22.2%	19.5%
Industrials	16.8%	13.6%
Technology	15.9%	21.9%
Healthcare	13.2%	7.1%
Consumer Cyclical	7.6%	7.3%
Consumer Defensive	6.0%	3.7%
Basic Materials	5.6%	5.3%
Communication Services	4.1%	11.2%
Utilities	4.0%	3.8%
Real Estate	2.3%	2.9%
Energy	0.9%	3.7%

Return for Risk

IQSI vs. QAI — Risk / Return Rank

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

IQSI

IQSI Risk / Return Rank: 35
IQSI Sharpe Ratio Rank: 35
IQSI Sortino Ratio Rank: 35
IQSI Omega Ratio Rank: 34
IQSI Calmar Ratio Rank: 33
IQSI Martin Ratio Rank: 38

QAI

QAI Risk / Return Rank: 85
QAI Sharpe Ratio Rank: 83
QAI Sortino Ratio Rank: 85
QAI Omega Ratio Rank: 87
QAI Calmar Ratio Rank: 82
QAI Martin Ratio Rank: 86

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.

IQSI vs. QAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IQ Candriam ESG International Equity ETF (IQSI) 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.

	IQSI	QAI	Difference
Sharpe ratio: Return per unit of total volatility	1.28	2.74	-1.46
Sortino ratio: Return per unit of downside risk	1.86	3.91	-2.05
Omega ratio: Gain probability vs. loss probability	1.23	1.55	-0.32
Calmar ratio: Return relative to maximum drawdown	1.62	4.42	-2.80
Martin ratio: Return relative to average drawdown	5.94	18.26	-12.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IQSI vs. QAI - Sharpe Ratio Comparison

The current IQSI Sharpe Ratio is 1.28, which is lower than the QAI Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of IQSI and QAI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IQSI	QAI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.28	2.74	-1.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.70	-0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.64	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.57	-0.07

Drawdowns

IQSI vs. QAI - Drawdown Comparison

The maximum IQSI drawdown since its inception was -31.90%, which is greater than QAI's maximum drawdown of -14.95%. Use the drawdown chart below to compare losses from any high point for IQSI and QAI.

Drawdown Indicators

	IQSI	QAI	Difference
Max Drawdown Largest peak-to-trough decline	-31.90%	-14.95%	-16.95%
Max Drawdown (1Y) Largest decline over 1 year	-12.00%	-3.71%	-8.29%
Max Drawdown (3Y) Largest decline over 3 years	-14.02%	-7.78%	-6.24%
Max Drawdown (5Y) Largest decline over 5 years	-29.86%	-14.32%	-15.54%
Max Drawdown (10Y) Largest decline over 10 years	—	-14.95%	—
Current Drawdown Current decline from peak	-1.14%	-0.35%	-0.79%
Average Drawdown Average peak-to-trough decline	-6.50%	-2.57%	-3.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.27%	0.90%	+2.37%

Volatility

IQSI vs. QAI - Volatility Comparison

IQ Candriam ESG International Equity ETF (IQSI) has a higher volatility of 4.89% compared to IQ Hedge Multi-Strategy Tracker ETF (QAI) at 2.06%. This indicates that IQSI's price experiences larger fluctuations and is considered to be riskier than QAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IQSI	QAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.89%	2.06%	+2.83%
Volatility (6M) Calculated over the trailing 6-month period	12.58%	4.91%	+7.67%
Volatility (1Y) Calculated over the trailing 1-year period	15.22%	5.99%	+9.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.32%	6.55%	+9.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.00%	6.17%	+12.83%

IQSI vs. QAI - Expense Ratio Comparison

IQSI has a 0.15% expense ratio, which is lower than QAI's 0.79% expense ratio.

Dividends

IQSI vs. QAI - Dividend Comparison

IQSI's dividend yield for the trailing twelve months is around 2.50%, more than QAI's 1.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IQSI IQ Candriam ESG International Equity ETF	2.50%	2.75%	2.79%	2.98%	2.89%	2.75%	1.65%	0.00%	0.00%	0.00%	0.00%	0.00%
QAI IQ Hedge Multi-Strategy Tracker ETF	1.38%	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 IQSI and QAI in my portfolio?

IQSI and QAI have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IQSI or QAI?

IQSI has higher volatility (4.89%) compared to QAI (2.06%). In terms of maximum drawdown, IQSI dropped -31.90% vs QAI's -14.95%.

Which ETF is better, IQSI or QAI?

On 5-year performance, IQSI leads with 7.66% vs 4.57% for QAI. On fees, IQSI is cheaper at 0.15% per year. On volatility, QAI has been the lower-risk option at 2.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IQSI or QAI?

Over the 5-year period, IQSI has performed better with a 7.66% return vs 4.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IQSI or QAI?

IQSI is cheaper with a 0.15% expense ratio, compared with 0.79% for QAI.

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

IQSI has the higher dividend yield at 2.50%, compared with 1.38% for QAI.

What is the main difference between IQSI and QAI?

IQSI is categorized as Foreign Large Cap Equities, while QAI is Long-Short. IQSI tracks IQ Candriam ESG International Equity Index, while QAI tracks IQ Hedge Multi-Strategy Index. Their fees differ too: 0.15% for IQSI and 0.79% for QAI.

Which has better risk-adjusted returns?

QAI currently has the higher Sharpe Ratio (2.74 vs 1.28), 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.