IQSM vs. CPAI

Last updated Jul 17, 2026

IQSM (IQ Candriam U.S. Mid Cap Equity ETF) and CPAI (Counterpoint Quantitative Equity ETF) are both Mid Cap Blend Equities funds. IQSM is passively managed, while CPAI is actively managed. Over the past year, IQSM returned 22.34% vs 39.77% for CPAI. A 0.78 correlation means they provide meaningful diversification when combined. IQSM charges 0.15%/yr vs 0.75%/yr for CPAI.

Performance

IQSM vs. CPAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in IQ Candriam U.S. Mid Cap Equity ETF (IQSM) and Counterpoint Quantitative Equity ETF (CPAI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IQSM achieves a 14.43% return, which is significantly lower than CPAI's 24.09% return.

IQSM

• 1D: 0.51%
• 1M: 1.47%
• 6M: 8.69%
• YTD: 14.43%
• 1Y: 22.34%
• 3Y*: 11.95%
• 5Y*: —
• 10Y*: —

CPAI

• 1D: -1.50%
• 1M: -1.38%
• 6M: 12.63%
• YTD: 24.09%
• 1Y: 39.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IQSM vs. CPAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IQSM IQ Candriam U.S. Mid Cap Equity ETF	14.43%	7.97%	9.15%	11.03%
CPAI Counterpoint Quantitative Equity ETF	24.09%	17.79%	28.37%	5.67%

Correlation

The correlation between IQSM and CPAI is 0.74, 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	0.74
Correlation (All Time) Calculated using the full available price history since Nov 29, 2023	0.78

The correlation between IQSM and CPAI has been stable across timeframes, ranging from 0.74 to 0.78 - a consistent structural relationship.

IQSM vs. CPAI - Sectors Allocation Comparison

Sectors	IQSM	CPAI
Industrials	19.4%	6.2%
Technology	18.3%	33.9%
Healthcare	15.1%	28.2%
Financial Services	12.1%	2.0%
Real Estate	9.7%	2.0%
Consumer Cyclical	9.6%	3.9%
Basic Materials	5.2%	3.8%
Consumer Defensive	4.6%	4.1%
Communication Services	3.4%	4.0%
Energy	1.9%	11.7%
Utilities	0.7%	-

Return for Risk

IQSM vs. CPAI — Risk / Return Rank

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

IQSM

IQSM Risk / Return Rank: 58
IQSM Sharpe Ratio Rank: 54
IQSM Sortino Ratio Rank: 57
IQSM Omega Ratio Rank: 50
IQSM Calmar Ratio Rank: 63
IQSM Martin Ratio Rank: 65

CPAI

CPAI Risk / Return Rank: 81
CPAI Sharpe Ratio Rank: 82
CPAI Sortino Ratio Rank: 76
CPAI Omega Ratio Rank: 75
CPAI Calmar Ratio Rank: 86
CPAI Martin Ratio Rank: 87

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.

IQSM vs. CPAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IQ Candriam U.S. Mid Cap Equity ETF (IQSM) and Counterpoint Quantitative Equity ETF (CPAI). 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.

	IQSM	CPAI	Difference
Sharpe ratio: Return per unit of total volatility	1.49	2.08	-0.60
Sortino ratio: Return per unit of downside risk	2.19	2.73	-0.54
Omega ratio: Gain probability vs. loss probability	1.26	1.35	-0.10
Calmar ratio: Return relative to maximum drawdown	2.53	3.81	-1.28
Martin ratio: Return relative to average drawdown	9.22	14.30	-5.07

IQSM vs. CPAI - Sharpe Ratio Comparison

The current IQSM Sharpe Ratio is 1.49, which is comparable to the CPAI Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of IQSM and CPAI, 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

IQSM vs. CPAI - Drawdown Comparison

The maximum IQSM drawdown since its inception was -23.66%, which is greater than CPAI's maximum drawdown of -21.46%. Use the drawdown chart below to compare losses from any high point for IQSM and CPAI.

Drawdown Indicators

	IQSM	CPAI	Difference
Max Drawdown Largest peak-to-trough decline	-23.66%	-21.46%	-2.20%
Max Drawdown (1Y) Largest decline over 1 year	-8.86%	-10.48%	+1.62%
Max Drawdown (3Y) Largest decline over 3 years	-23.66%	—	—
Current Drawdown Current decline from peak	-0.94%	-4.40%	+3.46%
Average Drawdown Average peak-to-trough decline	-4.74%	-2.95%	-1.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.43%	2.79%	-0.36%

Volatility

IQSM vs. CPAI - Volatility Comparison

The current volatility for IQ Candriam U.S. Mid Cap Equity ETF (IQSM) is 3.42%, while Counterpoint Quantitative Equity ETF (CPAI) has a volatility of 5.42%. This indicates that IQSM experiences smaller price fluctuations and is considered to be less risky than CPAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IQSM	CPAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.42%	5.42%	-2.00%
Volatility (6M) Calculated over the trailing 6-month period	11.44%	15.90%	-4.46%
Volatility (1Y) Calculated over the trailing 1-year period	15.10%	19.18%	-4.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.78%	19.41%	-1.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.78%	19.41%	-1.63%

IQSM vs. CPAI - Expense Ratio Comparison

IQSM has a 0.15% expense ratio, which is lower than CPAI's 0.75% expense ratio.

Dividends

IQSM vs. CPAI - Dividend Comparison

IQSM's dividend yield for the trailing twelve months is around 1.05%, more than CPAI's 0.72% yield.

Position	TTM	2025	2024	2023	2022
CPAI Counterpoint Quantitative Equity ETF	0.72%	0.89%	0.41%	0.06%	0.00%
IQSM IQ Candriam U.S. Mid Cap Equity ETF	1.05%	1.18%	1.22%	1.11%	0.32%

Frequently Asked Questions

Can I hold both IQSM and CPAI in my portfolio?

IQSM and CPAI have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IQSM or CPAI?

CPAI has higher volatility (5.42%) compared to IQSM (3.42%). In terms of maximum drawdown, IQSM dropped -23.66% vs CPAI's -21.46%.

Which ETF is better, IQSM or CPAI?

On 1-year performance, CPAI leads with 39.77% vs 22.34% for IQSM. On fees, IQSM is cheaper at 0.15% per year. On volatility, IQSM has been the lower-risk option at 3.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IQSM or CPAI?

Over the 1-year period, CPAI has performed better with a 39.77% return vs 22.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IQSM or CPAI?

IQSM is cheaper with a 0.15% expense ratio, compared with 0.75% for CPAI.

Which ETF pays a higher dividend yield, IQSM or CPAI?

IQSM has the higher dividend yield at 1.05%, compared with 0.72% for CPAI.

What is the main difference between IQSM and CPAI?

They also come from different issuers: IndexIQ and Counterpoint Funds. Their fees differ too: 0.15% for IQSM and 0.75% for CPAI.

Which has better risk-adjusted returns?

CPAI currently has the higher Sharpe Ratio (2.08 vs 1.49), 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.