IWFG vs. QAI

Last updated Apr 1, 2026

Compare and contrast key facts about NYLI Winslow Focused Large Cap Growth ETF (IWFG) and IQ Hedge Multi-Strategy Tracker ETF (QAI).

IWFG and QAI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IWFG is an actively managed fund by New York Life. It was launched on Jun 23, 2022. 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

IWFG vs. QAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NYLI Winslow Focused Large Cap Growth ETF (IWFG) and IQ Hedge Multi-Strategy Tracker ETF (QAI). The values are adjusted to include any dividend payments, if applicable.

IWFG vs. QAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
IWFG NYLI Winslow Focused Large Cap Growth ETF	-13.11%	14.33%	37.56%	38.40%	3.75%
QAI IQ Hedge Multi-Strategy Tracker ETF	1.82%	8.29%	6.67%	10.07%	1.08%

Returns By Period

In the year-to-date period, IWFG achieves a -13.11% return, which is significantly lower than QAI's 1.82% return.

IWFG

• 1D: 3.69%
• 1M: -5.85%
• YTD: -13.11%
• 6M: -13.01%
• 1Y: 8.82%
• 3Y*: 19.52%
• 5Y*: —
• 10Y*: —

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%

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

IWFG vs. QAI - Expense Ratio Comparison

IWFG has a 0.46% expense ratio, which is lower than QAI's 0.79% expense ratio.

QAI

IQ Hedge Multi-Strategy Tracker ETF

IWFG

NYLI Winslow Focused Large Cap Growth ETF

Return for Risk

IWFG vs. QAI — Risk / Return Rank

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

IWFG

IWFG Risk / Return Rank: 23
IWFG Sharpe Ratio Rank: 23
IWFG Sortino Ratio Rank: 24
IWFG Omega Ratio Rank: 24
IWFG Calmar Ratio Rank: 21
IWFG Martin Ratio Rank: 21

QAI

QAI Risk / Return Rank: 80
QAI Sharpe Ratio Rank: 79
QAI Sortino Ratio Rank: 80
QAI Omega Ratio Rank: 82
QAI Calmar Ratio Rank: 76
QAI Martin Ratio Rank: 83

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.

IWFG vs. QAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NYLI Winslow Focused Large Cap Growth ETF (IWFG) 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.

	IWFG	QAI	Difference
Sharpe ratio Return per unit of total volatility	0.39	1.41	-1.02
Sortino ratio Return per unit of downside risk	0.73	1.99	-1.26
Omega ratio Gain probability vs. loss probability	1.10	1.31	-0.21
Calmar ratio Return relative to maximum drawdown	0.43	1.93	-1.50
Martin ratio Return relative to average drawdown	1.39	8.93	-7.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IWFG vs. QAI - Sharpe Ratio Comparison

The current IWFG Sharpe Ratio is 0.39, which is lower than the QAI Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of IWFG and QAI, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	IWFG	QAI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.39	1.41	-1.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.53	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.54	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.95	0.51	+0.44

Correlation

The correlation between IWFG and QAI is 0.70, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

IWFG vs. QAI - Dividend Comparison

IWFG has not paid dividends to shareholders, while QAI's dividend yield for the trailing twelve months is around 1.48%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWFG NYLI Winslow Focused Large Cap Growth ETF	0.00%	0.00%	5.44%	1.01%	0.05%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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

IWFG vs. QAI - Drawdown Comparison

The maximum IWFG drawdown since its inception was -21.97%, which is greater than QAI's maximum drawdown of -14.95%. Use the drawdown chart below to compare losses from any high point for IWFG and QAI.

Drawdown Indicators

	IWFG	QAI	Difference
Max Drawdown Largest peak-to-trough decline	-21.97%	-14.95%	-7.02%
Max Drawdown (1Y) Largest decline over 1 year	-20.20%	-5.43%	-14.77%
Max Drawdown (5Y) Largest decline over 5 years	—	-14.32%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-14.95%	—
Current Drawdown Current decline from peak	-17.25%	-2.51%	-14.74%
Average Drawdown Average peak-to-trough decline	-4.00%	-2.60%	-1.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.25%	1.17%	+5.08%

Volatility

IWFG vs. QAI - Volatility Comparison

NYLI Winslow Focused Large Cap Growth ETF (IWFG) has a higher volatility of 7.02% compared to IQ Hedge Multi-Strategy Tracker ETF (QAI) at 2.83%. This indicates that IWFG'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

	IWFG	QAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.02%	2.83%	+4.19%
Volatility (6M) Calculated over the trailing 6-month period	13.26%	4.95%	+8.31%
Volatility (1Y) Calculated over the trailing 1-year period	22.75%	7.55%	+15.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.69%	6.51%	+14.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.69%	6.12%	+14.57%