LSEQ vs. QAI

Last updated Jun 24, 2026

LSEQ (Harbor Long-Short Equity ETF) and QAI (IQ Hedge Multi-Strategy Tracker ETF) are both Long-Short funds. LSEQ is actively managed, while QAI is passively managed. Over the past year, LSEQ returned 29.70% vs 15.12% for QAI. At a 0.35 correlation, their price movements are largely independent. LSEQ charges 1.70%/yr vs 0.79%/yr for QAI.

Performance

LSEQ vs. QAI - Performance Comparison

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

Returns By Period

In the year-to-date period, LSEQ achieves a 28.71% return, which is significantly higher than QAI's 8.45% return.

LSEQ

• 1D: -1.44%
• 1M: 4.89%
• YTD: 28.71%
• 6M: 26.95%
• 1Y: 29.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QAI

• 1D: -1.20%
• 1M: 0.61%
• YTD: 8.45%
• 6M: 8.10%
• 1Y: 15.12%
• 3Y*: 9.95%
• 5Y*: 4.45%
• 10Y*: 3.94%

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

LSEQ vs. QAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
LSEQ Harbor Long-Short Equity ETF	28.71%	4.13%	12.80%	-1.20%
QAI IQ Hedge Multi-Strategy Tracker ETF	8.45%	8.29%	6.67%	1.87%

Correlation

The correlation between LSEQ and QAI is 0.52, 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	0.52
Correlation (All Time) Calculated using the full available price history since Dec 4, 2023	0.35

The correlation between LSEQ and QAI shifts across timeframes, from 0.35 (all time) to 0.52 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

LSEQ vs. QAI — Risk / Return Rank

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

LSEQ

LSEQ Risk / Return Rank: 69
LSEQ Sharpe Ratio Rank: 63
LSEQ Sortino Ratio Rank: 62
LSEQ Omega Ratio Rank: 63
LSEQ Calmar Ratio Rank: 82
LSEQ Martin Ratio Rank: 73

QAI

QAI Risk / Return Rank: 80
QAI Sharpe Ratio Rank: 76
QAI Sortino Ratio Rank: 76
QAI Omega Ratio Rank: 81
QAI Calmar Ratio Rank: 81
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.

LSEQ vs. QAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harbor Long-Short Equity ETF (LSEQ) 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.

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.

	LSEQ	QAI	Difference
Sharpe ratio: Return per unit of total volatility	1.93	2.31	-0.38
Sortino ratio: Return per unit of downside risk	2.66	3.20	-0.54
Omega ratio: Gain probability vs. loss probability	1.35	1.46	-0.11
Calmar ratio: Return relative to maximum drawdown	4.03	4.09	-0.06
Martin ratio: Return relative to average drawdown	12.66	16.12	-3.46

LSEQ vs. QAI - Sharpe Ratio Comparison

The current LSEQ Sharpe Ratio is 1.93, which is comparable to the QAI Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of LSEQ 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.

Drawdowns

LSEQ vs. QAI - Drawdown Comparison

The maximum LSEQ drawdown since its inception was -8.35%, smaller than the maximum QAI drawdown of -14.95%. Use the drawdown chart below to compare losses from any high point for LSEQ and QAI.

Drawdown Indicators

	LSEQ	QAI	Difference
Max Drawdown Largest peak-to-trough decline	-8.35%	-14.95%	+6.60%
Max Drawdown (1Y) Largest decline over 1 year	-7.40%	-3.71%	-3.69%
Max Drawdown (3Y) Largest decline over 3 years	—	-7.78%	—
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	-1.44%	-1.20%	-0.24%
Average Drawdown Average peak-to-trough decline	-3.19%	-2.57%	-0.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.35%	0.94%	+1.41%

Volatility

LSEQ vs. QAI - Volatility Comparison

Harbor Long-Short Equity ETF (LSEQ) has a higher volatility of 5.46% compared to IQ Hedge Multi-Strategy Tracker ETF (QAI) at 3.12%. This indicates that LSEQ'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

	LSEQ	QAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.46%	3.12%	+2.34%
Volatility (6M) Calculated over the trailing 6-month period	13.34%	5.63%	+7.71%
Volatility (1Y) Calculated over the trailing 1-year period	15.50%	6.58%	+8.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.46%	6.67%	+7.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.46%	6.23%	+8.23%

LSEQ vs. QAI - Expense Ratio Comparison

LSEQ has a 1.70% expense ratio, which is higher than QAI's 0.79% expense ratio.

Dividends

LSEQ vs. QAI - Dividend Comparison

LSEQ's dividend yield for the trailing twelve months is around 1.71%, more than QAI's 1.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LSEQ Harbor Long-Short Equity ETF	1.71%	2.20%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QAI IQ Hedge Multi-Strategy Tracker ETF	1.39%	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 LSEQ and QAI in my portfolio?

LSEQ and QAI have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LSEQ or QAI?

LSEQ has higher volatility (5.46%) compared to QAI (3.12%). In terms of maximum drawdown, LSEQ dropped -8.35% vs QAI's -14.95%.

Which ETF is better, LSEQ or QAI?

On 1-year performance, LSEQ leads with 29.70% vs 15.12% for QAI. On fees, QAI is cheaper at 0.79% per year. On volatility, QAI has been the lower-risk option at 3.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LSEQ or QAI?

Over the 1-year period, LSEQ has performed better with a 29.70% return vs 15.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LSEQ or QAI?

QAI is cheaper with a 0.79% expense ratio, compared with 1.70% for LSEQ.

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

LSEQ has the higher dividend yield at 1.71%, compared with 1.39% for QAI.

What is the main difference between LSEQ and QAI?

They also come from different issuers: Harbor and New York Life. Their fees differ too: 1.70% for LSEQ and 0.79% for QAI.

Which has better risk-adjusted returns?

QAI currently has the higher Sharpe Ratio (2.31 vs 1.93), 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.