MHIG vs. QIS

Last updated Jul 17, 2026

MHIG (Milliman Healthcare Inflation Guard ETF) and QIS (Simplify Multi-Qis Alternative ETF) are both Multistrategy funds. Both are actively managed. At a correlation of -0.38, they often move in opposite directions. MHIG charges 0.55%/yr vs 1.00%/yr for QIS.

Performance

MHIG vs. QIS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Milliman Healthcare Inflation Guard ETF (MHIG) and Simplify Multi-Qis Alternative ETF (QIS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MHIG

• 1D: -0.01%
• 1M: -0.86%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

QIS

• 1D: -3.21%
• 1M: -5.60%
• 6M: -35.50%
• YTD: -32.48%
• 1Y: -51.81%
• 3Y*: -24.70%
• 5Y*: —
• 10Y*: —

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

MHIG vs. QIS - Yearly Performance Comparison

	2026 (YTD)
MHIG Milliman Healthcare Inflation Guard ETF	-2.53%
QIS Simplify Multi-Qis Alternative ETF	-12.15%

Correlation

The correlation between MHIG and QIS is -0.38, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 21, 2026	-0.38

Return for Risk

MHIG vs. QIS — Risk / Return Rank

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

MHIG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

QIS

QIS Risk / Return Rank: 0
QIS Sharpe Ratio Rank: 0
QIS Sortino Ratio Rank: 0
QIS Omega Ratio Rank: 0
QIS Calmar Ratio Rank: 1
QIS Martin Ratio Rank: 0

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.

MHIG vs. QIS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Milliman Healthcare Inflation Guard ETF (MHIG) and Simplify Multi-Qis Alternative ETF (QIS). 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.

	MHIG	QIS	Difference
Sharpe ratio: Return per unit of total volatility	—	-1.35	—
Sortino ratio: Return per unit of downside risk	—	-2.19	—
Omega ratio: Gain probability vs. loss probability	—	0.75	—
Calmar ratio: Return relative to maximum drawdown	—	-0.96	—
Martin ratio: Return relative to average drawdown	—	-1.68	—

Drawdowns

MHIG vs. QIS - Drawdown Comparison

The maximum MHIG drawdown since its inception was -3.06%, smaller than the maximum QIS drawdown of -61.25%. Use the drawdown chart below to compare losses from any high point for MHIG and QIS.

Drawdown Indicators

	MHIG	QIS	Difference
Max Drawdown Largest peak-to-trough decline	-3.06%	-61.25%	+58.19%
Max Drawdown (1Y) Largest decline over 1 year	—	-53.92%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-61.25%	—
Current Drawdown Current decline from peak	-2.53%	-60.41%	+57.88%
Average Drawdown Average peak-to-trough decline	-1.86%	-15.42%	+13.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	30.89%	—

Volatility

Volatility by Period

	MHIG	QIS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.92%	—
Volatility (6M) Calculated over the trailing 6-month period	—	31.16%	—
Volatility (1Y) Calculated over the trailing 1-year period	7.82%	38.39%	-30.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.82%	29.48%	-21.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.82%	29.48%	-21.66%

MHIG vs. QIS - Expense Ratio Comparison

MHIG has a 0.55% expense ratio, which is lower than QIS's 1.00% expense ratio.

Dividends

MHIG vs. QIS - Dividend Comparison

MHIG has not paid dividends to shareholders, while QIS's dividend yield for the trailing twelve months is around 2.02%.

Position	TTM	2025	2024	2023
MHIG Milliman Healthcare Inflation Guard ETF	0.00%	0.00%	0.00%	0.00%
QIS Simplify Multi-Qis Alternative ETF	2.02%	3.37%	1.07%	3.29%

Frequently Asked Questions

Can I hold both MHIG and QIS in my portfolio?

MHIG and QIS have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MHIG or QIS?

On fees, MHIG is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MHIG or QIS?

MHIG is cheaper with a 0.55% expense ratio, compared with 1.00% for QIS.

Which ETF pays a higher dividend yield, MHIG or QIS?

QIS has the higher dividend yield at 2.02%, compared with 0.00% for MHIG.

What is the main difference between MHIG and QIS?

They also come from different issuers: Milliman and Simplify. Their fees differ too: 0.55% for MHIG and 1.00% for QIS.