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MMIN vs. QAI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MMIN vs. QAI

Last updated Jun 4, 2026

MMIN (IQ MacKay Municipal Insured ETF) and QAI (IQ Hedge Multi-Strategy Tracker ETF) are both exchange-traded funds - MMIN is a Municipal Bonds fund tracking the Bloomberg Barclays Municipal All Insured Bond Index, while QAI is a Long-Short fund tracking the IQ Hedge Multi-Strategy Index. Both are passively managed. Over the past 5 years, MMIN returned 0.74%/yr vs 4.57%/yr for QAI. At a 0.12 correlation, their price movements are largely independent. MMIN charges 0.31%/yr vs 0.79%/yr for QAI.

Performance

MMIN vs. QAI - Performance Comparison

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

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Returns By Period

In the year-to-date period, MMIN achieves a 2.32% return, which is significantly lower than QAI's 9.07% return.

MMIN

1D
0.00%
1M
0.85%
YTD
2.32%
6M
2.74%
1Y
9.31%
3Y*
4.21%
5Y*
0.74%
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)

MMIN vs. QAI - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
MMIN
IQ MacKay Municipal Insured ETF		2.32%4.65%0.93%7.45%-11.20%1.35%7.47%8.08%1.97%1.20%
QAI
IQ Hedge Multi-Strategy Tracker ETF		9.07%8.29%6.67%10.07%-8.68%-0.16%5.73%8.68%-3.32%1.06%

Correlation

The correlation between MMIN and QAI is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.18

Correlation (3Y)
Calculated over the trailing 3-year period

0.16

Correlation (5Y)
Calculated over the trailing 5-year period

0.19

Correlation (All Time)
Calculated using the full available price history since Oct 19, 2017

0.12

MMIN vs. QAI - Sectors Allocation Comparison

Sectors
MMIN
QAI

Basic Materials

-

5.3%

Communication Services

-

11.2%

Consumer Cyclical

-

7.3%

Consumer Defensive

-

3.7%

Energy

-

3.7%

Healthcare

-

7.1%

Industrials

-

13.6%

Real Estate

-

2.9%

Technology

-

21.9%

Utilities

-

3.8%

Financial Services

-0.9%
19.5%

Basic Materials

MMIN

-

QAI
5.3%

Communication Services

MMIN

-

QAI
11.2%

Consumer Cyclical

MMIN

-

QAI
7.3%

Consumer Defensive

MMIN

-

QAI
3.7%

Energy

MMIN

-

QAI
3.7%

Healthcare

MMIN

-

QAI
7.1%

Industrials

MMIN

-

QAI
13.6%

Real Estate

MMIN

-

QAI
2.9%

Technology

MMIN

-

QAI
21.9%

Utilities

MMIN

-

QAI
3.8%

Financial Services

MMIN
-0.9%
QAI
19.5%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

IQ MacKay Municipal Insured ETF

IQ Hedge Multi-Strategy Tracker ETF

Often compared with MMIN:
MMIN vs. ACTHXMMIN vs. OVMMMIN vs. MMITMMIN vs. JMUBMMIN vs. ZTAXMMIN vs. IWFGMMIN vs. LQD
Often compared with QAI:
QAI vs. HDGQAI vs. SPYQAI vs. IGHGQAI vs. MNAQAI vs. CLSEQAI vs. VOOQAI vs. VTI

Return for Risk

MMIN vs. QAI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MMIN
MMIN Risk / Return Rank: 7474
Overall Rank
MMIN Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
MMIN Sortino Ratio Rank: 8181
Sortino Ratio Rank
MMIN Omega Ratio Rank: 8282
Omega Ratio Rank
MMIN Calmar Ratio Rank: 6666
Calmar Ratio Rank
MMIN Martin Ratio Rank: 6565
Martin Ratio Rank
QAI
QAI Risk / Return Rank: 8585
Overall Rank
QAI Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
QAI Sortino Ratio Rank: 8585
Sortino Ratio Rank
QAI Omega Ratio Rank: 8787
Omega Ratio Rank
QAI Calmar Ratio Rank: 8282
Calmar Ratio Rank
QAI Martin Ratio Rank: 8686
Martin Ratio Rank
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.

MMIN vs. QAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IQ MacKay Municipal Insured ETF (MMIN) 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.

MMINQAIDifference
Sharpe ratioReturn per unit of total volatility
2.46
2.74

-0.29

Sortino ratioReturn per unit of downside risk
3.66
3.91

-0.25

Omega ratioGain probability vs. loss probability

1.49

1.55

-0.05

Calmar ratioReturn relative to maximum drawdown

3.25

4.42

-1.17

Martin ratioReturn relative to average drawdown

11.93

18.26

-6.33

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MMIN vs. QAI - Sharpe Ratio Comparison

The current MMIN Sharpe Ratio is 2.46, which is comparable to the QAI Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of MMIN 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.

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Sharpe Ratios by Period

MMINQAIDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.46

2.74

-0.29

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.15

0.70

-0.55

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.64

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.38

0.57

-0.19

Drawdowns

MMIN vs. QAI - Drawdown Comparison

The maximum MMIN drawdown since its inception was -16.87%, which is greater than QAI's maximum drawdown of -14.95%. Use the drawdown chart below to compare losses from any high point for MMIN and QAI.

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Drawdown Indicators

MMINQAIDifference

Max Drawdown

Largest peak-to-trough decline

-16.87%

-14.95%

-1.92%

Max Drawdown (1Y)

Largest decline over 1 year

-2.87%

-3.71%

+0.84%

Max Drawdown (3Y)

Largest decline over 3 years

-7.22%

-7.78%

+0.56%

Max Drawdown (5Y)

Largest decline over 5 years

-16.87%

-14.32%

-2.55%

Max Drawdown (10Y)

Largest decline over 10 years

—

-14.95%

—

Current Drawdown

Current decline from peak

-0.08%

-0.35%

+0.27%

Average Drawdown

Average peak-to-trough decline

-4.32%

-2.57%

-1.75%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.78%

0.90%

-0.12%

Volatility

MMIN vs. QAI - Volatility Comparison

The current volatility for IQ MacKay Municipal Insured ETF (MMIN) is 1.16%, while IQ Hedge Multi-Strategy Tracker ETF (QAI) has a volatility of 2.06%. This indicates that MMIN experiences smaller price fluctuations and is considered to be less risky than QAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

MMINQAIDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.16%

2.06%

-0.90%

Volatility (6M)

Calculated over the trailing 6-month period

2.49%

4.91%

-2.42%

Volatility (1Y)

Calculated over the trailing 1-year period

3.81%

5.99%

-2.18%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.02%

6.55%

-1.53%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.97%

6.17%

+0.80%

MMIN vs. QAI - Expense Ratio Comparison

MMIN has a 0.31% expense ratio, which is lower than QAI's 0.79% expense ratio.

Dividends

MMIN vs. QAI - Dividend Comparison

MMIN's dividend yield for the trailing twelve months is around 4.12%, more than QAI's 1.38% yield.

PositionTTM20252024202320222021202020192018201720162015
MMIN
IQ MacKay Municipal Insured ETF		4.12%4.07%3.96%3.73%2.93%1.72%2.21%2.75%2.78%0.47%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

MMIN and QAI have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

QAI has higher volatility (2.06%) compared to MMIN (1.16%). In terms of maximum drawdown, MMIN dropped -16.87% vs QAI's -14.95%.

On 5-year performance, QAI leads with 4.57% vs 0.74% for MMIN. On fees, MMIN is cheaper at 0.31% per year. On volatility, MMIN has been the lower-risk option at 1.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, QAI has performed better with a 4.57% return vs 0.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

MMIN is cheaper with a 0.31% expense ratio, compared with 0.79% for QAI.

MMIN has the higher dividend yield at 4.12%, compared with 1.38% for QAI.

MMIN is categorized as Municipal Bonds, while QAI is Long-Short. MMIN tracks Bloomberg Barclays Municipal All Insured Bond Index, while QAI tracks IQ Hedge Multi-Strategy Index. Their fees differ too: 0.31% for MMIN and 0.79% for QAI.

QAI currently has the higher Sharpe Ratio (2.74 vs 2.46), 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.

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