MNA vs. QAI
MNA (IQ Merger Arbitrage ETF) and QAI (IQ Hedge Multi-Strategy Tracker ETF) are both exchange-traded funds - MNA is a Hedge Fund fund tracking the IQ Merger Arbitrage Index, while QAI is a Long-Short fund tracking the IQ Hedge Multi-Strategy Index. Both are passively managed. Over the past 10 years, MNA returned 2.81%/yr vs 3.95%/yr for QAI. At a 0.34 correlation, their price movements are largely independent. MNA charges 0.77%/yr vs 0.79%/yr for QAI.
Performance
MNA vs. QAI - Performance Comparison
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Returns By Period
In the year-to-date period, MNA achieves a 1.82% return, which is significantly lower than QAI's 8.98% return. Over the past 10 years, MNA has underperformed QAI with an annualized return of 2.81%, while QAI has yielded a comparatively higher 3.95% annualized return.
MNA
- 1D
- -0.08%
- 1M
- 0.36%
- YTD
- 1.82%
- 6M
- 1.21%
- 1Y
- 3.91%
- 3Y*
- 5.81%
- 5Y*
- 1.95%
- 10Y*
- 2.81%
QAI
- 1D
- -0.46%
- 1M
- 1.64%
- YTD
- 8.98%
- 6M
- 9.48%
- 1Y
- 15.51%
- 3Y*
- 9.85%
- 5Y*
- 4.62%
- 10Y*
- 3.95%
MNA vs. QAI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MNA IQ Merger Arbitrage ETF | 1.82% | 8.59% | 4.93% | 0.18% | -1.61% | -3.24% | 2.72% | 4.70% | 2.13% | 5.97% |
QAI IQ Hedge Multi-Strategy Tracker ETF | 8.98% | 8.29% | 6.67% | 10.07% | -8.68% | -0.16% | 5.73% | 8.68% | -3.32% | 6.17% |
Correlation
The correlation between MNA and QAI is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.40 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Nov 17, 2009 | 0.34 |
The correlation between MNA and QAI shifts across timeframes, from 0.34 (all time) to 0.44 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
MNA vs. QAI — Risk / Return Rank
MNA
QAI
MNA vs. QAI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for IQ Merger Arbitrage ETF (MNA) 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.
| MNA | QAI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.59 | ||
| Sortino ratioReturn per unit of downside risk | -2.15 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.48 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | 2.81 | 4.19 | -1.39 |
| Martin ratioReturn relative to average drawdown | 6.93 | 16.61 | -9.68 |
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Drawdowns
MNA vs. QAI - Drawdown Comparison
The maximum MNA drawdown since its inception was -16.68%, which is greater than QAI's maximum drawdown of -14.95%. Use the drawdown chart below to compare losses from any high point for MNA and QAI.
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Drawdown Indicators
| MNA | QAI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.68% | -14.95% | -1.73% |
Max Drawdown (1Y)Largest decline over 1 year | -1.40% | -3.71% | +2.31% |
Max Drawdown (3Y)Largest decline over 3 years | -3.01% | -7.78% | +4.77% |
Max Drawdown (5Y)Largest decline over 5 years | -10.24% | -14.32% | +4.08% |
Max Drawdown (10Y)Largest decline over 10 years | -16.68% | -14.95% | -1.73% |
Current DrawdownCurrent decline from peak | -0.52% | -0.46% | -0.06% |
Average DrawdownAverage peak-to-trough decline | -2.83% | -2.57% | -0.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.57% | 0.94% | -0.37% |
Volatility
MNA vs. QAI - Volatility Comparison
The current volatility for IQ Merger Arbitrage ETF (MNA) is 1.36%, while IQ Hedge Multi-Strategy Tracker ETF (QAI) has a volatility of 2.81%. This indicates that MNA 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
| MNA | QAI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.36% | 2.81% | -1.45% |
Volatility (6M)Calculated over the trailing 6-month period | 3.50% | 5.46% | -1.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.75% | 6.45% | -1.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.98% | 6.64% | -1.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.55% | 6.21% | +0.34% |
MNA vs. QAI - Expense Ratio Comparison
MNA has a 0.77% expense ratio, which is lower than QAI's 0.79% expense ratio.
Dividends
MNA vs. QAI - Dividend Comparison
MNA has not paid dividends to shareholders, while QAI's dividend yield for the trailing twelve months is around 1.38%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MNA IQ Merger Arbitrage ETF | 0.00% | 0.00% | 0.00% | 1.20% | 0.00% | 0.00% | 2.30% | 0.00% | 0.00% | 0.00% | 0.21% | 0.87% |
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
MNA and QAI have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QAI has higher volatility (2.81%) compared to MNA (1.36%). In terms of maximum drawdown, MNA dropped -16.68% vs QAI's -14.95%.
On 10-year performance, QAI leads with 3.95% vs 2.81% for MNA. On fees, MNA is cheaper at 0.77% per year. On volatility, MNA has been the lower-risk option at 1.36%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QAI has performed better with a 3.95% return vs 2.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MNA is cheaper with a 0.77% expense ratio, compared with 0.79% for QAI.
QAI has the higher dividend yield at 1.38%, compared with 0.00% for MNA.
MNA is categorized as Hedge Fund, while QAI is Long-Short. MNA tracks IQ Merger Arbitrage Index, while QAI tracks IQ Hedge Multi-Strategy Index. Their fees differ too: 0.77% for MNA and 0.79% for QAI.
QAI currently has the higher Sharpe Ratio (2.42 vs 0.83), 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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