MNA vs. QAI
Compare and contrast key facts about IQ Merger Arbitrage ETF (MNA) and IQ Hedge Multi-Strategy Tracker ETF (QAI).
MNA and QAI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MNA is a passively managed fund by New York Life that tracks the performance of the IQ Merger Arbitrage Index. It was launched on Nov 17, 2009. 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. Both MNA and QAI are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: MNA or QAI.
Key characteristics
| MNA | QAI | |
|---|---|---|
| YTD Return | -1.10% | 2.06% |
| 1Y Return | -0.95% | 9.12% |
| 3Y Return (Ann) | -2.14% | 0.93% |
| 5Y Return (Ann) | 0.28% | 2.31% |
| 10Y Return (Ann) | 1.75% | 1.88% |
| Sharpe Ratio | -0.12 | 1.92 |
| Daily Std Dev | 5.20% | 4.77% |
| Max Drawdown | -16.68% | -14.95% |
| Current Drawdown | -6.96% | -0.65% |
Correlation
The correlation between MNA and QAI is 0.33, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Performance
MNA vs. QAI - Performance Comparison
In the year-to-date period, MNA achieves a -1.10% return, which is significantly lower than QAI's 2.06% return. Over the past 10 years, MNA has underperformed QAI with an annualized return of 1.75%, while QAI has yielded a comparatively higher 1.88% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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MNA vs. QAI - Expense Ratio Comparison
MNA has a 0.77% expense ratio, which is lower than QAI's 0.79% expense ratio.
Risk-Adjusted Performance
MNA vs. QAI - Risk-Adjusted Performance 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.
Dividends
MNA vs. QAI - Dividend Comparison
MNA's dividend yield for the trailing twelve months is around 1.22%, less than QAI's 3.99% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MNA IQ Merger Arbitrage ETF | 1.22% | 1.20% | 0.00% | 0.00% | 2.30% | 0.00% | 0.00% | 0.00% | 0.21% | 0.87% | 0.00% | 0.99% |
QAI IQ Hedge Multi-Strategy Tracker ETF | 3.99% | 4.08% | 2.00% | 0.28% | 1.98% | 1.91% | 1.90% | 0.00% | 0.00% | 0.48% | 1.34% | 1.26% |
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. For additional features, visit the drawdowns tool.
Volatility
MNA vs. QAI - Volatility Comparison
IQ Merger Arbitrage ETF (MNA) has a higher volatility of 1.74% compared to IQ Hedge Multi-Strategy Tracker ETF (QAI) at 1.62%. This indicates that MNA'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.