QAI vs. BDCX
QAI (IQ Hedge Multi-Strategy Tracker ETF) and BDCX (ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN) are both exchange-traded funds - QAI is a Long-Short fund tracking the IQ Hedge Multi-Strategy Index, while BDCX is a Leveraged Equities fund tracking the MVIS US Business Development Companies (150%). Both are passively managed. Over the past 5 years, QAI returned 4.31%/yr vs 1.22%/yr for BDCX. At a 0.49 correlation, their price movements are largely independent. QAI charges 0.79%/yr vs 0.95%/yr for BDCX.
Performance
QAI vs. BDCX - Performance Comparison
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Returns By Period
In the year-to-date period, QAI achieves a 7.58% return, which is significantly higher than BDCX's -11.90% return.
QAI
- 1D
- 0.42%
- 1M
- -0.22%
- YTD
- 7.58%
- 6M
- 8.00%
- 1Y
- 14.10%
- 3Y*
- 9.67%
- 5Y*
- 4.31%
- 10Y*
- 3.79%
BDCX
- 1D
- -0.44%
- 1M
- -5.50%
- YTD
- -11.90%
- 6M
- -14.62%
- 1Y
- -18.01%
- 3Y*
- 2.98%
- 5Y*
- 1.22%
- 10Y*
- —
QAI vs. BDCX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
QAI IQ Hedge Multi-Strategy Tracker ETF | 7.58% | 8.29% | 6.67% | 10.07% | -8.68% | -0.16% | 7.16% |
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | -11.90% | -10.42% | 15.32% | 35.33% | -17.67% | 52.70% | 24.50% |
Correlation
The correlation between QAI and BDCX is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2020 | 0.49 |
The correlation between QAI and BDCX has been stable across timeframes, ranging from 0.43 to 0.52 - a consistent structural relationship.
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Return for Risk
QAI vs. BDCX — Risk / Return Rank
QAI
BDCX
QAI vs. BDCX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for IQ Hedge Multi-Strategy Tracker ETF (QAI) and ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX). 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.
| QAI | BDCX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.92 | ||
| Sortino ratioReturn per unit of downside risk | +3.95 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 0.91 | +0.54 |
| Calmar ratioReturn relative to maximum drawdown | 3.81 | -0.59 | +4.41 |
| Martin ratioReturn relative to average drawdown | 15.45 | -1.04 | +16.49 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| QAI | BDCX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.26 | -0.66 | +2.92 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.66 | 0.05 | +0.61 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.61 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.56 | 0.43 | +0.13 |
Drawdowns
QAI vs. BDCX - Drawdown Comparison
The maximum QAI drawdown since its inception was -14.95%, smaller than the maximum BDCX drawdown of -34.96%. Use the drawdown chart below to compare losses from any high point for QAI and BDCX.
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Drawdown Indicators
| QAI | BDCX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.95% | -34.96% | +20.01% |
Max Drawdown (1Y)Largest decline over 1 year | -3.71% | -30.46% | +26.75% |
Max Drawdown (3Y)Largest decline over 3 years | -7.78% | -33.39% | +25.61% |
Max Drawdown (5Y)Largest decline over 5 years | -14.32% | -34.96% | +20.64% |
Max Drawdown (10Y)Largest decline over 10 years | -14.95% | — | — |
Current DrawdownCurrent decline from peak | -1.72% | -28.40% | +26.68% |
Average DrawdownAverage peak-to-trough decline | -2.57% | -10.10% | +7.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.91% | 17.35% | -16.44% |
Volatility
QAI vs. BDCX - Volatility Comparison
The current volatility for IQ Hedge Multi-Strategy Tracker ETF (QAI) is 2.56%, while ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN (BDCX) has a volatility of 8.65%. This indicates that QAI experiences smaller price fluctuations and is considered to be less risky than BDCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QAI | BDCX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.56% | 8.65% | -6.09% |
Volatility (6M)Calculated over the trailing 6-month period | 5.25% | 22.81% | -17.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.26% | 27.60% | -21.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.60% | 26.59% | -19.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.19% | 26.94% | -20.75% |
QAI vs. BDCX - Expense Ratio Comparison
QAI has a 0.79% expense ratio, which is lower than BDCX's 0.95% expense ratio.
Dividends
QAI vs. BDCX - Dividend Comparison
QAI's dividend yield for the trailing twelve months is around 1.40%, less than BDCX's 20.31% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BDCX ETRACS Quarterly Pay 1.5X Leveraged MVIS BDC Index ETN | 20.31% | 19.17% | 15.28% | 14.71% | 17.47% | 11.52% | 6.32% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
QAI IQ Hedge Multi-Strategy Tracker ETF | 1.40% | 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
QAI and BDCX have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BDCX has higher volatility (8.65%) compared to QAI (2.56%). In terms of maximum drawdown, QAI dropped -14.95% vs BDCX's -34.96%.
On 5-year performance, QAI leads with 4.31% vs 1.22% for BDCX. On fees, QAI is cheaper at 0.79% per year. On volatility, QAI has been the lower-risk option at 2.56%. 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 4.31% return vs 1.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QAI is cheaper with a 0.79% expense ratio, compared with 0.95% for BDCX.
BDCX has the higher dividend yield at 20.31%, compared with 1.40% for QAI.
QAI is categorized as Long-Short, while BDCX is Leveraged Equities. QAI tracks IQ Hedge Multi-Strategy Index, while BDCX tracks MVIS US Business Development Companies (150%). They also come from different issuers: New York Life and UBS. Their fees differ too: 0.79% for QAI and 0.95% for BDCX.
QAI currently has the higher Sharpe Ratio (2.26 vs -0.66), 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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