QAI vs. BFLX

Last updated Jul 14, 2026

QAI (NYLI Hedge Multi-Strategy Tracker ETF) and BFLX (iShares Flexible Equity Active ETF) are both Long-Short funds. QAI is passively managed, while BFLX is actively managed. Their correlation of 0.84 suggests significant overlap in exposure. QAI charges 0.79%/yr vs 0.40%/yr for BFLX.

Performance

QAI vs. BFLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NYLI Hedge Multi-Strategy Tracker ETF (QAI) and iShares Flexible Equity Active ETF (BFLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

QAI

• 1D: -0.47%
• 1M: -0.52%
• 6M: 5.71%
• YTD: 7.94%
• 1Y: 13.07%
• 3Y*: 9.01%
• 5Y*: 4.42%
• 10Y*: 3.85%

BFLX

• 1D: -1.12%
• 1M: -0.58%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QAI vs. BFLX - Yearly Performance Comparison

	2026 (YTD)
QAI NYLI Hedge Multi-Strategy Tracker ETF	1.06%
BFLX iShares Flexible Equity Active ETF	0.28%

Correlation

The correlation between QAI and BFLX is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 20, 2026	0.84

Return for Risk

QAI vs. BFLX — Risk / Return Rank

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

QAI

QAI Risk / Return Rank: 80
QAI Sharpe Ratio Rank: 77
QAI Sortino Ratio Rank: 77
QAI Omega Ratio Rank: 80
QAI Calmar Ratio Rank: 83
QAI Martin Ratio Rank: 84

BFLX

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

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.

QAI vs. BFLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NYLI Hedge Multi-Strategy Tracker ETF (QAI) and iShares Flexible Equity Active ETF (BFLX). 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.

	QAI	BFLX	Difference
Sharpe ratio: Return per unit of total volatility	1.95	—	—
Sortino ratio: Return per unit of downside risk	2.71	—	—
Omega ratio: Gain probability vs. loss probability	1.38	—	—
Calmar ratio: Return relative to maximum drawdown	3.53	—	—
Martin ratio: Return relative to average drawdown	13.38	—	—

Drawdowns

QAI vs. BFLX - Drawdown Comparison

The maximum QAI drawdown since its inception was -14.95%, which is greater than BFLX's maximum drawdown of -3.85%. Use the drawdown chart below to compare losses from any high point for QAI and BFLX.

Drawdown Indicators

	QAI	BFLX	Difference
Max Drawdown Largest peak-to-trough decline	-14.95%	-3.85%	-11.10%
Max Drawdown (1Y) Largest decline over 1 year	-3.71%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-7.78%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-14.32%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-14.95%	—	—
Current Drawdown Current decline from peak	-1.66%	-2.47%	+0.81%
Average Drawdown Average peak-to-trough decline	-2.56%	-1.32%	-1.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	—	—

Volatility

Volatility by Period

	QAI	BFLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.74%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.71%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	6.73%	14.58%	-7.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.70%	14.58%	-7.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.24%	14.58%	-8.34%

QAI vs. BFLX - Expense Ratio Comparison

QAI has a 0.79% expense ratio, which is higher than BFLX's 0.40% expense ratio.

Dividends

QAI vs. BFLX - Dividend Comparison

QAI's dividend yield for the trailing twelve months is around 1.39%, while BFLX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BFLX iShares Flexible Equity Active ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QAI NYLI Hedge Multi-Strategy Tracker ETF	1.39%	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

Can I hold both QAI and BFLX in my portfolio?

QAI and BFLX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QAI or BFLX?

On fees, BFLX is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QAI or BFLX?

BFLX is cheaper with a 0.40% expense ratio, compared with 0.79% for QAI.

Which ETF pays a higher dividend yield, QAI or BFLX?

QAI has the higher dividend yield at 1.39%, compared with 0.00% for BFLX.

What is the main difference between QAI and BFLX?

They also come from different issuers: New York Life and iShares. Their fees differ too: 0.79% for QAI and 0.40% for BFLX.