QAI vs. BFLX
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 0.88 means they have usually moved in the same direction. QAI charges 0.79%/yr vs 0.40%/yr for BFLX.
Performance
QAI vs. BFLX - Performance Comparison
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Returns By Period
QAI
- 1D
- 0.25%
- 1M
- -0.72%
- 6M
- 5.22%
- YTD
- 7.67%
- 1Y
- 12.58%
- 3Y*
- 8.67%
- 5Y*
- 4.39%
- 10Y*
- 3.74%
- ALL TIME*
- 3.49%
BFLX
- 1D
- 0.71%
- 1M
- 0.99%
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.04M | $46.24M | $34.24M | |
| $2.04M | $2.05M | $2.17M |
QAI vs. BFLX - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
QAI NYLI Hedge Multi-Strategy Tracker ETF | 0.81% |
BFLX iShares Flexible Equity Active ETF | 0.94% |
Correlation
The correlation between QAI and BFLX is 0.88, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since May 20, 2026 | 0.88 |
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Return for Risk
QAI vs. BFLX — Risk / Return Rank
QAI
BFLX
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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 ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.35 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 3.39 | — | — |
| Martin ratioReturn relative to average drawdown | 11.62 | — | — |
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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 -4.55%. Use the drawdown chart below to compare losses from any high point for QAI and BFLX.
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Drawdown Indicators
| QAI | BFLX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.95% | -4.55% | -10.40% |
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 DrawdownCurrent decline from peak | -1.90% | -1.82% | -0.08% |
Average DrawdownAverage peak-to-trough decline | -2.56% | -1.66% | -0.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.08% | — | — |
Volatility
QAI vs. BFLX - Volatility Comparison
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Volatility by Period
| QAI | BFLX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.82% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 5.78% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 6.85% | 14.68% | -7.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.71% | 14.68% | -7.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.24% | 14.68% | -8.44% |
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 1.40%, 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 | 1.40% | 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 BFLX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
BFLX is cheaper with a 0.40% expense ratio, compared with 0.79% for QAI.
QAI has the higher dividend yield at 1.40%, compared with 0.00% for 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.
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