QAI vs. BKLN

Last updated Jun 9, 2026

QAI (IQ Hedge Multi-Strategy Tracker ETF) and BKLN (Invesco Senior Loan ETF) are both exchange-traded funds - QAI is a Long-Short fund tracking the IQ Hedge Multi-Strategy Index, while BKLN is a Bank Loan fund tracking the Morningstar LSTA US Leveraged Loan 100 Index. Both are passively managed. Over the past 10 years, QAI returned 3.79%/yr vs 4.25%/yr for BKLN. At a 0.49 correlation, their price movements are largely independent. QAI charges 0.79%/yr vs 0.65%/yr for BKLN.

Performance

QAI vs. BKLN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in IQ Hedge Multi-Strategy Tracker ETF (QAI) and Invesco Senior Loan ETF (BKLN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QAI achieves a 7.58% return, which is significantly higher than BKLN's -0.04% return. Over the past 10 years, QAI has underperformed BKLN with an annualized return of 3.79%, while BKLN has yielded a comparatively higher 4.25% annualized 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%

BKLN

• 1D: 0.00%
• 1M: -0.43%
• YTD: -0.04%
• 6M: 0.55%
• 1Y: 4.39%
• 3Y*: 7.44%
• 5Y*: 5.09%
• 10Y*: 4.25%

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

QAI vs. BKLN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QAI IQ Hedge Multi-Strategy Tracker ETF	7.58%	8.29%	6.67%	10.07%	-8.68%	-0.16%	5.73%	8.68%	-3.32%	6.17%
BKLN Invesco Senior Loan ETF	-0.04%	6.88%	8.21%	12.53%	-2.51%	2.32%	1.32%	10.03%	-1.32%	2.13%

Correlation

The correlation between QAI and BKLN is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (10Y) Calculated over the trailing 10-year period	0.55
Correlation (All Time) Calculated using the full available price history since Mar 4, 2011	0.49

The correlation between QAI and BKLN has been stable across timeframes, ranging from 0.49 to 0.58 - a consistent structural relationship.

QAI vs. BKLN - Sectors Allocation Comparison

Sectors	QAI	BKLN
Technology	21.9%	5.8%
Financial Services	19.5%	2.3%
Industrials	13.6%	0.8%
Communication Services	11.2%	0.8%
Consumer Cyclical	7.3%	2.3%
Healthcare	7.1%	0.8%
Basic Materials	5.3%	-
Utilities	3.8%	-
Energy	3.7%	-
Consumer Defensive	3.7%	0.7%
Real Estate	2.9%	1.5%

Return for Risk

QAI vs. BKLN — Risk / Return Rank

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

QAI

QAI Risk / Return Rank: 81
QAI Sharpe Ratio Rank: 78
QAI Sortino Ratio Rank: 78
QAI Omega Ratio Rank: 83
QAI Calmar Ratio Rank: 80
QAI Martin Ratio Rank: 83

BKLN

BKLN Risk / Return Rank: 50
BKLN Sharpe Ratio Rank: 52
BKLN Sortino Ratio Rank: 54
BKLN Omega Ratio Rank: 70
BKLN Calmar Ratio Rank: 32
BKLN Martin Ratio Rank: 39

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. BKLN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IQ Hedge Multi-Strategy Tracker ETF (QAI) and Invesco Senior Loan ETF (BKLN). 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	BKLN	Difference
Sharpe ratio: Return per unit of total volatility	2.26	1.61	+0.66
Sortino ratio: Return per unit of downside risk	3.12	2.37	+0.76
Omega ratio: Gain probability vs. loss probability	1.45	1.37	+0.08
Calmar ratio: Return relative to maximum drawdown	3.81	1.44	+2.38
Martin ratio: Return relative to average drawdown	15.45	5.65	+9.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QAI vs. BKLN - Sharpe Ratio Comparison

The current QAI Sharpe Ratio is 2.26, which is higher than the BKLN Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of QAI and BKLN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	QAI	BKLN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.26	1.61	+0.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	1.14	-0.48
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.66	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.64	-0.08

Drawdowns

QAI vs. BKLN - Drawdown Comparison

The maximum QAI drawdown since its inception was -14.95%, smaller than the maximum BKLN drawdown of -24.17%. Use the drawdown chart below to compare losses from any high point for QAI and BKLN.

Drawdown Indicators

	QAI	BKLN	Difference
Max Drawdown Largest peak-to-trough decline	-14.95%	-24.17%	+9.22%
Max Drawdown (1Y) Largest decline over 1 year	-3.71%	-3.07%	-0.64%
Max Drawdown (3Y) Largest decline over 3 years	-7.78%	-3.55%	-4.23%
Max Drawdown (5Y) Largest decline over 5 years	-14.32%	-7.31%	-7.01%
Max Drawdown (10Y) Largest decline over 10 years	-14.95%	-24.17%	+9.22%
Current Drawdown Current decline from peak	-1.72%	-0.48%	-1.24%
Average Drawdown Average peak-to-trough decline	-2.57%	-1.09%	-1.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	0.78%	+0.13%

Volatility

QAI vs. BKLN - Volatility Comparison

IQ Hedge Multi-Strategy Tracker ETF (QAI) has a higher volatility of 2.56% compared to Invesco Senior Loan ETF (BKLN) at 0.44%. This indicates that QAI's price experiences larger fluctuations and is considered to be riskier than BKLN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QAI	BKLN	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.56%	0.44%	+2.12%
Volatility (6M) Calculated over the trailing 6-month period	5.25%	2.52%	+2.73%
Volatility (1Y) Calculated over the trailing 1-year period	6.26%	2.75%	+3.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.60%	4.48%	+2.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.19%	6.43%	-0.24%

QAI vs. BKLN - Expense Ratio Comparison

QAI has a 0.79% expense ratio, which is higher than BKLN's 0.65% expense ratio.

Dividends

QAI vs. BKLN - Dividend Comparison

QAI's dividend yield for the trailing twelve months is around 1.40%, less than BKLN's 6.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BKLN Invesco Senior Loan ETF	6.63%	6.95%	8.41%	8.59%	4.93%	3.11%	3.56%	4.86%	4.52%	3.50%	4.54%	4.12%
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

Can I hold both QAI and BKLN in my portfolio?

QAI and BKLN have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QAI or BKLN?

QAI has higher volatility (2.56%) compared to BKLN (0.44%). In terms of maximum drawdown, QAI dropped -14.95% vs BKLN's -24.17%.

Which ETF is better, QAI or BKLN?

On 10-year performance, BKLN leads with 4.25% vs 3.79% for QAI. On fees, BKLN is cheaper at 0.65% per year. On volatility, BKLN has been the lower-risk option at 0.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QAI or BKLN?

Over the 10-year period, BKLN has performed better with a 4.25% return vs 3.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QAI or BKLN?

BKLN is cheaper with a 0.65% expense ratio, compared with 0.79% for QAI.

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

BKLN has the higher dividend yield at 6.63%, compared with 1.40% for QAI.

What is the main difference between QAI and BKLN?

QAI is categorized as Long-Short, while BKLN is Bank Loan. QAI tracks IQ Hedge Multi-Strategy Index, while BKLN tracks Morningstar LSTA US Leveraged Loan 100 Index. They also come from different issuers: New York Life and Invesco. Their fees differ too: 0.79% for QAI and 0.65% for BKLN.

Which has better risk-adjusted returns?

QAI currently has the higher Sharpe Ratio (2.26 vs 1.61), 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.