QAI vs. BND
QAI (IQ Hedge Multi-Strategy Tracker ETF) and BND (Vanguard Total Bond Market ETF) are both exchange-traded funds - QAI is a Long-Short fund tracking the IQ Hedge Multi-Strategy Index, while BND is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index. Both are passively managed. Over the past 10 years, QAI returned 3.84%/yr vs 1.60%/yr for BND. At a 0.10 correlation, their price movements are largely independent. QAI charges 0.79%/yr vs 0.03%/yr for BND.
Performance
QAI vs. BND - Performance Comparison
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Returns By Period
In the year-to-date period, QAI achieves a 8.18% return, which is significantly higher than BND's 0.64% return. Over the past 10 years, QAI has outperformed BND with an annualized return of 3.84%, while BND has yielded a comparatively lower 1.60% annualized return.
QAI
- 1D
- 1.23%
- 1M
- 0.42%
- YTD
- 8.18%
- 6M
- 7.84%
- 1Y
- 14.62%
- 3Y*
- 9.79%
- 5Y*
- 4.38%
- 10Y*
- 3.84%
BND
- 1D
- 0.58%
- 1M
- 0.58%
- YTD
- 0.64%
- 6M
- 0.72%
- 1Y
- 4.91%
- 3Y*
- 4.06%
- 5Y*
- 0.06%
- 10Y*
- 1.60%
QAI vs. BND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
QAI IQ Hedge Multi-Strategy Tracker ETF | 8.18% | 8.29% | 6.67% | 10.07% | -8.68% | -0.16% | 5.73% | 8.68% | -3.32% | 6.17% |
BND Vanguard Total Bond Market ETF | 0.64% | 7.08% | 1.38% | 5.65% | -13.11% | -1.86% | 7.71% | 8.84% | -0.12% | 3.57% |
Correlation
The correlation between QAI and BND is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Mar 25, 2009 | 0.10 |
Over the past year, QAI and BND have become more correlated (0.34) than their long-term average of 0.10, meaning their price movements have been converging.
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Return for Risk
QAI vs. BND — Risk / Return Rank
QAI
BND
QAI vs. BND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for IQ Hedge Multi-Strategy Tracker ETF (QAI) and Vanguard Total Bond Market ETF (BND). 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 | BND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.98 | ||
| Sortino ratioReturn per unit of downside risk | +1.23 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.23 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 3.95 | 1.84 | +2.11 |
| Martin ratioReturn relative to average drawdown | 15.66 | 5.38 | +10.28 |
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Drawdowns
QAI vs. BND - Drawdown Comparison
The maximum QAI drawdown since its inception was -14.95%, smaller than the maximum BND drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for QAI and BND.
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Drawdown Indicators
| QAI | BND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.95% | -18.58% | +3.63% |
Max Drawdown (1Y)Largest decline over 1 year | -3.71% | -2.68% | -1.03% |
Max Drawdown (3Y)Largest decline over 3 years | -7.78% | -5.92% | -1.86% |
Max Drawdown (5Y)Largest decline over 5 years | -14.32% | -17.91% | +3.59% |
Max Drawdown (10Y)Largest decline over 10 years | -14.95% | -18.58% | +3.63% |
Current DrawdownCurrent decline from peak | -1.17% | -2.00% | +0.83% |
Average DrawdownAverage peak-to-trough decline | -2.57% | -3.06% | +0.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | 0.91% | +0.03% |
Volatility
QAI vs. BND - Volatility Comparison
IQ Hedge Multi-Strategy Tracker ETF (QAI) has a higher volatility of 2.83% compared to Vanguard Total Bond Market ETF (BND) at 1.27%. This indicates that QAI's price experiences larger fluctuations and is considered to be riskier than BND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QAI | BND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.83% | 1.27% | +1.56% |
Volatility (6M)Calculated over the trailing 6-month period | 5.41% | 2.75% | +2.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.39% | 3.75% | +2.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.63% | 6.03% | +0.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.21% | 5.53% | +0.68% |
QAI vs. BND - Expense Ratio Comparison
QAI has a 0.79% expense ratio, which is higher than BND's 0.03% expense ratio.
Dividends
QAI vs. BND - Dividend Comparison
QAI's dividend yield for the trailing twelve months is around 1.39%, less than BND's 3.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BND Vanguard Total Bond Market ETF | 3.95% | 3.86% | 3.67% | 3.09% | 2.60% | 2.12% | 2.38% | 2.72% | 2.81% | 2.54% | 2.51% | 2.57% |
QAI IQ 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
QAI and BND have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QAI has higher volatility (2.83%) compared to BND (1.27%). In terms of maximum drawdown, QAI dropped -14.95% vs BND's -18.58%.
On 10-year performance, QAI leads with 3.84% vs 1.60% for BND. On fees, BND is cheaper at 0.03% per year. On volatility, BND has been the lower-risk option at 1.27%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QAI has performed better with a 3.84% return vs 1.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BND is cheaper with a 0.03% expense ratio, compared with 0.79% for QAI.
BND has the higher dividend yield at 3.95%, compared with 1.39% for QAI.
QAI is categorized as Long-Short, while BND is Total Bond Market. QAI tracks IQ Hedge Multi-Strategy Index, while BND tracks Bloomberg U.S. Aggregate Float Adjusted Index. They also come from different issuers: New York Life and Vanguard. Their fees differ too: 0.79% for QAI and 0.03% for BND.
QAI currently has the higher Sharpe Ratio (2.30 vs 1.32), 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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