QAI vs. CSM
QAI (NYLI Hedge Multi-Strategy Tracker ETF) and CSM (Proshares Large Cap Core Plus) are both Long-Short funds - QAI tracks the NYLI Hedge Multi-Strategy Index while CSM tracks the Credit Suisse 130/30 Large-Cap Index. Both are passively managed. Over the past 10 years, QAI returned 3.74%/yr vs 14.08%/yr for CSM. Their 0.70 correlation means they have sometimes moved together and sometimes differently. QAI charges 0.79%/yr vs 0.45%/yr for CSM.
Performance
QAI vs. CSM - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, QAI achieves a 7.67% return, which is significantly lower than CSM's 9.15% return. Over the past 10 years, QAI has underperformed CSM with an annualized return of 3.74%, while CSM has yielded a comparatively higher 14.08% annualized return.
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%
CSM
- 1D
- 0.77%
- 1M
- 1.39%
- 6M
- 8.81%
- YTD
- 9.15%
- 1Y
- 23.59%
- 3Y*
- 19.26%
- 5Y*
- 12.61%
- 10Y*
- 14.08%
- ALL TIME*
- 14.88%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $421.46K | $485.98K | $561.72K | |
| $2.04M | $2.05M | $2.17M |
QAI vs. CSM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
QAI NYLI Hedge Multi-Strategy Tracker ETF | 7.67% | 8.29% | 6.67% | 10.07% | -8.68% | -0.16% | 5.73% | 8.68% | -3.32% | 6.17% |
CSM Proshares Large Cap Core Plus | 9.15% | 21.84% | 22.09% | 23.50% | -18.27% | 33.13% | 10.94% | 29.26% | -7.88% | 22.52% |
Correlation
The correlation between QAI and CSM is 0.80, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.80 |
Correlation (3Y) Balances recent behavior with more history. | 0.79 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.77 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.75 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2009 | 0.70 |
The correlation between QAI and CSM has been stable across timeframes, ranging from 0.70 to 0.80 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
QAI vs. CSM — Risk / Return Rank
QAI
CSM
QAI vs. CSM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for NYLI Hedge Multi-Strategy Tracker ETF (QAI) and Proshares Large Cap Core Plus (CSM). 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 | CSM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.30 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 3.39 | 2.32 | +1.07 |
| Martin ratioReturn relative to average drawdown | 11.62 | 9.34 | +2.27 |
Loading charts...
Drawdowns
QAI vs. CSM - Drawdown Comparison
The maximum QAI drawdown since its inception was -14.95%, smaller than the maximum CSM drawdown of -36.11%. Use the drawdown chart below to compare losses from any high point for QAI and CSM.
Loading charts...
Drawdown Indicators
| QAI | CSM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.95% | -36.11% | +21.16% |
Max Drawdown (1Y)Largest decline over 1 year | -3.71% | -9.40% | +5.69% |
Max Drawdown (3Y)Largest decline over 3 years | -7.78% | -18.30% | +10.52% |
Max Drawdown (5Y)Largest decline over 5 years | -14.32% | -23.82% | +9.50% |
Max Drawdown (10Y)Largest decline over 10 years | -14.95% | -36.11% | +21.16% |
Current DrawdownCurrent decline from peak | -1.90% | -0.69% | -1.21% |
Average DrawdownAverage peak-to-trough decline | -2.56% | -4.02% | +1.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.08% | 2.34% | -1.26% |
Volatility
QAI vs. CSM - Volatility Comparison
The current volatility for NYLI Hedge Multi-Strategy Tracker ETF (QAI) is 1.82%, while Proshares Large Cap Core Plus (CSM) has a volatility of 3.59%. This indicates that QAI experiences smaller price fluctuations and is considered to be less risky than CSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| QAI | CSM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.82% | 3.59% | -1.77% |
Volatility (6M)Calculated over the trailing 6-month period | 5.78% | 9.64% | -3.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.85% | 12.69% | -5.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.71% | 17.19% | -10.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.24% | 18.37% | -12.13% |
QAI vs. CSM - Expense Ratio Comparison
QAI has a 0.79% expense ratio, which is higher than CSM's 0.45% expense ratio.
Dividends
QAI vs. CSM - Dividend Comparison
QAI's dividend yield for the trailing twelve months is around 1.40%, more than CSM's 1.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CSM Proshares Large Cap Core Plus | 1.04% | 1.04% | 1.06% | 1.17% | 1.37% | 0.78% | 1.21% | 1.41% | 1.54% | 1.28% | 1.49% | 1.67% |
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 CSM have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CSM has higher volatility (3.59%) compared to QAI (1.82%). In terms of maximum drawdown, QAI dropped -14.95% vs CSM's -36.11%.
On 10-year performance, CSM leads with 14.08% vs 3.74% for QAI. On fees, CSM is cheaper at 0.45% per year. On volatility, QAI has been the lower-risk option at 1.82%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CSM has performed better with a 14.08% return vs 3.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CSM is cheaper with a 0.45% expense ratio, compared with 0.79% for QAI.
QAI has the higher dividend yield at 1.40%, compared with 1.04% for CSM.
QAI tracks NYLI Hedge Multi-Strategy Index, while CSM tracks Credit Suisse 130/30 Large-Cap Index. They also come from different issuers: New York Life and ProShares. Their fees differ too: 0.79% for QAI and 0.45% for CSM.
QAI currently has the higher Sharpe Ratio (1.84 vs 1.72), 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.
Find the right allocation for QAI and CSM
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer