QAI vs. DFND

Last updated Aug 2, 2026

QAI (NYLI Hedge Multi-Strategy Tracker ETF) and DFND (Siren DIVCON Dividend Defender ETF) are both exchange-traded funds - QAI is a Long-Short fund tracking the NYLI Hedge Multi-Strategy Index, while DFND is a Large Cap Blend Equities fund tracking the Siren DIVCON Dividend Defender Index. Both are passively managed. Their 0.39 correlation means their historical movements had little consistent relationship. QAI charges 0.79%/yr vs 1.50%/yr for DFND.

Performance

QAI vs. DFND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NYLI Hedge Multi-Strategy Tracker ETF (QAI) and Siren DIVCON Dividend Defender ETF (DFND). The values are adjusted to include any dividend payments, if applicable.

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%

DFND

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
QAI NYLI Hedge Multi-Strategy Tracker ETF	$2.04M	$2.05M	$2.17M

QAI vs. DFND - 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%
DFND Siren DIVCON Dividend Defender ETF	0.00%	10.37%	8.48%	12.13%	-19.59%	14.80%	16.12%	19.53%	-1.83%	16.33%

Correlation

The correlation between QAI and DFND is 0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.06
Correlation (3Y) Balances recent behavior with more history.	0.16
Correlation (5Y) Shows whether the relationship held over a longer period.	0.34
Correlation (10Y) Provides a long-term view across more market conditions.	0.40
Correlation (All Time) Calculated using the full available price history since Jan 14, 2016	0.39

Over the past year, the correlation between QAI and DFND has dropped to 0.06 - well below their long-term average of 0.39, suggesting their price drivers have been diverging.

Return for Risk

QAI vs. DFND — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

QAI

QAI Risk / Return Rank: 83
QAI Sharpe Ratio Rank: 81
QAI Sortino Ratio Rank: 80
QAI Omega Ratio Rank: 82
QAI Calmar Ratio Rank: 87
QAI Martin Ratio Rank: 84

DFND

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

QAI vs. DFND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NYLI Hedge Multi-Strategy Tracker ETF (QAI) and Siren DIVCON Dividend Defender ETF (DFND). 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	DFND	Difference
Sharpe ratio: Return per unit of total volatility	1.84	—	—
Sortino ratio: Return per unit of downside risk	2.57	—	—
Omega ratio: Gain probability vs. loss probability	1.35	—	—
Calmar ratio: Return relative to maximum drawdown	3.39	—	—
Martin ratio: Return relative to average drawdown	11.62	—	—

Drawdowns

Drawdown Indicators

	QAI	DFND	Difference
Max Drawdown Largest peak-to-trough decline	-14.95%	—	—
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	-1.90%	—	—
Average Drawdown Average peak-to-trough decline	-2.56%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.08%	—	—

Volatility

Volatility by Period

	QAI	DFND	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%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.71%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.24%	—	—

QAI vs. DFND - Expense Ratio Comparison

QAI has a 0.79% expense ratio, which is lower than DFND's 1.50% expense ratio.

Dividends

QAI vs. DFND - Dividend Comparison

QAI's dividend yield for the trailing twelve months is around 1.40%, while DFND has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFND Siren DIVCON Dividend Defender ETF	0.29%	1.10%	1.64%	1.84%	0.29%	0.00%	0.00%	0.77%	0.53%	0.02%	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

Can I hold both QAI and DFND in my portfolio?

QAI and DFND have a correlation of 0.06, 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 DFND?

On fees, QAI is cheaper at 0.79% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QAI or DFND?

QAI is cheaper with a 0.79% expense ratio, compared with 1.50% for DFND.

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

QAI has the higher dividend yield at 1.40%, compared with 0.29% for DFND.

What is the main difference between QAI and DFND?

QAI is categorized as Long-Short, while DFND is Large Cap Blend Equities. QAI tracks NYLI Hedge Multi-Strategy Index, while DFND tracks Siren DIVCON Dividend Defender Index. They also come from different issuers: New York Life and SRN Advisors. Their fees differ too: 0.79% for QAI and 1.50% for DFND.