QAI vs. EHLS

Last updated Jun 24, 2026

QAI (IQ Hedge Multi-Strategy Tracker ETF) and EHLS (Even Herd Long Short ETF) are both Long-Short funds. QAI is passively managed, while EHLS is actively managed. Over the past year, QAI returned 15.12% vs 22.11% for EHLS. A 0.63 correlation means they provide meaningful diversification when combined. QAI charges 0.79%/yr vs 1.58%/yr for EHLS.

Performance

QAI vs. EHLS - Performance Comparison

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

Returns By Period

In the year-to-date period, QAI achieves a 8.45% return, which is significantly lower than EHLS's 14.25% return.

QAI

• 1D: -1.20%
• 1M: 0.61%
• YTD: 8.45%
• 6M: 8.10%
• 1Y: 15.12%
• 3Y*: 9.95%
• 5Y*: 4.45%
• 10Y*: 3.94%

EHLS

• 1D: -0.63%
• 1M: -1.19%
• YTD: 14.25%
• 6M: 12.13%
• 1Y: 22.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QAI vs. EHLS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QAI IQ Hedge Multi-Strategy Tracker ETF	8.45%	8.29%	4.04%
EHLS Even Herd Long Short ETF	14.25%	6.67%	12.31%

Correlation

The correlation between QAI and EHLS is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	0.63

The correlation between QAI and EHLS has been stable across timeframes, ranging from 0.63 to 0.66 - a consistent structural relationship.

Return for Risk

QAI vs. EHLS — Risk / Return Rank

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

QAI

QAI Risk / Return Rank: 80
QAI Sharpe Ratio Rank: 76
QAI Sortino Ratio Rank: 76
QAI Omega Ratio Rank: 81
QAI Calmar Ratio Rank: 81
QAI Martin Ratio Rank: 83

EHLS

EHLS Risk / Return Rank: 40
EHLS Sharpe Ratio Rank: 35
EHLS Sortino Ratio Rank: 32
EHLS Omega Ratio Rank: 34
EHLS Calmar Ratio Rank: 53
EHLS Martin Ratio Rank: 46

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. EHLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IQ Hedge Multi-Strategy Tracker ETF (QAI) and Even Herd Long Short ETF (EHLS). 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	EHLS	Difference
Sharpe ratio: Return per unit of total volatility	2.31	1.17	+1.14
Sortino ratio: Return per unit of downside risk	3.20	1.60	+1.60
Omega ratio: Gain probability vs. loss probability	1.46	1.22	+0.24
Calmar ratio: Return relative to maximum drawdown	4.09	2.45	+1.64
Martin ratio: Return relative to average drawdown	16.12	7.06	+9.06

QAI vs. EHLS - Sharpe Ratio Comparison

The current QAI Sharpe Ratio is 2.31, which is higher than the EHLS Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of QAI and EHLS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

QAI vs. EHLS - Drawdown Comparison

The maximum QAI drawdown since its inception was -14.95%, smaller than the maximum EHLS drawdown of -18.96%. Use the drawdown chart below to compare losses from any high point for QAI and EHLS.

Drawdown Indicators

	QAI	EHLS	Difference
Max Drawdown Largest peak-to-trough decline	-14.95%	-18.96%	+4.01%
Max Drawdown (1Y) Largest decline over 1 year	-3.71%	-9.06%	+5.35%
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	-1.20%	-2.68%	+1.48%
Average Drawdown Average peak-to-trough decline	-2.57%	-4.39%	+1.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	3.14%	-2.20%

Volatility

QAI vs. EHLS - Volatility Comparison

The current volatility for IQ Hedge Multi-Strategy Tracker ETF (QAI) is 3.12%, while Even Herd Long Short ETF (EHLS) has a volatility of 4.57%. This indicates that QAI experiences smaller price fluctuations and is considered to be less risky than EHLS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QAI	EHLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.12%	4.57%	-1.45%
Volatility (6M) Calculated over the trailing 6-month period	5.63%	14.56%	-8.93%
Volatility (1Y) Calculated over the trailing 1-year period	6.58%	18.94%	-12.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.67%	19.68%	-13.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.23%	19.68%	-13.45%

QAI vs. EHLS - Expense Ratio Comparison

QAI has a 0.79% expense ratio, which is lower than EHLS's 1.58% expense ratio.

Dividends

QAI vs. EHLS - Dividend Comparison

QAI's dividend yield for the trailing twelve months is around 1.39%, while EHLS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EHLS Even Herd Long Short ETF	0.00%	0.00%	1.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Can I hold both QAI and EHLS in my portfolio?

QAI and EHLS have a correlation of 0.66, 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 EHLS?

EHLS has higher volatility (4.57%) compared to QAI (3.12%). In terms of maximum drawdown, QAI dropped -14.95% vs EHLS's -18.96%.

Which ETF is better, QAI or EHLS?

On 1-year performance, EHLS leads with 22.11% vs 15.12% for QAI. On fees, QAI is cheaper at 0.79% per year. On volatility, QAI has been the lower-risk option at 3.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QAI or EHLS?

Over the 1-year period, EHLS has performed better with a 22.11% return vs 15.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QAI or EHLS?

QAI is cheaper with a 0.79% expense ratio, compared with 1.58% for EHLS.

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

QAI has the higher dividend yield at 1.39%, compared with 0.00% for EHLS.

What is the main difference between QAI and EHLS?

They also come from different issuers: New York Life and N/A. Their fees differ too: 0.79% for QAI and 1.58% for EHLS.

Which has better risk-adjusted returns?

QAI currently has the higher Sharpe Ratio (2.31 vs 1.17), 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.