QAI vs. HDG
QAI (NYLI Hedge Multi-Strategy Tracker ETF) and HDG (ProShares Hedge Replication) are both Long-Short funds - QAI tracks the NYLI Hedge Multi-Strategy Index while HDG tracks the Merrill Lynch Factor Model - Exchange Series. Both are passively managed. Over the past 10 years, QAI returned 3.81%/yr vs 3.83%/yr for HDG. Their 0.67 correlation means they have sometimes moved together and sometimes differently. QAI charges 0.79%/yr vs 0.95%/yr for HDG.
Performance
QAI vs. HDG - Performance Comparison
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Returns By Period
In the year-to-date period, QAI achieves a 8.24% return, which is significantly higher than HDG's 6.75% return. Both investments have delivered pretty close results over the past 10 years, with QAI having a 3.81% annualized return and HDG not far ahead at 3.83%.
QAI
- 1D
- 0.53%
- 1M
- -0.19%
- 6M
- 5.47%
- YTD
- 8.24%
- 1Y
- 13.17%
- 3Y*
- 9.04%
- 5Y*
- 4.48%
- 10Y*
- 3.81%
- ALL TIME*
- 3.52%
HDG
- 1D
- 0.38%
- 1M
- 0.08%
- 6M
- 4.62%
- YTD
- 6.75%
- 1Y
- 12.42%
- 3Y*
- 7.16%
- 5Y*
- 3.38%
- 10Y*
- 3.83%
- ALL TIME*
- 2.92%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $80.36K | $62.37K | $88.90K | |
| $2.10M | $2.09M | $2.25M |
QAI vs. HDG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
QAI NYLI Hedge Multi-Strategy Tracker ETF | 8.24% | 8.29% | 6.67% | 10.07% | -8.68% | -0.16% | 5.73% | 8.68% | -3.32% | 6.17% |
HDG ProShares Hedge Replication | 6.75% | 7.18% | 5.12% | 7.14% | -8.48% | 2.97% | 7.45% | 9.58% | -4.52% | 5.59% |
Correlation
The correlation between QAI and HDG is 0.87, 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. | 0.87 |
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. | 0.72 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2011 | 0.67 |
The correlation between QAI and HDG shifts across timeframes, from 0.67 (all time) to 0.87 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
QAI vs. HDG — Risk / Return Rank
QAI
HDG
QAI vs. HDG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for NYLI Hedge Multi-Strategy Tracker ETF (QAI) and ProShares Hedge Replication (HDG). 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 | HDG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.37 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.56 | 3.14 | +0.42 |
| Martin ratioReturn relative to average drawdown | 12.16 | 11.85 | +0.31 |
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Drawdowns
QAI vs. HDG - Drawdown Comparison
The maximum QAI drawdown since its inception was -14.95%, roughly equal to the maximum HDG drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for QAI and HDG.
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Drawdown Indicators
| QAI | HDG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.95% | -15.31% | +0.36% |
Max Drawdown (1Y)Largest decline over 1 year | -3.71% | -3.97% | +0.26% |
Max Drawdown (3Y)Largest decline over 3 years | -7.78% | -7.20% | -0.58% |
Max Drawdown (5Y)Largest decline over 5 years | -14.32% | -15.31% | +0.99% |
Max Drawdown (10Y)Largest decline over 10 years | -14.95% | -15.31% | +0.36% |
Current DrawdownCurrent decline from peak | -1.39% | -0.98% | -0.41% |
Average DrawdownAverage peak-to-trough decline | -2.56% | -2.75% | +0.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.09% | 1.05% | +0.04% |
Volatility
QAI vs. HDG - Volatility Comparison
NYLI Hedge Multi-Strategy Tracker ETF (QAI) has a higher volatility of 1.90% compared to ProShares Hedge Replication (HDG) at 1.76%. This indicates that QAI's price experiences larger fluctuations and is considered to be riskier than HDG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QAI | HDG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.90% | 1.76% | +0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 5.71% | 5.45% | +0.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.88% | 6.39% | +0.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.72% | 7.20% | -0.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.24% | 7.12% | -0.88% |
QAI vs. HDG - Expense Ratio Comparison
QAI has a 0.79% expense ratio, which is lower than HDG's 0.95% expense ratio.
Dividends
QAI vs. HDG - Dividend Comparison
QAI's dividend yield for the trailing twelve months is around 1.39%, less than HDG's 2.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HDG ProShares Hedge Replication | 2.37% | 2.55% | 3.50% | 3.48% | 0.39% | 0.00% | 0.08% | 1.09% | 0.51% | 0.00% | 0.00% | 0.00% |
QAI NYLI 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 HDG have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QAI has higher volatility (1.90%) compared to HDG (1.76%). In terms of maximum drawdown, QAI dropped -14.95% vs HDG's -15.31%.
On 10-year performance, HDG leads with 3.83% vs 3.81% for QAI. On fees, QAI is cheaper at 0.79% per year. On volatility, HDG has been the lower-risk option at 1.76%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HDG has performed better with a 3.83% return vs 3.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QAI is cheaper with a 0.79% expense ratio, compared with 0.95% for HDG.
HDG has the higher dividend yield at 2.37%, compared with 1.39% for QAI.
QAI tracks NYLI Hedge Multi-Strategy Index, while HDG tracks Merrill Lynch Factor Model - Exchange Series. They also come from different issuers: New York Life and ProShares. Their fees differ too: 0.79% for QAI and 0.95% for HDG.
HDG currently has the higher Sharpe Ratio (1.96 vs 1.93), 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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