QAI vs. HFXI

Last updated Apr 1, 2026

Compare and contrast key facts about IQ Hedge Multi-Strategy Tracker ETF (QAI) and IQ 50 Percent Hedged FTSE International ETF (HFXI).

QAI and HFXI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. QAI is a passively managed fund by New York Life that tracks the performance of the IQ Hedge Multi-Strategy Index. It was launched on Mar 25, 2009. HFXI is a passively managed fund by New York Life that tracks the performance of the FTSE Developed ex North America 50% Hedged to USD Index. It was launched on Jul 22, 2015. Both QAI and HFXI are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

QAI vs. HFXI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in IQ Hedge Multi-Strategy Tracker ETF (QAI) and IQ 50 Percent Hedged FTSE International ETF (HFXI). The values are adjusted to include any dividend payments, if applicable.

QAI vs. HFXI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QAI IQ Hedge Multi-Strategy Tracker ETF	1.82%	8.29%	6.67%	10.07%	-8.68%	-0.16%	5.73%	8.68%	-3.32%	6.17%
HFXI IQ 50 Percent Hedged FTSE International ETF	3.78%	30.10%	7.58%	19.56%	-10.71%	13.96%	6.88%	23.67%	-12.69%	22.68%

Returns By Period

In the year-to-date period, QAI achieves a 1.82% return, which is significantly lower than HFXI's 3.78% return. Over the past 10 years, QAI has underperformed HFXI with an annualized return of 3.30%, while HFXI has yielded a comparatively higher 10.49% annualized return.

QAI

• 1D: 1.25%
• 1M: -2.23%
• YTD: 1.82%
• 6M: 2.98%
• 1Y: 10.61%
• 3Y*: 8.05%
• 5Y*: 3.40%
• 10Y*: 3.30%

HFXI

• 1D: 3.13%
• 1M: -7.94%
• YTD: 3.78%
• 6M: 11.06%
• 1Y: 27.85%
• 3Y*: 16.89%
• 5Y*: 10.58%
• 10Y*: 10.49%

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

QAI vs. HFXI - Expense Ratio Comparison

QAI has a 0.79% expense ratio, which is higher than HFXI's 0.20% expense ratio.

QAI

IQ Hedge Multi-Strategy Tracker ETF

HFXI

IQ 50 Percent Hedged FTSE International ETF

Return for Risk

QAI vs. HFXI — 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: 79
QAI Sortino Ratio Rank: 80
QAI Omega Ratio Rank: 82
QAI Calmar Ratio Rank: 76
QAI Martin Ratio Rank: 83

HFXI

HFXI Risk / Return Rank: 85
HFXI Sharpe Ratio Rank: 85
HFXI Sortino Ratio Rank: 86
HFXI Omega Ratio Rank: 87
HFXI Calmar Ratio Rank: 85
HFXI Martin Ratio Rank: 84

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. HFXI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IQ Hedge Multi-Strategy Tracker ETF (QAI) and IQ 50 Percent Hedged FTSE International ETF (HFXI). 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.

	QAI	HFXI	Difference
Sharpe ratio Return per unit of total volatility	1.41	1.67	-0.26
Sortino ratio Return per unit of downside risk	1.99	2.31	-0.32
Omega ratio Gain probability vs. loss probability	1.31	1.34	-0.03
Calmar ratio Return relative to maximum drawdown	1.93	2.47	-0.54
Martin ratio Return relative to average drawdown	8.93	9.41	-0.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QAI vs. HFXI - Sharpe Ratio Comparison

The current QAI Sharpe Ratio is 1.41, which is comparable to the HFXI Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of QAI and HFXI, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	QAI	HFXI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.41	1.67	-0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.73	-0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.64	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.51	+0.01

Correlation

The correlation between QAI and HFXI is 0.72, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

QAI vs. HFXI - Dividend Comparison

QAI's dividend yield for the trailing twelve months is around 1.48%, less than HFXI's 4.34% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QAI IQ Hedge Multi-Strategy Tracker ETF	1.48%	1.50%	2.22%	4.08%	2.00%	0.28%	1.98%	1.91%	1.90%	0.00%	0.00%	0.48%
HFXI IQ 50 Percent Hedged FTSE International ETF	4.34%	4.19%	2.68%	2.49%	4.65%	3.10%	2.00%	3.19%	4.33%	2.56%	2.71%	0.78%

Drawdowns

QAI vs. HFXI - Drawdown Comparison

The maximum QAI drawdown since its inception was -14.95%, smaller than the maximum HFXI drawdown of -32.42%. Use the drawdown chart below to compare losses from any high point for QAI and HFXI.

Drawdown Indicators

	QAI	HFXI	Difference
Max Drawdown Largest peak-to-trough decline	-14.95%	-32.42%	+17.47%
Max Drawdown (1Y) Largest decline over 1 year	-5.43%	-10.91%	+5.48%
Max Drawdown (5Y) Largest decline over 5 years	-14.32%	-22.35%	+8.03%
Max Drawdown (10Y) Largest decline over 10 years	-14.95%	-32.42%	+17.47%
Current Drawdown Current decline from peak	-2.51%	-7.96%	+5.45%
Average Drawdown Average peak-to-trough decline	-2.60%	-5.51%	+2.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.17%	2.87%	-1.70%

Volatility

QAI vs. HFXI - Volatility Comparison

The current volatility for IQ Hedge Multi-Strategy Tracker ETF (QAI) is 2.83%, while IQ 50 Percent Hedged FTSE International ETF (HFXI) has a volatility of 7.85%. This indicates that QAI experiences smaller price fluctuations and is considered to be less risky than HFXI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QAI	HFXI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.83%	7.85%	-5.02%
Volatility (6M) Calculated over the trailing 6-month period	4.95%	10.82%	-5.87%
Volatility (1Y) Calculated over the trailing 1-year period	7.55%	16.73%	-9.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.51%	14.59%	-8.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.12%	16.54%	-10.42%