QAI vs. HYGI

Last updated Jun 9, 2026

QAI (IQ Hedge Multi-Strategy Tracker ETF) and HYGI (iShares Inflation Hedged High Yield Bond ETF) are both exchange-traded funds - QAI is a Long-Short fund tracking the IQ Hedge Multi-Strategy Index, while HYGI is a Inflation-Protected Bonds fund tracking the BlackRock Inflation Hedged High Yield Bond Index - Benchmark TR Gross. Both are passively managed. A 0.58 correlation means they provide meaningful diversification when combined. QAI charges 0.79%/yr vs 0.52%/yr for HYGI.

Performance

QAI vs. HYGI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in IQ Hedge Multi-Strategy Tracker ETF (QAI) and iShares Inflation Hedged High Yield Bond ETF (HYGI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

QAI

• 1D: 0.42%
• 1M: -0.22%
• YTD: 7.58%
• 6M: 8.00%
• 1Y: 14.10%
• 3Y*: 9.67%
• 5Y*: 4.31%
• 10Y*: 3.79%

HYGI

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

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

QAI vs. HYGI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
QAI IQ Hedge Multi-Strategy Tracker ETF	7.58%	8.29%	6.67%	10.07%	0.59%
HYGI iShares Inflation Hedged High Yield Bond ETF	0.00%	6.20%	9.16%	11.71%	0.65%

Correlation

The correlation between QAI and HYGI is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (All Time) Calculated using the full available price history since Jun 27, 2022	0.58

Over the past year, the correlation between QAI and HYGI has dropped to 0.14 - well below their long-term average of 0.58, suggesting their price drivers have been diverging.

QAI vs. HYGI - Sectors Allocation Comparison

Sectors	QAI	HYGI
Technology	21.9%	-
Financial Services	19.5%	-
Industrials	13.6%	-
Communication Services	11.2%	-
Consumer Cyclical	7.3%	-
Healthcare	7.1%	-
Basic Materials	5.3%	-
Utilities	3.8%	99.6%
Energy	3.7%	-
Consumer Defensive	3.7%	-
Real Estate	2.9%	0.4%

Return for Risk

QAI vs. HYGI — Risk / Return Rank

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

QAI

QAI Risk / Return Rank: 81
QAI Sharpe Ratio Rank: 78
QAI Sortino Ratio Rank: 78
QAI Omega Ratio Rank: 83
QAI Calmar Ratio Rank: 80
QAI Martin Ratio Rank: 83

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. HYGI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IQ Hedge Multi-Strategy Tracker ETF (QAI) and iShares Inflation Hedged High Yield Bond ETF (HYGI). 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	HYGI	Difference
Sharpe ratio: Return per unit of total volatility	2.26	—	—
Sortino ratio: Return per unit of downside risk	3.12	—	—
Omega ratio: Gain probability vs. loss probability	1.45	—	—
Calmar ratio: Return relative to maximum drawdown	3.81	—	—
Martin ratio: Return relative to average drawdown	15.45	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	QAI	HYGI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.26	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	—	—

Drawdowns

Drawdown Indicators

	QAI	HYGI	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	-1.72%	—	—
Average Drawdown Average peak-to-trough decline	-2.57%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.91%	—	—

Volatility

Volatility by Period

	QAI	HYGI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.56%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.25%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	6.26%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.60%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.19%	—	—

QAI vs. HYGI - Expense Ratio Comparison

QAI has a 0.79% expense ratio, which is higher than HYGI's 0.52% expense ratio.

Dividends

QAI vs. HYGI - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYGI iShares Inflation Hedged High Yield Bond ETF	0.97%	3.41%	6.08%	6.22%	3.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QAI IQ 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 HYGI in my portfolio?

QAI and HYGI have a correlation of 0.14, 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 HYGI?

On fees, HYGI is cheaper at 0.52% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QAI or HYGI?

HYGI is cheaper with a 0.52% expense ratio, compared with 0.79% for QAI.

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

QAI has the higher dividend yield at 1.40%, compared with 0.97% for HYGI.

What is the main difference between QAI and HYGI?

QAI is categorized as Long-Short, while HYGI is Inflation-Protected Bonds. QAI tracks IQ Hedge Multi-Strategy Index, while HYGI tracks BlackRock Inflation Hedged High Yield Bond Index - Benchmark TR Gross. They also come from different issuers: New York Life and iShares. Their fees differ too: 0.79% for QAI and 0.52% for HYGI.