QAI vs. IEF
QAI (IQ Hedge Multi-Strategy Tracker ETF) and IEF (iShares 7-10 Year Treasury Bond ETF) are both exchange-traded funds - QAI is a Long-Short fund tracking the IQ Hedge Multi-Strategy Index, while IEF is a Government Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index. Both are passively managed. Over the past 10 years, QAI returned 3.84%/yr vs 0.60%/yr for IEF. At a correlation of -0.01, they often move in opposite directions. QAI charges 0.79%/yr vs 0.15%/yr for IEF.
Performance
QAI vs. IEF - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, QAI achieves a 8.18% return, which is significantly higher than IEF's -0.30% return. Over the past 10 years, QAI has outperformed IEF with an annualized return of 3.84%, while IEF has yielded a comparatively lower 0.60% annualized return.
QAI
- 1D
- 1.23%
- 1M
- 0.42%
- YTD
- 8.18%
- 6M
- 7.84%
- 1Y
- 14.62%
- 3Y*
- 9.79%
- 5Y*
- 4.38%
- 10Y*
- 3.84%
IEF
- 1D
- 0.69%
- 1M
- 0.36%
- YTD
- -0.30%
- 6M
- -0.28%
- 1Y
- 4.02%
- 3Y*
- 2.67%
- 5Y*
- -1.21%
- 10Y*
- 0.60%
QAI vs. IEF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
QAI IQ Hedge Multi-Strategy Tracker ETF | 8.18% | 8.29% | 6.67% | 10.07% | -8.68% | -0.16% | 5.73% | 8.68% | -3.32% | 6.17% |
IEF iShares 7-10 Year Treasury Bond ETF | -0.30% | 8.03% | -0.63% | 3.64% | -15.15% | -3.33% | 10.01% | 8.03% | 0.99% | 2.55% |
Correlation
The correlation between QAI and IEF is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.18 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Mar 25, 2009 | -0.01 |
The correlation between QAI and IEF shifts across timeframes, from -0.01 (all time) to 0.27 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
QAI vs. IEF — Risk / Return Rank
QAI
IEF
QAI vs. IEF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for IQ Hedge Multi-Strategy Tracker ETF (QAI) and iShares 7-10 Year Treasury Bond ETF (IEF). 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 | IEF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.44 | ||
| Sortino ratioReturn per unit of downside risk | +1.91 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.15 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 3.95 | 0.99 | +2.96 |
| Martin ratioReturn relative to average drawdown | 15.66 | 2.80 | +12.87 |
Loading charts...
Drawdowns
QAI vs. IEF - Drawdown Comparison
The maximum QAI drawdown since its inception was -14.95%, smaller than the maximum IEF drawdown of -23.93%. Use the drawdown chart below to compare losses from any high point for QAI and IEF.
Loading charts...
Drawdown Indicators
| QAI | IEF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.95% | -23.93% | +8.98% |
Max Drawdown (1Y)Largest decline over 1 year | -3.71% | -4.07% | +0.36% |
Max Drawdown (3Y)Largest decline over 3 years | -7.78% | -7.74% | -0.04% |
Max Drawdown (5Y)Largest decline over 5 years | -14.32% | -21.40% | +7.08% |
Max Drawdown (10Y)Largest decline over 10 years | -14.95% | -23.93% | +8.98% |
Current DrawdownCurrent decline from peak | -1.17% | -11.02% | +9.85% |
Average DrawdownAverage peak-to-trough decline | -2.57% | -5.35% | +2.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | 1.44% | -0.50% |
Volatility
QAI vs. IEF - Volatility Comparison
IQ Hedge Multi-Strategy Tracker ETF (QAI) has a higher volatility of 2.83% compared to iShares 7-10 Year Treasury Bond ETF (IEF) at 1.61%. This indicates that QAI's price experiences larger fluctuations and is considered to be riskier than IEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| QAI | IEF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.83% | 1.61% | +1.22% |
Volatility (6M)Calculated over the trailing 6-month period | 5.41% | 3.43% | +1.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.39% | 4.73% | +1.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.63% | 7.71% | -1.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.21% | 6.63% | -0.42% |
QAI vs. IEF - Expense Ratio Comparison
QAI has a 0.79% expense ratio, which is higher than IEF's 0.15% expense ratio.
Dividends
QAI vs. IEF - Dividend Comparison
QAI's dividend yield for the trailing twelve months is around 1.39%, less than IEF's 3.89% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEF iShares 7-10 Year Treasury Bond ETF | 3.89% | 3.77% | 3.62% | 2.91% | 1.96% | 0.83% | 1.08% | 2.08% | 2.24% | 1.82% | 1.81% | 1.90% |
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
QAI and IEF have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QAI has higher volatility (2.83%) compared to IEF (1.61%). In terms of maximum drawdown, QAI dropped -14.95% vs IEF's -23.93%.
On 10-year performance, QAI leads with 3.84% vs 0.60% for IEF. On fees, IEF is cheaper at 0.15% per year. On volatility, IEF has been the lower-risk option at 1.61%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QAI has performed better with a 3.84% return vs 0.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEF is cheaper with a 0.15% expense ratio, compared with 0.79% for QAI.
IEF has the higher dividend yield at 3.89%, compared with 1.39% for QAI.
QAI is categorized as Long-Short, while IEF is Government Bonds. QAI tracks IQ Hedge Multi-Strategy Index, while IEF tracks ICE U.S. Treasury 7-10 Year Bond Index. They also come from different issuers: New York Life and iShares. Their fees differ too: 0.79% for QAI and 0.15% for IEF.
QAI currently has the higher Sharpe Ratio (2.30 vs 0.86), 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.
Find the right allocation for QAI and IEF
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer