QAI vs. IGHG
QAI (IQ Hedge Multi-Strategy Tracker ETF) and IGHG (ProShares Investment Grade-Interest Rate Hedged) are both exchange-traded funds - QAI is a Long-Short fund tracking the IQ Hedge Multi-Strategy Index, while IGHG is a Corporate Bonds fund tracking the Citi Corporate Investment Grade (Treasury Rate-Hedged) Index. Both are passively managed. Over the past 10 years, QAI returned 3.96%/yr vs 4.72%/yr for IGHG. At a 0.36 correlation, their price movements are largely independent. QAI charges 0.79%/yr vs 0.30%/yr for IGHG.
Performance
QAI vs. IGHG - Performance Comparison
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Returns By Period
In the year-to-date period, QAI achieves a 9.46% return, which is significantly higher than IGHG's 2.12% return. Over the past 10 years, QAI has underperformed IGHG with an annualized return of 3.96%, while IGHG has yielded a comparatively higher 4.72% annualized return.
QAI
- 1D
- 0.30%
- 1M
- 2.80%
- YTD
- 9.46%
- 6M
- 10.26%
- 1Y
- 16.98%
- 3Y*
- 10.41%
- 5Y*
- 4.76%
- 10Y*
- 3.96%
IGHG
- 1D
- -0.06%
- 1M
- 0.78%
- YTD
- 2.12%
- 6M
- 2.43%
- 1Y
- 5.89%
- 3Y*
- 8.55%
- 5Y*
- 5.22%
- 10Y*
- 4.72%
QAI vs. IGHG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
QAI IQ Hedge Multi-Strategy Tracker ETF | 9.46% | 8.29% | 6.67% | 10.07% | -8.68% | -0.16% | 5.73% | 8.68% | -3.32% | 6.17% |
IGHG ProShares Investment Grade-Interest Rate Hedged | 2.12% | 5.65% | 9.20% | 11.58% | -0.90% | 0.88% | 0.61% | 12.73% | -3.96% | 4.49% |
Correlation
The correlation between QAI and IGHG is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.43 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Nov 8, 2013 | 0.36 |
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Return for Risk
QAI vs. IGHG — Risk / Return Rank
QAI
IGHG
QAI vs. IGHG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for IQ Hedge Multi-Strategy Tracker ETF (QAI) and ProShares Investment Grade-Interest Rate Hedged (IGHG). 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 | IGHG | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.86 | 1.72 | +1.14 |
Sortino ratioReturn per unit of downside risk | 4.06 | 2.58 | +1.48 |
Omega ratioGain probability vs. loss probability | 1.57 | 1.32 | +0.25 |
Calmar ratioReturn relative to maximum drawdown | 4.57 | 3.64 | +0.92 |
Martin ratioReturn relative to average drawdown | 18.90 | 12.86 | +6.04 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| QAI | IGHG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.86 | 1.72 | +1.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.73 | 1.04 | -0.31 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.64 | 0.63 | +0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 0.53 | +0.04 |
Drawdowns
QAI vs. IGHG - Drawdown Comparison
The maximum QAI drawdown since its inception was -14.95%, smaller than the maximum IGHG drawdown of -25.16%. Use the drawdown chart below to compare losses from any high point for QAI and IGHG.
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Drawdown Indicators
| QAI | IGHG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.95% | -25.16% | +10.21% |
Max Drawdown (1Y)Largest decline over 1 year | -3.71% | -1.75% | -1.96% |
Max Drawdown (3Y)Largest decline over 3 years | -7.78% | -3.74% | -4.04% |
Max Drawdown (5Y)Largest decline over 5 years | -14.32% | -8.75% | -5.57% |
Max Drawdown (10Y)Largest decline over 10 years | -14.95% | -25.16% | +10.21% |
Current DrawdownCurrent decline from peak | 0.00% | -0.16% | +0.16% |
Average DrawdownAverage peak-to-trough decline | -2.57% | -2.30% | -0.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.90% | 0.50% | +0.40% |
Volatility
QAI vs. IGHG - Volatility Comparison
IQ Hedge Multi-Strategy Tracker ETF (QAI) has a higher volatility of 2.01% compared to ProShares Investment Grade-Interest Rate Hedged (IGHG) at 0.62%. This indicates that QAI's price experiences larger fluctuations and is considered to be riskier than IGHG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QAI | IGHG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.01% | 0.62% | +1.39% |
Volatility (6M)Calculated over the trailing 6-month period | 4.91% | 2.53% | +2.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.97% | 3.47% | +2.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.56% | 5.02% | +1.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.17% | 7.46% | -1.29% |
QAI vs. IGHG - Expense Ratio Comparison
QAI has a 0.79% expense ratio, which is higher than IGHG's 0.30% expense ratio.
Dividends
QAI vs. IGHG - Dividend Comparison
QAI's dividend yield for the trailing twelve months is around 1.37%, less than IGHG's 5.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IGHG ProShares Investment Grade-Interest Rate Hedged | 5.12% | 5.14% | 5.06% | 4.99% | 3.55% | 2.50% | 2.79% | 3.48% | 4.13% | 3.36% | 3.37% | 3.65% |
QAI IQ Hedge Multi-Strategy Tracker ETF | 1.37% | 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 IGHG have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QAI has higher volatility (2.01%) compared to IGHG (0.62%). In terms of maximum drawdown, QAI dropped -14.95% vs IGHG's -25.16%.
On 10-year performance, IGHG leads with 4.72% vs 3.96% for QAI. On fees, IGHG is cheaper at 0.30% per year. On volatility, IGHG has been the lower-risk option at 0.62%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IGHG has performed better with a 4.72% return vs 3.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IGHG is cheaper with a 0.30% expense ratio, compared with 0.79% for QAI.
IGHG has the higher dividend yield at 5.12%, compared with 1.37% for QAI.
QAI is categorized as Long-Short, while IGHG is Corporate Bonds. QAI tracks IQ Hedge Multi-Strategy Index, while IGHG tracks Citi Corporate Investment Grade (Treasury Rate-Hedged) Index. They also come from different issuers: New York Life and ProShares. Their fees differ too: 0.79% for QAI and 0.30% for IGHG.
QAI currently has the higher Sharpe Ratio (2.86 vs 1.72), 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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