QAI vs. IQSI
QAI (NYLI Hedge Multi-Strategy Tracker ETF) and IQSI (IQ Candriam ESG International Equity ETF) are both exchange-traded funds - QAI is a Long-Short fund tracking the NYLI Hedge Multi-Strategy Index, while IQSI is a Foreign Large Cap Equities fund tracking the IQ Candriam ESG International Equity Index. Both are passively managed. Over the past 5 years, QAI returned 4.39%/yr vs 8.27%/yr for IQSI. Their 0.76 correlation means they have sometimes moved together and sometimes differently. QAI charges 0.79%/yr vs 0.15%/yr for IQSI.
Performance
QAI vs. IQSI - Performance Comparison
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Returns By Period
In the year-to-date period, QAI achieves a 7.67% return, which is significantly lower than IQSI's 10.87% return.
QAI
- 1D
- 0.25%
- 1M
- -0.72%
- 6M
- 5.22%
- YTD
- 7.67%
- 1Y
- 12.58%
- 3Y*
- 8.67%
- 5Y*
- 4.39%
- 10Y*
- 3.74%
- ALL TIME*
- 3.49%
IQSI
- 1D
- -0.67%
- 1M
- 0.01%
- 6M
- 5.93%
- YTD
- 10.87%
- 1Y
- 22.05%
- 3Y*
- 14.63%
- 5Y*
- 8.27%
- 10Y*
- —
- ALL TIME*
- 9.51%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $27.33K | $342.54K | $932.39K | |
| $2.04M | $2.05M | $2.17M |
QAI vs. IQSI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
QAI NYLI Hedge Multi-Strategy Tracker ETF | 7.67% | 8.29% | 6.67% | 10.07% | -8.68% | -0.16% | 5.73% | 0.34% |
IQSI IQ Candriam ESG International Equity ETF | 10.87% | 26.95% | 4.84% | 16.21% | -14.76% | 12.70% | 10.36% | 0.38% |
Correlation
The correlation between QAI and IQSI is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.77 |
Correlation (3Y) Balances recent behavior with more history. | 0.76 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.78 |
Correlation (All Time) Calculated using the full available price history since Dec 17, 2019 | 0.76 |
The correlation between QAI and IQSI has been stable across timeframes, ranging from 0.76 to 0.78 - a consistent structural relationship.
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Return for Risk
QAI vs. IQSI — Risk / Return Rank
QAI
IQSI
QAI vs. IQSI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for NYLI Hedge Multi-Strategy Tracker ETF (QAI) and IQ Candriam ESG International Equity ETF (IQSI). 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 | IQSI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.45 | ||
| Sortino ratioReturn per unit of downside risk | +0.58 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.25 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 3.39 | 1.83 | +1.56 |
| Martin ratioReturn relative to average drawdown | 11.62 | 6.72 | +4.90 |
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Drawdowns
QAI vs. IQSI - Drawdown Comparison
The maximum QAI drawdown since its inception was -14.95%, smaller than the maximum IQSI drawdown of -31.90%. Use the drawdown chart below to compare losses from any high point for QAI and IQSI.
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Drawdown Indicators
| QAI | IQSI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.95% | -31.90% | +16.95% |
Max Drawdown (1Y)Largest decline over 1 year | -3.71% | -12.00% | +8.29% |
Max Drawdown (3Y)Largest decline over 3 years | -7.78% | -14.02% | +6.24% |
Max Drawdown (5Y)Largest decline over 5 years | -14.32% | -29.86% | +15.54% |
Max Drawdown (10Y)Largest decline over 10 years | -14.95% | — | — |
Current DrawdownCurrent decline from peak | -1.90% | -0.96% | -0.94% |
Average DrawdownAverage peak-to-trough decline | -2.56% | -6.38% | +3.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.08% | 3.26% | -2.18% |
Volatility
QAI vs. IQSI - Volatility Comparison
The current volatility for NYLI Hedge Multi-Strategy Tracker ETF (QAI) is 1.82%, while IQ Candriam ESG International Equity ETF (IQSI) has a volatility of 4.48%. This indicates that QAI experiences smaller price fluctuations and is considered to be less risky than IQSI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QAI | IQSI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.82% | 4.48% | -2.66% |
Volatility (6M)Calculated over the trailing 6-month period | 5.78% | 13.64% | -7.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.85% | 15.83% | -8.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.71% | 16.43% | -9.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.24% | 18.95% | -12.71% |
QAI vs. IQSI - Expense Ratio Comparison
QAI has a 0.79% expense ratio, which is higher than IQSI's 0.15% expense ratio.
Dividends
QAI vs. IQSI - Dividend Comparison
QAI's dividend yield for the trailing twelve months is around 1.40%, less than IQSI's 2.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IQSI IQ Candriam ESG International Equity ETF | 2.70% | 2.75% | 2.79% | 2.98% | 2.89% | 2.75% | 1.65% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
QAI NYLI 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
QAI and IQSI have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IQSI has higher volatility (4.48%) compared to QAI (1.82%). In terms of maximum drawdown, QAI dropped -14.95% vs IQSI's -31.90%.
On 5-year performance, IQSI leads with 8.27% vs 4.39% for QAI. On fees, IQSI is cheaper at 0.15% per year. On volatility, QAI has been the lower-risk option at 1.82%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IQSI has performed better with a 8.27% return vs 4.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IQSI is cheaper with a 0.15% expense ratio, compared with 0.79% for QAI.
IQSI has the higher dividend yield at 2.70%, compared with 1.40% for QAI.
QAI is categorized as Long-Short, while IQSI is Foreign Large Cap Equities. QAI tracks NYLI Hedge Multi-Strategy Index, while IQSI tracks IQ Candriam ESG International Equity Index. Their fees differ too: 0.79% for QAI and 0.15% for IQSI.
QAI currently has the higher Sharpe Ratio (1.84 vs 1.39), 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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