QAI vs. KMLM
Compare and contrast key facts about IQ Hedge Multi-Strategy Tracker ETF (QAI) and KFA Mount Lucas Index Strategy ETF (KMLM).
QAI and KMLM 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. KMLM is an actively managed fund by CICC. It was launched on Dec 2, 2020.
Performance
QAI vs. KMLM - Performance Comparison
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QAI vs. KMLM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
QAI IQ Hedge Multi-Strategy Tracker ETF | 1.82% | 8.29% | 6.67% | 10.07% | -8.68% | -0.16% | 1.61% |
KMLM KFA Mount Lucas Index Strategy ETF | 8.67% | -2.98% | -1.69% | -5.66% | 30.61% | 7.04% | 5.40% |
Returns By Period
In the year-to-date period, QAI achieves a 1.82% return, which is significantly lower than KMLM's 8.67% 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%
KMLM
- 1D
- -0.28%
- 1M
- 4.21%
- YTD
- 8.67%
- 6M
- 10.01%
- 1Y
- 8.60%
- 3Y*
- 0.44%
- 5Y*
- 5.63%
- 10Y*
- —
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QAI vs. KMLM - Expense Ratio Comparison
QAI has a 0.79% expense ratio, which is lower than KMLM's 0.90% expense ratio.
Return for Risk
QAI vs. KMLM — Risk / Return Rank
QAI
KMLM
QAI vs. KMLM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for IQ Hedge Multi-Strategy Tracker ETF (QAI) and KFA Mount Lucas Index Strategy ETF (KMLM). 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 | KMLM | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.41 | 0.88 | +0.53 |
Sortino ratioReturn per unit of downside risk | 1.99 | 1.27 | +0.72 |
Omega ratioGain probability vs. loss probability | 1.31 | 1.16 | +0.15 |
Calmar ratioReturn relative to maximum drawdown | 1.93 | 1.13 | +0.80 |
Martin ratioReturn relative to average drawdown | 8.93 | 3.31 | +5.62 |
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 | KMLM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.41 | 0.88 | +0.53 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.53 | 0.39 | +0.14 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.54 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.51 | 0.49 | +0.03 |
Correlation
The correlation between QAI and KMLM is -0.11. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Dividends
QAI vs. KMLM - Dividend Comparison
QAI's dividend yield for the trailing twelve months is around 1.48%, less than KMLM's 4.62% 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% |
KMLM KFA Mount Lucas Index Strategy ETF | 4.62% | 5.02% | 0.82% | 0.00% | 13.22% | 6.94% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
QAI vs. KMLM - Drawdown Comparison
The maximum QAI drawdown since its inception was -14.95%, smaller than the maximum KMLM drawdown of -27.47%. Use the drawdown chart below to compare losses from any high point for QAI and KMLM.
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Drawdown Indicators
| QAI | KMLM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.95% | -27.47% | +12.52% |
Max Drawdown (1Y)Largest decline over 1 year | -5.43% | -6.73% | +1.30% |
Max Drawdown (5Y)Largest decline over 5 years | -14.32% | -27.47% | +13.15% |
Max Drawdown (10Y)Largest decline over 10 years | -14.95% | — | — |
Current DrawdownCurrent decline from peak | -2.51% | -15.27% | +12.76% |
Average DrawdownAverage peak-to-trough decline | -2.60% | -12.73% | +10.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.17% | 2.41% | -1.24% |
Volatility
QAI vs. KMLM - Volatility Comparison
The current volatility for IQ Hedge Multi-Strategy Tracker ETF (QAI) is 2.83%, while KFA Mount Lucas Index Strategy ETF (KMLM) has a volatility of 4.05%. This indicates that QAI experiences smaller price fluctuations and is considered to be less risky than KMLM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QAI | KMLM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.83% | 4.05% | -1.22% |
Volatility (6M)Calculated over the trailing 6-month period | 4.95% | 7.22% | -2.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.55% | 9.84% | -2.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.51% | 14.57% | -8.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.12% | 14.67% | -8.55% |