QAI vs. LBAY
Compare and contrast key facts about IQ Hedge Multi-Strategy Tracker ETF (QAI) and Leatherback Long/Short Alternative Yield ETF (LBAY).
QAI and LBAY 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. LBAY is an actively managed fund by Toroso Investments. It was launched on Nov 16, 2020.
Performance
QAI vs. LBAY - Performance Comparison
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QAI vs. LBAY - 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% | 3.02% |
LBAY Leatherback Long/Short Alternative Yield ETF | 15.90% | 4.08% | -3.49% | -8.54% | 22.41% | 22.27% | 4.58% |
Returns By Period
In the year-to-date period, QAI achieves a 1.82% return, which is significantly lower than LBAY's 15.90% 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%
LBAY
- 1D
- -0.68%
- 1M
- -2.73%
- YTD
- 15.90%
- 6M
- 14.05%
- 1Y
- 12.14%
- 3Y*
- 4.38%
- 5Y*
- 7.44%
- 10Y*
- —
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QAI vs. LBAY - Expense Ratio Comparison
QAI has a 0.79% expense ratio, which is lower than LBAY's 1.09% expense ratio.
Return for Risk
QAI vs. LBAY — Risk / Return Rank
QAI
LBAY
QAI vs. LBAY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for IQ Hedge Multi-Strategy Tracker ETF (QAI) and Leatherback Long/Short Alternative Yield ETF (LBAY). 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 | LBAY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.41 | 0.75 | +0.66 |
Sortino ratioReturn per unit of downside risk | 1.99 | 1.20 | +0.79 |
Omega ratioGain probability vs. loss probability | 1.31 | 1.15 | +0.16 |
Calmar ratioReturn relative to maximum drawdown | 1.93 | 1.36 | +0.57 |
Martin ratioReturn relative to average drawdown | 8.93 | 3.16 | +5.77 |
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 | LBAY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.41 | 0.75 | +0.66 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.53 | 0.55 | -0.03 |
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 | 0.73 | -0.22 |
Correlation
The correlation between QAI and LBAY is 0.30, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
QAI vs. LBAY - Dividend Comparison
QAI's dividend yield for the trailing twelve months is around 1.48%, less than LBAY's 3.40% 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% |
LBAY Leatherback Long/Short Alternative Yield ETF | 3.40% | 3.80% | 3.77% | 3.47% | 2.74% | 2.96% | 0.29% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
QAI vs. LBAY - Drawdown Comparison
The maximum QAI drawdown since its inception was -14.95%, smaller than the maximum LBAY drawdown of -15.99%. Use the drawdown chart below to compare losses from any high point for QAI and LBAY.
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Drawdown Indicators
| QAI | LBAY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.95% | -15.99% | +1.04% |
Max Drawdown (1Y)Largest decline over 1 year | -5.43% | -9.71% | +4.28% |
Max Drawdown (5Y)Largest decline over 5 years | -14.32% | -15.99% | +1.67% |
Max Drawdown (10Y)Largest decline over 10 years | -14.95% | — | — |
Current DrawdownCurrent decline from peak | -2.51% | -2.73% | +0.22% |
Average DrawdownAverage peak-to-trough decline | -2.60% | -6.77% | +4.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.17% | 4.18% | -3.01% |
Volatility
QAI vs. LBAY - Volatility Comparison
The current volatility for IQ Hedge Multi-Strategy Tracker ETF (QAI) is 2.83%, while Leatherback Long/Short Alternative Yield ETF (LBAY) has a volatility of 5.55%. This indicates that QAI experiences smaller price fluctuations and is considered to be less risky than LBAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QAI | LBAY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.83% | 5.55% | -2.72% |
Volatility (6M)Calculated over the trailing 6-month period | 4.95% | 12.16% | -7.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.55% | 16.19% | -8.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.51% | 13.49% | -6.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.12% | 13.66% | -7.54% |