QAI vs. MMIT
Compare and contrast key facts about IQ Hedge Multi-Strategy Tracker ETF (QAI) and IQ MacKay Municipal Intermediate ETF (MMIT).
QAI and MMIT 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. MMIT is an actively managed fund by New York Life. It was launched on Oct 18, 2017.
Performance
QAI vs. MMIT - Performance Comparison
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QAI vs. MMIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
QAI IQ Hedge Multi-Strategy Tracker ETF | 1.82% | 8.29% | 6.67% | 10.07% | -8.68% | -0.16% | 5.73% | 8.68% | -3.32% | 1.06% |
MMIT IQ MacKay Municipal Intermediate ETF | -0.05% | 5.03% | 1.46% | 5.42% | -7.40% | 1.55% | 6.17% | 7.49% | 2.41% | 0.43% |
Returns By Period
In the year-to-date period, QAI achieves a 1.82% return, which is significantly higher than MMIT's -0.05% 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%
MMIT
- 1D
- 0.20%
- 1M
- -2.19%
- YTD
- -0.05%
- 6M
- 1.26%
- 1Y
- 4.55%
- 3Y*
- 3.10%
- 5Y*
- 1.07%
- 10Y*
- —
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QAI vs. MMIT - Expense Ratio Comparison
QAI has a 0.79% expense ratio, which is higher than MMIT's 0.31% expense ratio.
Return for Risk
QAI vs. MMIT — Risk / Return Rank
QAI
MMIT
QAI vs. MMIT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for IQ Hedge Multi-Strategy Tracker ETF (QAI) and IQ MacKay Municipal Intermediate ETF (MMIT). 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 | MMIT | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.41 | 1.20 | +0.21 |
Sortino ratioReturn per unit of downside risk | 1.99 | 1.50 | +0.49 |
Omega ratioGain probability vs. loss probability | 1.31 | 1.28 | +0.03 |
Calmar ratioReturn relative to maximum drawdown | 1.93 | 1.48 | +0.45 |
Martin ratioReturn relative to average drawdown | 8.93 | 5.23 | +3.70 |
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 | MMIT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.41 | 1.20 | +0.21 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.53 | 0.30 | +0.22 |
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 | 0.60 | -0.08 |
Correlation
The correlation between QAI and MMIT is 0.13, 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. MMIT - Dividend Comparison
QAI's dividend yield for the trailing twelve months is around 1.48%, less than MMIT's 3.89% 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% |
MMIT IQ MacKay Municipal Intermediate ETF | 3.89% | 3.54% | 3.76% | 3.46% | 2.30% | 1.81% | 2.59% | 4.14% | 2.46% | 0.35% | 0.00% | 0.00% |
Drawdowns
QAI vs. MMIT - Drawdown Comparison
The maximum QAI drawdown since its inception was -14.95%, which is greater than MMIT's maximum drawdown of -12.28%. Use the drawdown chart below to compare losses from any high point for QAI and MMIT.
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Drawdown Indicators
| QAI | MMIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.95% | -12.28% | -2.67% |
Max Drawdown (1Y)Largest decline over 1 year | -5.43% | -3.11% | -2.32% |
Max Drawdown (5Y)Largest decline over 5 years | -14.32% | -12.28% | -2.04% |
Max Drawdown (10Y)Largest decline over 10 years | -14.95% | — | — |
Current DrawdownCurrent decline from peak | -2.51% | -2.19% | -0.32% |
Average DrawdownAverage peak-to-trough decline | -2.60% | -2.29% | -0.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.17% | 0.88% | +0.29% |
Volatility
QAI vs. MMIT - Volatility Comparison
IQ Hedge Multi-Strategy Tracker ETF (QAI) has a higher volatility of 2.83% compared to IQ MacKay Municipal Intermediate ETF (MMIT) at 1.04%. This indicates that QAI's price experiences larger fluctuations and is considered to be riskier than MMIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QAI | MMIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.83% | 1.04% | +1.79% |
Volatility (6M)Calculated over the trailing 6-month period | 4.95% | 1.65% | +3.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.55% | 3.80% | +3.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.51% | 3.53% | +2.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.12% | 4.33% | +1.79% |