QAI vs. MNA
Compare and contrast key facts about IQ Hedge Multi-Strategy Tracker ETF (QAI) and IQ Merger Arbitrage ETF (MNA).
QAI and MNA 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. MNA is a passively managed fund by New York Life that tracks the performance of the IQ Merger Arbitrage Index. It was launched on Nov 17, 2009. Both QAI and MNA are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
QAI vs. MNA - Performance Comparison
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QAI vs. MNA - 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% | 6.17% |
MNA IQ Merger Arbitrage ETF | 1.56% | 8.59% | 4.93% | 0.18% | -1.61% | -3.24% | 2.72% | 4.70% | 2.13% | 5.97% |
Returns By Period
In the year-to-date period, QAI achieves a 1.82% return, which is significantly higher than MNA's 1.56% return. Over the past 10 years, QAI has outperformed MNA with an annualized return of 3.30%, while MNA has yielded a comparatively lower 2.73% annualized 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%
MNA
- 1D
- 0.44%
- 1M
- 0.17%
- YTD
- 1.56%
- 6M
- 1.25%
- 1Y
- 5.98%
- 3Y*
- 5.16%
- 5Y*
- 2.20%
- 10Y*
- 2.73%
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QAI vs. MNA - Expense Ratio Comparison
QAI has a 0.79% expense ratio, which is higher than MNA's 0.77% expense ratio.
Return for Risk
QAI vs. MNA — Risk / Return Rank
QAI
MNA
QAI vs. MNA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for IQ Hedge Multi-Strategy Tracker ETF (QAI) and IQ Merger Arbitrage ETF (MNA). 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 | MNA | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.41 | 1.20 | +0.21 |
Sortino ratioReturn per unit of downside risk | 1.99 | 1.83 | +0.15 |
Omega ratioGain probability vs. loss probability | 1.31 | 1.23 | +0.08 |
Calmar ratioReturn relative to maximum drawdown | 1.93 | 2.69 | -0.76 |
Martin ratioReturn relative to average drawdown | 8.93 | 10.69 | -1.76 |
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 | MNA | 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 | 0.44 | +0.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.54 | 0.42 | +0.12 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.51 | 0.36 | +0.15 |
Correlation
The correlation between QAI and MNA is 0.34, 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. MNA - Dividend Comparison
QAI's dividend yield for the trailing twelve months is around 1.48%, while MNA has not paid dividends to shareholders.
| 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% |
MNA IQ Merger Arbitrage ETF | 0.00% | 0.00% | 0.00% | 1.20% | 0.00% | 0.00% | 2.30% | 0.00% | 0.00% | 0.00% | 0.21% | 0.87% |
Drawdowns
QAI vs. MNA - Drawdown Comparison
The maximum QAI drawdown since its inception was -14.95%, smaller than the maximum MNA drawdown of -16.68%. Use the drawdown chart below to compare losses from any high point for QAI and MNA.
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Drawdown Indicators
| QAI | MNA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.95% | -16.68% | +1.73% |
Max Drawdown (1Y)Largest decline over 1 year | -5.43% | -2.21% | -3.22% |
Max Drawdown (5Y)Largest decline over 5 years | -14.32% | -10.74% | -3.58% |
Max Drawdown (10Y)Largest decline over 10 years | -14.95% | -16.68% | +1.73% |
Current DrawdownCurrent decline from peak | -2.51% | -0.47% | -2.04% |
Average DrawdownAverage peak-to-trough decline | -2.60% | -2.86% | +0.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.17% | 0.56% | +0.61% |
Volatility
QAI vs. MNA - Volatility Comparison
IQ Hedge Multi-Strategy Tracker ETF (QAI) has a higher volatility of 2.83% compared to IQ Merger Arbitrage ETF (MNA) at 1.70%. This indicates that QAI's price experiences larger fluctuations and is considered to be riskier than MNA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QAI | MNA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.83% | 1.70% | +1.13% |
Volatility (6M)Calculated over the trailing 6-month period | 4.95% | 3.01% | +1.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.55% | 5.00% | +2.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.51% | 4.97% | +1.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.12% | 6.55% | -0.43% |