QAI vs. MUB
QAI (IQ Hedge Multi-Strategy Tracker ETF) and MUB (iShares National AMT-Free Muni Bond ETF) are both exchange-traded funds - QAI is a Long-Short fund tracking the IQ Hedge Multi-Strategy Index, while MUB is a Municipal Bonds fund tracking the S&P National AMT-Free Municipal Bond Index. Both are passively managed. Over the past 10 years, QAI returned 3.79%/yr vs 1.94%/yr for MUB. At a 0.11 correlation, their price movements are largely independent. QAI charges 0.79%/yr vs 0.07%/yr for MUB.
Performance
QAI vs. MUB - Performance Comparison
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Returns By Period
In the year-to-date period, QAI achieves a 7.58% return, which is significantly higher than MUB's 1.17% return. Over the past 10 years, QAI has outperformed MUB with an annualized return of 3.79%, while MUB has yielded a comparatively lower 1.94% annualized return.
QAI
- 1D
- 0.42%
- 1M
- -0.22%
- YTD
- 7.58%
- 6M
- 8.00%
- 1Y
- 14.10%
- 3Y*
- 9.67%
- 5Y*
- 4.31%
- 10Y*
- 3.79%
MUB
- 1D
- -0.03%
- 1M
- 0.21%
- YTD
- 1.17%
- 6M
- 1.69%
- 1Y
- 6.99%
- 3Y*
- 3.29%
- 5Y*
- 0.77%
- 10Y*
- 1.94%
QAI vs. MUB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
QAI IQ Hedge Multi-Strategy Tracker ETF | 7.58% | 8.29% | 6.67% | 10.07% | -8.68% | -0.16% | 5.73% | 8.68% | -3.32% | 6.17% |
MUB iShares National AMT-Free Muni Bond ETF | 1.17% | 3.78% | 1.26% | 5.56% | -7.34% | 1.02% | 5.12% | 7.06% | 0.93% | 4.72% |
Correlation
The correlation between QAI and MUB is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Mar 26, 2009 | 0.11 |
Over the past year, QAI and MUB have become more correlated (0.33) than their long-term average of 0.11, meaning their price movements have been converging.
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Return for Risk
QAI vs. MUB — Risk / Return Rank
QAI
MUB
QAI vs. MUB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for IQ Hedge Multi-Strategy Tracker ETF (QAI) and iShares National AMT-Free Muni Bond ETF (MUB). 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 | MUB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | -0.42 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.51 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.81 | 2.52 | +1.29 |
| Martin ratioReturn relative to average drawdown | 15.45 | 8.85 | +6.60 |
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 | MUB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.26 | 2.42 | -0.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.66 | 0.19 | +0.47 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.61 | 0.39 | +0.22 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.56 | 0.58 | -0.03 |
Drawdowns
QAI vs. MUB - Drawdown Comparison
The maximum QAI drawdown since its inception was -14.95%, which is greater than MUB's maximum drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for QAI and MUB.
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Drawdown Indicators
| QAI | MUB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.95% | -13.68% | -1.27% |
Max Drawdown (1Y)Largest decline over 1 year | -3.71% | -2.79% | -0.92% |
Max Drawdown (3Y)Largest decline over 3 years | -7.78% | -5.34% | -2.44% |
Max Drawdown (5Y)Largest decline over 5 years | -14.32% | -11.88% | -2.44% |
Max Drawdown (10Y)Largest decline over 10 years | -14.95% | -13.68% | -1.27% |
Current DrawdownCurrent decline from peak | -1.72% | -0.77% | -0.95% |
Average DrawdownAverage peak-to-trough decline | -2.57% | -2.23% | -0.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.91% | 0.79% | +0.12% |
Volatility
QAI vs. MUB - Volatility Comparison
IQ Hedge Multi-Strategy Tracker ETF (QAI) has a higher volatility of 2.56% compared to iShares National AMT-Free Muni Bond ETF (MUB) at 0.99%. This indicates that QAI's price experiences larger fluctuations and is considered to be riskier than MUB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QAI | MUB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.56% | 0.99% | +1.57% |
Volatility (6M)Calculated over the trailing 6-month period | 5.25% | 2.23% | +3.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.26% | 2.90% | +3.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.60% | 4.06% | +2.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.19% | 4.92% | +1.27% |
QAI vs. MUB - Expense Ratio Comparison
QAI has a 0.79% expense ratio, which is higher than MUB's 0.07% expense ratio.
Dividends
QAI vs. MUB - Dividend Comparison
QAI's dividend yield for the trailing twelve months is around 1.40%, less than MUB's 3.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MUB iShares National AMT-Free Muni Bond ETF | 3.18% | 3.14% | 3.01% | 2.65% | 2.11% | 1.81% | 2.11% | 2.42% | 2.46% | 2.26% | 2.21% | 2.51% |
QAI IQ 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 MUB have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QAI has higher volatility (2.56%) compared to MUB (0.99%). In terms of maximum drawdown, QAI dropped -14.95% vs MUB's -13.68%.
On 10-year performance, QAI leads with 3.79% vs 1.94% for MUB. On fees, MUB is cheaper at 0.07% per year. On volatility, MUB has been the lower-risk option at 0.99%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QAI has performed better with a 3.79% return vs 1.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MUB is cheaper with a 0.07% expense ratio, compared with 0.79% for QAI.
MUB has the higher dividend yield at 3.18%, compared with 1.40% for QAI.
QAI is categorized as Long-Short, while MUB is Municipal Bonds. QAI tracks IQ Hedge Multi-Strategy Index, while MUB tracks S&P National AMT-Free Municipal Bond Index. They also come from different issuers: New York Life and iShares. Their fees differ too: 0.79% for QAI and 0.07% for MUB.
MUB currently has the higher Sharpe Ratio (2.42 vs 2.26), 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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