QAI vs. NISM

Last updated Aug 2, 2026

QAI (NYLI Hedge Multi-Strategy Tracker ETF) and NISM (NYLI International Small-Mid Cap Equity ETF) are both exchange-traded funds - QAI is a Long-Short fund tracking the NYLI Hedge Multi-Strategy Index, while NISM is a Foreign Small & Mid Cap Equities fund actively managed by New York Life. QAI is passively managed, while NISM is actively managed. Their 0.68 correlation means they have sometimes moved together and sometimes differently. QAI charges 0.79%/yr vs 0.70%/yr for NISM.

Performance

QAI vs. NISM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NYLI Hedge Multi-Strategy Tracker ETF (QAI) and NYLI International Small-Mid Cap Equity ETF (NISM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

QAI

• 1D: 0.25%
• 1M: -0.72%
• 6M: 5.22%
• YTD: 7.67%
• 1Y: 12.58%
• 3Y*: 8.67%
• 5Y*: 4.39%
• 10Y*: 3.74%
• ALL TIME*: 3.49%

NISM

• 1D: -0.48%
• 1M: 0.90%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
NISM NYLI International Small-Mid Cap Equity ETF	$2.13K	$1.70K	$7.87K
QAI NYLI Hedge Multi-Strategy Tracker ETF	$2.04M	$2.05M	$2.17M

QAI vs. NISM - Yearly Performance Comparison

	2026 (YTD)
QAI NYLI Hedge Multi-Strategy Tracker ETF	-0.06%
NISM NYLI International Small-Mid Cap Equity ETF	-0.61%

Correlation

The correlation between QAI and NISM is 0.68, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 13, 2026	0.68

Return for Risk

QAI vs. NISM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

QAI

QAI Risk / Return Rank: 83
QAI Sharpe Ratio Rank: 81
QAI Sortino Ratio Rank: 80
QAI Omega Ratio Rank: 82
QAI Calmar Ratio Rank: 87
QAI Martin Ratio Rank: 84

NISM

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

QAI vs. NISM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NYLI Hedge Multi-Strategy Tracker ETF (QAI) and NYLI International Small-Mid Cap Equity ETF (NISM). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	QAI	NISM	Difference
Sharpe ratio: Return per unit of total volatility	1.84	—	—
Sortino ratio: Return per unit of downside risk	2.57	—	—
Omega ratio: Gain probability vs. loss probability	1.35	—	—
Calmar ratio: Return relative to maximum drawdown	3.39	—	—
Martin ratio: Return relative to average drawdown	11.62	—	—

Drawdowns

QAI vs. NISM - Drawdown Comparison

The maximum QAI drawdown since its inception was -14.95%, which is greater than NISM's maximum drawdown of -4.35%. Use the drawdown chart below to compare losses from any high point for QAI and NISM.

Drawdown Indicators

	QAI	NISM	Difference
Max Drawdown Largest peak-to-trough decline	-14.95%	-4.35%	-10.60%
Max Drawdown (1Y) Largest decline over 1 year	-3.71%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-7.78%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-14.32%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-14.95%	—	—
Current Drawdown Current decline from peak	-1.90%	-0.68%	-1.22%
Average Drawdown Average peak-to-trough decline	-2.56%	-1.80%	-0.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.08%	—	—

Volatility

Volatility by Period

	QAI	NISM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.82%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.78%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	6.85%	14.26%	-7.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.71%	14.26%	-7.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.24%	14.26%	-8.02%

QAI vs. NISM - Expense Ratio Comparison

QAI has a 0.79% expense ratio, which is higher than NISM's 0.70% expense ratio.

Dividends

QAI vs. NISM - Dividend Comparison

QAI's dividend yield for the trailing twelve months is around 1.40%, more than NISM's 0.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NISM NYLI International Small-Mid Cap Equity ETF	0.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QAI NYLI 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

Can I hold both QAI and NISM in my portfolio?

QAI and NISM have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QAI or NISM?

On fees, NISM is cheaper at 0.70% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QAI or NISM?

NISM is cheaper with a 0.70% expense ratio, compared with 0.79% for QAI.

Which ETF pays a higher dividend yield, QAI or NISM?

QAI has the higher dividend yield at 1.40%, compared with 0.24% for NISM.

What is the main difference between QAI and NISM?

QAI is categorized as Long-Short, while NISM is Foreign Small & Mid Cap Equities. Their fees differ too: 0.79% for QAI and 0.70% for NISM.