QAI vs. QMNNX

Last updated Aug 2, 2026

QAI (NYLI Hedge Multi-Strategy Tracker ETF) and QMNNX (AQR Equity Market Neutral Fund Class N) are both funds - QAI is a Long-Short fund tracking the NYLI Hedge Multi-Strategy Index, while QMNNX is a Equity Market Neutral fund actively managed by AQR. QAI is passively managed, while QMNNX is actively managed. Over the past 10 years, QAI returned 3.74%/yr vs 5.90%/yr for QMNNX. Their -0.08 correlation means they have often moved in opposite directions in the past. QAI charges 0.79%/yr vs 1.62%/yr for QMNNX.

Performance

QAI vs. QMNNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NYLI Hedge Multi-Strategy Tracker ETF (QAI) and AQR Equity Market Neutral Fund Class N (QMNNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QAI achieves a 7.67% return, which is significantly higher than QMNNX's -6.23% return. Over the past 10 years, QAI has underperformed QMNNX with an annualized return of 3.74%, while QMNNX has yielded a comparatively higher 5.90% annualized return.

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%

QMNNX

• 1D: 1.24%
• 1M: 3.72%
• 6M: -3.21%
• YTD: -6.23%
• 1Y: 5.21%
• 3Y*: 17.30%
• 5Y*: 18.24%
• 10Y*: 5.90%
• ALL TIME*: 6.64%

*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)
QAI NYLI Hedge Multi-Strategy Tracker ETF	$2.04M	$2.05M	$2.17M
QMNNX AQR Equity Market Neutral Fund Class N	$0.00	$0.00	$0.00

QAI vs. QMNNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QAI NYLI Hedge Multi-Strategy Tracker ETF	7.67%	8.29%	6.67%	10.07%	-8.68%	-0.16%	5.73%	8.68%	-3.32%	6.17%
QMNNX AQR Equity Market Neutral Fund Class N	-6.23%	26.19%	25.43%	16.30%	27.07%	17.38%	-19.79%	-11.55%	-11.94%	5.56%

Correlation

The correlation between QAI and QMNNX is -0.11, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.11
Correlation (3Y) Balances recent behavior with more history.	-0.07
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.18
Correlation (10Y) Provides a long-term view across more market conditions.	-0.08
Correlation (All Time) Calculated using the full available price history since Jan 2, 2015	-0.08

The correlation between QAI and QMNNX shifts across timeframes, from -0.18 (5 years) to -0.07 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

QAI vs. QMNNX — 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

QMNNX

QMNNX Risk / Return Rank: 18
QMNNX Sharpe Ratio Rank: 23
QMNNX Sortino Ratio Rank: 22
QMNNX Omega Ratio Rank: 21
QMNNX Calmar Ratio Rank: 12
QMNNX Martin Ratio Rank: 10

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. QMNNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NYLI Hedge Multi-Strategy Tracker ETF (QAI) and AQR Equity Market Neutral Fund Class N (QMNNX). 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	QMNNX	Difference
Sharpe ratio: Return per unit of total volatility	1.84	0.78	+1.06
Sortino ratio: Return per unit of downside risk	2.57	1.15	+1.42
Omega ratio: Gain probability vs. loss probability	1.35	1.14	+0.21
Calmar ratio: Return relative to maximum drawdown	3.39	0.55	+2.85
Martin ratio: Return relative to average drawdown	11.62	1.14	+10.48

QAI vs. QMNNX - Sharpe Ratio Comparison

The current QAI Sharpe Ratio is 1.84, which is higher than the QMNNX Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of QAI and QMNNX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

QAI vs. QMNNX - Drawdown Comparison

The maximum QAI drawdown since its inception was -14.95%, smaller than the maximum QMNNX drawdown of -39.22%. Use the drawdown chart below to compare losses from any high point for QAI and QMNNX.

Drawdown Indicators

	QAI	QMNNX	Difference
Max Drawdown Largest peak-to-trough decline	-14.95%	-39.22%	+24.27%
Max Drawdown (1Y) Largest decline over 1 year	-3.71%	-9.96%	+6.25%
Max Drawdown (3Y) Largest decline over 3 years	-7.78%	-9.96%	+2.18%
Max Drawdown (5Y) Largest decline over 5 years	-14.32%	-13.98%	-0.34%
Max Drawdown (10Y) Largest decline over 10 years	-14.95%	-39.22%	+24.27%
Current Drawdown Current decline from peak	-1.90%	-6.61%	+4.71%
Average Drawdown Average peak-to-trough decline	-2.56%	-10.57%	+8.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.08%	4.76%	-3.68%

Volatility

QAI vs. QMNNX - Volatility Comparison

The current volatility for NYLI Hedge Multi-Strategy Tracker ETF (QAI) is 1.82%, while AQR Equity Market Neutral Fund Class N (QMNNX) has a volatility of 2.61%. This indicates that QAI experiences smaller price fluctuations and is considered to be less risky than QMNNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QAI	QMNNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.82%	2.61%	-0.79%
Volatility (6M) Calculated over the trailing 6-month period	5.78%	5.65%	+0.13%
Volatility (1Y) Calculated over the trailing 1-year period	6.85%	7.00%	-0.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.71%	9.30%	-2.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.24%	8.35%	-2.11%

QAI vs. QMNNX - Expense Ratio Comparison

QAI has a 0.79% expense ratio, which is lower than QMNNX's 1.62% expense ratio.

Dividends

QAI vs. QMNNX - Dividend Comparison

QAI's dividend yield for the trailing twelve months is around 1.40%, more than QMNNX's 1.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
QMNNX AQR Equity Market Neutral Fund Class N	1.34%	1.26%	6.06%	21.67%	5.77%	1.41%	17.64%	3.86%	0.49%	3.37%	1.19%	2.51%

Frequently Asked Questions

Can I hold both QAI and QMNNX in my portfolio?

QAI and QMNNX have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QAI or QMNNX?

QMNNX has higher volatility (2.61%) compared to QAI (1.82%). In terms of maximum drawdown, QAI dropped -14.95% vs QMNNX's -39.22%.

Which has better risk-adjusted returns?

QAI currently has the higher Sharpe Ratio (1.84 vs 0.78), 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.