QAI vs. QNZIX

Last updated Aug 2, 2026

QAI (NYLI Hedge Multi-Strategy Tracker ETF) and QNZIX (AQR Trend Total Return Fund Class I) are both funds - QAI is a Long-Short fund tracking the NYLI Hedge Multi-Strategy Index, while QNZIX is a Systematic Trend fund actively managed by AQR. QAI is passively managed, while QNZIX is actively managed. Over the past 3 years, QAI returned 8.67%/yr vs 27.50%/yr for QNZIX. Their 0.49 correlation means their historical movements had little consistent relationship. QAI charges 0.79%/yr vs 1.27%/yr for QNZIX.

Performance

QAI vs. QNZIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NYLI Hedge Multi-Strategy Tracker ETF (QAI) and AQR Trend Total Return Fund Class I (QNZIX). 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 lower than QNZIX's 13.13% 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%

QNZIX

• 1D: 1.06%
• 1M: 1.85%
• 6M: 6.57%
• YTD: 13.13%
• 1Y: 32.22%
• 3Y*: 27.50%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.67%

*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
QNZIX AQR Trend Total Return Fund Class I	$0.00	$0.00	$0.00

QAI vs. QNZIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
QAI NYLI Hedge Multi-Strategy Tracker ETF	7.67%	8.29%	6.67%	10.07%	-4.69%
QNZIX AQR Trend Total Return Fund Class I	13.13%	23.26%	35.22%	23.03%	1.57%

Correlation

The correlation between QAI and QNZIX is 0.61, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.61
Correlation (3Y) Balances recent behavior with more history.	0.57
Correlation (All Time) Calculated using the full available price history since Mar 17, 2022	0.49

The correlation between QAI and QNZIX shifts across timeframes, from 0.49 (all time) to 0.61 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

QAI vs. QNZIX — 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

QNZIX

QNZIX Risk / Return Rank: 91
QNZIX Sharpe Ratio Rank: 93
QNZIX Sortino Ratio Rank: 88
QNZIX Omega Ratio Rank: 86
QNZIX Calmar Ratio Rank: 96
QNZIX Martin Ratio Rank: 94

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. QNZIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NYLI Hedge Multi-Strategy Tracker ETF (QAI) and AQR Trend Total Return Fund Class I (QNZIX). 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	QNZIX	Difference
Sharpe ratio: Return per unit of total volatility	1.84	2.43	-0.60
Sortino ratio: Return per unit of downside risk	2.57	3.20	-0.63
Omega ratio: Gain probability vs. loss probability	1.35	1.42	-0.07
Calmar ratio: Return relative to maximum drawdown	3.39	4.36	-0.97
Martin ratio: Return relative to average drawdown	11.62	14.17	-2.55

QAI vs. QNZIX - Sharpe Ratio Comparison

The current QAI Sharpe Ratio is 1.84, which is comparable to the QNZIX Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of QAI and QNZIX, 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. QNZIX - Drawdown Comparison

The maximum QAI drawdown since its inception was -14.95%, smaller than the maximum QNZIX drawdown of -18.35%. Use the drawdown chart below to compare losses from any high point for QAI and QNZIX.

Drawdown Indicators

	QAI	QNZIX	Difference
Max Drawdown Largest peak-to-trough decline	-14.95%	-18.35%	+3.40%
Max Drawdown (1Y) Largest decline over 1 year	-3.71%	-6.61%	+2.90%
Max Drawdown (3Y) Largest decline over 3 years	-7.78%	-13.51%	+5.73%
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%	-4.67%	+2.77%
Average Drawdown Average peak-to-trough decline	-2.56%	-2.81%	+0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.08%	2.04%	-0.96%

Volatility

QAI vs. QNZIX - Volatility Comparison

The current volatility for NYLI Hedge Multi-Strategy Tracker ETF (QAI) is 1.82%, while AQR Trend Total Return Fund Class I (QNZIX) has a volatility of 4.06%. This indicates that QAI experiences smaller price fluctuations and is considered to be less risky than QNZIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QAI	QNZIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.82%	4.06%	-2.24%
Volatility (6M) Calculated over the trailing 6-month period	5.78%	8.21%	-2.43%
Volatility (1Y) Calculated over the trailing 1-year period	6.85%	11.85%	-5.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.71%	12.13%	-5.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.24%	12.13%	-5.89%

QAI vs. QNZIX - Expense Ratio Comparison

QAI has a 0.79% expense ratio, which is lower than QNZIX's 1.27% expense ratio.

Dividends

QAI vs. QNZIX - Dividend Comparison

QAI's dividend yield for the trailing twelve months is around 1.40%, more than QNZIX's 0.94% 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%
QNZIX AQR Trend Total Return Fund Class I	0.94%	1.07%	16.81%	23.32%	2.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QAI and QNZIX in my portfolio?

QAI and QNZIX have a correlation of 0.61, 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 QNZIX?

QNZIX has higher volatility (4.06%) compared to QAI (1.82%). In terms of maximum drawdown, QAI dropped -14.95% vs QNZIX's -18.35%.

Which has better risk-adjusted returns?

QNZIX currently has the higher Sharpe Ratio (2.43 vs 1.84), 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.