QAI vs. QQQ
QAI (NYLI Hedge Multi-Strategy Tracker ETF) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - QAI is a Long-Short fund tracking the NYLI Hedge Multi-Strategy Index, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, QAI returned 3.74%/yr vs 20.44%/yr for QQQ. Their 0.68 correlation means they have sometimes moved together and sometimes differently. QAI charges 0.79%/yr vs 0.18%/yr for QQQ.
Performance
QAI vs. QQQ - Performance Comparison
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Returns By Period
In the year-to-date period, QAI achieves a 7.67% return, which is significantly lower than QQQ's 12.26% return. Over the past 10 years, QAI has underperformed QQQ with an annualized return of 3.74%, while QQQ has yielded a comparatively higher 20.44% 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%
QQQ
- 1D
- 0.65%
- 1M
- -3.45%
- 6M
- 10.89%
- YTD
- 12.26%
- 1Y
- 24.81%
- 3Y*
- 22.29%
- 5Y*
- 14.23%
- 10Y*
- 20.44%
- ALL TIME*
- 10.64%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.04M | $2.05M | $2.17M | |
| $30.32B | $28.40B | $31.45B |
QAI vs. QQQ - 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% |
QQQ Invesco QQQ ETF | 12.26% | 20.77% | 25.58% | 54.86% | -32.58% | 27.42% | 48.62% | 38.96% | -0.13% | 32.66% |
Correlation
The correlation between QAI and QQQ is 0.86, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.86 |
Correlation (3Y) Balances recent behavior with more history. | 0.77 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.75 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.74 |
Correlation (All Time) Calculated using the full available price history since Mar 25, 2009 | 0.68 |
The correlation between QAI and QQQ shifts across timeframes, from 0.68 (all time) to 0.86 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
QAI vs. QQQ — Risk / Return Rank
QAI
QQQ
QAI vs. QQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for NYLI Hedge Multi-Strategy Tracker ETF (QAI) and Invesco QQQ ETF (QQQ). 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 | QQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.68 | ||
| Sortino ratioReturn per unit of downside risk | +0.92 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.21 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 3.39 | 1.88 | +1.51 |
| Martin ratioReturn relative to average drawdown | 11.62 | 6.00 | +5.62 |
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Drawdowns
QAI vs. QQQ - Drawdown Comparison
The maximum QAI drawdown since its inception was -14.95%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for QAI and QQQ.
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Drawdown Indicators
| QAI | QQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.95% | -82.97% | +68.02% |
Max Drawdown (1Y)Largest decline over 1 year | -3.71% | -11.96% | +8.25% |
Max Drawdown (3Y)Largest decline over 3 years | -7.78% | -22.77% | +14.99% |
Max Drawdown (5Y)Largest decline over 5 years | -14.32% | -35.12% | +20.80% |
Max Drawdown (10Y)Largest decline over 10 years | -14.95% | -35.12% | +20.17% |
Current DrawdownCurrent decline from peak | -1.90% | -7.69% | +5.79% |
Average DrawdownAverage peak-to-trough decline | -2.56% | -32.62% | +30.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.08% | 3.74% | -2.66% |
Volatility
QAI vs. QQQ - Volatility Comparison
The current volatility for NYLI Hedge Multi-Strategy Tracker ETF (QAI) is 1.82%, while Invesco QQQ ETF (QQQ) has a volatility of 6.87%. This indicates that QAI experiences smaller price fluctuations and is considered to be less risky than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QAI | QQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.82% | 6.87% | -5.05% |
Volatility (6M)Calculated over the trailing 6-month period | 5.78% | 16.08% | -10.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.85% | 19.38% | -12.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.71% | 22.90% | -16.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.24% | 22.50% | -16.26% |
QAI vs. QQQ - Expense Ratio Comparison
QAI has a 0.79% expense ratio, which is higher than QQQ's 0.18% expense ratio.
Dividends
QAI vs. QQQ - Dividend Comparison
QAI's dividend yield for the trailing twelve months is around 1.40%, more than QQQ's 0.44% 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% |
QQQ Invesco QQQ ETF | 0.44% | 0.45% | 0.56% | 0.62% | 0.80% | 0.43% | 0.55% | 0.74% | 0.91% | 0.84% | 1.06% | 0.99% |
Frequently Asked Questions
QAI and QQQ have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QQQ has higher volatility (6.87%) compared to QAI (1.82%). In terms of maximum drawdown, QAI dropped -14.95% vs QQQ's -82.97%.
On 10-year performance, QQQ leads with 20.44% vs 3.74% for QAI. On fees, QQQ is cheaper at 0.18% per year. On volatility, QAI has been the lower-risk option at 1.82%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, QQQ has performed better with a 20.44% return vs 3.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QQQ is cheaper with a 0.18% expense ratio, compared with 0.79% for QAI.
QAI has the higher dividend yield at 1.40%, compared with 0.44% for QQQ.
QAI is categorized as Long-Short, while QQQ is Nasdaq-100. QAI tracks NYLI Hedge Multi-Strategy Index, while QQQ tracks NASDAQ-100 Index. They also come from different issuers: New York Life and Invesco. Their fees differ too: 0.79% for QAI and 0.18% for QQQ.
QAI currently has the higher Sharpe Ratio (1.84 vs 1.16), 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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