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QAI vs. UGA
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QAI vs. UGA

Last updated Jun 3, 2026

QAI (IQ Hedge Multi-Strategy Tracker ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - QAI is a Long-Short fund tracking the IQ Hedge Multi-Strategy Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, QAI returned 3.96%/yr vs 14.46%/yr for UGA. At a 0.23 correlation, their price movements are largely independent. QAI charges 0.79%/yr vs 0.75%/yr for UGA.

Performance

QAI vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in IQ Hedge Multi-Strategy Tracker ETF (QAI) and United States Gasoline Fund LP (UGA). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, QAI achieves a 9.46% return, which is significantly lower than UGA's 75.83% return. Over the past 10 years, QAI has underperformed UGA with an annualized return of 3.96%, while UGA has yielded a comparatively higher 14.46% annualized return.

QAI

1D
0.30%
1M
2.80%
YTD
9.46%
6M
10.26%
1Y
16.98%
3Y*
10.41%
5Y*
4.76%
10Y*
3.96%

UGA

1D
1.74%
1M
-8.95%
YTD
75.83%
6M
64.53%
1Y
82.09%
3Y*
22.29%
5Y*
25.18%
10Y*
14.46%
*Multi-year figures are annualized to reflect compound growth (CAGR)

QAI vs. UGA - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QAI
IQ Hedge Multi-Strategy Tracker ETF		9.46%8.29%6.67%10.07%-8.68%-0.16%5.73%8.68%-3.32%6.17%
UGA
United States Gasoline Fund LP		75.83%-2.00%3.77%1.27%46.34%68.49%-24.88%41.25%-28.07%1.69%

Correlation

The correlation between QAI and UGA is -0.23, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.23

Correlation (3Y)
Calculated over the trailing 3-year period

0.01

Correlation (5Y)
Calculated over the trailing 5-year period

0.10

Correlation (10Y)
Calculated over the trailing 10-year period

0.17

Correlation (All Time)
Calculated using the full available price history since Mar 26, 2009

0.23

The correlation between QAI and UGA shifts across timeframes, from -0.23 (1 year) to 0.23 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

IQ Hedge Multi-Strategy Tracker ETF

United States Gasoline Fund LP

Often compared with QAI:
QAI vs. HDGQAI vs. SPYQAI vs. IGHGQAI vs. MNAQAI vs. CLSEQAI vs. VOOQAI vs. VTI
Often compared with UGA:
UGA vs. URAUGA vs. FCGUGA vs. QQQUGA vs. VOOUGA vs. USOUGA vs. SPYUGA vs. FNGS

Return for Risk

QAI vs. UGA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QAI
QAI Risk / Return Rank: 8787
Overall Rank
QAI Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
QAI Sortino Ratio Rank: 8888
Sortino Ratio Rank
QAI Omega Ratio Rank: 8989
Omega Ratio Rank
QAI Calmar Ratio Rank: 8484
Calmar Ratio Rank
QAI Martin Ratio Rank: 8787
Martin Ratio Rank
UGA
UGA Risk / Return Rank: 7171
Overall Rank
UGA Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
UGA Sortino Ratio Rank: 5858
Sortino Ratio Rank
UGA Omega Ratio Rank: 6161
Omega Ratio Rank
UGA Calmar Ratio Rank: 9191
Calmar Ratio Rank
UGA Martin Ratio Rank: 7474
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

QAI vs. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IQ Hedge Multi-Strategy Tracker ETF (QAI) and United States Gasoline Fund LP (UGA). 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.

QAIUGADifference

Sharpe ratio

Return per unit of total volatility

2.86

2.35

+0.51

Sortino ratio

Return per unit of downside risk

4.06

2.78

+1.28

Omega ratio

Gain probability vs. loss probability

1.57

1.38

+0.19

Calmar ratio

Return relative to maximum drawdown

4.57

5.82

-1.26

Martin ratio

Return relative to average drawdown

18.90

14.25

+4.65

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QAI vs. UGA - Sharpe Ratio Comparison

The current QAI Sharpe Ratio is 2.86, which is comparable to the UGA Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of QAI and UGA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

QAIUGADifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.86

2.35

+0.51

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.73

0.74

-0.01

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.64

0.39

+0.26

Sharpe Ratio (All Time)

Calculated using the full available price history

0.58

0.12

+0.46

Drawdowns

QAI vs. UGA - Drawdown Comparison

The maximum QAI drawdown since its inception was -14.95%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for QAI and UGA.

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Drawdown Indicators

QAIUGADifference

Max Drawdown

Largest peak-to-trough decline

-14.95%

-86.59%

+71.64%

Max Drawdown (1Y)

Largest decline over 1 year

-3.71%

-14.88%

+11.17%

Max Drawdown (3Y)

Largest decline over 3 years

-7.78%

-26.68%

+18.90%

Max Drawdown (5Y)

Largest decline over 5 years

-14.32%

-38.11%

+23.79%

Max Drawdown (10Y)

Largest decline over 10 years

-14.95%

-75.89%

+60.94%

Current Drawdown

Current decline from peak

0.00%

-12.18%

+12.18%

Average Drawdown

Average peak-to-trough decline

-2.57%

-36.77%

+34.20%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.90%

6.08%

-5.18%

Volatility

QAI vs. UGA - Volatility Comparison

The current volatility for IQ Hedge Multi-Strategy Tracker ETF (QAI) is 2.01%, while United States Gasoline Fund LP (UGA) has a volatility of 12.41%. This indicates that QAI experiences smaller price fluctuations and is considered to be less risky than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

QAIUGADifference

Volatility (1M)

Calculated over the trailing 1-month period

2.01%

12.41%

-10.40%

Volatility (6M)

Calculated over the trailing 6-month period

4.91%

30.41%

-25.50%

Volatility (1Y)

Calculated over the trailing 1-year period

5.97%

35.21%

-29.24%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.56%

34.38%

-27.82%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.17%

37.27%

-31.10%

QAI vs. UGA - Expense Ratio Comparison

QAI has a 0.79% expense ratio, which is higher than UGA's 0.75% expense ratio.

Dividends

QAI vs. UGA - Dividend Comparison

QAI's dividend yield for the trailing twelve months is around 1.37%, while UGA has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
QAI
IQ Hedge Multi-Strategy Tracker ETF		1.37%1.50%2.22%4.08%2.00%0.28%1.98%1.91%1.90%0.00%0.00%0.48%
UGA
United States Gasoline Fund LP		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

QAI and UGA have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UGA has higher volatility (12.41%) compared to QAI (2.01%). In terms of maximum drawdown, QAI dropped -14.95% vs UGA's -86.59%.

On 10-year performance, UGA leads with 14.46% vs 3.96% for QAI. On fees, UGA is cheaper at 0.75% per year. On volatility, QAI has been the lower-risk option at 2.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, UGA has performed better with a 14.46% return vs 3.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

UGA is cheaper with a 0.75% expense ratio, compared with 0.79% for QAI.

QAI has the higher dividend yield at 1.37%, compared with 0.00% for UGA.

QAI is categorized as Long-Short, while UGA is Oil & Gas. QAI tracks IQ Hedge Multi-Strategy Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: New York Life and Concierge Technologies. Their fees differ too: 0.79% for QAI and 0.75% for UGA.

QAI currently has the higher Sharpe Ratio (2.86 vs 2.35), 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.

Portfolio Optimizer

Find the right allocation for QAI and UGA

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