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QAI vs. USO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QAI vs. USO

Last updated Jun 3, 2026

QAI (IQ Hedge Multi-Strategy Tracker ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - QAI is a Long-Short fund tracking the IQ Hedge Multi-Strategy Index, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Both are passively managed. Over the past 10 years, QAI returned 3.96%/yr vs 3.80%/yr for USO. At a 0.26 correlation, their price movements are largely independent. QAI charges 0.79%/yr vs 0.86%/yr for USO.

Performance

QAI vs. USO - 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 Oil Fund LP (USO). 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 USO's 98.48% return. Both investments have delivered pretty close results over the past 10 years, with QAI having a 3.96% annualized return and USO not far behind at 3.80%.

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%

USO

1D
1.31%
1M
-3.87%
YTD
98.48%
6M
95.54%
1Y
97.37%
3Y*
28.86%
5Y*
23.92%
10Y*
3.80%
*Multi-year figures are annualized to reflect compound growth (CAGR)

QAI vs. USO - 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%
USO
United States Oil Fund LP		98.48%-8.46%13.35%-4.94%28.97%64.68%-67.79%32.61%-19.57%2.47%

Correlation

The correlation between QAI and USO is -0.26, 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

-0.26

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

0.00

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

0.12

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

0.18

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

0.26

The correlation between QAI and USO shifts across timeframes, from -0.26 (1 year) to 0.26 (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 Oil Fund LP

Often compared with QAI:
QAI vs. HDGQAI vs. SPYQAI vs. IGHGQAI vs. MNAQAI vs. CLSEQAI vs. VOOQAI vs. VTI
Often compared with USO:
USO vs. XLEUSO vs. BNOUSO vs. UCOUSO vs. USLUSO vs. OILKUSO vs. DBOUSO vs. WTI

Return for Risk

QAI vs. USO — 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
USO
USO Risk / Return Rank: 6666
Overall Rank
USO Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
USO Sortino Ratio Rank: 5959
Sortino Ratio Rank
USO Omega Ratio Rank: 6161
Omega Ratio Rank
USO Calmar Ratio Rank: 8888
Calmar Ratio Rank
USO Martin Ratio Rank: 5555
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. USO - 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 Oil Fund LP (USO). 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.

QAIUSODifference

Sharpe ratio

Return per unit of total volatility

2.86

2.22

+0.64

Sortino ratio

Return per unit of downside risk

4.06

2.81

+1.25

Omega ratio

Gain probability vs. loss probability

1.57

1.37

+0.20

Calmar ratio

Return relative to maximum drawdown

4.57

5.12

-0.56

Martin ratio

Return relative to average drawdown

18.90

9.66

+9.24

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. USO - Sharpe Ratio Comparison

The current QAI Sharpe Ratio is 2.86, which is comparable to the USO Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of QAI and USO, 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

QAIUSODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.86

2.22

+0.64

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.73

0.67

+0.06

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.64

0.10

+0.55

Sharpe Ratio (All Time)

Calculated using the full available price history

0.58

-0.18

+0.75

Drawdowns

QAI vs. USO - Drawdown Comparison

The maximum QAI drawdown since its inception was -14.95%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for QAI and USO.

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Drawdown Indicators

QAIUSODifference

Max Drawdown

Largest peak-to-trough decline

-14.95%

-98.19%

+83.24%

Max Drawdown (1Y)

Largest decline over 1 year

-3.71%

-20.39%

+16.68%

Max Drawdown (3Y)

Largest decline over 3 years

-7.78%

-26.05%

+18.27%

Max Drawdown (5Y)

Largest decline over 5 years

-14.32%

-36.23%

+21.91%

Max Drawdown (10Y)

Largest decline over 10 years

-14.95%

-86.75%

+71.80%

Current Drawdown

Current decline from peak

0.00%

-85.39%

+85.39%

Average Drawdown

Average peak-to-trough decline

-2.57%

-75.30%

+72.73%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.90%

10.81%

-9.91%

Volatility

QAI vs. USO - Volatility Comparison

The current volatility for IQ Hedge Multi-Strategy Tracker ETF (QAI) is 2.01%, while United States Oil Fund LP (USO) has a volatility of 15.03%. This indicates that QAI experiences smaller price fluctuations and is considered to be less risky than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

QAIUSODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.01%

15.03%

-13.02%

Volatility (6M)

Calculated over the trailing 6-month period

4.91%

38.18%

-33.27%

Volatility (1Y)

Calculated over the trailing 1-year period

5.97%

44.26%

-38.29%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.56%

36.04%

-29.48%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.17%

39.00%

-32.83%

QAI vs. USO - Expense Ratio Comparison

QAI has a 0.79% expense ratio, which is lower than USO's 0.86% expense ratio.

Dividends

QAI vs. USO - Dividend Comparison

QAI's dividend yield for the trailing twelve months is around 1.37%, while USO 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%
USO
United States Oil 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 USO have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

USO has higher volatility (15.03%) compared to QAI (2.01%). In terms of maximum drawdown, QAI dropped -14.95% vs USO's -98.19%.

On 10-year performance, QAI leads with 3.96% vs 3.80% for USO. On fees, QAI is cheaper at 0.79% 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, QAI has performed better with a 3.96% return vs 3.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

QAI is cheaper with a 0.79% expense ratio, compared with 0.86% for USO.

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

QAI is categorized as Long-Short, while USO is Oil & Gas. QAI tracks IQ Hedge Multi-Strategy Index, while USO tracks Front Month Light Sweet Crude Oil. They also come from different issuers: New York Life and USCF. Their fees differ too: 0.79% for QAI and 0.86% for USO.

QAI currently has the higher Sharpe Ratio (2.86 vs 2.22), 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 USO

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