QAI vs. VPC
QAI (IQ Hedge Multi-Strategy Tracker ETF) and VPC (Virtus Private Credit ETF) are both exchange-traded funds - QAI is a Long-Short fund tracking the IQ Hedge Multi-Strategy Index, while VPC is a Nontraditional Bonds fund tracking the Indxx Private Credit Index. Both are passively managed. Over the past 5 years, QAI returned 4.45%/yr vs 0.39%/yr for VPC. A 0.50 correlation means they provide meaningful diversification when combined. QAI charges 0.79%/yr vs 0.75%/yr for VPC.
Performance
QAI vs. VPC - Performance Comparison
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Returns By Period
In the year-to-date period, QAI achieves a 8.45% return, which is significantly higher than VPC's -12.79% return.
QAI
- 1D
- -1.20%
- 1M
- 0.61%
- YTD
- 8.45%
- 6M
- 8.10%
- 1Y
- 15.12%
- 3Y*
- 9.95%
- 5Y*
- 4.45%
- 10Y*
- 3.94%
VPC
- 1D
- 0.41%
- 1M
- -3.76%
- YTD
- -12.79%
- 6M
- -11.42%
- 1Y
- -15.79%
- 3Y*
- 1.19%
- 5Y*
- 0.39%
- 10Y*
- —
QAI vs. VPC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
QAI IQ Hedge Multi-Strategy Tracker ETF | 8.45% | 8.29% | 6.67% | 10.07% | -8.68% | -0.16% | 5.73% | 5.79% |
VPC Virtus Private Credit ETF | -12.79% | -6.75% | 10.52% | 22.20% | -11.70% | 34.18% | -9.50% | 9.25% |
Correlation
The correlation between QAI and VPC is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2019 | 0.50 |
The correlation between QAI and VPC shifts across timeframes, from 0.41 (1 year) to 0.53 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
QAI vs. VPC — Risk / Return Rank
QAI
VPC
QAI vs. VPC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for IQ Hedge Multi-Strategy Tracker ETF (QAI) and Virtus Private Credit ETF (VPC). 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 | VPC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.49 | ||
| Sortino ratioReturn per unit of downside risk | +4.81 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 0.82 | +0.64 |
| Calmar ratioReturn relative to maximum drawdown | 4.09 | -0.70 | +4.79 |
| Martin ratioReturn relative to average drawdown | 16.12 | -1.30 | +17.42 |
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Drawdowns
QAI vs. VPC - Drawdown Comparison
The maximum QAI drawdown since its inception was -14.95%, smaller than the maximum VPC drawdown of -53.45%. Use the drawdown chart below to compare losses from any high point for QAI and VPC.
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Drawdown Indicators
| QAI | VPC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.95% | -53.45% | +38.50% |
Max Drawdown (1Y)Largest decline over 1 year | -3.71% | -22.76% | +19.05% |
Max Drawdown (3Y)Largest decline over 3 years | -7.78% | -24.86% | +17.08% |
Max Drawdown (5Y)Largest decline over 5 years | -14.32% | -24.86% | +10.54% |
Max Drawdown (10Y)Largest decline over 10 years | -14.95% | — | — |
Current DrawdownCurrent decline from peak | -1.20% | -22.76% | +21.56% |
Average DrawdownAverage peak-to-trough decline | -2.57% | -7.76% | +5.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | 12.20% | -11.26% |
Volatility
QAI vs. VPC - Volatility Comparison
The current volatility for IQ Hedge Multi-Strategy Tracker ETF (QAI) is 3.12%, while Virtus Private Credit ETF (VPC) has a volatility of 4.19%. This indicates that QAI experiences smaller price fluctuations and is considered to be less risky than VPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QAI | VPC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.12% | 4.19% | -1.07% |
Volatility (6M)Calculated over the trailing 6-month period | 5.63% | 11.26% | -5.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.58% | 13.50% | -6.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.67% | 13.56% | -6.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.23% | 20.52% | -14.29% |
QAI vs. VPC - Expense Ratio Comparison
QAI has a 0.79% expense ratio, which is higher than VPC's 0.75% expense ratio.
Dividends
QAI vs. VPC - Dividend Comparison
QAI's dividend yield for the trailing twelve months is around 1.39%, less than VPC's 16.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QAI IQ Hedge Multi-Strategy Tracker ETF | 1.39% | 1.50% | 2.22% | 4.08% | 2.00% | 0.28% | 1.98% | 1.91% | 1.90% | 0.00% | 0.00% | 0.48% |
VPC Virtus Private Credit ETF | 16.70% | 14.33% | 11.26% | 11.71% | 10.74% | 6.31% | 10.06% | 8.19% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
QAI and VPC have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VPC has higher volatility (4.19%) compared to QAI (3.12%). In terms of maximum drawdown, QAI dropped -14.95% vs VPC's -53.45%.
On 5-year performance, QAI leads with 4.45% vs 0.39% for VPC. On fees, VPC is cheaper at 0.75% per year. On volatility, QAI has been the lower-risk option at 3.12%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, QAI has performed better with a 4.45% return vs 0.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VPC is cheaper with a 0.75% expense ratio, compared with 0.79% for QAI.
VPC has the higher dividend yield at 16.70%, compared with 1.39% for QAI.
QAI is categorized as Long-Short, while VPC is Nontraditional Bonds. QAI tracks IQ Hedge Multi-Strategy Index, while VPC tracks Indxx Private Credit Index. They also come from different issuers: New York Life and Virtus Investment Partners. Their fees differ too: 0.79% for QAI and 0.75% for VPC.
QAI currently has the higher Sharpe Ratio (2.31 vs -1.18), 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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