QIS vs. EQLS

Last updated Jun 23, 2026

QIS (Simplify Multi-Qis Alternative ETF) and EQLS (Simplify Market Neutral Equity Long/Short ETF) are both exchange-traded funds - QIS is a Multistrategy fund actively managed by Simplify, while EQLS is a Long-Short fund actively managed by Simplify. Both are actively managed. At a correlation of -0.02, they often move in opposite directions. Both charge a 1.00% expense ratio.

Performance

QIS vs. EQLS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Multi-Qis Alternative ETF (QIS) and Simplify Market Neutral Equity Long/Short ETF (EQLS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

QIS

• 1D: -0.88%
• 1M: -19.76%
• YTD: -28.64%
• 6M: -29.46%
• 1Y: -49.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EQLS

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

QIS vs. EQLS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
QIS Simplify Multi-Qis Alternative ETF	-28.64%	-38.02%	0.19%	2.08%
EQLS Simplify Market Neutral Equity Long/Short ETF	0.00%	6.82%	-4.82%	-0.19%

Correlation

The correlation between QIS and EQLS is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 11, 2023	-0.02

Return for Risk

QIS vs. EQLS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

QIS

QIS Risk / Return Rank: 1
QIS Sharpe Ratio Rank: 0
QIS Sortino Ratio Rank: 1
QIS Omega Ratio Rank: 0
QIS Calmar Ratio Rank: 1
QIS Martin Ratio Rank: 1

EQLS

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

QIS vs. EQLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Multi-Qis Alternative ETF (QIS) and Simplify Market Neutral Equity Long/Short ETF (EQLS). 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.

	QIS	EQLS	Difference
Sharpe ratio: Return per unit of total volatility	-1.28	—	—
Sortino ratio: Return per unit of downside risk	-2.02	—	—
Omega ratio: Gain probability vs. loss probability	0.77	—	—
Calmar ratio: Return relative to maximum drawdown	-0.92	—	—
Martin ratio: Return relative to average drawdown	-1.56	—	—

Drawdowns

Drawdown Indicators

	QIS	EQLS	Difference
Max Drawdown Largest peak-to-trough decline	-58.39%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-54.12%	—	—
Current Drawdown Current decline from peak	-58.16%	—	—
Average Drawdown Average peak-to-trough decline	-14.39%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	31.91%	—	—

Volatility

Volatility by Period

	QIS	EQLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.73%	—	—
Volatility (6M) Calculated over the trailing 6-month period	30.32%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	38.95%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.36%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.36%	—	—

QIS vs. EQLS - Expense Ratio Comparison

Both QIS and EQLS have an expense ratio of 1.00%.

Dividends

QIS vs. EQLS - Dividend Comparison

QIS's dividend yield for the trailing twelve months is around 1.89%, while EQLS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
EQLS Simplify Market Neutral Equity Long/Short ETF	0.00%	0.45%	0.95%	8.50%
QIS Simplify Multi-Qis Alternative ETF	1.89%	3.37%	1.07%	3.29%

Frequently Asked Questions

Can I hold both QIS and EQLS in my portfolio?

QIS and EQLS have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QIS or EQLS?

Both ETFs have the same 1.00% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QIS or EQLS?

QIS and EQLS have the same expense ratio: 1.00% per year.

Which ETF pays a higher dividend yield, QIS or EQLS?

QIS has the higher dividend yield at 1.89%, compared with 0.00% for EQLS.

What is the main difference between QIS and EQLS?

QIS is categorized as Multistrategy, while EQLS is Long-Short.