QIS vs. MHIG

Last updated Jul 14, 2026

QIS (Simplify Multi-Qis Alternative ETF) and MHIG (Milliman Healthcare Inflation Guard ETF) are both Multistrategy funds. Both are actively managed. At a correlation of -0.39, they often move in opposite directions. QIS charges 1.00%/yr vs 0.55%/yr for MHIG.

Performance

QIS vs. MHIG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Multi-Qis Alternative ETF (QIS) and Milliman Healthcare Inflation Guard ETF (MHIG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

QIS

• 1D: 3.48%
• 1M: -7.74%
• 6M: -33.04%
• YTD: -31.60%
• 1Y: -52.16%
• 3Y*: -24.38%
• 5Y*: —
• 10Y*: —

MHIG

• 1D: -0.48%
• 1M: -0.12%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QIS vs. MHIG - Yearly Performance Comparison

	2026 (YTD)
QIS Simplify Multi-Qis Alternative ETF	-11.01%
MHIG Milliman Healthcare Inflation Guard ETF	-2.49%

Correlation

The correlation between QIS and MHIG is -0.39, 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 (All Time) Calculated using the full available price history since Apr 21, 2026	-0.39

Return for Risk

QIS vs. MHIG — Risk / Return Rank

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

QIS

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

MHIG

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. MHIG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Multi-Qis Alternative ETF (QIS) and Milliman Healthcare Inflation Guard ETF (MHIG). 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	MHIG	Difference
Sharpe ratio: Return per unit of total volatility	-1.37	—	—
Sortino ratio: Return per unit of downside risk	-2.23	—	—
Omega ratio: Gain probability vs. loss probability	0.75	—	—
Calmar ratio: Return relative to maximum drawdown	-0.97	—	—
Martin ratio: Return relative to average drawdown	-1.72	—	—

Drawdowns

QIS vs. MHIG - Drawdown Comparison

The maximum QIS drawdown since its inception was -61.25%, which is greater than MHIG's maximum drawdown of -3.06%. Use the drawdown chart below to compare losses from any high point for QIS and MHIG.

Drawdown Indicators

	QIS	MHIG	Difference
Max Drawdown Largest peak-to-trough decline	-61.25%	-3.06%	-58.19%
Max Drawdown (1Y) Largest decline over 1 year	-53.92%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-61.25%	—	—
Current Drawdown Current decline from peak	-59.90%	-2.49%	-57.41%
Average Drawdown Average peak-to-trough decline	-15.25%	-1.82%	-13.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.37%	—	—

Volatility

Volatility by Period

	QIS	MHIG	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.32%	—	—
Volatility (6M) Calculated over the trailing 6-month period	30.98%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	38.25%	8.02%	+30.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.44%	8.02%	+21.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.44%	8.02%	+21.42%

QIS vs. MHIG - Expense Ratio Comparison

QIS has a 1.00% expense ratio, which is higher than MHIG's 0.55% expense ratio.

Dividends

QIS vs. MHIG - Dividend Comparison

QIS's dividend yield for the trailing twelve months is around 1.99%, while MHIG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
MHIG Milliman Healthcare Inflation Guard ETF	0.00%	0.00%	0.00%	0.00%
QIS Simplify Multi-Qis Alternative ETF	1.99%	3.37%	1.07%	3.29%

Frequently Asked Questions

Can I hold both QIS and MHIG in my portfolio?

QIS and MHIG have a correlation of -0.39, 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 MHIG?

On fees, MHIG is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QIS or MHIG?

MHIG is cheaper with a 0.55% expense ratio, compared with 1.00% for QIS.

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

QIS has the higher dividend yield at 1.99%, compared with 0.00% for MHIG.

What is the main difference between QIS and MHIG?

They also come from different issuers: Simplify and Milliman. Their fees differ too: 1.00% for QIS and 0.55% for MHIG.