Which did better when the S&P 500 fell, HFND or QAI?

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HFND averaged −0.82% and QAI −0.54%, so QAI returned more in those weeks.

Which earned more than cash, HFND or QAI?

Over the same weeks, HFND finished 0.1 percentage points behind cash and QAI finished 3.5 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, HFND or QAI?

HFND charges 1.07% a year and QAI charges 0.81%, so QAI is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

HFND vs QAI: Correlation to the S&P 500

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Over the year to Nov 4, 2026, HFND moved less with the S&P 500 than QAI: correlation +0.82 against +0.89.

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Net assets: $39m on Aug 31, 2026 for Unlimited HFND Multi-Strategy Return Tracker ETF, and $1.0bn on Jul 31, 2026 for NYLIM Hedge Multi-Strategy Tracker ETF.

HFND on its own →QAI on its own →

At a glance

+0.82

HFND correlation with the S&P 500

+0.89

QAI correlation with the S&P 500

76.4%

HFND down-week capture

50.9%

QAI down-week capture

HFND Fell 76% as much as the S&P 500

HFND in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HFND −0.82%.

QAI Fell 51% as much as the S&P 500

QAI in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, QAI −0.54%.

Pair scorecard

QAI costs 0.26 points a year less; their one-year returns differ by 4.5 points.

HFND vs QAI: Correlation to the S&P 500
Measure	HFND	QAI
Return
Measure	HFND	QAI
Total return, 1 year	+3.2%	+7.7%
Against its benchmark
Measure	HFND	QAI
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	HFND	QAI
Expense ratio	1.07%	0.81%
Net assets, HFND as of Aug 31, 2026 and QAI as of Jul 31, 2026	$39m	$1.0bn
Holdings
Measure	HFND	QAI
Holdings in common	not published
Risk
Measure	HFND	QAI
Beta to the S&P 500	+0.58: about 0.58% for each 1%	+0.45: about 0.45% for each 1%
Its average week when the S&P 500 fell	fell 0.82%	fell 0.54%

Method

Window by window

Window by window: HFND vs QAI: Correlation to the S&P 500
	Total return		vs its benchmark
Window	HFND	QAI	HFND	QAI
3 months	−4.2%	−2.0%	not measured	−1.7 pts vs IWV
6 months	−3.6%	−1.3%	not measured	−6.2 pts vs IWV
1 year	+3.2%	+7.7%	not measured	−7.1 pts vs IWV
3 years	+27.8%	+28.1%	not measured	−52.9 pts vs IWV
Since launchNot the same days: HFND Oct 2022 · QAI Mar 2009	+30.8%	+79.4%	not measured	not measured

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Side by side

HFND Unlimited HFND Multi-Strategy Return Tracker ETF · Multi-strategy fund: runs several alternative strategies at once, or aims to return what hedge funds as a group return QAI NYLIM Hedge Multi-Strategy Tracker ETF · Multi-strategy fund: runs several alternative strategies at once, or aims to return what hedge funds as a group return

Issuer Unlimited New York Life Investments

Strategy Multi-strategy Multi-strategy

Correlation with the S&P 500 +0.82 +0.89

Beta to the S&P 500 +0.58 +0.45

Down-week capture 76.4% 50.9%

Average week when the S&P 500 fell −0.82% −0.54%

The S&P 500 in those weeks −1.07% −1.07%

Total return, same 52 weeks +3.6% +7.1%

Against T-bills, percentage points −0.1 pts +3.5 pts

Expense ratio 1.07% 0.81%

First traded Oct 11, 2022 Mar 25, 2009

Net assets, HFND as of Aug 31, 2026 and QAI as of Jul 31, 2026 $39m $1.0bn

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

HFND and QAI both run a multi-strategy strategy. Over the same 52 weeks to Nov 4, 2026, HFND’s weekly returns had a correlation of +0.82 with the S&P 500 and QAI’s +0.89. In the 26 weeks the index fell, by 1.07% a week on average, HFND averaged −0.82% and QAI −0.54%. Over the same weeks, HFND finished 0.1 percentage points behind cash and QAI finished 3.5 points ahead of cash.

Alert

About each fund

HFND

HFND is a multi-strategy fund. ETFIQ measures what every alternatives fund is sold on: whether it moves differently from the stock market. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.82 with the S&P 500’s and a beta of +0.58, so for each 1% the index moved it moved about 0.58% the same way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks HFND fell 0.82% on average, a down-week capture of 76.4%. Over the same 52 weeks HFND returned +3.6% and a Treasury bill fund +3.7%, so it finished 0.1 percentage points behind cash.

QAI

QAI is a multi-strategy fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.89 with the S&P 500’s and a beta of +0.45, so for each 1% the index moved it moved about 0.45% the same way. In the same weeks QAI fell 0.54% on average, a down-week capture of 50.9%. Over the same 52 weeks QAI returned +7.1% and a Treasury bill fund +3.7%, so it finished 3.5 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, HFND or QAI?: Over the 52 weeks to Nov 4, 2026, HFND’s weekly returns had a correlation of +0.82 with the S&P 500 and QAI’s +0.89, so HFND moved less with the index.
Which did better when the S&P 500 fell, HFND or QAI?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HFND averaged −0.82% and QAI −0.54%, so QAI returned more in those weeks.
Which earned more than cash, HFND or QAI?: Over the same weeks, HFND finished 0.1 percentage points behind cash and QAI finished 3.5 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, HFND or QAI?: HFND charges 1.07% a year and QAI charges 0.81%, so QAI is cheaper. Fees come from each fund's prospectus.

Other comparisons

HFND vs LALT HFND vs QALT HFND vs QIS HFND vs FLSP QAI vs QIS QAI vs QALT QAI vs FLSP QAI vs HDG

Where to next

BIL, the T-bill fund these are measured against →SPY, the S&P 500 fund these are measured against →All alternatives ETFs ranked by the Stock Diversification Score →How the scores are computed →HFND on its own →QAI on its own →HFND dividend history →QAI dividend history →Method →Standards and sources →

Sources and dates

HFND filings on SEC EDGAR ↗

HFND prospectus with the expense ratio (SEC) ↗

Unlimited website ↗

QAI filings on SEC EDGAR ↗

QAI prospectus with the expense ratio (SEC) ↗

New York Life Investments website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Every number is an ETFIQ calculation with distributions reinvested.

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ETFIQ, HFND against QAI, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/hfnd-vs-qai

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