Data as of Nov 4, 2026.
QAI vs QALT: Correlation to the S&P 500
Over the year to Nov 4, 2026, QALT moved less with the S&P 500 than QAI: correlation +0.60 against +0.89.
askIQ about this page
askIQ about QAI and QALT
Net assets: $1.0bn on Jul 31, 2026 for NYLIM Hedge Multi-Strategy Tracker ETF, and $194m on Jun 30, 2026 for SEI DBi Multi-Strategy Alternative ETF.
QAI in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, QAI −0.54%.
QALT in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, QALT −0.49%.
Pair scorecard
QALT costs 0.01 points a year less; their one-year returns differ by 1.2 points.
| Measure | QAI | QALT |
|---|---|---|
| Return | ||
| Total return, 1 year | +7.7% | +6.5% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.81% | 0.80% |
| Net assets, QAI as of Jul 31, 2026 and QALT as of Jun 30, 2026 | $1.0bn | $194m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.45: about 0.45% for each 1% | +0.31: about 0.31% for each 1% |
| Its average week when the S&P 500 fell | fell 0.54% | fell 0.49% |
Risk and return
Sep 5, 2025 to Oct 30, 2026 · 60 weekly returnsFrom Sep 2025 to Oct 2026, QALT returned more: +10.8% to +8.7%. QAI swung less: 5.9% to 6.7%. QAI fell less at its worst: −3.4% to −4.5%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | QAI | QALT | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +8.7% | +10.8% | QALT | Price change plus distributions, reinvested. |
| Annualized | +7.5% | +9.3% | QALT | Total return as a yearly rate. |
| Price return | +7.0% | +3.5% | QAI | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 5.9% | 6.7% | QAI | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 3.9% | 5.2% | QAI | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −3.4% | −4.5% | QAI | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.60 | 0.79 | QALT | Return above Treasury bills per unit of volatility. |
| Sortino | 0.91 | 1.03 | QALT | Return above Treasury bills per unit of downside deviation. |
| Calmar | 2.17 | 2.07 | QAI (slight) | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 60 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | QAI | QALT | QAI | QALT |
| 3 months | −2.0% | −2.2% | −1.7 pts vs IWV | not measured |
| 6 months | −1.3% | +1.0% | −6.2 pts vs IWV | not measured |
| 1 year | +7.7% | +6.5% | −7.1 pts vs IWV | not measured |
| 3 years | +28.1% | – | −52.9 pts vs IWV | – |
| Since launchNot the same days: QAI Mar 2009 · QALT Aug 2025 | +79.4% | +10.0% | not measured | not measured |
– means no data for this window. Open this comparison in the app →
Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
QAI and QALT both run a multi-strategy strategy. Over the same 52 weeks to Nov 4, 2026, QAI’s weekly returns had a correlation of +0.89 with the S&P 500 and QALT’s +0.60. In the 26 weeks the index fell, by 1.07% a week on average, QAI averaged −0.54% and QALT −0.49%. Over the same weeks, QAI finished 3.5 percentage points ahead of cash and QALT finished 2.5 points ahead of cash.
Client brief:
The two-page PDF for this pair is coming. Save the comparison to follow its changes. Free. It needs an email sign-in, once.
QAI
QAI 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 +0.89 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. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. 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.
QALT
QALT is a multi-strategy fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.60 with the S&P 500’s and a beta of +0.31, so for each 1% the index moved it moved about 0.31% the same way. In the same weeks QALT fell 0.49% on average, a down-week capture of 45.7%. Over the same 52 weeks QALT returned +6.2% and a Treasury bill fund +3.7%, so it finished 2.5 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, QAI or QALT?
- Over the 52 weeks to Nov 4, 2026, QAI’s weekly returns had a correlation of +0.89 with the S&P 500 and QALT’s +0.60, so QALT moved less with the index.
- Which did better when the S&P 500 fell, QAI or QALT?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, QAI averaged −0.54% and QALT −0.49%, so QALT returned more in those weeks.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Every number is an ETFIQ calculation with distributions reinvested.
Cite this pageCitation, APA and Markdown
ETFIQ, QAI against QALT, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/qai-vs-qalt
ETFIQ. (Nov 4, 2026). QAI against QALT. Retrieved from https://etfiq.com/compare/alternatives/qai-vs-qalt
[QAI against QALT (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/qai-vs-qalt)
Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.