Data as of Nov 4, 2026.
QAI vs QIS: Correlation to the S&P 500
Over the year to Nov 4, 2026, QIS moved less with the S&P 500 than QAI: correlation +0.03 against +0.89.
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Net assets: $1.0bn on Jul 31, 2026 for NYLIM Hedge Multi-Strategy Tracker ETF, and $47m on Nov 3, 2026 for Simplify Multi-QIS Alternative ETF.
QAI in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, QAI −0.54%.
QIS in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, QIS −2.05%.
Pair scorecard
QAI costs 0.32 points a year less; their one-year returns differ by 53.5 points.
| Measure | QAI | QIS |
|---|---|---|
| Return | ||
| Total return, 1 year | +7.7% | −45.8% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.81% | 1.13% |
| Net assets, QAI as of Jul 31, 2026 and QIS as of Nov 3, 2026 | $1.0bn | $47m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.45: about 0.45% for each 1% | +0.10: about 0.10% for each 1% |
| Its average week when the S&P 500 fell | fell 0.54% | fell 2.05% |
Risk and return
Jul 21, 2023 to Oct 30, 2026 · 171 weekly returnsFrom Jul 2023 to Oct 2026, QAI returned more: +26.7% to −49.2%. QAI swung less: 5.7% to 27.9%. QAI fell less at its worst: −6.3% to −61.7%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | QAI | QIS | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +26.7% | −49.2% | QAI | Price change plus distributions, reinvested. |
| Annualized | +7.5% | −18.6% | QAI | Total return as a yearly rate. |
| Price return | +17.3% | −54.9% | QAI | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 5.7% | 27.9% | QAI | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 4.1% | 21.7% | QAI | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −6.3% | −61.7% | QAI | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.50 | −0.76 | QAI | Return above Treasury bills per unit of volatility. |
| Sortino | 0.69 | −0.98 | QAI | Return above Treasury bills per unit of downside deviation. |
| Calmar | 1.18 | −0.30 | QAI | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 171 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | QAI | QIS | QAI | QIS |
| 3 months | −2.0% | +8.2% | −1.7 pts vs IWV | not measured |
| 6 months | −1.3% | −21.8% | −6.2 pts vs IWV | not measured |
| 1 year | +7.7% | −45.8% | −7.1 pts vs IWV | not measured |
| 3 years | +28.1% | −58.5% | −52.9 pts vs IWV | not measured |
| Since launchNot the same days: QAI Mar 2009 · QIS Jul 2023 | +79.4% | −57.4% | not measured | not measured |
Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
QAI and QIS 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 QIS’s +0.03. In the 26 weeks the index fell, by 1.07% a week on average, QAI averaged −0.54% and QIS −2.05%. Over the same weeks, QAI finished 3.5 percentage points ahead of cash and QIS finished 50.7 points behind cash.
Client brief:
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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.
QIS
QIS is a multi-strategy fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.03 with the S&P 500’s and a beta of +0.10, so for each 1% the index moved it moved about 0.10% the same way. In the same weeks QIS fell 2.05% on average, a down-week capture of 191.0%. Over the same 52 weeks QIS returned −47.1% and a Treasury bill fund +3.7%, so it finished 50.7 percentage points behind cash.
Questions people ask
- Which moved less with the S&P 500, QAI or QIS?
- Over the 52 weeks to Nov 4, 2026, QAI’s weekly returns had a correlation of +0.89 with the S&P 500 and QIS’s +0.03, so QIS moved less with the index.
- Which did better when the S&P 500 fell, QAI or QIS?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, QAI averaged −0.54% and QIS −2.05%, so QAI returned more in those weeks.
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How this is computed
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, QAI against QIS, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/qai-vs-qis
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[QAI against QIS (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/qai-vs-qis)
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