Data as of Nov 4, 2026.
IVV vs QAI: Differences, Returns & Fees
Over the year to Nov 4, 2026, IVV returned +14.8% to QAI's +7.7%, and IVV charges 0.03% to QAI's 0.81%.
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Net assets: $872.0bn on Nov 3, 2026 for iShares Core S&P 500 ETF, and $1.0bn on Jul 31, 2026 for NYLIM Hedge Multi-Strategy Tracker ETF.
Pair scorecard
IVV costs 0.78 points a year less; their one-year returns differ by 7.1 points.
| Measure | IVV | QAI |
|---|---|---|
| Return | ||
| Total return, 1 year | +14.8% | +7.7% |
| Total return, 52 weeks | +7.1% | |
| Against its benchmark | ||
| What it tracks | S&P 500 | not published |
| Treasury bills, 52 weeks | +3.7% | |
| Against cash | 3.5 points ahead | |
| Cost and size | ||
| Expense ratio | 0.03% | 0.81% |
| Net assets, IVV as of Nov 3, 2026 and QAI as of Jul 31, 2026 | $872.0bn | $1.0bn |
| Holdings | ||
| Holdings in common | not published | |
| In the S&P 500, by weight | 100% | |
| Top ten holdings, share of the fund | 37.3% | |
| Risk | ||
| Correlation with the S&P 500’s weekly returns | +0.89 | |
| Beta to the S&P 500 | +0.45: about 0.45% for each 1% | |
| Its average week when the S&P 500 fell | fell 0.54% | |
| Down-week capture | 50.9% | |
| Weeks the S&P 500 fell | 26 of 52, by 1.07% on average | |
Risk and return
Apr 3, 2009 to Oct 30, 2026 · 917 weekly returnsEach against its own benchmark: IVV against SPY, May 26, 2000 to Oct 30, 2026; QAI against IWV, Apr 3, 2009 to Oct 30, 2026.
From Apr 2009 to Oct 2026, IVV returned more: +1,134.6% to +79.6%. QAI swung less: 5.7% to 16.2%. QAI fell less at its worst: −14.9% to −31.8%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | IVV | QAI | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +1,134.6% | +79.6% | IVV | Price change plus distributions, reinvested. |
| Annualized | +15.3% | +3.4% | IVV | Total return as a yearly rate. |
| Price return | +799.0% | +41.9% | IVV | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 16.2% | 5.7% | QAI | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 11.1% | 4.2% | QAI | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −31.8% | −14.9% | QAI | Deepest fall from a high to the low after it. |
| Upside capture | 99.3% | 19.7% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 99.7% | 38.6% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 0.99 | 0.28 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 1.00 | 0.68 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 0.87 | 0.35 | IVV | Return above Treasury bills per unit of volatility. |
| Sortino | 1.28 | 0.48 | IVV | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.080 | 0.071 | Return above Treasury bills per unit of beta. | |
| Calmar | 0.48 | 0.23 | IVV | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | SPY | IWV | The ETF each fund is measured against. | |
| Alpha | +0.1% a year | −1.9% a year | IVV not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 0.33 | −2.45 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −0.4% to +0.5% | −3.4% to −0.4% | IVV includes zero | The 95% range for the yearly alpha. |
| Information ratio | 0.00 | −0.96 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 1.2% | 12.3% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 917 weekly returns. Cash rate: the 13-week Treasury bill.
Side by side
IVV and QAI on the fields both publish, as of Nov 4, 2026. Source: ETFIQ.
Client brief:
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IVV
IVV tracks the S&P 500. Over the year to Nov 4, 2026 it returned +14.8% with distributions reinvested, against +14.8% for its benchmark, the S&P 500. The prospectus expense ratio is 0.03% a year. By its holdings published by its issuer for Nov 3, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 505 positions, with the top ten at 37.3%.
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.
Questions people ask
- Are IVV and QAI in the same category?
- IVV is a stock ETF and QAI is an alternatives ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
- Which returned more over the last year, IVV or QAI?
- In the year to Nov 4, 2026, with distributions reinvested, IVV returned +14.8% and QAI +7.7%.
- Which is cheaper, IVV or QAI?
- IVV is cheaper, by 0.78 percentage points a year. That is about $78 on $10,000 held for a year. Fees come from each fund's prospectus.
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ETFIQ, IVV against QAI, data as of Nov 4, 2026. https://etfiq.com/compare/any/ivv-vs-qai
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[IVV against QAI (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/any/ivv-vs-qai)
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