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HDGE vs QAI

AdvisorShares Active Bear ETF

HDGEFNYSE Arca

NYLI Hedge Multi-Strategy Tracker ETF

QAIANYSE Arca

Overlap

Expense ratio

QAI −2.60pt a year

HDGE3.41%QAI0.81%

Avg volume · 30D

HDGE 1.5×the volume

HDGE82.1KQAI56.1K

10Y return · a year

QAI +19.3pt

HDGE−15.6%QAI+3.7%

HDGE vs QAI Performance

Oct 29, 2021 – Oct 30, 2026

−28.3%HDGE+22.1%QAI

Oct 29, 2021 to Oct 30, 2026. HDGE −28.3%. QAI +22.1%. Use the arrow keys to read each point.−20%−10%0%10%30%Oct 2021Apr 2024Oct 2026
Expense ratio
HDGE 3.41%
QAI 0.81%, better
Fund size
HDGE $43M
QAI $999M
1Y total return
HDGE −8.9%
QAI +6.4%, better
Yield (12M)
HDGE 3.84%, better
QAI 1.42%
Holdings
HDGE 2
QAI 55
Avg volume (30D)
HDGE 82.1K sh, better
QAI 56.1K sh
NAV per share
HDGE $14.73
QAI $35.49
52W range

ETF.net Grade

HDGE: Cost 7, Risk 9, Mission not scored, Tradability 60, Holdings not scored, Durability 58. QAI: Cost 86, Risk 68, Mission not scored, Tradability 81, Holdings 50, Durability 84.
Pillar letters and Scores for HDGE, QAI, with each pillar’s weight
PillarHDGEQAI
Cost30% weightF7A86Higher
Mission25% weightNot scoredNot scored
Risk15% weightF9B68Higher
Tradability15% weightB60A81Higher
Holdings10% weightNot scoredC50
Durability5% weightB58A84Higher

Rank among Alternative Strategies funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. HDGE and QAI are both graded against the same 29 Alternative Strategies funds, so their Grades compare head to head.

Alternative Strategies⁠

Category · 29 funds
See all 29 ›

QAI ranks 2nd and HDGE 28th of 29 funds in the Alternative Strategies Category.

  1. Rank 1AFLSPFranklin Systematic Style Premia ETFScore 77
  2. Rank 2AHBDCHilton BDC Corporate Bond ETFScore 76
  3. Rank 2AQAINYLI Hedge Multi-Strategy Tracker ETFScore 76
  4. Rank 4AQALTSEI DBi Multi-Strategy Alternative ETFScore 74
  5. Rank 27DEHLSEven Herd Long Short ETFScore 26
  6. Rank 28FHDGEAdvisorShares Active Bear ETFScore 23
  7. HYINNot yet graded

Our read on each fund

ETF.net Research

HDGEFAdvisorShares Active Bear ETF

QAIANYLI Hedge Multi-Strategy Tracker ETF

In short

HDGE No data

QAI The original hedge fund replication ETF, listed in 2009: a fund of roughly 50 exchange-traded products tracking an index built to mimic hedge fund styles, for 0.81% net of a fee waiver (1.03% gross).

Stated mandate

HDGE No data

QAI The Fund seeks to track the performance of the IQ Hedge Multi-Strategy Index before fees and expenses. It uses passive indexing and invests primarily in exchange-traded products and related financial instruments representing the index.

Why people hold it

HDGE No data

  • QAI Billed as the first US-listed hedge fund replication ETF when it launched in March 2009, so it carries a record across multiple market cycles rather than a backtest.asiaasset.com
  • Costs 0.81% net of a fee waiver (1.03% gross), below the alternatives category median and under IALT's 0.99%.
  • Plain plumbing for an exotic idea: it holds exchange-traded products and related instruments to passively track the IQ Hedge Multi-Strategy Index, and trades on an exchange all day.
  • Stands near the front of the roughly 30 alternatives funds in its peer group on our review.

Worth knowing

HDGE No data

  • QAI Fund-of-funds design means your exposure runs through other ETFs and the index's mapping of them to hedge fund styles, with gross expenses of 1.03% against the 0.81% net line.
  • Cheaper shelves sit nearby: FLSP at 0.65% and HBDC at 0.39%, though neither runs the same multi-strategy replication mandate.
  • Moderately traded rather than a category volume leader, and payouts arrive annually or semiannually, so this is not an income-cadence vehicle.

Full HDGE profile⁠

Full QAI profile⁠

HDGE vs QAI Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

HDGE vs QAI Cost

Overpaying HDGE vs QAI

$31,795

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • HDGE 3.41%

    $47,313

  • QAI 0.81%

    $15,518

$10,000
30 years

Cost over time

  • HDGE 3.41%
  • QAI 0.81%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K$40K$50K051015202530HDGE $47,313QAI $15,518

Year by year

YearHDGEQAIOverpaying
10$5,442$1,439$4,003
20$18,450$5,456$12,994
30$47,313$15,518$31,795

Expense ratio

  • 3.41%HDGE
  • 0.81%QAI, cheaper
  • Middle half of Alternative Strategies funds
  • Median 1.13%

QAI 5th cheapest of 29 funds

HDGE 27th cheapest of 29 funds

HDGE vs QAI Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
HDGE 3.84%, better
QAI 1.42%
Payout (12M)
HDGE $0.56
QAI $0.50
Last payment
HDGE $0.56
QAI $0.50
Ex-dividend
HDGE Dec 22, 2025
QAI Dec 30, 2025
Paid on
HDGE Dec 29, 2025
QAI Jan 5, 2026
Frequency
HDGE Annual
QAI Annual

Distribution history

Per share, 2017 to 2026, same scale for both

HDGEAnnual · 4 paymentsAll HDGE payments⁠
One bar per payment. 4 payments from 2017 to 2026 YTD. Dec 27, 2019 $0.12; Dec 26, 2023 $1.83; Dec 23, 2024 $1.28; Dec 22, 2025 $0.56. Use the arrow keys to read each point.$0$22017202020232026YTD
QAIAnnual · 8 paymentsAll QAI payments⁠
One bar per payment. 8 payments from 2017 to 2026 YTD. Dec 27, 2018 $0.55; Dec 30, 2019 $0.59; Dec 30, 2020 $0.63; Dec 29, 2021 $0.09; Dec 29, 2022 $0.57; Dec 28, 2023 $1.23; Dec 30, 2024 $0.70; Dec 30, 2025 $0.50. Use the arrow keys to read each point.$0$22017202020232026YTD

HDGE vs QAI Risk

Fall from peak · 5 years

  • HDGE
  • QAI
Oct 29, 2021 to Oct 30, 2026. Worst fall: HDGE −46.6% · Aug 2026. Use the arrow keys to read each point.−50%−40%−30%−20%−10%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
HDGE 19.9%QAI 5.2%, better
Return per unit of riskSharpe ratio, 3 years
HDGE −0.72QAI 0.81, better
Worst fallMax drawdown, 5 years
HDGE −46.6%QAI −14.1%, better
Market sensitivityBeta, 5 years
HDGE −1.03QAI 0.35

HDGE and QAI in the news

All news⁠

Popular comparisons

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