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ORR vs QAI

Militia Long/Short Equity ETF

ORRDNasdaq

NYLI Hedge Multi-Strategy Tracker ETF

QAIANYSE Arca

Overlap

Expense ratio

QAI −10.10pt a year

ORR10.91%QAI0.81%

Avg volume · 30D

ORR 1.1×the volume

ORR63.3KQAI58.2K

ORR vs QAI Performance

Nov 7, 2025 – Nov 9, 2026

+23.4%ORR+7.5%QAI

Nov 7, 2025 to Nov 9, 2026. ORR +23.4%. QAI +7.5%. Use the arrow keys to read each point.0%15%20%Nov 2025May 2026Nov 2026
Expense ratio
ORR 10.91%
QAI 0.81%, better
Fund size
ORR $357M
QAI $985M
1Y total return
ORR +23.4%, better
QAI +7.5%
Yield (12M)
ORR No data
QAI 1.41%
Holdings
ORR 196
QAI 66
Avg volume (30D)
ORR 63.3K sh, better
QAI 58.2K sh
NAV per share
ORR $39.25
QAI $35.29
52W range

ETF.net Grade

ORR: Cost 0, Risk 55, Mission not scored, Tradability 51, Holdings 39, Durability 54. QAI: Cost 86, Risk 71, Mission not scored, Tradability 81, Holdings 45, Durability 84.
Pillar letters and Scores for ORR, QAI, with each pillar’s weight
PillarORRQAI
Cost30% weightF0A86Higher
Mission25% weightNot scoredNot scored
Risk15% weightB55A71Higher
Tradability15% weightC51A81Higher
Holdings10% weightD39C45Higher
Durability5% weightC54A84Higher

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. ORR 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 3rd and ORR 26th of 29 funds in the Alternative Strategies Category.

  1. Rank 1AFLSPFranklin Systematic Style Premia ETFScore 78
  2. Rank 1AHBDCHilton BDC Corporate Bond ETFScore 78
  3. Rank 3AQAINYLI Hedge Multi-Strategy Tracker ETFScore 76
  4. Rank 4AQALTSEI DBi Multi-Strategy Alternative ETFScore 75
  5. Rank 25DFFLSThe Future Fund Long/Short ETFScore 33
  6. Rank 26DORRMilitia Long/Short Equity ETFScore 29
  7. Rank 27DEHLSEven Herd Long Short ETFScore 25

Our read on each fund

ETF.net Research

ORRDMilitia Long/Short Equity ETF

QAIANYLI Hedge Multi-Strategy Tracker ETF

In short

ORR A hedge-fund-style global long/short equity book in an ETF wrapper, trading since January 2025. The fee is the headline: 10.91%, gross and net alike, with no waiver in place.

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

ORR The Fund seeks capital appreciation.

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

  • ORR Does what most alternatives ETFs only gesture at: an actively run equity long book paired with short exposure, in a fund you can buy and sell on an exchange any trading day.
  • The stated goal is capital appreciation, not yield. It has not been paying out income, so nothing here is built around a distribution schedule.
  • A 2025 launch that already runs a few hundred million dollars and changes hands with moderate regularity.
  • 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

  • ORR Cost is the sticking point: 10.91%, with gross and net the same and no waiver in place, against alternatives peers like FLSP (0.65%) and QALT (0.80%).
  • Active picks plus short positions mean it can move very differently from a plain stock index, in either direction, and by a wide margin.
  • It listed in January 2025, so there is limited history across market environments, and its overall review sits in the lower tier of the alternatives funds we grade.
  • 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 ORR profile⁠

Full QAI profile⁠

ORR 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.

ORR vs QAI Cost

Overpaying ORR vs QAI

$57,582

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

  • ORR 10.91%

    $73,100

  • QAI 0.81%

    $15,518

$10,000
30 years

Cost over time

  • ORR 10.91%
  • QAI 0.81%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$20K$40K$60K$80K051015202530ORR $73,100QAI $15,518

Year by year

YearORRQAIOverpaying
10$12,961$1,439$11,522
20$34,193$5,456$28,737
30$73,100$15,518$57,582

Expense ratio

  • 10.91%ORR
  • 0.81%QAI, cheaper
  • Middle half of Alternative Strategies funds
  • Median 1.13%

QAI 5th cheapest of 29 funds

ORR 29th cheapest of 29 funds

ORR vs QAI Dividends

Last 12 months to Nov 9, 2026
Yield (12M)
ORR No data
QAI 1.41%
Payout (12M)
ORR None
QAI $0.50
Last payment
ORR No data
QAI $0.50
Ex-dividend
ORR No data
QAI Dec 30, 2025
Paid on
ORR No data
QAI Jan 5, 2026
Frequency
ORR No data
QAI Annual

Distribution history

Per share, 2017 to 2026, same scale for both

ORRAll ORR payments⁠

No distribution history available.

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$12017202020232026YTD

ORR vs QAI Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
ORR 11.9%since Feb 2025QAI 5.2%
Return per unit of riskSharpe ratio, 3 years
ORR 1.49since Feb 2025QAI 0.81
Worst fallMax drawdown, 5 years
ORR −9.9%since Jan 2025QAI −14.1%
Market sensitivityBeta, 5 years
ORR 0.03QAI 0.36

ORR and QAI in the news

All news⁠

Popular comparisons

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