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ORR vs QALT

Militia Long/Short Equity ETF

ORRDNasdaq

SEI DBi Multi-Strategy Alternative ETF

QALTANasdaq

Overlap

Expense ratio

QALT −10.11pt a year

ORR10.91%QALT0.80%

Avg volume · 30D

ORR 3.6×the volume

ORR63.3KQALT17.7K

ORR vs QALT Performance

Nov 7, 2025 – Nov 9, 2026

+23.4%ORR+6.9%QALT

Nov 7, 2025 to Nov 9, 2026. ORR +23.4%. QALT +6.9%. Use the arrow keys to read each point.0%10%15%20%Nov 2025May 2026Nov 2026
Expense ratio
ORR 10.91%
QALT 0.80%, better
Fund size
ORR $357M
QALT $194M
1Y total return
ORR +23.4%, better
QALT +6.9%
Holdings
ORR 196
QALT 27
Avg volume (30D)
ORR 63.3K sh, better
QALT 17.7K sh
NAV per share
ORR $39.25
QALT $25.77
52W range

ETF.net Grade

ORR: Cost 0, Risk 55, Mission not scored, Tradability 51, Holdings 39, Durability 54. QALT: Cost 90, Risk 70, Mission not scored, Tradability 59, Holdings not scored, Durability 64.
Pillar letters and Scores for ORR, QALT, with each pillar’s weight
PillarORRQALT
Cost30% weightF0A90Higher
Mission25% weightNot scoredNot scored
Risk15% weightB55A70Higher
Tradability15% weightC51B59Higher
Holdings10% weightD39Not scored
Durability5% weightC54B64Higher

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 QALT 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 ›

QALT ranks 4th 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 5BRNMNRiverNorth Market Neutral ETFScore 68
  6. Rank 25DFFLSThe Future Fund Long/Short ETFScore 33
  7. Rank 26DORRMilitia Long/Short Equity ETFScore 29
  8. Rank 27DEHLSEven Herd Long Short ETFScore 25

Our read on each fund

ETF.net Research

ORRDMilitia Long/Short Equity ETF

QALTASEI DBi Multi-Strategy Alternative 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.

QALT One ticker, several hedge fund playbooks: SEI stacks sub-advisers running directional, event-driven and arbitrage strategies, and measures itself against 3-month T-bills instead of the S&P 500. It undercuts the typical alternatives fund on fees.

Stated mandate

ORR The Fund seeks capital appreciation.

QALT The fund seeks positive absolute returns across market cycles with reduced correlation to stocks and bonds. It pursues this through multiple underlying funds and sub-advisers using directional or tactical, event-driven, and arbitrage approaches.

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.
  • QALT Charges 0.80% a year against a 1.07% median for alternatives funds. Multi-manager hedge fund exposure usually bills more than that.
  • Not a one-trick fund. Directional or tactical, event-driven and arbitrage sleeves run side by side through several underlying funds and sub-advisers.
  • The yardstick is 3-month T-bills, the cash hurdle hedge funds get judged on. The stated aim is positive absolute return with reduced correlation to stocks and bonds.
  • Screens near the top of its alternatives peer group, and comes in under pricier multi-strategy options such as HFGM and HDG at 0.95%.

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.
  • QALT Launched in 2025, so there is no long record showing how this manager lineup behaves through a full market cycle.
  • Trading is thin next to big index ETFs, which can mean wider spreads when you get in or out.
  • Not the cheapest seat in the aisle: RNMN (0.59%) and CCEF (0.74%) charge less, though each runs a narrower strategy set than a multi-manager book.

Full ORR profile⁠

Full QALT profile⁠

ORR vs QALT 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 QALT Cost

Overpaying ORR vs QALT

$57,754

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

  • ORR 10.91%

    $73,100

  • QALT 0.80%

    $15,346

$10,000
30 years

Cost over time

  • ORR 10.91%
  • QALT 0.80%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$20K$40K$60K$80K051015202530ORR $73,100QALT $15,346

Year by year

YearORRQALTOverpaying
10$12,961$1,422$11,539
20$34,193$5,393$28,800
30$73,100$15,346$57,754

Expense ratio

  • 10.91%ORR
  • 0.80%QALT, cheaper
  • Middle half of Alternative Strategies funds
  • Median 1.13%

QALT 4th cheapest of 29 funds

ORR 29th cheapest of 29 funds

ORR vs QALT Dividends

Last 12 months to Nov 9, 2026
Payout (12M)
ORR None
QALT No data
Last payment
ORR No data
QALT $0.17
Ex-dividend
ORR No data
QALT Oct 5, 2026
Paid on
ORR No data
QALT Oct 6, 2026
Frequency
ORR No data
QALT Quarterly

Distribution history

Per share, 2025 to 2026, same scale for both

ORRAll ORR payments⁠

No distribution history available.

QALTQuarterly · 5 paymentsAll QALT payments⁠
One bar per payment. 5 payments from 2025 to 2026 YTD. Dec 17, 2025 $0.62; Dec 29, 2025 $0.66; Apr 6, 2026 $0.15; Jul 6, 2026 $0.15; Oct 5, 2026 $0.17. Use the arrow keys to read each point.$0$0.502026YTD

ORR vs QALT 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 2025QALT 7.2%since Sep 2025
Return per unit of riskSharpe ratio, 3 years
ORR 1.49since Feb 2025QALT 0.77since Sep 2025
Worst fallMax drawdown, 5 years
ORR −9.9%since Jan 2025QALT −4.9%since Aug 2025
Market sensitivityBeta, 5 years
ORR 0.03QALT 0.24

Popular comparisons

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