Skip to content
etf.net

QALT vs RNMN

SEI DBi Multi-Strategy Alternative ETF

QALTANasdaq

RiverNorth Market Neutral ETF

RNMNBCboe

Overlap

Expense ratio

RNMN −0.21pt a year

QALT0.80%RNMN0.59%

Avg volume · 30D

QALT 17.3×the volume

QALT17.7KRNMN1.03K

QALT vs RNMN Performance

Oct 31, 2025 – Oct 30, 2026

+6.6%QALT+1.1%RNMN

Oct 31, 2025 to Oct 30, 2026. QALT +6.6%. RNMN +1.1%. Use the arrow keys to read each point.−2%4%8%10%Oct 2025Apr 2026Oct 2026
Expense ratio
QALT 0.80%
RNMN 0.59%, better
Fund size
QALT $195M
RNMN $7M
1Y total return
QALT +6.6%, better
RNMN +1.1%
Yield (12M)
QALT No data
RNMN 11.84%
Holdings
QALT 26
RNMN 219
Avg volume (30D)
QALT 17.7K sh, better
RNMN 1.03K sh
NAV per share
QALT $25.87
RNMN $25.94
52W range

ETF.net Grade

QALT: Cost 90, Risk 65, Mission not scored, Tradability 57, Holdings not scored, Durability 65. RNMN: Cost 97, Risk 65, Mission not scored, Tradability 10, Holdings 90, Durability 43.
Pillar letters and Scores for QALT, RNMN, with each pillar’s weight
PillarQALTRNMN
Cost30% weightA90A97Higher
Mission25% weightNot scoredNot scored
Risk15% weightB65B65
Tradability15% weightB57HigherF10
Holdings10% weightNot scoredA90
Durability5% weightB65HigherC43

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. QALT and RNMN 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 RNMN 6th 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 5BIALTiShares Systematic Alternatives Active ETFScore 69
  6. Rank 6BRNMNRiverNorth Market Neutral ETFScore 68
  7. Rank 7BFARXFrontier Asset Absolute Return ETFScore 64

Our read on each fund

ETF.net Research

QALTASEI DBi Multi-Strategy Alternative ETF

RNMNBRiverNorth Market Neutral ETF

In short

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.

RNMN A 2022 pre-merger SPAC arbitrage fund that grew up: RiverNorth widened it in 2026 into a full market-neutral book of arbitrage and relative-value trades, aiming at returns untethered from stocks and bonds.

Stated mandate

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.

RNMN The Fund seeks consistent total return with limited correlation to equity markets. It uses a market-neutral strategy intended to generate returns in both rising and falling markets through investment characteristics and relative pricing differences.

Why people hold it

  • 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%.
  • RNMN At 0.59% it undercuts the other top-rated funds in its alternatives cohort (QALT at 0.80%, CCEF at 0.74%, HDG at 0.95%) and lands far below the group's median fee.
  • Wide toolkit by design: pre-merger SPAC arbitrage, relative value, basis trades and corporate bond arbitrage, run to seek returns independent of market direction.rivernorth.comtrue-shares.com
  • Hedge-fund-style trades in a plain 1940 Act ETF wrapper: a few hundred positions, no lockup, no accreditation gate.
  • RiverNorth has run the strategy since the 2022 launch, and the fund stands among the stronger implementations in its alternatives peer group.true-shares.com

Worth knowing

  • 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.
  • RNMN Small fund, thinly traded. Spreads can run wider than mainstream ETFs, and order size matters more than usual here.
  • The market-neutral mandate dates only to the July 2026 rename from the narrower pre-merger SPAC fund, so the live record under the wider remit is short.true-shares.comyahoo.com
  • Payouts land once or twice a year, and market neutral means limited correlation, not low risk: arbitrage spreads can move against the book.

Full QALT profile⁠

Full RNMN profile⁠

QALT vs RNMN 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.

QALT vs RNMN Cost

Overpaying QALT vs RNMN

$3,711

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

  • QALT 0.80%

    $15,346

  • RNMN 0.59%

    $11,635

$10,000
30 years

Cost over time

  • QALT 0.80%
  • RNMN 0.59%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530QALT $15,346RNMN $11,635

Year by year

YearQALTRNMNOverpaying
10$1,422$1,058$364
20$5,393$4,051$1,342
30$15,346$11,635$3,711

Expense ratio

  • 0.80%QALT
  • 0.59%RNMN, cheaper
  • Middle half of Alternative Strategies funds
  • Median 1.13%

RNMN 2nd cheapest of 29 funds

QALT 4th cheapest of 29 funds

QALT vs RNMN Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
QALT No data
RNMN 11.84%
Payout (12M)
QALT No data
RNMN $3.08
Last payment
QALT $0.17
RNMN $3.08
Ex-dividend
QALT Oct 5, 2026
RNMN Dec 24, 2025
Paid on
QALT Oct 6, 2026
RNMN Dec 26, 2025
Frequency
QALT Quarterly
RNMN Annual

Distribution history

Per share, 2022 to 2026, same scale for both

QALTQuarterly · 5 paymentsAll QALT payments⁠
One bar per payment. 5 payments from 2022 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$2.5020232026YTD
RNMNAnnual · 4 paymentsAll RNMN payments⁠
One bar per payment. 4 payments from 2022 to 2026 YTD. Dec 29, 2022 $0.06; Dec 27, 2023 $1.29; Dec 27, 2024 $1.10; Dec 24, 2025 $3.08. Use the arrow keys to read each point.$0$2.5020232026YTD

QALT vs RNMN Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
QALT 7.2%since Sep 2025RNMN 3.7%
Return per unit of riskSharpe ratio, 3 years
QALT 0.77since Sep 2025RNMN 0.34
Worst fallMax drawdown, 5 years
QALT −4.9%since Aug 2025RNMN −4.4%since Jul 2022
Market sensitivityBeta, 5 years
QALT 0.24RNMN 0.02

Popular comparisons

  • QALTAvsFLSPA

    SEI DBi Multi-Strategy Alternative ETF · Franklin Systematic Style Premia ETF

    Expense ratio
    0.80% · 0.65%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • RNMNBvsFLSPA

    RiverNorth Market Neutral ETF · Franklin Systematic Style Premia ETF

    Expense ratio
    0.59% · 0.65%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • QALTAvsHBDCA

    SEI DBi Multi-Strategy Alternative ETF · Hilton BDC Corporate Bond ETF

    Expense ratio
    0.80% · 0.39%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • RNMNBvsHBDCA

    RiverNorth Market Neutral ETF · Hilton BDC Corporate Bond ETF

    Expense ratio
    0.59% · 0.39%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • QALTAvsQAIA

    SEI DBi Multi-Strategy Alternative ETF · NYLI Hedge Multi-Strategy Tracker ETF

    Expense ratio
    0.80% · 0.81%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • RNMNBvsQAIA

    RiverNorth Market Neutral ETF · NYLI Hedge Multi-Strategy Tracker ETF

    Expense ratio
    0.59% · 0.81%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.