Research · Beta · 5 peers tracked
Peer Comparison
Own NAV vs RPAR (Risk Parity) · DBMF (CTA) · MCRO (HFRX Macro) · QAI (Multi-strategy) · AOA (80/20). Public ETFs as proxies for indices that are not freely accessible.
Why these five
| ETF | Name | Proxy for |
|---|---|---|
| RPAR | RPAR (Risk Parity ETF) | Risk Parity 配置 — Pure risk-parity comparison to Base group |
| DBMF | DBMF (Managed Futures) | SG CTA / Newedge Trend Index — systematic CTA comparison |
| MCRO | MCRO (IQ Hedge Macro Tracker) | HFRX Macro Index — global macro hedge fund comparison |
| QAI | QAI (IQ Hedge Multi-Strategy) | Multi-strategy hedge fund pool comparison |
| AOA | AOA (iShares 80/20 Aggressive Allocation) | 80/20 stock-bond mix — aggressive baseline |
Comparison framework
Each month, we compute the following for Base / Bull / Bear vs each peer:
| Metric | Definition | What it reveals |
|---|---|---|
| excess return | r_self − r_peer (monthly) | raw out/under-performance |
| tracking error | stdev(r_self − r_peer) annualised | style drift |
| correlation | corr(r_self, r_peer) rolling 60d | beta exposure to peer style |
| info ratio | excess return / tracking error | risk-adjusted skill (>0.5 = noteworthy) |
Current status (Beta)
The five peer tickers have been added to the universe and will be fetched on the next data:all run. The first comparison table publishes 2026-08-31 once ≥3 months of overlapping NAV data exists. Until then this page documents the framework but contains no comparative numbers — the sample is too small to be informative and we explicitly refuse to publish noise.
Caveats
- MCRO is an ETF that tracks an HFRX-like index — it is NOT the HFRX Macro Index itself. Tracking error to the actual index is ~50-100bp/yr.
- DBMF launched in 2019 — longer history (CTA index back to 1990) is not directly comparable.
- All peer ETFs are USD-denominated. Comparison is in local currency (consistent with v1 NAV).
- Peer benchmarks are intended to expose style drift, not to "beat". Persistent close tracking to one peer = our framework converges to that style without intending to.