- CUSIP
- 31423A432
- Issuer
- Federated
- Inception Date
- Sep 30, 2008
- Category
- Equity Market Neutral
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Mid-Cap
- Asset Class Style
- Blend
Share Price Chart
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Performance
QQMNX Performance Chart
Federated Hermes MDT Market Neutral Fund Institutional Shares (QQMNX) is down 0.1% since the beginning of the year. QQMNX is currently trading at $22 per share.
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Returns By Period
Federated Hermes MDT Market Neutral Fund Institutional Shares (QQMNX) has returned -0.05% so far this year and 3.39% over the past 12 months.
Federated Hermes MDT Market Neutral Fund Institutional Shares
- 1D
- -0.90%
- 1M
- 0.37%
- YTD
- -0.05%
- 6M
- 2.34%
- 1Y
- 3.39%
- 3Y*
- 11.84%
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.74%
- 1M
- 4.90%
- YTD
- 10.35%
- 6M
- 10.28%
- 1Y
- 26.52%
- 3Y*
- 20.83%
- 5Y*
- 12.30%
- 10Y*
- 13.66%
QQMNX Monthly Returns History
Based on dividend-adjusted daily data since Sep 22, 2021, QQMNX's average daily return is +0.05%, while the average monthly return is +0.91%. At this rate, an investment would double in approximately 6.4 years.
Historically, 66% of months were positive and 34% were negative. The best month was Nov 2021 with a return of +8.1%, while the worst month was Aug 2022 at -4.5%. The longest winning streak lasted 7 consecutive months, and the longest losing streak was 3 months.
On a daily basis, QQMNX closed higher 49% of trading days. The best single day was Dec 6, 2021 with a return of +18.5%, while the worst single day was Dec 7, 2021 at -16.4%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -0.59% | 2.34% | -0.27% | -2.65% | 1.29% | -0.09% | -0.05% | ||||||
| 2025 | 2.12% | -0.43% | 1.75% | 1.57% | 0.56% | 0.61% | -0.00% | -0.32% | -0.09% | 1.03% | 0.55% | 2.53% | 10.27% |
| 2024 | 3.47% | 4.02% | 1.22% | -0.68% | 0.74% | 0.16% | 0.78% | 2.69% | 2.27% | 2.61% | 0.24% | -1.06% | 17.59% |
| 2023 | 3.60% | 1.14% | -2.69% | -1.60% | -2.36% | 1.19% | 1.35% | 2.14% | 1.64% | 2.06% | 0.76% | -2.14% | 4.96% |
| 2022 | -0.17% | -0.33% | 0.28% | 0.88% | 3.66% | -0.32% | -1.64% | -4.54% | 3.83% | 1.57% | 4.68% | 1.53% | 9.47% |
| 2021 | -0.10% | 3.55% | 8.10% | 0.50% | 12.38% |
Benchmark Metrics
Federated Hermes MDT Market Neutral Fund Institutional Shares has an annualized alpha of 12.56%, beta of 0.01, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since September 23, 2021.
- This fund captured 16.70% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -37.47%) - a profile typical of hedging or uncorrelated assets.
- Beta of 0.01 may look defensive, but with R2 of 0.00 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
- R2 of 0.00 means this fund moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 12.56%
- Beta
- 0.01
- R²
- 0.00
- Upside Capture
- 16.70%
- Downside Capture
- -37.47%
Expense Ratio
QQMNX has a high expense ratio of 1.86%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
QQMNX ranks 7 for risk / return — in the bottom 7% of mutual funds on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Federated Hermes MDT Market Neutral Fund Institutional Shares (QQMNX) and compare them to S&P 500 Index.
| QQMNX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.73 | ||
| Sortino ratioReturn per unit of downside risk | -2.27 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.41 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | 0.77 | 2.93 | -2.15 |
| Martin ratioReturn relative to average drawdown | 1.86 | 13.52 | -11.66 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Dividends
Dividend History
Federated Hermes MDT Market Neutral Fund Institutional Shares provided a 1.74% dividend yield over the last twelve months, with an annual payout of $0.38 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Dividend | $0.38 | $0.38 | $0.38 | $1.04 | $2.05 | $3.69 |
Dividend yield | 1.74% | 1.74% | 1.86% | 5.94% | 11.53% | 20.33% |
Monthly Dividends
The table displays the monthly dividend distributions for Federated Hermes MDT Market Neutral Fund Institutional Shares. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.38 | $0.38 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.38 | $0.38 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.50 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.55 | $1.04 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.53 | $0.00 | $0.00 | $0.00 | $1.52 | $2.05 |
| 2021 | $3.69 | $3.69 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Federated Hermes MDT Market Neutral Fund Institutional Shares. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Federated Hermes MDT Market Neutral Fund Institutional Shares was 17.50%, occurring on Aug 31, 2022. Recovery took 346 trading sessions.
The current Federated Hermes MDT Market Neutral Fund Institutional Shares drawdown is 2.10%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -17.50%Aug 2022 | 8mo 27d | 1y 4mo | 2y 1moDec 2021 - Jan 2024 |
2026 pullback2026 | -4.37%Jan 2026 | 16d | 2mo 15d | 3mo 1dDec 2025 - Apr 2026 |
2026 pullback2026 | -3.79%May 2026 | 1mo 9d | — | 2mo 3dApr 2026 - now |
2024 pullback2024 | -3.75%Dec 2024 | 1mo 7d | 3mo 6d | 4mo 13dNov 2024 - Mar 2025 |
2025 pullback2025 | -3.73%Oct 2025 | 4mo 2d | 1mo 2d | 5mo 4dJun 2025 - Nov 2025 |
Drawdown Indicators
| QQMNX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.50% | -56.78% | +39.28% |
Max Drawdown (1Y)Largest decline over 1 year | -4.37% | -9.10% | +4.73% |
Max Drawdown (3Y)Largest decline over 3 years | -4.37% | -18.90% | +14.53% |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -2.10% | -0.74% | -1.36% |
Average DrawdownAverage peak-to-trough decline | -4.85% | -10.72% | +5.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.82% | 1.97% | -0.15% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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