ALAFX vs. QAMNX
ALAFX (Alger Focus Equity A Fund) and QAMNX (Federated Hermes MDT Market Neutral A) are both mutual funds - ALAFX is a Large Cap Growth Equities fund actively managed by Alger, while QAMNX is a Long-Short fund managed by Federated. Over the past 3 years, ALAFX returned 34.86%/yr vs 12.11%/yr for QAMNX. Their 0.02 correlation means their historical movements had little consistent relationship. ALAFX charges 0.95%/yr vs 1.86%/yr for QAMNX.
Performance
ALAFX vs. QAMNX - Performance Comparison
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Returns By Period
In the year-to-date period, ALAFX achieves a 8.73% return, which is significantly higher than QAMNX's 4.61% return.
ALAFX
- 1D
- 4.69%
- 1M
- -3.70%
- 6M
- 10.35%
- YTD
- 8.73%
- 1Y
- 25.61%
- 3Y*
- 34.86%
- 5Y*
- 17.16%
- 10Y*
- 20.50%
- ALL TIME*
- 18.86%
QAMNX
- 1D
- 0.54%
- 1M
- 3.68%
- 6M
- 5.25%
- YTD
- 4.61%
- 1Y
- 8.81%
- 3Y*
- 12.11%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 12.00%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
ALAFX vs. QAMNX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ALAFX Alger Focus Equity A Fund | 8.73% | 39.65% | 51.72% | 44.15% | -35.95% | 3.94% |
QAMNX Federated Hermes MDT Market Neutral A | 4.61% | 10.00% | 17.33% | 4.71% | 9.19% | 12.29% |
Correlation
The correlation between ALAFX and QAMNX is -0.13, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.13 |
Correlation (3Y) Balances recent behavior with more history. | 0.04 |
Correlation (All Time) Calculated using the full available price history since Sep 22, 2021 | 0.02 |
The correlation between ALAFX and QAMNX shifts across timeframes, from -0.13 (1 year) to 0.04 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
ALAFX vs. QAMNX — Risk / Return Rank
ALAFX
QAMNX
ALAFX vs. QAMNX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Alger Focus Equity A Fund (ALAFX) and Federated Hermes MDT Market Neutral A (QAMNX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| ALAFX | QAMNX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.34 | ||
| Sortino ratioReturn per unit of downside risk | -0.53 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.27 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.38 | 2.18 | -0.80 |
| Martin ratioReturn relative to average drawdown | 4.31 | 4.83 | -0.52 |
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Drawdowns
ALAFX vs. QAMNX - Drawdown Comparison
The maximum ALAFX drawdown since its inception was -43.65%, which is greater than QAMNX's maximum drawdown of -17.97%. Use the drawdown chart below to compare losses from any high point for ALAFX and QAMNX.
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Drawdown Indicators
| ALAFX | QAMNX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.65% | -17.97% | -25.68% |
Max Drawdown (1Y)Largest decline over 1 year | -17.58% | -4.16% | -13.42% |
Max Drawdown (3Y)Largest decline over 3 years | -26.96% | -4.16% | -22.80% |
Max Drawdown (5Y)Largest decline over 5 years | -43.65% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -43.65% | — | — |
Current DrawdownCurrent decline from peak | -8.00% | 0.00% | -8.00% |
Average DrawdownAverage peak-to-trough decline | -7.65% | -5.03% | -2.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.60% | 1.87% | +3.73% |
Volatility
ALAFX vs. QAMNX - Volatility Comparison
Alger Focus Equity A Fund (ALAFX) has a higher volatility of 8.32% compared to Federated Hermes MDT Market Neutral A (QAMNX) at 1.55%. This indicates that ALAFX's price experiences larger fluctuations and is considered to be riskier than QAMNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ALAFX | QAMNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.32% | 1.55% | +6.77% |
Volatility (6M)Calculated over the trailing 6-month period | 19.09% | 4.50% | +14.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.15% | 6.74% | +17.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.70% | 13.68% | +13.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.24% | 13.68% | +10.56% |
ALAFX vs. QAMNX - Expense Ratio Comparison
ALAFX has a 0.95% expense ratio, which is lower than QAMNX's 1.86% expense ratio.
Dividends
ALAFX vs. QAMNX - Dividend Comparison
ALAFX's dividend yield for the trailing twelve months is around 7.28%, more than QAMNX's 1.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
ALAFX Alger Focus Equity A Fund | 7.28% | 7.91% | 0.00% | 0.10% | 0.06% | 14.09% | 6.28% | 1.98% | 5.41% |
QAMNX Federated Hermes MDT Market Neutral A | 1.46% | 1.53% | 1.85% | 5.89% | 11.74% | 20.80% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ALAFX and QAMNX have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ALAFX has higher volatility (8.32%) compared to QAMNX (1.55%). In terms of maximum drawdown, ALAFX dropped -43.65% vs QAMNX's -17.97%.
QAMNX currently has the higher Sharpe Ratio (1.34 vs 1.00), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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