BGCKX vs. QQMNX

Last updated Jun 24, 2026

BGCKX (BlackRock Global Equity Market Neutral Fund Institutional Shares) and QQMNX (Federated Hermes MDT Market Neutral Fund Institutional Shares) are both Equity Market Neutral funds. Both are actively managed. Over the past 3 years, BGCKX returned 21.16%/yr vs 11.03%/yr for QQMNX. At a 0.18 correlation, their price movements are largely independent. BGCKX charges 1.29%/yr vs 1.86%/yr for QQMNX.

Performance

BGCKX vs. QQMNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Global Equity Market Neutral Fund Institutional Shares (BGCKX) and Federated Hermes MDT Market Neutral Fund Institutional Shares (QQMNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BGCKX achieves a 13.05% return, which is significantly higher than QQMNX's -1.05% return.

BGCKX

• 1D: 0.00%
• 1M: 3.44%
• YTD: 13.05%
• 6M: 12.51%
• 1Y: 23.61%
• 3Y*: 21.16%
• 5Y*: 13.20%
• 10Y*: 8.62%

QQMNX

• 1D: 0.42%
• 1M: -0.50%
• YTD: -1.05%
• 6M: -1.35%
• 1Y: 2.92%
• 3Y*: 11.03%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BGCKX vs. QQMNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BGCKX BlackRock Global Equity Market Neutral Fund Institutional Shares	13.05%	18.38%	21.55%	14.60%	1.80%	-0.60%
QQMNX Federated Hermes MDT Market Neutral Fund Institutional Shares	-1.05%	10.27%	17.59%	4.96%	9.47%	12.38%

Correlation

The correlation between BGCKX and QQMNX is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (All Time) Calculated using the full available price history since Sep 22, 2021	0.18

The correlation between BGCKX and QQMNX shifts across timeframes, from 0.10 (1 year) to 0.21 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

BGCKX vs. QQMNX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BGCKX

BGCKX Risk / Return Rank: 96
BGCKX Sharpe Ratio Rank: 97
BGCKX Sortino Ratio Rank: 96
BGCKX Omega Ratio Rank: 92
BGCKX Calmar Ratio Rank: 98
BGCKX Martin Ratio Rank: 96

QQMNX

QQMNX Risk / Return Rank: 7
QQMNX Sharpe Ratio Rank: 7
QQMNX Sortino Ratio Rank: 7
QQMNX Omega Ratio Rank: 7
QQMNX Calmar Ratio Rank: 8
QQMNX Martin Ratio Rank: 7

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BGCKX vs. QQMNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Global Equity Market Neutral Fund Institutional Shares (BGCKX) and Federated Hermes MDT Market Neutral Fund Institutional Shares (QQMNX). 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.

	BGCKX	QQMNX	Difference
Sharpe ratio: Return per unit of total volatility	3.44	0.50	+2.94
Sortino ratio: Return per unit of downside risk	5.04	0.78	+4.26
Omega ratio: Gain probability vs. loss probability	1.65	1.10	+0.55
Calmar ratio: Return relative to maximum drawdown	7.52	0.77	+6.75
Martin ratio: Return relative to average drawdown	21.35	1.79	+19.55

BGCKX vs. QQMNX - Sharpe Ratio Comparison

The current BGCKX Sharpe Ratio is 3.44, which is higher than the QQMNX Sharpe Ratio of 0.50. The chart below compares the historical Sharpe Ratios of BGCKX and QQMNX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BGCKX vs. QQMNX - Drawdown Comparison

The maximum BGCKX drawdown since its inception was -9.47%, smaller than the maximum QQMNX drawdown of -17.50%. Use the drawdown chart below to compare losses from any high point for BGCKX and QQMNX.

Drawdown Indicators

	BGCKX	QQMNX	Difference
Max Drawdown Largest peak-to-trough decline	-9.47%	-17.50%	+8.03%
Max Drawdown (1Y) Largest decline over 1 year	-3.23%	-4.37%	+1.14%
Max Drawdown (3Y) Largest decline over 3 years	-4.13%	-4.37%	+0.24%
Max Drawdown (5Y) Largest decline over 5 years	-5.98%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-9.47%	—	—
Current Drawdown Current decline from peak	-0.24%	-3.08%	+2.84%
Average Drawdown Average peak-to-trough decline	-2.14%	-4.82%	+2.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.14%	1.87%	-0.73%

Volatility

BGCKX vs. QQMNX - Volatility Comparison

BlackRock Global Equity Market Neutral Fund Institutional Shares (BGCKX) has a higher volatility of 2.67% compared to Federated Hermes MDT Market Neutral Fund Institutional Shares (QQMNX) at 2.27%. This indicates that BGCKX's price experiences larger fluctuations and is considered to be riskier than QQMNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BGCKX	QQMNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.67%	2.27%	+0.40%
Volatility (6M) Calculated over the trailing 6-month period	4.76%	5.35%	-0.59%
Volatility (1Y) Calculated over the trailing 1-year period	7.08%	6.77%	+0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.57%	13.49%	-6.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.84%	13.49%	-7.65%

BGCKX vs. QQMNX - Expense Ratio Comparison

BGCKX has a 1.29% expense ratio, which is lower than QQMNX's 1.86% expense ratio.

Dividends

BGCKX vs. QQMNX - Dividend Comparison

BGCKX's dividend yield for the trailing twelve months is around 7.93%, more than QQMNX's 1.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BGCKX BlackRock Global Equity Market Neutral Fund Institutional Shares	7.93%	8.96%	13.25%	7.49%	0.00%	1.22%	0.34%	6.80%	0.96%
QQMNX Federated Hermes MDT Market Neutral Fund Institutional Shares	1.76%	1.74%	1.86%	5.94%	11.53%	20.33%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BGCKX and QQMNX in my portfolio?

BGCKX and QQMNX have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BGCKX or QQMNX?

BGCKX has higher volatility (2.67%) compared to QQMNX (2.27%). In terms of maximum drawdown, BGCKX dropped -9.47% vs QQMNX's -17.50%.

Which has better risk-adjusted returns?

BGCKX currently has the higher Sharpe Ratio (3.44 vs 0.50), 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.