CBLS vs. MKTN

Last updated Jun 24, 2026

CBLS (Changebridge Capital Long/Short Equity ETF) and MKTN (Federated Hermes MDT Market Neutral ETF) are both Long-Short funds. Both are actively managed. At a correlation of -0.13, they often move in opposite directions.

Performance

CBLS vs. MKTN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Changebridge Capital Long/Short Equity ETF (CBLS) and Federated Hermes MDT Market Neutral ETF (MKTN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBLS achieves a 20.31% return, which is significantly higher than MKTN's 0.14% return.

CBLS

• 1D: -2.34%
• 1M: 2.02%
• YTD: 20.31%
• 6M: 19.29%
• 1Y: 17.91%
• 3Y*: 19.64%
• 5Y*: 5.22%
• 10Y*: —

MKTN

• 1D: 0.31%
• 1M: -0.11%
• YTD: 0.14%
• 6M: 0.27%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CBLS vs. MKTN - Yearly Performance Comparison

	2026 (YTD)	2025
CBLS Changebridge Capital Long/Short Equity ETF	20.31%	-2.35%
MKTN Federated Hermes MDT Market Neutral ETF	0.14%	3.22%

Correlation

The correlation between CBLS and MKTN is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 25, 2025	-0.13

Return for Risk

CBLS vs. MKTN — Risk / Return Rank

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

CBLS

CBLS Risk / Return Rank: 35
CBLS Sharpe Ratio Rank: 32
CBLS Sortino Ratio Rank: 29
CBLS Omega Ratio Rank: 31
CBLS Calmar Ratio Rank: 47
CBLS Martin Ratio Rank: 36

MKTN

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

CBLS vs. MKTN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Changebridge Capital Long/Short Equity ETF (CBLS) and Federated Hermes MDT Market Neutral ETF (MKTN). 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.

	CBLS	MKTN	Difference
Sharpe ratio: Return per unit of total volatility	1.09	—	—
Sortino ratio: Return per unit of downside risk	1.51	—	—
Omega ratio: Gain probability vs. loss probability	1.20	—	—
Calmar ratio: Return relative to maximum drawdown	2.21	—	—
Martin ratio: Return relative to average drawdown	5.20	—	—

Drawdowns

CBLS vs. MKTN - Drawdown Comparison

The maximum CBLS drawdown since its inception was -32.78%, which is greater than MKTN's maximum drawdown of -4.13%. Use the drawdown chart below to compare losses from any high point for CBLS and MKTN.

Drawdown Indicators

	CBLS	MKTN	Difference
Max Drawdown Largest peak-to-trough decline	-32.78%	-4.13%	-28.65%
Max Drawdown (1Y) Largest decline over 1 year	-8.15%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-15.27%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-31.24%	—	—
Current Drawdown Current decline from peak	-3.50%	-1.76%	-1.74%
Average Drawdown Average peak-to-trough decline	-12.70%	-1.20%	-11.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.45%	—	—

Volatility

Volatility by Period

	CBLS	MKTN	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.05%	—	—
Volatility (6M) Calculated over the trailing 6-month period	13.81%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	16.56%	6.74%	+9.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.86%	6.74%	+9.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.28%	6.74%	+9.54%

Dividends

CBLS vs. MKTN - Dividend Comparison

CBLS's dividend yield for the trailing twelve months is around 0.75%, more than MKTN's 0.51% yield.

Position	TTM	2025	2024	2023
CBLS Changebridge Capital Long/Short Equity ETF	0.75%	0.90%	0.73%	0.44%
MKTN Federated Hermes MDT Market Neutral ETF	0.51%	0.51%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CBLS and MKTN in my portfolio?

CBLS and MKTN 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.

Which ETF pays a higher dividend yield, CBLS or MKTN?

CBLS has the higher dividend yield at 0.75%, compared with 0.51% for MKTN.

What is the main difference between CBLS and MKTN?

They also come from different issuers: Changebridge Capital LLC and Federated Hermes.