FEQHX vs. QKACX

Last updated Jun 3, 2026

FEQHX (Fidelity Hedged Equity Fund) and QKACX (Federated Hermes MDT All Cap Core Fund Class R6) are both Large Cap Blend Equities funds. Both are actively managed. Over the past 3 years, FEQHX returned 17.81%/yr vs 25.34%/yr for QKACX. A 0.70 correlation means they provide meaningful diversification when combined. FEQHX charges 0.55%/yr vs 0.73%/yr for QKACX.

Performance

FEQHX vs. QKACX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Hedged Equity Fund (FEQHX) and Federated Hermes MDT All Cap Core Fund Class R6 (QKACX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEQHX achieves a 10.01% return, which is significantly higher than QKACX's 8.05% return.

FEQHX

• 1D: 0.31%
• 1M: 4.93%
• YTD: 10.01%
• 6M: 9.67%
• 1Y: 22.93%
• 3Y*: 17.81%
• 5Y*: —
• 10Y*: —

QKACX

• 1D: 0.61%
• 1M: 3.51%
• YTD: 8.05%
• 6M: 10.34%
• 1Y: 24.62%
• 3Y*: 25.34%
• 5Y*: 15.99%
• 10Y*: 17.00%

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

FEQHX vs. QKACX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FEQHX Fidelity Hedged Equity Fund	10.01%	13.61%	19.46%	17.65%	-4.85%
QKACX Federated Hermes MDT All Cap Core Fund Class R6	8.05%	21.16%	31.05%	23.55%	0.05%

Correlation

The correlation between FEQHX and QKACX is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (All Time) Calculated using the full available price history since Sep 9, 2022	0.70

Over the past year, the correlation between FEQHX and QKACX has dropped to 0.33 - well below their long-term average of 0.70, suggesting their price drivers have been diverging.

Return for Risk

FEQHX vs. QKACX — Risk / Return Rank

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

FEQHX

FEQHX Risk / Return Rank: 69
FEQHX Sharpe Ratio Rank: 77
FEQHX Sortino Ratio Rank: 74
FEQHX Omega Ratio Rank: 68
FEQHX Calmar Ratio Rank: 65
FEQHX Martin Ratio Rank: 63

QKACX

QKACX Risk / Return Rank: 60
QKACX Sharpe Ratio Rank: 52
QKACX Sortino Ratio Rank: 54
QKACX Omega Ratio Rank: 65
QKACX Calmar Ratio Rank: 59
QKACX Martin Ratio Rank: 72

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.

FEQHX vs. QKACX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Hedged Equity Fund (FEQHX) and Federated Hermes MDT All Cap Core Fund Class R6 (QKACX). 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.

	FEQHX	QKACX	Difference
Sharpe ratio Return per unit of total volatility	2.56	2.13	+0.43
Sortino ratio Return per unit of downside risk	3.60	3.09	+0.51
Omega ratio Gain probability vs. loss probability	1.46	1.45	+0.01
Calmar ratio Return relative to maximum drawdown	3.13	2.94	+0.20
Martin ratio Return relative to average drawdown	12.53	13.79	-1.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FEQHX vs. QKACX - Sharpe Ratio Comparison

The current FEQHX Sharpe Ratio is 2.56, which is comparable to the QKACX Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of FEQHX and QKACX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FEQHX	QKACX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.56	2.13	+0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.92	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.91	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.32	0.48	+0.84

Drawdowns

FEQHX vs. QKACX - Drawdown Comparison

The maximum FEQHX drawdown since its inception was -10.42%, smaller than the maximum QKACX drawdown of -60.51%. Use the drawdown chart below to compare losses from any high point for FEQHX and QKACX.

Drawdown Indicators

	FEQHX	QKACX	Difference
Max Drawdown Largest peak-to-trough decline	-10.42%	-60.51%	+50.09%
Max Drawdown (1Y) Largest decline over 1 year	-7.40%	-8.66%	+1.26%
Max Drawdown (3Y) Largest decline over 3 years	-10.42%	-19.42%	+9.00%
Max Drawdown (5Y) Largest decline over 5 years	—	-23.05%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-36.47%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.22%	-11.21%	+8.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	1.85%	0.00%

Volatility

FEQHX vs. QKACX - Volatility Comparison

Fidelity Hedged Equity Fund (FEQHX) and Federated Hermes MDT All Cap Core Fund Class R6 (QKACX) have volatilities of 2.67% and 2.55%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEQHX	QKACX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.67%	2.55%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	6.64%	9.51%	-2.87%
Volatility (1Y) Calculated over the trailing 1-year period	9.16%	11.99%	-2.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.24%	17.37%	-6.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.24%	18.70%	-7.46%

FEQHX vs. QKACX - Expense Ratio Comparison

FEQHX has a 0.55% expense ratio, which is lower than QKACX's 0.73% expense ratio.

Dividends

FEQHX vs. QKACX - Dividend Comparison

FEQHX's dividend yield for the trailing twelve months is around 0.51%, less than QKACX's 4.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEQHX Fidelity Hedged Equity Fund	0.51%	0.43%	0.61%	0.77%	0.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QKACX Federated Hermes MDT All Cap Core Fund Class R6	4.37%	4.72%	8.90%	1.45%	11.20%	17.85%	3.09%	3.41%	8.83%	0.74%	0.00%	0.52%

Frequently Asked Questions

Can I hold both FEQHX and QKACX in my portfolio?

FEQHX and QKACX have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEQHX or QKACX?

FEQHX has higher volatility (2.67%) compared to QKACX (2.55%). In terms of maximum drawdown, FEQHX dropped -10.42% vs QKACX's -60.51%.

Which has better risk-adjusted returns?

FEQHX currently has the higher Sharpe Ratio (2.56 vs 2.13), 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.