FHHIX vs. QAMNX

Last updated Jun 6, 2026

FHHIX (Federated Hermes SDG Engagement High Yield Credit Fund) and QAMNX (Federated Hermes MDT Market Neutral A) are both mutual funds - FHHIX is a High Yield Bonds fund managed by Federated, while QAMNX is a Long-Short fund managed by Federated. Over the past 3 years, FHHIX returned 8.26%/yr vs 10.32%/yr for QAMNX. At a 0.00 correlation, their price movements are largely independent. FHHIX charges 1.57%/yr vs 1.86%/yr for QAMNX.

Performance

FHHIX vs. QAMNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes SDG Engagement High Yield Credit Fund (FHHIX) and Federated Hermes MDT Market Neutral A (QAMNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FHHIX achieves a 1.22% return, which is significantly higher than QAMNX's -0.56% return.

FHHIX

• 1D: 0.00%
• 1M: 0.17%
• YTD: 1.22%
• 6M: 1.74%
• 1Y: 6.48%
• 3Y*: 8.26%
• 5Y*: 3.39%
• 10Y*: —

QAMNX

• 1D: -0.61%
• 1M: 0.76%
• YTD: -0.56%
• 6M: 1.53%
• 1Y: 2.79%
• 3Y*: 10.32%
• 5Y*: —
• 10Y*: —

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

FHHIX vs. QAMNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FHHIX Federated Hermes SDG Engagement High Yield Credit Fund	1.22%	8.04%	7.48%	11.44%	-10.67%	-0.94%
QAMNX Federated Hermes MDT Market Neutral A	-0.56%	10.00%	17.33%	4.71%	9.19%	12.29%

Correlation

The correlation between FHHIX and QAMNX is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.01
Correlation (All Time) Calculated using the full available price history since Sep 23, 2021	0.00

Return for Risk

FHHIX vs. QAMNX — Risk / Return Rank

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

FHHIX

FHHIX Risk / Return Rank: 73
FHHIX Sharpe Ratio Rank: 84
FHHIX Sortino Ratio Rank: 89
FHHIX Omega Ratio Rank: 89
FHHIX Calmar Ratio Rank: 47
FHHIX Martin Ratio Rank: 58

QAMNX

QAMNX Risk / Return Rank: 6
QAMNX Sharpe Ratio Rank: 6
QAMNX Sortino Ratio Rank: 6
QAMNX Omega Ratio Rank: 6
QAMNX Calmar Ratio Rank: 7
QAMNX Martin Ratio Rank: 6

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.

FHHIX vs. QAMNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes SDG Engagement High Yield Credit Fund (FHHIX) 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.

	FHHIX	QAMNX	Difference
Sharpe ratio: Return per unit of total volatility	2.70	0.40	+2.30
Sortino ratio: Return per unit of downside risk	4.23	0.64	+3.59
Omega ratio: Gain probability vs. loss probability	1.62	1.08	+0.54
Calmar ratio: Return relative to maximum drawdown	2.54	0.64	+1.91
Martin ratio: Return relative to average drawdown	11.07	1.46	+9.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FHHIX vs. QAMNX - Sharpe Ratio Comparison

The current FHHIX Sharpe Ratio is 2.70, which is higher than the QAMNX Sharpe Ratio of 0.40. The chart below compares the historical Sharpe Ratios of FHHIX and QAMNX, 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

	FHHIX	QAMNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.70	0.40	+2.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.81	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.75	0.81	-0.07

Drawdowns

FHHIX vs. QAMNX - Drawdown Comparison

The maximum FHHIX drawdown since its inception was -23.36%, which is greater than QAMNX's maximum drawdown of -17.97%. Use the drawdown chart below to compare losses from any high point for FHHIX and QAMNX.

Drawdown Indicators

	FHHIX	QAMNX	Difference
Max Drawdown Largest peak-to-trough decline	-23.36%	-17.97%	-5.39%
Max Drawdown (1Y) Largest decline over 1 year	-2.71%	-4.16%	+1.45%
Max Drawdown (3Y) Largest decline over 3 years	-3.45%	-4.16%	+0.71%
Max Drawdown (5Y) Largest decline over 5 years	-17.93%	—	—
Current Drawdown Current decline from peak	-0.10%	-2.58%	+2.48%
Average Drawdown Average peak-to-trough decline	-3.73%	-5.15%	+1.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.60%	1.82%	-1.22%

Volatility

FHHIX vs. QAMNX - Volatility Comparison

The current volatility for Federated Hermes SDG Engagement High Yield Credit Fund (FHHIX) is 0.79%, while Federated Hermes MDT Market Neutral A (QAMNX) has a volatility of 2.30%. This indicates that FHHIX experiences smaller price fluctuations and is considered to be less risky than QAMNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FHHIX	QAMNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.79%	2.30%	-1.51%
Volatility (6M) Calculated over the trailing 6-month period	2.12%	5.15%	-3.03%
Volatility (1Y) Calculated over the trailing 1-year period	2.58%	6.64%	-4.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.25%	13.85%	-9.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.05%	13.85%	-7.80%

FHHIX vs. QAMNX - Expense Ratio Comparison

FHHIX has a 1.57% expense ratio, which is lower than QAMNX's 1.86% expense ratio.

Dividends

FHHIX vs. QAMNX - Dividend Comparison

FHHIX's dividend yield for the trailing twelve months is around 5.18%, more than QAMNX's 1.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FHHIX Federated Hermes SDG Engagement High Yield Credit Fund	5.18%	5.20%	4.88%	3.43%	4.95%	5.43%	3.34%	0.97%
QAMNX Federated Hermes MDT Market Neutral A	1.54%	1.53%	1.85%	5.89%	11.74%	20.80%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FHHIX and QAMNX in my portfolio?

FHHIX and QAMNX have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FHHIX or QAMNX?

QAMNX has higher volatility (2.30%) compared to FHHIX (0.79%). In terms of maximum drawdown, FHHIX dropped -23.36% vs QAMNX's -17.97%.

Which has better risk-adjusted returns?

FHHIX currently has the higher Sharpe Ratio (2.70 vs 0.40), 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.