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FMDCX vs. QAMNX
Performance
Return for Risk
Dividends
Drawdowns
Volatility

FMDCX vs. QAMNX

Last updated Apr 2, 2026

Compare and contrast key facts about Federated Hermes Mid Cap Index Fund (FMDCX) and Federated Hermes MDT Market Neutral A (QAMNX).

FMDCX is managed by Federated. It was launched on Nov 5, 1992. QAMNX is managed by Federated. It was launched on Sep 30, 2008.

Performance

FMDCX vs. QAMNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes Mid Cap Index Fund (FMDCX) and Federated Hermes MDT Market Neutral A (QAMNX). The values are adjusted to include any dividend payments, if applicable.

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FMDCX vs. QAMNX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
FMDCX
Federated Hermes Mid Cap Index Fund		2.43%6.95%13.34%16.38%-13.88%7.58%
QAMNX
Federated Hermes MDT Market Neutral A		1.36%10.00%17.33%4.71%9.19%12.29%

Returns By Period

In the year-to-date period, FMDCX achieves a 2.43% return, which is significantly higher than QAMNX's 1.36% return.

FMDCX

1D
2.83%
1M
-6.17%
YTD
2.43%
6M
3.46%
1Y
16.11%
3Y*
11.65%
5Y*
6.26%
10Y*
10.09%

QAMNX

1D
-0.05%
1M
-0.05%
YTD
1.36%
6M
5.54%
1Y
7.82%
3Y*
10.36%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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Federated Hermes Mid Cap Index Fund

Federated Hermes MDT Market Neutral A

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Often compared with QAMNX:
QAMNX vs. BDMIXQAMNX vs. VMNFXQAMNX vs. QLEIXQAMNX vs. GTAPXQAMNX vs. QMNNXQAMNX vs. SPYQAMNX vs. SNOIX

FMDCX vs. QAMNX - Expense Ratio Comparison

FMDCX has a 0.57% expense ratio, which is lower than QAMNX's 1.86% expense ratio.

QAMNX
Federated Hermes MDT Market Neutral A
FMDCX
Federated Hermes Mid Cap Index Fund

Return for Risk

FMDCX vs. QAMNX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FMDCX
FMDCX Risk / Return Rank: 2626
Overall Rank
FMDCX Sharpe Ratio Rank: 3535
Sharpe Ratio Rank
FMDCX Sortino Ratio Rank: 4141
Sortino Ratio Rank
FMDCX Omega Ratio Rank: 3838
Omega Ratio Rank
FMDCX Calmar Ratio Rank: 77
Calmar Ratio Rank
FMDCX Martin Ratio Rank: 77
Martin Ratio Rank
QAMNX
QAMNX Risk / Return Rank: 6969
Overall Rank
QAMNX Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
QAMNX Sortino Ratio Rank: 7373
Sortino Ratio Rank
QAMNX Omega Ratio Rank: 6969
Omega Ratio Rank
QAMNX Calmar Ratio Rank: 7979
Calmar Ratio Rank
QAMNX Martin Ratio Rank: 5656
Martin Ratio Rank
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.

FMDCX vs. QAMNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Mid Cap Index Fund (FMDCX) 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.

FMDCXQAMNXDifference

Sharpe ratio

Return per unit of total volatility

0.86

1.23

-0.37

Sortino ratio

Return per unit of downside risk

1.38

1.90

-0.52

Omega ratio

Gain probability vs. loss probability

1.19

1.27

-0.08

Calmar ratio

Return relative to maximum drawdown

0.17

1.97

-1.80

Martin ratio

Return relative to average drawdown

0.57

5.71

-5.14

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMDCX vs. QAMNX - Sharpe Ratio Comparison

The current FMDCX Sharpe Ratio is 0.86, which is lower than the QAMNX Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of FMDCX and QAMNX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

FMDCXQAMNXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.86

1.23

-0.37

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.32

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.48

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.53

0.87

-0.34

Correlation

The correlation between FMDCX and QAMNX is 0.04, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

FMDCX vs. QAMNX - Dividend Comparison

FMDCX's dividend yield for the trailing twelve months is around 10.41%, more than QAMNX's 1.51% yield.

TTM20252024202320222021202020192018201720162015
FMDCX
Federated Hermes Mid Cap Index Fund		10.41%10.67%15.63%11.46%12.33%22.20%15.60%10.60%26.14%17.30%11.41%14.68%
QAMNX
Federated Hermes MDT Market Neutral A		1.51%1.53%1.85%5.89%11.74%20.80%0.00%0.00%0.00%0.00%0.00%0.00%

Drawdowns

FMDCX vs. QAMNX - Drawdown Comparison

The maximum FMDCX drawdown since its inception was -55.36%, which is greater than QAMNX's maximum drawdown of -17.97%. Use the drawdown chart below to compare losses from any high point for FMDCX and QAMNX.

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Drawdown Indicators

FMDCXQAMNXDifference

Max Drawdown

Largest peak-to-trough decline

-55.36%

-17.97%

-37.39%

Max Drawdown (1Y)

Largest decline over 1 year

-14.10%

-4.16%

-9.94%

Max Drawdown (5Y)

Largest decline over 5 years

-24.16%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-42.05%

—

—

Current Drawdown

Current decline from peak

-6.17%

-0.42%

-5.75%

Average Drawdown

Average peak-to-trough decline

-6.83%

-5.25%

-1.58%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.75%

1.44%

+5.31%

Volatility

FMDCX vs. QAMNX - Volatility Comparison

Federated Hermes Mid Cap Index Fund (FMDCX) has a higher volatility of 5.54% compared to Federated Hermes MDT Market Neutral A (QAMNX) at 1.03%. This indicates that FMDCX'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

FMDCXQAMNXDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.54%

1.03%

+4.51%

Volatility (6M)

Calculated over the trailing 6-month period

12.07%

4.88%

+7.19%

Volatility (1Y)

Calculated over the trailing 1-year period

24.33%

6.38%

+17.95%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.33%

14.04%

+6.29%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

21.34%

14.04%

+7.30%