FMUAX vs. QAMNX
FMUAX (Federated Hermes Municipal and Stock Advantage Fund) and QAMNX (Federated Hermes MDT Market Neutral A) are both mutual funds - FMUAX is a Diversified Portfolio fund managed by Federated, while QAMNX is a Long-Short fund managed by Federated. Over the past 3 years, FMUAX returned 9.64%/yr vs 10.88%/yr for QAMNX. At a 0.02 correlation, their price movements are largely independent. FMUAX charges 1.00%/yr vs 1.86%/yr for QAMNX.
Performance
FMUAX vs. QAMNX - Performance Comparison
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Returns By Period
In the year-to-date period, FMUAX achieves a 5.24% return, which is significantly higher than QAMNX's -0.85% return.
FMUAX
- 1D
- -0.60%
- 1M
- 1.28%
- YTD
- 5.24%
- 6M
- 4.84%
- 1Y
- 14.57%
- 3Y*
- 9.64%
- 5Y*
- 4.67%
- 10Y*
- 6.13%
QAMNX
- 1D
- 0.33%
- 1M
- -0.19%
- YTD
- -0.85%
- 6M
- -1.05%
- 1Y
- 2.99%
- 3Y*
- 10.88%
- 5Y*
- —
- 10Y*
- —
FMUAX vs. QAMNX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
FMUAX Federated Hermes Municipal and Stock Advantage Fund | 5.24% | 9.00% | 8.70% | 9.81% | -10.68% | 3.20% |
QAMNX Federated Hermes MDT Market Neutral A | -0.85% | 10.00% | 17.33% | 4.71% | 9.19% | 12.29% |
Correlation
The correlation between FMUAX and QAMNX is -0.11, 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 (1Y) Calculated over the trailing 1-year period | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Sep 22, 2021 | 0.02 |
The correlation between FMUAX and QAMNX shifts across timeframes, from -0.11 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FMUAX vs. QAMNX — Risk / Return Rank
FMUAX
QAMNX
FMUAX vs. QAMNX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Municipal and Stock Advantage Fund (FMUAX) 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.
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.
| FMUAX | QAMNX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.54 | ||
| Sortino ratioReturn per unit of downside risk | +3.90 | ||
| Omega ratioGain probability vs. loss probability | 1.57 | 1.09 | +0.48 |
| Calmar ratioReturn relative to maximum drawdown | 3.79 | 0.72 | +3.06 |
| Martin ratioReturn relative to average drawdown | 18.20 | 1.61 | +16.59 |
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Drawdowns
FMUAX vs. QAMNX - Drawdown Comparison
The maximum FMUAX drawdown since its inception was -22.43%, which is greater than QAMNX's maximum drawdown of -17.97%. Use the drawdown chart below to compare losses from any high point for FMUAX and QAMNX.
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Drawdown Indicators
| FMUAX | QAMNX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.43% | -17.97% | -4.46% |
Max Drawdown (1Y)Largest decline over 1 year | -4.94% | -4.16% | -0.78% |
Max Drawdown (3Y)Largest decline over 3 years | -10.18% | -4.16% | -6.02% |
Max Drawdown (5Y)Largest decline over 5 years | -15.93% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -21.46% | — | — |
Current DrawdownCurrent decline from peak | -0.95% | -2.85% | +1.90% |
Average DrawdownAverage peak-to-trough decline | -2.75% | -5.12% | +2.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 1.87% | -0.91% |
Volatility
FMUAX vs. QAMNX - Volatility Comparison
Federated Hermes Municipal and Stock Advantage Fund (FMUAX) and Federated Hermes MDT Market Neutral A (QAMNX) have volatilities of 2.31% and 2.29%, 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.
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Volatility by Period
| FMUAX | QAMNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.31% | 2.29% | +0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 5.08% | 5.26% | -0.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.27% | 6.72% | -0.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.21% | 13.80% | -6.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.13% | 13.80% | -5.67% |
FMUAX vs. QAMNX - Expense Ratio Comparison
FMUAX has a 1.00% expense ratio, which is lower than QAMNX's 1.86% expense ratio.
Dividends
FMUAX vs. QAMNX - Dividend Comparison
FMUAX's dividend yield for the trailing twelve months is around 1.26%, less than QAMNX's 1.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FMUAX Federated Hermes Municipal and Stock Advantage Fund | 1.26% | 1.23% | 2.01% | 2.53% | 2.25% | 4.56% | 2.12% | 4.00% | 7.98% | 2.17% | 2.36% | 2.80% |
QAMNX Federated Hermes MDT Market Neutral A | 1.54% | 1.53% | 1.85% | 5.89% | 11.74% | 20.80% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FMUAX and QAMNX have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FMUAX has higher volatility (2.31%) compared to QAMNX (2.29%). In terms of maximum drawdown, FMUAX dropped -22.43% vs QAMNX's -17.97%.
FMUAX currently has the higher Sharpe Ratio (2.98 vs 0.45), 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.
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