FULBX vs. QAMNX

Last updated Apr 2, 2026

Compare and contrast key facts about Federated Hermes Ultra Short Bond Fund (FULBX) and Federated Hermes MDT Market Neutral A (QAMNX).

FULBX is managed by Federated. It was launched on May 30, 1997. QAMNX is managed by Federated. It was launched on Sep 30, 2008.

Performance

FULBX vs. QAMNX - Performance Comparison

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

FULBX vs. QAMNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FULBX Federated Hermes Ultra Short Bond Fund	0.30%	5.50%	5.35%	5.15%	-1.31%	-0.44%
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, FULBX achieves a 0.30% return, which is significantly lower than QAMNX's 1.36% return.

FULBX

• 1D: 0.00%
• 1M: -0.32%
• YTD: 0.30%
• 6M: 1.59%
• 1Y: 4.31%
• 3Y*: 4.97%
• 5Y*: 2.95%
• 10Y*: 2.40%

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)

FULBX vs. QAMNX - Expense Ratio Comparison

FULBX has a 0.47% expense ratio, which is lower than QAMNX's 1.86% expense ratio.

QAMNX

Federated Hermes MDT Market Neutral A

FULBX

Federated Hermes Ultra Short Bond Fund

Return for Risk

FULBX vs. QAMNX — Risk / Return Rank

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

FULBX

FULBX Risk / Return Rank: 99
FULBX Sharpe Ratio Rank: 97
FULBX Sortino Ratio Rank: 99
FULBX Omega Ratio Rank: 99
FULBX Calmar Ratio Rank: 99
FULBX Martin Ratio Rank: 99

QAMNX

QAMNX Risk / Return Rank: 69
QAMNX Sharpe Ratio Rank: 67
QAMNX Sortino Ratio Rank: 73
QAMNX Omega Ratio Rank: 69
QAMNX Calmar Ratio Rank: 79
QAMNX Martin Ratio Rank: 56

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.

FULBX vs. QAMNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Ultra Short Bond Fund (FULBX) 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.

	FULBX	QAMNX	Difference
Sharpe ratio Return per unit of total volatility	2.77	1.23	+1.53
Sortino ratio Return per unit of downside risk	7.32	1.90	+5.42
Omega ratio Gain probability vs. loss probability	2.46	1.27	+1.19
Calmar ratio Return relative to maximum drawdown	9.04	1.97	+7.06
Martin ratio Return relative to average drawdown	32.74	5.71	+27.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FULBX vs. QAMNX - Sharpe Ratio Comparison

The current FULBX Sharpe Ratio is 2.77, which is higher than the QAMNX Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of FULBX 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.

Sharpe Ratios by Period

	FULBX	QAMNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.77	1.23	+1.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.21	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.94	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.08	0.87	+0.21

Correlation

The correlation between FULBX and QAMNX is -0.06. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

FULBX vs. QAMNX - Dividend Comparison

FULBX's dividend yield for the trailing twelve months is around 4.32%, more than QAMNX's 1.51% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FULBX Federated Hermes Ultra Short Bond Fund	4.32%	4.79%	3.99%	2.67%	1.00%	0.56%	1.49%	2.16%	1.90%	1.25%	0.84%	0.64%
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

FULBX vs. QAMNX - Drawdown Comparison

The maximum FULBX drawdown since its inception was -5.43%, smaller than the maximum QAMNX drawdown of -17.97%. Use the drawdown chart below to compare losses from any high point for FULBX and QAMNX.

Drawdown Indicators

	FULBX	QAMNX	Difference
Max Drawdown Largest peak-to-trough decline	-5.43%	-17.97%	+12.54%
Max Drawdown (1Y) Largest decline over 1 year	-0.54%	-4.16%	+3.62%
Max Drawdown (5Y) Largest decline over 5 years	-2.60%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-4.67%	—	—
Current Drawdown Current decline from peak	-0.43%	-0.42%	-0.01%
Average Drawdown Average peak-to-trough decline	-0.81%	-5.25%	+4.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.15%	1.44%	-1.29%

Volatility

FULBX vs. QAMNX - Volatility Comparison

The current volatility for Federated Hermes Ultra Short Bond Fund (FULBX) is 0.28%, while Federated Hermes MDT Market Neutral A (QAMNX) has a volatility of 1.03%. This indicates that FULBX 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

	FULBX	QAMNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.28%	1.03%	-0.75%
Volatility (6M) Calculated over the trailing 6-month period	1.16%	4.88%	-3.72%
Volatility (1Y) Calculated over the trailing 1-year period	1.64%	6.38%	-4.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.34%	14.04%	-12.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.24%	14.04%	-12.80%