HDG vs. MKTN
HDG (ProShares Hedge Replication) and MKTN (Federated Hermes MDT Market Neutral ETF) are both Long-Short funds. HDG is passively managed, while MKTN is actively managed. At a correlation of -0.03, they often move in opposite directions.
Performance
HDG vs. MKTN - Performance Comparison
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Returns By Period
In the year-to-date period, HDG achieves a 6.40% return, which is significantly higher than MKTN's 1.27% return.
HDG
- 1D
- -0.37%
- 1M
- 2.07%
- YTD
- 6.40%
- 6M
- 7.00%
- 1Y
- 13.22%
- 3Y*
- 7.56%
- 5Y*
- 3.02%
- 10Y*
- 3.91%
MKTN
- 1D
- 0.12%
- 1M
- 1.01%
- YTD
- 1.27%
- 6M
- 4.04%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HDG vs. MKTN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
HDG ProShares Hedge Replication | 6.40% | 2.11% |
MKTN Federated Hermes MDT Market Neutral ETF | 1.27% | 3.53% |
Correlation
The correlation between HDG and MKTN is -0.03, 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 (All Time) Calculated using the full available price history since Sep 26, 2025 | -0.03 |
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Return for Risk
HDG vs. MKTN — Risk / Return Rank
HDG
MKTN
HDG vs. MKTN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Hedge Replication (HDG) and Federated Hermes MDT Market Neutral ETF (MKTN). 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.
| HDG | MKTN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.46 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 3.35 | — | — |
| Martin ratioReturn relative to average drawdown | 13.81 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HDG | MKTN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.36 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.42 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.55 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | 1.06 | -0.63 |
Drawdowns
HDG vs. MKTN - Drawdown Comparison
The maximum HDG drawdown since its inception was -15.31%, which is greater than MKTN's maximum drawdown of -4.13%. Use the drawdown chart below to compare losses from any high point for HDG and MKTN.
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Drawdown Indicators
| HDG | MKTN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.31% | -4.13% | -11.18% |
Max Drawdown (1Y)Largest decline over 1 year | -3.97% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -7.20% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -15.31% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -15.31% | — | — |
Current DrawdownCurrent decline from peak | -0.37% | -0.65% | +0.28% |
Average DrawdownAverage peak-to-trough decline | -2.77% | -1.13% | -1.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | — | — |
Volatility
HDG vs. MKTN - Volatility Comparison
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Volatility by Period
| HDG | MKTN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.06% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 4.58% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 5.64% | 6.81% | -1.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.15% | 6.81% | +0.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.11% | 6.81% | +0.30% |
Dividends
HDG vs. MKTN - Dividend Comparison
HDG's dividend yield for the trailing twelve months is around 2.35%, more than MKTN's 0.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HDG ProShares Hedge Replication | 2.35% | 2.55% | 3.50% | 3.48% | 0.39% | 0.00% | 0.08% | 1.09% | 0.51% | 0.00% | 0.00% | 0.00% |
MKTN Federated Hermes MDT Market Neutral ETF | 0.50% | 0.51% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HDG and MKTN have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HDG has the higher dividend yield at 2.35%, compared with 0.50% for MKTN.
They also come from different issuers: ProShares and Federated Hermes.
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