HEFT vs. MKTN

Last updated Aug 2, 2026

HEFT (Hedgeye Fourth Turning ETF) and MKTN (Federated Hermes MDT Market Neutral ETF) are both exchange-traded funds - HEFT is a Long-Short fund actively managed by Hedgeye, while MKTN is a Equity Market Neutral fund actively managed by Federated. Both are actively managed. Their -0.14 correlation means they have often moved in opposite directions in the past. HEFT charges 0.70%/yr vs 1.94%/yr for MKTN.

Performance

HEFT vs. MKTN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hedgeye Fourth Turning ETF (HEFT) and Federated Hermes MDT Market Neutral ETF (MKTN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HEFT achieves a 3.28% return, which is significantly lower than MKTN's 6.46% return.

HEFT

• 1D: -0.04%
• 1M: -0.42%
• 6M: -3.62%
• YTD: 3.28%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

MKTN

• 1D: 0.33%
• 1M: 4.57%
• 6M: 7.01%
• YTD: 6.46%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HEFT Hedgeye Fourth Turning ETF	$283.91K	$525.47K	$801.16K
MKTN Federated Hermes MDT Market Neutral ETF	$666.28K	$482.62K	$621.59K

HEFT vs. MKTN - Yearly Performance Comparison

	2026 (YTD)	2025
HEFT Hedgeye Fourth Turning ETF	3.28%	1.10%
MKTN Federated Hermes MDT Market Neutral ETF	6.46%	2.49%

Correlation

The correlation between HEFT and MKTN is -0.14, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 21, 2025	-0.14

Return for Risk

HEFT vs. MKTN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hedgeye Fourth Turning ETF (HEFT) 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.

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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Drawdowns

HEFT vs. MKTN - Drawdown Comparison

The maximum HEFT drawdown since its inception was -9.17%, which is greater than MKTN's maximum drawdown of -4.13%. Use the drawdown chart below to compare losses from any high point for HEFT and MKTN.

Drawdown Indicators

	HEFT	MKTN	Difference
Max Drawdown Largest peak-to-trough decline	-9.17%	-4.13%	-5.04%
Current Drawdown Current decline from peak	-6.82%	0.00%	-6.82%
Average Drawdown Average peak-to-trough decline	-3.79%	-1.08%	-2.71%

Volatility

Volatility by Period

	HEFT	MKTN	Difference
Volatility (1Y) Calculated over the trailing 1-year period	12.66%	6.65%	+6.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.66%	6.65%	+6.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.66%	6.65%	+6.01%

HEFT vs. MKTN - Expense Ratio Comparison

HEFT has a 0.70% expense ratio, which is lower than MKTN's 1.94% expense ratio.

Dividends

HEFT vs. MKTN - Dividend Comparison

HEFT's dividend yield for the trailing twelve months is around 0.02%, less than MKTN's 0.48% yield.

Position	TTM	2025
HEFT Hedgeye Fourth Turning ETF	0.02%	0.02%
MKTN Federated Hermes MDT Market Neutral ETF	0.48%	0.51%

Frequently Asked Questions

Can I hold both HEFT and MKTN in my portfolio?

HEFT and MKTN have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HEFT or MKTN?

On fees, HEFT is cheaper at 0.70% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HEFT or MKTN?

HEFT is cheaper with a 0.70% expense ratio, compared with 1.94% for MKTN.

Which ETF pays a higher dividend yield, HEFT or MKTN?

MKTN has the higher dividend yield at 0.48%, compared with 0.02% for HEFT.

What is the main difference between HEFT and MKTN?

HEFT is categorized as Long-Short, while MKTN is Equity Market Neutral. They also come from different issuers: Hedgeye and Federated. Their fees differ too: 0.70% for HEFT and 1.94% for MKTN.