HEFT vs. MKTN

Last updated Jul 14, 2026

HEFT (Hedgeye Fourth Turning ETF) and MKTN (Federated Hermes MDT Market Neutral ETF) are both Long-Short funds. Both are actively managed. At a correlation of -0.13, they often move in opposite directions.

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 3.68% return, which is significantly higher than MKTN's 3.18% return.

HEFT

• 1D: -0.11%
• 1M: -1.12%
• 6M: -1.24%
• YTD: 3.68%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MKTN

• 1D: 0.53%
• 1M: 2.84%
• 6M: 4.79%
• YTD: 3.18%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HEFT vs. MKTN - Yearly Performance Comparison

	2026 (YTD)	2025
HEFT Hedgeye Fourth Turning ETF	3.68%	1.10%
MKTN Federated Hermes MDT Market Neutral ETF	3.18%	2.49%

Correlation

The correlation between HEFT and MKTN is -0.13, 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 (All Time) Calculated using the full available price history since Nov 21, 2025	-0.13

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	-6.46%	0.00%	-6.46%
Average Drawdown Average peak-to-trough decline	-3.55%	-1.15%	-2.40%

Volatility

Volatility by Period

	HEFT	MKTN	Difference
Volatility (1Y) Calculated over the trailing 1-year period	13.16%	6.63%	+6.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.16%	6.63%	+6.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.16%	6.63%	+6.53%

Dividends

HEFT vs. MKTN - Dividend Comparison

HEFT's dividend yield for the trailing twelve months is around 0.02%, less than MKTN's 0.49% yield.

Position	TTM	2025
HEFT Hedgeye Fourth Turning ETF	0.02%	0.02%
MKTN Federated Hermes MDT Market Neutral ETF	0.49%	0.51%

Frequently Asked Questions

Can I hold both HEFT and MKTN in my portfolio?

HEFT and MKTN have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

MKTN has the higher dividend yield at 0.49%, compared with 0.02% for HEFT.

What is the main difference between HEFT and MKTN?

They also come from different issuers: Hedgeye and Federated Hermes.