HESGX vs. QIACX

Last updated Jun 5, 2026

HESGX (Horizon ESG Defensive Core Fund) and QIACX (Federated Hermes MDT All Cap Core Fund) are both Large Cap Blend Equities funds. Over the past 5 years, HESGX returned 10.40%/yr vs 15.65%/yr for QIACX. Their correlation of 0.82 suggests significant overlap in exposure. HESGX charges 1.02%/yr vs 0.75%/yr for QIACX.

Performance

HESGX vs. QIACX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon ESG Defensive Core Fund (HESGX) and Federated Hermes MDT All Cap Core Fund (QIACX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HESGX achieves a 8.55% return, which is significantly higher than QIACX's 6.94% return.

HESGX

• 1D: -0.70%
• 1M: 3.54%
• YTD: 8.55%
• 6M: 8.24%
• 1Y: 25.93%
• 3Y*: 17.96%
• 5Y*: 10.40%
• 10Y*: —

QIACX

• 1D: -0.80%
• 1M: 2.19%
• YTD: 6.94%
• 6M: 8.29%
• 1Y: 22.39%
• 3Y*: 24.89%
• 5Y*: 15.65%
• 10Y*: 16.89%

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

HESGX vs. QIACX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
HESGX Horizon ESG Defensive Core Fund	8.55%	9.56%	22.41%	23.52%	-18.83%	27.45%	21.75%	-0.24%
QIACX Federated Hermes MDT All Cap Core Fund	6.94%	21.15%	31.07%	23.52%	-14.16%	31.40%	21.95%	-0.27%

Correlation

The correlation between HESGX and QIACX is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since Dec 30, 2019	0.82

Over the past year, the correlation between HESGX and QIACX has dropped to 0.31 - well below their long-term average of 0.82, suggesting their price drivers have been diverging.

Return for Risk

HESGX vs. QIACX — Risk / Return Rank

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

HESGX

HESGX Risk / Return Rank: 56
HESGX Sharpe Ratio Rank: 57
HESGX Sortino Ratio Rank: 52
HESGX Omega Ratio Rank: 53
HESGX Calmar Ratio Rank: 54
HESGX Martin Ratio Rank: 65

QIACX

QIACX Risk / Return Rank: 52
QIACX Sharpe Ratio Rank: 44
QIACX Sortino Ratio Rank: 46
QIACX Omega Ratio Rank: 54
QIACX Calmar Ratio Rank: 51
QIACX Martin Ratio Rank: 65

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.

HESGX vs. QIACX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon ESG Defensive Core Fund (HESGX) and Federated Hermes MDT All Cap Core Fund (QIACX). 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.

	HESGX	QIACX	Difference
Sharpe ratio: Return per unit of total volatility	2.20	1.95	+0.25
Sortino ratio: Return per unit of downside risk	3.02	2.85	+0.17
Omega ratio: Gain probability vs. loss probability	1.40	1.41	-0.01
Calmar ratio: Return relative to maximum drawdown	2.77	2.71	+0.07
Martin ratio: Return relative to average drawdown	12.49	12.68	-0.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HESGX vs. QIACX - Sharpe Ratio Comparison

The current HESGX Sharpe Ratio is 2.20, which is comparable to the QIACX Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of HESGX and QIACX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HESGX	QIACX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.20	1.95	+0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	0.90	-0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.91	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.84	0.57	+0.26

Drawdowns

HESGX vs. QIACX - Drawdown Comparison

The maximum HESGX drawdown since its inception was -24.43%, smaller than the maximum QIACX drawdown of -60.11%. Use the drawdown chart below to compare losses from any high point for HESGX and QIACX.

Drawdown Indicators

	HESGX	QIACX	Difference
Max Drawdown Largest peak-to-trough decline	-24.43%	-60.11%	+35.68%
Max Drawdown (1Y) Largest decline over 1 year	-9.42%	-8.65%	-0.77%
Max Drawdown (3Y) Largest decline over 3 years	-18.79%	-19.41%	+0.62%
Max Drawdown (5Y) Largest decline over 5 years	-22.08%	-23.05%	+0.97%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.47%	—
Current Drawdown Current decline from peak	-0.72%	-1.01%	+0.29%
Average Drawdown Average peak-to-trough decline	-6.09%	-9.29%	+3.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	1.84%	+0.25%

Volatility

HESGX vs. QIACX - Volatility Comparison

Horizon ESG Defensive Core Fund (HESGX) and Federated Hermes MDT All Cap Core Fund (QIACX) have volatilities of 2.81% and 2.73%, 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.

Volatility by Period

	HESGX	QIACX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.81%	2.73%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	8.89%	9.46%	-0.57%
Volatility (1Y) Calculated over the trailing 1-year period	11.89%	12.01%	-0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.56%	17.38%	-2.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.22%	18.70%	-2.48%

HESGX vs. QIACX - Expense Ratio Comparison

HESGX has a 1.02% expense ratio, which is higher than QIACX's 0.75% expense ratio.

Dividends

HESGX vs. QIACX - Dividend Comparison

HESGX's dividend yield for the trailing twelve months is around 15.37%, more than QIACX's 4.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HESGX Horizon ESG Defensive Core Fund	15.37%	16.68%	0.29%	0.61%	0.52%	2.51%	2.75%	0.00%	0.00%	0.00%	0.00%	0.00%
QIACX Federated Hermes MDT All Cap Core Fund	4.28%	4.58%	8.65%	1.40%	10.90%	17.44%	3.01%	3.34%	8.60%	0.69%	1.12%	1.25%

Frequently Asked Questions

Can I hold both HESGX and QIACX in my portfolio?

HESGX and QIACX have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HESGX or QIACX?

HESGX has higher volatility (2.81%) compared to QIACX (2.73%). In terms of maximum drawdown, HESGX dropped -24.43% vs QIACX's -60.11%.

Which has better risk-adjusted returns?

HESGX currently has the higher Sharpe Ratio (2.20 vs 1.95), 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.