HFEQ vs. MKTN

Last updated Jun 24, 2026

HFEQ (Unlimited HFEQ Equity Long/Short ETF) and MKTN (Federated Hermes MDT Market Neutral ETF) are both Long-Short funds. Both are actively managed. At a correlation of -0.03, they often move in opposite directions.

Performance

HFEQ vs. MKTN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Unlimited HFEQ Equity Long/Short ETF (HFEQ) 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, HFEQ achieves a 9.98% return, which is significantly higher than MKTN's 0.14% return.

HFEQ

• 1D: -3.97%
• 1M: -1.18%
• YTD: 9.98%
• 6M: 8.55%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MKTN

• 1D: 0.31%
• 1M: -0.11%
• YTD: 0.14%
• 6M: 0.27%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HFEQ vs. MKTN - Yearly Performance Comparison

	2026 (YTD)	2025
HFEQ Unlimited HFEQ Equity Long/Short ETF	9.98%	3.62%
MKTN Federated Hermes MDT Market Neutral ETF	0.14%	3.22%

Correlation

The correlation between HFEQ 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 25, 2025	-0.03

Return for Risk

HFEQ vs. MKTN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Unlimited HFEQ Equity Long/Short ETF (HFEQ) 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

HFEQ vs. MKTN - Drawdown Comparison

The maximum HFEQ drawdown since its inception was -12.46%, which is greater than MKTN's maximum drawdown of -4.13%. Use the drawdown chart below to compare losses from any high point for HFEQ and MKTN.

Drawdown Indicators

	HFEQ	MKTN	Difference
Max Drawdown Largest peak-to-trough decline	-12.46%	-4.13%	-8.33%
Current Drawdown Current decline from peak	-3.97%	-1.76%	-2.21%
Average Drawdown Average peak-to-trough decline	-2.44%	-1.20%	-1.24%

Volatility

Volatility by Period

	HFEQ	MKTN	Difference
Volatility (1Y) Calculated over the trailing 1-year period	21.90%	6.74%	+15.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.90%	6.74%	+15.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.90%	6.74%	+15.16%

Dividends

HFEQ vs. MKTN - Dividend Comparison

HFEQ has not paid dividends to shareholders, while MKTN's dividend yield for the trailing twelve months is around 0.51%.

Position	TTM	2025
HFEQ Unlimited HFEQ Equity Long/Short ETF	9.59%	10.55%
MKTN Federated Hermes MDT Market Neutral ETF	0.51%	0.51%

Frequently Asked Questions

Can I hold both HFEQ and MKTN in my portfolio?

HFEQ 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.

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

HFEQ has the higher dividend yield at 9.59%, compared with 0.51% for MKTN.

What is the main difference between HFEQ and MKTN?

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