HFEQ vs. MKTN

Last updated Jun 4, 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 14.04% return, which is significantly higher than MKTN's 1.27% return.

HFEQ

• 1D: -0.34%
• 1M: 5.50%
• YTD: 14.04%
• 6M: 13.73%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MKTN

• 1D: 0.12%
• 1M: 1.01%
• YTD: 1.27%
• 6M: 4.04%
• 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	14.04%	3.99%
MKTN Federated Hermes MDT Market Neutral ETF	1.27%	3.53%

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 26, 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.

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

Sharpe Ratios by Period

	HFEQ	MKTN	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.66	1.06	+0.60

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	-0.34%	-0.65%	+0.31%
Average Drawdown Average peak-to-trough decline	-2.45%	-1.13%	-1.32%

Volatility

Volatility by Period

	HFEQ	MKTN	Difference
Volatility (1Y) Calculated over the trailing 1-year period	21.60%	6.81%	+14.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.60%	6.81%	+14.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.60%	6.81%	+14.79%

Dividends

HFEQ vs. MKTN - Dividend Comparison

HFEQ's dividend yield for the trailing twelve months is around 9.25%, more than MKTN's 0.50% yield.

Position	TTM	2025
HFEQ Unlimited HFEQ Equity Long/Short ETF	9.25%	10.55%
MKTN Federated Hermes MDT Market Neutral ETF	0.50%	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 9.25%, compared with 0.50% for MKTN.

What is the main difference between HFEQ and MKTN?

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