HFSP vs. MKTN

Last updated Aug 2, 2026

HFSP (TradersAI Large Cap Equity & Cash ETF) and MKTN (Federated Hermes MDT Market Neutral ETF) are both exchange-traded funds - HFSP is a Long-Short fund actively managed by Tidal, while MKTN is a Equity Market Neutral fund actively managed by Federated. Both are actively managed. Their 0.03 correlation means their historical movements had little consistent relationship. HFSP charges 1.25%/yr vs 1.94%/yr for MKTN.

Performance

HFSP vs. MKTN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TradersAI Large Cap Equity & Cash ETF (HFSP) 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, HFSP achieves a -13.00% return, which is significantly lower than MKTN's 6.46% return.

HFSP

• 1D: -2.86%
• 1M: -4.16%
• 6M: -13.42%
• YTD: -13.00%
• 1Y: -26.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -20.56%

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)
HFSP TradersAI Large Cap Equity & Cash ETF	$263.78	$441.47	$507.97
MKTN Federated Hermes MDT Market Neutral ETF	$666.28K	$482.62K	$621.59K

HFSP vs. MKTN - Yearly Performance Comparison

	2026 (YTD)	2025
HFSP TradersAI Large Cap Equity & Cash ETF	-13.00%	-15.88%
MKTN Federated Hermes MDT Market Neutral ETF	6.46%	3.22%

Correlation

The correlation between HFSP and MKTN is 0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 25, 2025	0.03

Return for Risk

HFSP vs. MKTN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HFSP

HFSP Risk / Return Rank: 0
HFSP Sharpe Ratio Rank: 0
HFSP Sortino Ratio Rank: 1
HFSP Omega Ratio Rank: 0
HFSP Calmar Ratio Rank: 1
HFSP Martin Ratio Rank: 0

MKTN

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HFSP vs. MKTN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TradersAI Large Cap Equity & Cash ETF (HFSP) 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.

	HFSP	MKTN	Difference
Sharpe ratio: Return per unit of total volatility	-1.48	—	—
Sortino ratio: Return per unit of downside risk	-1.97	—	—
Omega ratio: Gain probability vs. loss probability	0.75	—	—
Calmar ratio: Return relative to maximum drawdown	-0.92	—	—
Martin ratio: Return relative to average drawdown	-1.52	—	—

Drawdowns

HFSP vs. MKTN - Drawdown Comparison

The maximum HFSP drawdown since its inception was -37.30%, which is greater than MKTN's maximum drawdown of -4.13%. Use the drawdown chart below to compare losses from any high point for HFSP and MKTN.

Drawdown Indicators

	HFSP	MKTN	Difference
Max Drawdown Largest peak-to-trough decline	-37.30%	-4.13%	-33.17%
Max Drawdown (1Y) Largest decline over 1 year	-28.62%	—	—
Current Drawdown Current decline from peak	-37.30%	0.00%	-37.30%
Average Drawdown Average peak-to-trough decline	-18.61%	-1.08%	-17.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.31%	—	—

Volatility

Volatility by Period

	HFSP	MKTN	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.87%	—	—
Volatility (6M) Calculated over the trailing 6-month period	12.41%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	17.81%	6.65%	+11.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.00%	6.65%	+17.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.00%	6.65%	+17.35%

HFSP vs. MKTN - Expense Ratio Comparison

HFSP has a 1.25% expense ratio, which is lower than MKTN's 1.94% expense ratio.

Dividends

HFSP vs. MKTN - Dividend Comparison

HFSP has not paid dividends to shareholders, while MKTN's dividend yield for the trailing twelve months is around 0.48%.

Position	TTM	2025	2024
HFSP TradersAI Large Cap Equity & Cash ETF	0.00%	0.00%	1.53%
MKTN Federated Hermes MDT Market Neutral ETF	0.48%	0.51%	0.00%

Frequently Asked Questions

Can I hold both HFSP and MKTN in my portfolio?

HFSP 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 is better, HFSP or MKTN?

On fees, HFSP is cheaper at 1.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HFSP or MKTN?

HFSP is cheaper with a 1.25% expense ratio, compared with 1.94% for MKTN.

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

MKTN has the higher dividend yield at 0.48%, compared with 0.00% for HFSP.

What is the main difference between HFSP and MKTN?

HFSP is categorized as Long-Short, while MKTN is Equity Market Neutral. They also come from different issuers: Tidal and Federated. Their fees differ too: 1.25% for HFSP and 1.94% for MKTN.