HHCZX vs. QAMNX

Last updated Apr 1, 2026

Compare and contrast key facts about NexPoint Event Driven Fund (HHCZX) and Federated Hermes MDT Market Neutral A (QAMNX).

HHCZX is managed by Highland Funds. It was launched on May 4, 2008. QAMNX is managed by Federated. It was launched on Sep 30, 2008.

Performance

HHCZX vs. QAMNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NexPoint Event Driven Fund (HHCZX) and Federated Hermes MDT Market Neutral A (QAMNX). The values are adjusted to include any dividend payments, if applicable.

HHCZX vs. QAMNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
HHCZX NexPoint Event Driven Fund	-7.03%	6.52%	7.22%	5.44%	-5.49%	-2.04%
QAMNX Federated Hermes MDT Market Neutral A	1.41%	10.00%	17.33%	4.71%	9.19%	12.29%

Returns By Period

In the year-to-date period, HHCZX achieves a -7.03% return, which is significantly lower than QAMNX's 1.41% return.

HHCZX

• 1D: -0.18%
• 1M: -8.24%
• YTD: -7.03%
• 6M: -4.80%
• 1Y: -0.12%
• 3Y*: 3.98%
• 5Y*: -2.65%
• 10Y*: 3.97%

QAMNX

• 1D: 0.33%
• 1M: -0.28%
• YTD: 1.41%
• 6M: 5.59%
• 1Y: 7.87%
• 3Y*: 10.38%
• 5Y*: —
• 10Y*: —

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

HHCZX vs. QAMNX - Expense Ratio Comparison

HHCZX has a 1.69% expense ratio, which is lower than QAMNX's 1.86% expense ratio.

QAMNX

Federated Hermes MDT Market Neutral A

HHCZX

NexPoint Event Driven Fund

Return for Risk

HHCZX vs. QAMNX — Risk / Return Rank

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

HHCZX

HHCZX Risk / Return Rank: 5
HHCZX Sharpe Ratio Rank: 5
HHCZX Sortino Ratio Rank: 5
HHCZX Omega Ratio Rank: 5
HHCZX Calmar Ratio Rank: 6
HHCZX Martin Ratio Rank: 6

QAMNX

QAMNX Risk / Return Rank: 72
QAMNX Sharpe Ratio Rank: 74
QAMNX Sortino Ratio Rank: 80
QAMNX Omega Ratio Rank: 76
QAMNX Calmar Ratio Rank: 77
QAMNX Martin Ratio Rank: 54

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.

HHCZX vs. QAMNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NexPoint Event Driven Fund (HHCZX) and Federated Hermes MDT Market Neutral A (QAMNX). 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.

	HHCZX	QAMNX	Difference
Sharpe ratio Return per unit of total volatility	-0.00	1.30	-1.30
Sortino ratio Return per unit of downside risk	0.14	2.00	-1.86
Omega ratio Gain probability vs. loss probability	1.02	1.28	-0.26
Calmar ratio Return relative to maximum drawdown	-0.03	1.81	-1.83
Martin ratio Return relative to average drawdown	-0.08	5.23	-5.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HHCZX vs. QAMNX - Sharpe Ratio Comparison

The current HHCZX Sharpe Ratio is -0.00, which is lower than the QAMNX Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of HHCZX and QAMNX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HHCZX	QAMNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.00	1.30	-1.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.25	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.24	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.87	-0.60

Correlation

The correlation between HHCZX and QAMNX is -0.04. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

HHCZX vs. QAMNX - Dividend Comparison

HHCZX has not paid dividends to shareholders, while QAMNX's dividend yield for the trailing twelve months is around 1.51%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HHCZX NexPoint Event Driven Fund	0.00%	0.00%	0.56%	2.63%	0.00%	0.00%	0.00%	0.00%	0.00%	1.06%	0.00%	4.27%
QAMNX Federated Hermes MDT Market Neutral A	1.51%	1.53%	1.85%	5.89%	11.74%	20.80%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

HHCZX vs. QAMNX - Drawdown Comparison

The maximum HHCZX drawdown since its inception was -33.57%, which is greater than QAMNX's maximum drawdown of -17.97%. Use the drawdown chart below to compare losses from any high point for HHCZX and QAMNX.

Drawdown Indicators

	HHCZX	QAMNX	Difference
Max Drawdown Largest peak-to-trough decline	-33.57%	-17.97%	-15.60%
Max Drawdown (1Y) Largest decline over 1 year	-15.31%	-4.16%	-11.15%
Max Drawdown (5Y) Largest decline over 5 years	-31.21%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-32.15%	—	—
Current Drawdown Current decline from peak	-18.41%	-0.37%	-18.04%
Average Drawdown Average peak-to-trough decline	-13.98%	-5.26%	-8.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.41%	1.44%	+3.97%

Volatility

HHCZX vs. QAMNX - Volatility Comparison

NexPoint Event Driven Fund (HHCZX) has a higher volatility of 3.62% compared to Federated Hermes MDT Market Neutral A (QAMNX) at 1.07%. This indicates that HHCZX's price experiences larger fluctuations and is considered to be riskier than QAMNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HHCZX	QAMNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.62%	1.07%	+2.55%
Volatility (6M) Calculated over the trailing 6-month period	15.31%	4.88%	+10.43%
Volatility (1Y) Calculated over the trailing 1-year period	16.39%	6.39%	+10.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.86%	14.05%	-3.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.37%	14.05%	+2.32%