MKTN vs. BTAL

Last updated Jun 4, 2026

MKTN (Federated Hermes MDT Market Neutral ETF) and BTAL (AGFiQ US Market Neutral Anti-Beta Fund) are both Long-Short funds. MKTN is actively managed, while BTAL is passively managed. At a 0.10 correlation, their price movements are largely independent.

Performance

MKTN vs. BTAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes MDT Market Neutral ETF (MKTN) and AGFiQ US Market Neutral Anti-Beta Fund (BTAL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MKTN achieves a 1.27% return, which is significantly higher than BTAL's -19.67% return.

MKTN

• 1D: 0.12%
• 1M: 1.01%
• YTD: 1.27%
• 6M: 4.04%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BTAL

• 1D: 0.70%
• 1M: -6.55%
• YTD: -19.67%
• 6M: -18.88%
• 1Y: -37.06%
• 3Y*: -12.64%
• 5Y*: -4.56%
• 10Y*: -4.73%

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

MKTN vs. BTAL - Yearly Performance Comparison

	2026 (YTD)	2025
MKTN Federated Hermes MDT Market Neutral ETF	1.27%	3.53%
BTAL AGFiQ US Market Neutral Anti-Beta Fund	-19.67%	-6.22%

Correlation

The correlation between MKTN and BTAL is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 26, 2025	0.10

Return for Risk

MKTN vs. BTAL — Risk / Return Rank

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

BTAL

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

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.

MKTN vs. BTAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes MDT Market Neutral ETF (MKTN) and AGFiQ US Market Neutral Anti-Beta Fund (BTAL). 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

	MKTN	BTAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-1.72	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.24	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.28	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.06	-0.24	+1.30

Drawdowns

MKTN vs. BTAL - Drawdown Comparison

The maximum MKTN drawdown since its inception was -4.13%, smaller than the maximum BTAL drawdown of -50.28%. Use the drawdown chart below to compare losses from any high point for MKTN and BTAL.

Drawdown Indicators

	MKTN	BTAL	Difference
Max Drawdown Largest peak-to-trough decline	-4.13%	-50.28%	+46.15%
Max Drawdown (1Y) Largest decline over 1 year	—	-37.50%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-45.16%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-45.16%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-50.28%	—
Current Drawdown Current decline from peak	-0.65%	-49.93%	+49.28%
Average Drawdown Average peak-to-trough decline	-1.13%	-21.95%	+20.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	21.54%	—

Volatility

Volatility by Period

	MKTN	BTAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	7.54%	—
Volatility (6M) Calculated over the trailing 6-month period	—	15.38%	—
Volatility (1Y) Calculated over the trailing 1-year period	6.81%	21.59%	-14.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.81%	18.75%	-11.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.81%	17.23%	-10.42%

Dividends

MKTN vs. BTAL - Dividend Comparison

MKTN's dividend yield for the trailing twelve months is around 0.50%, less than BTAL's 3.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BTAL AGFiQ US Market Neutral Anti-Beta Fund	3.10%	2.49%	3.49%	6.14%	1.01%	0.00%	0.00%	0.88%	0.39%
MKTN Federated Hermes MDT Market Neutral ETF	0.50%	0.51%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MKTN and BTAL in my portfolio?

MKTN and BTAL have a correlation of 0.10, 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, MKTN or BTAL?

BTAL has the higher dividend yield at 3.10%, compared with 0.50% for MKTN.

What is the main difference between MKTN and BTAL?

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