MKTN vs. CBLS

Last updated Jun 4, 2026

MKTN (Federated Hermes MDT Market Neutral ETF) and CBLS (Changebridge Capital Long/Short Equity ETF) are both Long-Short funds. Both are actively managed. At a correlation of -0.12, they often move in opposite directions.

Performance

MKTN vs. CBLS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes MDT Market Neutral ETF (MKTN) and Changebridge Capital Long/Short Equity ETF (CBLS). 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 lower than CBLS's 24.21% return.

MKTN

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

CBLS

• 1D: 0.04%
• 1M: 8.64%
• YTD: 24.21%
• 6M: 22.60%
• 1Y: 21.18%
• 3Y*: 19.87%
• 5Y*: 5.59%
• 10Y*: —

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

MKTN vs. CBLS - Yearly Performance Comparison

	2026 (YTD)	2025
MKTN Federated Hermes MDT Market Neutral ETF	1.27%	3.53%
CBLS Changebridge Capital Long/Short Equity ETF	24.21%	-2.23%

Correlation

The correlation between MKTN and CBLS is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 26, 2025	-0.12

Return for Risk

MKTN vs. CBLS — Risk / Return Rank

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

CBLS

CBLS Risk / Return Rank: 41
CBLS Sharpe Ratio Rank: 39
CBLS Sortino Ratio Rank: 37
CBLS Omega Ratio Rank: 39
CBLS Calmar Ratio Rank: 53
CBLS Martin Ratio Rank: 40

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. CBLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes MDT Market Neutral ETF (MKTN) and Changebridge Capital Long/Short Equity ETF (CBLS). 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	CBLS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.39	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.36	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.06	0.63	+0.43

Drawdowns

MKTN vs. CBLS - Drawdown Comparison

The maximum MKTN drawdown since its inception was -4.13%, smaller than the maximum CBLS drawdown of -32.78%. Use the drawdown chart below to compare losses from any high point for MKTN and CBLS.

Drawdown Indicators

	MKTN	CBLS	Difference
Max Drawdown Largest peak-to-trough decline	-4.13%	-32.78%	+28.65%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.15%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-15.27%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-31.24%	—
Current Drawdown Current decline from peak	-0.65%	0.00%	-0.65%
Average Drawdown Average peak-to-trough decline	-1.13%	-12.79%	+11.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.34%	—

Volatility

Volatility by Period

	MKTN	CBLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	7.07%	—
Volatility (6M) Calculated over the trailing 6-month period	—	12.56%	—
Volatility (1Y) Calculated over the trailing 1-year period	6.81%	15.27%	-8.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.81%	15.64%	-8.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.81%	16.13%	-9.32%

Dividends

MKTN vs. CBLS - Dividend Comparison

MKTN's dividend yield for the trailing twelve months is around 0.50%, less than CBLS's 0.72% yield.

Position	TTM	2025	2024	2023
CBLS Changebridge Capital Long/Short Equity ETF	0.72%	0.90%	0.73%	0.44%
MKTN Federated Hermes MDT Market Neutral ETF	0.50%	0.51%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MKTN and CBLS in my portfolio?

MKTN and CBLS have a correlation of -0.12, 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 CBLS?

CBLS has the higher dividend yield at 0.72%, compared with 0.50% for MKTN.

What is the main difference between MKTN and CBLS?

They also come from different issuers: Federated Hermes and Changebridge Capital LLC.