MKTN vs. CBLS

Last updated Jun 25, 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 -0.13, 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 0.57% return, which is significantly lower than CBLS's 20.17% return.

MKTN

• 1D: 0.43%
• 1M: 0.32%
• YTD: 0.57%
• 6M: 0.65%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CBLS

• 1D: -0.12%
• 1M: 1.90%
• YTD: 20.17%
• 6M: 19.48%
• 1Y: 17.44%
• 3Y*: 19.59%
• 5Y*: 5.13%
• 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	0.57%	3.22%
CBLS Changebridge Capital Long/Short Equity ETF	20.17%	-2.35%

Correlation

The correlation between MKTN and CBLS is -0.13, 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 25, 2025	-0.13

Return for Risk

MKTN vs. CBLS — Risk / Return Rank

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

MKTN

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

CBLS

CBLS Risk / Return Rank: 35
CBLS Sharpe Ratio Rank: 32
CBLS Sortino Ratio Rank: 29
CBLS Omega Ratio Rank: 31
CBLS Calmar Ratio Rank: 48
CBLS Martin Ratio Rank: 36

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.

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.

	MKTN	CBLS	Difference
Sharpe ratio: Return per unit of total volatility	—	1.06	—
Sortino ratio: Return per unit of downside risk	—	1.48	—
Omega ratio: Gain probability vs. loss probability	—	1.20	—
Calmar ratio: Return relative to maximum drawdown	—	2.15	—
Martin ratio: Return relative to average drawdown	—	5.05	—

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	-1.34%	-3.62%	+2.28%
Average Drawdown Average peak-to-trough decline	-1.20%	-12.69%	+11.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.46%	—

Volatility

Volatility by Period

	MKTN	CBLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	8.04%	—
Volatility (6M) Calculated over the trailing 6-month period	—	13.81%	—
Volatility (1Y) Calculated over the trailing 1-year period	6.74%	16.56%	-9.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.74%	15.84%	-9.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.74%	16.28%	-9.54%

Dividends

MKTN vs. CBLS - Dividend Comparison

MKTN's dividend yield for the trailing twelve months is around 0.51%, less than CBLS's 0.75% yield.

Position	TTM	2025	2024	2023
CBLS Changebridge Capital Long/Short Equity ETF	0.75%	0.90%	0.73%	0.44%
MKTN Federated Hermes MDT Market Neutral ETF	0.51%	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 -0.13, 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 0.75%, compared with 0.51% for MKTN.

What is the main difference between MKTN and CBLS?

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