MKTN vs. FCAL
MKTN (Federated Hermes MDT Market Neutral ETF) and FCAL (First Trust California Municipal High Income ETF) are both exchange-traded funds - MKTN is a Equity Market Neutral fund actively managed by Federated, while FCAL is a Municipal Bonds fund actively managed by First Trust. Both are actively managed. Their -0.11 correlation means they have often moved in opposite directions in the past. MKTN charges 1.94%/yr vs 0.50%/yr for FCAL.
Performance
MKTN vs. FCAL - Performance Comparison
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Returns By Period
In the year-to-date period, MKTN achieves a 5.83% return, which is significantly higher than FCAL's 0.34% return.
MKTN
- 1D
- -0.59%
- 1M
- 3.96%
- 6M
- 5.85%
- YTD
- 5.83%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
FCAL
- 1D
- -0.26%
- 1M
- -2.20%
- 6M
- -0.57%
- YTD
- 0.34%
- 1Y
- 5.06%
- 3Y*
- 3.05%
- 5Y*
- 0.17%
- 10Y*
- —
- ALL TIME*
- 2.39%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $990.65K | $776.41K | $953.25K | |
| $689.04K | $500.50K | $628.77K |
MKTN vs. FCAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MKTN Federated Hermes MDT Market Neutral ETF | 5.83% | 3.22% |
FCAL First Trust California Municipal High Income ETF | 0.34% | 2.09% |
Correlation
The correlation between MKTN and FCAL is -0.11, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Sep 25, 2025 | -0.11 |
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Return for Risk
MKTN vs. FCAL — Risk / Return Rank
MKTN
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
FCAL
MKTN vs. FCAL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Federated Hermes MDT Market Neutral ETF (MKTN) and First Trust California Municipal High Income ETF (FCAL). 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 | FCAL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.39 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 1.97 | — |
| Martin ratioReturn relative to average drawdown | — | 6.67 | — |
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Drawdowns
MKTN vs. FCAL - Drawdown Comparison
The maximum MKTN drawdown since its inception was -4.13%, smaller than the maximum FCAL drawdown of -14.81%. Use the drawdown chart below to compare losses from any high point for MKTN and FCAL.
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Drawdown Indicators
| MKTN | FCAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.13% | -14.81% | +10.68% |
Max Drawdown (1Y)Largest decline over 1 year | — | -2.57% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -5.46% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -14.28% | — |
Current DrawdownCurrent decline from peak | -0.59% | -2.20% | +1.61% |
Average DrawdownAverage peak-to-trough decline | -1.08% | -3.30% | +2.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.76% | — |
Volatility
MKTN vs. FCAL - Volatility Comparison
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Volatility by Period
| MKTN | FCAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 1.00% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 2.33% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 6.67% | 2.82% | +3.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.67% | 4.26% | +2.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.67% | 5.22% | +1.45% |
MKTN vs. FCAL - Expense Ratio Comparison
MKTN has a 1.94% expense ratio, which is higher than FCAL's 0.50% expense ratio.
Dividends
MKTN vs. FCAL - Dividend Comparison
MKTN's dividend yield for the trailing twelve months is around 0.48%, less than FCAL's 3.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FCAL First Trust California Municipal High Income ETF | 3.44% | 3.22% | 2.99% | 2.74% | 2.38% | 2.03% | 2.11% | 2.68% | 2.99% | 1.30% |
MKTN Federated Hermes MDT Market Neutral ETF | 0.48% | 0.51% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MKTN and FCAL have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FCAL is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FCAL is cheaper with a 0.50% expense ratio, compared with 1.94% for MKTN.
FCAL has the higher dividend yield at 3.44%, compared with 0.48% for MKTN.
MKTN is categorized as Equity Market Neutral, while FCAL is Municipal Bonds. They also come from different issuers: Federated and First Trust. Their fees differ too: 1.94% for MKTN and 0.50% for FCAL.
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