MKTN vs. FFLS

Last updated Aug 4, 2026

MKTN (Federated Hermes MDT Market Neutral ETF) and FFLS (Future Fund Long/Short ETF) are both exchange-traded funds - MKTN is a Equity Market Neutral fund actively managed by Federated, while FFLS is a Long-Short fund actively managed by Future Fund. Both are actively managed. Their -0.07 correlation means they have often moved in opposite directions in the past. MKTN charges 1.94%/yr vs 1.75%/yr for FFLS.

Performance

MKTN vs. FFLS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes MDT Market Neutral ETF (MKTN) and Future Fund Long/Short ETF (FFLS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MKTN achieves a 5.83% return, which is significantly higher than FFLS's 0.09% return.

MKTN

• 1D: -0.59%
• 1M: 3.96%
• 6M: 5.85%
• YTD: 5.83%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

FFLS

• 1D: 1.47%
• 1M: -0.49%
• 6M: -0.32%
• YTD: 0.09%
• 1Y: -2.14%
• 3Y*: 10.27%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 8.14%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FFLS Future Fund Long/Short ETF	$154.32K	$128.25K	$158.86K
MKTN Federated Hermes MDT Market Neutral ETF	$689.04K	$500.50K	$628.77K

MKTN vs. FFLS - Yearly Performance Comparison

	2026 (YTD)	2025
MKTN Federated Hermes MDT Market Neutral ETF	5.83%	3.22%
FFLS Future Fund Long/Short ETF	0.09%	-3.36%

Correlation

The correlation between MKTN and FFLS is -0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 25, 2025	-0.07

Return for Risk

MKTN vs. FFLS — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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.

FFLS

FFLS Risk / Return Rank: 8
FFLS Sharpe Ratio Rank: 8
FFLS Sortino Ratio Rank: 7
FFLS Omega Ratio Rank: 7
FFLS Calmar Ratio Rank: 8
FFLS Martin Ratio Rank: 8

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MKTN vs. FFLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes MDT Market Neutral ETF (MKTN) and Future Fund Long/Short ETF (FFLS). 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	FFLS	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.21	—
Sortino ratio: Return per unit of downside risk	—	-0.22	—
Omega ratio: Gain probability vs. loss probability	—	0.97	—
Calmar ratio: Return relative to maximum drawdown	—	-0.19	—
Martin ratio: Return relative to average drawdown	—	-0.38	—

Drawdowns

MKTN vs. FFLS - Drawdown Comparison

The maximum MKTN drawdown since its inception was -4.13%, smaller than the maximum FFLS drawdown of -11.05%. Use the drawdown chart below to compare losses from any high point for MKTN and FFLS.

Drawdown Indicators

	MKTN	FFLS	Difference
Max Drawdown Largest peak-to-trough decline	-4.13%	-11.05%	+6.92%
Max Drawdown (1Y) Largest decline over 1 year	—	-11.05%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-11.05%	—
Current Drawdown Current decline from peak	-0.59%	-4.62%	+4.03%
Average Drawdown Average peak-to-trough decline	-1.08%	-3.27%	+2.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	5.68%	—

Volatility

Volatility by Period

	MKTN	FFLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.41%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.88%	—
Volatility (1Y) Calculated over the trailing 1-year period	6.67%	10.47%	-3.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.67%	11.50%	-4.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.67%	11.50%	-4.83%

MKTN vs. FFLS - Expense Ratio Comparison

MKTN has a 1.94% expense ratio, which is higher than FFLS's 1.75% expense ratio.

Dividends

MKTN vs. FFLS - Dividend Comparison

MKTN's dividend yield for the trailing twelve months is around 0.48%, less than FFLS's 6.57% yield.

Position	TTM	2025	2024
FFLS Future Fund Long/Short ETF	6.57%	6.58%	3.34%
MKTN Federated Hermes MDT Market Neutral ETF	0.48%	0.51%	0.00%

Frequently Asked Questions

Can I hold both MKTN and FFLS in my portfolio?

MKTN and FFLS have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MKTN or FFLS?

On fees, FFLS is cheaper at 1.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MKTN or FFLS?

FFLS is cheaper with a 1.75% expense ratio, compared with 1.94% for MKTN.

Which ETF pays a higher dividend yield, MKTN or FFLS?

FFLS has the higher dividend yield at 6.57%, compared with 0.48% for MKTN.

What is the main difference between MKTN and FFLS?

MKTN is categorized as Equity Market Neutral, while FFLS is Long-Short. They also come from different issuers: Federated and Future Fund. Their fees differ too: 1.94% for MKTN and 1.75% for FFLS.