MKTN vs. GCAL
MKTN (Federated Hermes MDT Market Neutral ETF) and GCAL (Goldman Sachs Dynamic California Municipal Income ETF) are both exchange-traded funds - MKTN is a Equity Market Neutral fund actively managed by Federated, while GCAL is a Municipal Bonds fund actively managed by Goldman Sachs. Both are actively managed. Their -0.16 correlation means they have often moved in opposite directions in the past. MKTN charges 1.94%/yr vs 0.30%/yr for GCAL.
Performance
MKTN vs. GCAL - 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 GCAL's 0.85% return.
MKTN
- 1D
- -0.59%
- 1M
- 3.96%
- 6M
- 5.85%
- YTD
- 5.83%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
GCAL
- 1D
- -0.12%
- 1M
- -1.37%
- 6M
- 0.12%
- YTD
- 0.85%
- 1Y
- 4.73%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.54%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.10M | $823.23K | $867.13K | |
| $689.04K | $500.50K | $628.77K |
MKTN vs. GCAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MKTN Federated Hermes MDT Market Neutral ETF | 5.83% | 3.22% |
GCAL Goldman Sachs Dynamic California Municipal Income ETF | 0.85% | 1.71% |
Correlation
The correlation between MKTN and GCAL is -0.16, 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 | -0.16 |
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Return for Risk
MKTN vs. GCAL — Risk / Return Rank
MKTN
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
GCAL
MKTN vs. GCAL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Federated Hermes MDT Market Neutral ETF (MKTN) and Goldman Sachs Dynamic California Municipal Income ETF (GCAL). 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 | GCAL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.38 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.12 | — |
| Martin ratioReturn relative to average drawdown | — | 7.26 | — |
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Drawdowns
MKTN vs. GCAL - Drawdown Comparison
The maximum MKTN drawdown since its inception was -4.13%, smaller than the maximum GCAL drawdown of -4.39%. Use the drawdown chart below to compare losses from any high point for MKTN and GCAL.
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Drawdown Indicators
| MKTN | GCAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.13% | -4.39% | +0.26% |
Max Drawdown (1Y)Largest decline over 1 year | — | -2.24% | — |
Current DrawdownCurrent decline from peak | -0.59% | -1.37% | +0.78% |
Average DrawdownAverage peak-to-trough decline | -1.08% | -0.83% | -0.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.65% | — |
Volatility
MKTN vs. GCAL - Volatility Comparison
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Volatility by Period
| MKTN | GCAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.84% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 1.94% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 6.67% | 2.45% | +4.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.67% | 3.56% | +3.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.67% | 3.56% | +3.11% |
MKTN vs. GCAL - Expense Ratio Comparison
MKTN has a 1.94% expense ratio, which is higher than GCAL's 0.30% expense ratio.
Dividends
MKTN vs. GCAL - Dividend Comparison
MKTN's dividend yield for the trailing twelve months is around 0.48%, less than GCAL's 3.62% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
GCAL Goldman Sachs Dynamic California Municipal Income ETF | 3.62% | 3.06% | 1.41% |
MKTN Federated Hermes MDT Market Neutral ETF | 0.48% | 0.51% | 0.00% |
Frequently Asked Questions
MKTN and GCAL have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GCAL is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GCAL is cheaper with a 0.30% expense ratio, compared with 1.94% for MKTN.
GCAL has the higher dividend yield at 3.62%, compared with 0.48% for MKTN.
MKTN is categorized as Equity Market Neutral, while GCAL is Municipal Bonds. They also come from different issuers: Federated and Goldman Sachs. Their fees differ too: 1.94% for MKTN and 0.30% for GCAL.
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