MKTN vs. GCAL

Last updated Jun 25, 2026

MKTN (Federated Hermes MDT Market Neutral ETF) and GCAL (Goldman Sachs Dynamic California Municipal Income ETF) are both exchange-traded funds - MKTN is a Long-Short fund actively managed by Federated Hermes, while GCAL is a Municipal Bonds fund actively managed by Goldman Sachs. Both are actively managed. At a correlation of -0.20, they often move in opposite directions.

Performance

MKTN vs. GCAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes MDT Market Neutral ETF (MKTN) and Goldman Sachs Dynamic California Municipal Income ETF (GCAL). 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 GCAL's 1.89% return.

MKTN

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

GCAL

• 1D: 0.11%
• 1M: 1.25%
• YTD: 1.89%
• 6M: 1.97%
• 1Y: 6.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MKTN vs. GCAL - Yearly Performance Comparison

	2026 (YTD)	2025
MKTN Federated Hermes MDT Market Neutral ETF	0.57%	3.22%
GCAL Goldman Sachs Dynamic California Municipal Income ETF	1.89%	1.71%

Correlation

The correlation between MKTN and GCAL is -0.20, 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	-0.20

Return for Risk

MKTN vs. GCAL — 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.

GCAL

GCAL Risk / Return Rank: 81
GCAL Sharpe Ratio Rank: 90
GCAL Sortino Ratio Rank: 92
GCAL Omega Ratio Rank: 92
GCAL Calmar Ratio Rank: 67
GCAL Martin Ratio Rank: 65

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. 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 ratio: Return per unit of total volatility	—	2.66	—
Sortino ratio: Return per unit of downside risk	—	3.82	—
Omega ratio: Gain probability vs. loss probability	—	1.55	—
Calmar ratio: Return relative to maximum drawdown	—	2.88	—
Martin ratio: Return relative to average drawdown	—	10.38	—

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.

Drawdown Indicators

	MKTN	GCAL	Difference
Max Drawdown Largest peak-to-trough decline	-4.13%	-4.39%	+0.26%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.24%	—
Current Drawdown Current decline from peak	-1.34%	-0.02%	-1.32%
Average Drawdown Average peak-to-trough decline	-1.20%	-0.85%	-0.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.62%	—

Volatility

Volatility by Period

	MKTN	GCAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.69%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.80%	—
Volatility (1Y) Calculated over the trailing 1-year period	6.74%	2.43%	+4.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.74%	3.60%	+3.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.74%	3.60%	+3.14%

Dividends

MKTN vs. GCAL - Dividend Comparison

MKTN's dividend yield for the trailing twelve months is around 0.51%, less than GCAL's 3.31% yield.

Position	TTM	2025	2024
GCAL Goldman Sachs Dynamic California Municipal Income ETF	3.31%	3.06%	1.41%
MKTN Federated Hermes MDT Market Neutral ETF	0.51%	0.51%	0.00%

Frequently Asked Questions

Can I hold both MKTN and GCAL in my portfolio?

MKTN and GCAL have a correlation of -0.20, 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 GCAL?

GCAL has the higher dividend yield at 3.31%, compared with 0.51% for MKTN.

What is the main difference between MKTN and GCAL?

MKTN is categorized as Long-Short, while GCAL is Municipal Bonds. They also come from different issuers: Federated Hermes and Goldman Sachs.