MKTN vs. HEFT

Last updated Jun 4, 2026

MKTN (Federated Hermes MDT Market Neutral ETF) and HEFT (Hedgeye Fourth Turning ETF) are both Long-Short funds. Both are actively managed. At a correlation of -0.12, they often move in opposite directions.

Performance

MKTN vs. HEFT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes MDT Market Neutral ETF (MKTN) and Hedgeye Fourth Turning ETF (HEFT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MKTN achieves a 1.27% return, which is significantly lower than HEFT's 7.91% return.

MKTN

• 1D: 0.12%
• 1M: 1.01%
• YTD: 1.27%
• 6M: 4.04%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

HEFT

• 1D: -0.02%
• 1M: 4.12%
• YTD: 7.91%
• 6M: 7.32%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MKTN vs. HEFT - Yearly Performance Comparison

	2026 (YTD)	2025
MKTN Federated Hermes MDT Market Neutral ETF	1.27%	1.96%
HEFT Hedgeye Fourth Turning ETF	7.91%	0.98%

Correlation

The correlation between MKTN and HEFT is -0.12, 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 Nov 24, 2025	-0.12

Return for Risk

MKTN vs. HEFT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes MDT Market Neutral ETF (MKTN) and Hedgeye Fourth Turning ETF (HEFT). 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.

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

Sharpe Ratios by Period

	MKTN	HEFT	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.06	1.44	-0.38

Drawdowns

MKTN vs. HEFT - Drawdown Comparison

The maximum MKTN drawdown since its inception was -4.13%, smaller than the maximum HEFT drawdown of -9.17%. Use the drawdown chart below to compare losses from any high point for MKTN and HEFT.

Drawdown Indicators

	MKTN	HEFT	Difference
Max Drawdown Largest peak-to-trough decline	-4.13%	-9.17%	+5.04%
Current Drawdown Current decline from peak	-0.65%	-2.64%	+1.99%
Average Drawdown Average peak-to-trough decline	-1.13%	-3.13%	+2.00%

Volatility

Volatility by Period

	MKTN	HEFT	Difference
Volatility (1Y) Calculated over the trailing 1-year period	6.81%	12.53%	-5.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.81%	12.53%	-5.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.81%	12.53%	-5.72%

Dividends

MKTN vs. HEFT - Dividend Comparison

MKTN's dividend yield for the trailing twelve months is around 0.50%, more than HEFT's 0.02% yield.

Position	TTM	2025
HEFT Hedgeye Fourth Turning ETF	0.02%	0.02%
MKTN Federated Hermes MDT Market Neutral ETF	0.50%	0.51%

Frequently Asked Questions

Can I hold both MKTN and HEFT in my portfolio?

MKTN and HEFT have a correlation of -0.12, 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 HEFT?

MKTN has the higher dividend yield at 0.50%, compared with 0.02% for HEFT.

What is the main difference between MKTN and HEFT?

They also come from different issuers: Federated Hermes and Hedgeye.