MKTN vs. LBAY

Last updated Jun 4, 2026

MKTN (Federated Hermes MDT Market Neutral ETF) and LBAY (Leatherback Long/Short Alternative Yield ETF) are both Long-Short funds. Both are actively managed. At a correlation of -0.01, they often move in opposite directions.

Performance

MKTN vs. LBAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes MDT Market Neutral ETF (MKTN) and Leatherback Long/Short Alternative Yield ETF (LBAY). 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 LBAY's 6.38% return.

MKTN

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

LBAY

• 1D: 0.25%
• 1M: -1.27%
• YTD: 6.38%
• 6M: 7.19%
• 1Y: 7.78%
• 3Y*: 3.38%
• 5Y*: 3.82%
• 10Y*: —

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

MKTN vs. LBAY - Yearly Performance Comparison

	2026 (YTD)	2025
MKTN Federated Hermes MDT Market Neutral ETF	1.27%	3.53%
LBAY Leatherback Long/Short Alternative Yield ETF	6.38%	-0.34%

Correlation

The correlation between MKTN and LBAY is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 26, 2025	-0.01

Return for Risk

MKTN vs. LBAY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

LBAY

LBAY Risk / Return Rank: 17
LBAY Sharpe Ratio Rank: 17
LBAY Sortino Ratio Rank: 17
LBAY Omega Ratio Rank: 16
LBAY Calmar Ratio Rank: 17
LBAY Martin Ratio Rank: 17

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. LBAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes MDT Market Neutral ETF (MKTN) and Leatherback Long/Short Alternative Yield ETF (LBAY). 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	LBAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.51	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.28	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.06	0.58	+0.47

Drawdowns

MKTN vs. LBAY - Drawdown Comparison

The maximum MKTN drawdown since its inception was -4.13%, smaller than the maximum LBAY drawdown of -15.99%. Use the drawdown chart below to compare losses from any high point for MKTN and LBAY.

Drawdown Indicators

	MKTN	LBAY	Difference
Max Drawdown Largest peak-to-trough decline	-4.13%	-15.99%	+11.86%
Max Drawdown (1Y) Largest decline over 1 year	—	-11.91%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-14.57%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-15.99%	—
Current Drawdown Current decline from peak	-0.65%	-10.72%	+10.07%
Average Drawdown Average peak-to-trough decline	-1.13%	-6.80%	+5.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.66%	—

Volatility

Volatility by Period

	MKTN	LBAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.78%	—
Volatility (6M) Calculated over the trailing 6-month period	—	12.87%	—
Volatility (1Y) Calculated over the trailing 1-year period	6.81%	15.25%	-8.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.81%	13.59%	-6.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.81%	13.73%	-6.92%

Dividends

MKTN vs. LBAY - Dividend Comparison

MKTN's dividend yield for the trailing twelve months is around 0.50%, less than LBAY's 3.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
LBAY Leatherback Long/Short Alternative Yield ETF	3.80%	3.80%	3.77%	3.47%	2.74%	2.96%	0.29%
MKTN Federated Hermes MDT Market Neutral ETF	0.50%	0.51%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MKTN and LBAY in my portfolio?

MKTN and LBAY have a correlation of -0.01, 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 LBAY?

LBAY has the higher dividend yield at 3.80%, compared with 0.50% for MKTN.

What is the main difference between MKTN and LBAY?

They also come from different issuers: Federated Hermes and Toroso Investments.