MKTN vs. ORR

Last updated Jun 23, 2026

MKTN (Federated Hermes MDT Market Neutral ETF) and ORR (Militia Long/Short Equity ETF) are both Long-Short funds. Both are actively managed. At a 0.01 correlation, their price movements are largely independent.

Performance

MKTN vs. ORR - Performance Comparison

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

Returns By Period

In the year-to-date period, MKTN achieves a -0.17% return, which is significantly lower than ORR's 7.03% return.

MKTN

• 1D: 0.38%
• 1M: -0.42%
• YTD: -0.17%
• 6M: 0.06%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ORR

• 1D: -1.38%
• 1M: 0.94%
• YTD: 7.03%
• 6M: 7.80%
• 1Y: 27.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MKTN vs. ORR - Yearly Performance Comparison

	2026 (YTD)	2025
MKTN Federated Hermes MDT Market Neutral ETF	-0.17%	3.22%
ORR Militia Long/Short Equity ETF	7.03%	6.85%

Correlation

The correlation between MKTN and ORR 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 25, 2025	0.01

Return for Risk

MKTN vs. ORR — 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.

ORR

ORR Risk / Return Rank: 56
ORR Sharpe Ratio Rank: 62
ORR Sortino Ratio Rank: 61
ORR Omega Ratio Rank: 56
ORR Calmar Ratio Rank: 58
ORR Martin Ratio Rank: 43

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. ORR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes MDT Market Neutral ETF (MKTN) and Militia Long/Short Equity ETF (ORR). 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	ORR	Difference
Sharpe ratio: Return per unit of total volatility	—	1.99	—
Sortino ratio: Return per unit of downside risk	—	2.77	—
Omega ratio: Gain probability vs. loss probability	—	1.34	—
Calmar ratio: Return relative to maximum drawdown	—	2.80	—
Martin ratio: Return relative to average drawdown	—	6.88	—

Drawdowns

MKTN vs. ORR - Drawdown Comparison

The maximum MKTN drawdown since its inception was -4.13%, smaller than the maximum ORR drawdown of -9.90%. Use the drawdown chart below to compare losses from any high point for MKTN and ORR.

Drawdown Indicators

	MKTN	ORR	Difference
Max Drawdown Largest peak-to-trough decline	-4.13%	-9.90%	+5.77%
Max Drawdown (1Y) Largest decline over 1 year	—	-9.90%	—
Current Drawdown Current decline from peak	-2.07%	-6.45%	+4.38%
Average Drawdown Average peak-to-trough decline	-1.20%	-2.36%	+1.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.02%	—

Volatility

Volatility by Period

	MKTN	ORR	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.59%	—
Volatility (6M) Calculated over the trailing 6-month period	—	11.26%	—
Volatility (1Y) Calculated over the trailing 1-year period	6.75%	13.98%	-7.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.75%	15.38%	-8.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.75%	15.38%	-8.63%

Dividends

MKTN vs. ORR - Dividend Comparison

MKTN's dividend yield for the trailing twelve months is around 0.51%, while ORR has not paid dividends to shareholders.

Position	TTM	2025
MKTN Federated Hermes MDT Market Neutral ETF	0.51%	0.51%
ORR Militia Long/Short Equity ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both MKTN and ORR in my portfolio?

MKTN and ORR 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 ORR?

MKTN has the higher dividend yield at 0.51%, compared with 0.00% for ORR.

What is the main difference between MKTN and ORR?

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