MKTN vs. QAI

Last updated Jul 12, 2026

MKTN (Federated Hermes MDT Market Neutral ETF) and QAI (NYLI Hedge Multi-Strategy Tracker ETF) are both Long-Short funds. MKTN is actively managed, while QAI is passively managed. At a correlation of -0.11, they often move in opposite directions.

Performance

MKTN vs. QAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes MDT Market Neutral ETF (MKTN) and NYLI Hedge Multi-Strategy Tracker ETF (QAI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MKTN achieves a 2.64% return, which is significantly lower than QAI's 8.45% return.

MKTN

• 1D: -0.15%
• 1M: 2.29%
• 6M: 4.36%
• YTD: 2.64%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

QAI

• 1D: 0.11%
• 1M: -0.06%
• 6M: 6.44%
• YTD: 8.45%
• 1Y: 13.60%
• 3Y*: 9.23%
• 5Y*: 4.47%
• 10Y*: 3.80%

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

MKTN vs. QAI - Yearly Performance Comparison

	2026 (YTD)	2025
MKTN Federated Hermes MDT Market Neutral ETF	2.64%	3.22%
QAI NYLI Hedge Multi-Strategy Tracker ETF	8.45%	1.33%

Correlation

The correlation between MKTN and QAI is -0.11, 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	-0.11

Return for Risk

MKTN vs. QAI — 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.

QAI

QAI Risk / Return Rank: 81
QAI Sharpe Ratio Rank: 79
QAI Sortino Ratio Rank: 78
QAI Omega Ratio Rank: 82
QAI Calmar Ratio Rank: 83
QAI Martin Ratio Rank: 85

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. QAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes MDT Market Neutral ETF (MKTN) and NYLI Hedge Multi-Strategy Tracker ETF (QAI). 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	QAI	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	—	1.38	—
Calmar ratio: Return relative to maximum drawdown	—	3.60	—
Martin ratio: Return relative to average drawdown	—	13.71	—

Drawdowns

MKTN vs. QAI - Drawdown Comparison

The maximum MKTN drawdown since its inception was -4.13%, smaller than the maximum QAI drawdown of -14.95%. Use the drawdown chart below to compare losses from any high point for MKTN and QAI.

Drawdown Indicators

	MKTN	QAI	Difference
Max Drawdown Largest peak-to-trough decline	-4.13%	-14.95%	+10.82%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.71%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-7.78%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-14.32%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-14.95%	—
Current Drawdown Current decline from peak	-0.15%	-1.20%	+1.05%
Average Drawdown Average peak-to-trough decline	-1.15%	-2.56%	+1.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.97%	—

Volatility

Volatility by Period

	MKTN	QAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.76%	—
Volatility (6M) Calculated over the trailing 6-month period	—	5.69%	—
Volatility (1Y) Calculated over the trailing 1-year period	6.62%	6.71%	-0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.62%	6.69%	-0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.62%	6.24%	+0.38%

Dividends

MKTN vs. QAI - Dividend Comparison

MKTN's dividend yield for the trailing twelve months is around 0.50%, less than QAI's 1.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MKTN Federated Hermes MDT Market Neutral ETF	0.50%	0.51%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QAI NYLI Hedge Multi-Strategy Tracker ETF	1.39%	1.50%	2.22%	4.08%	2.00%	0.28%	1.98%	1.91%	1.90%	0.00%	0.00%	0.48%

Frequently Asked Questions

Can I hold both MKTN and QAI in my portfolio?

MKTN and QAI have a correlation of -0.11, 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 QAI?

QAI has the higher dividend yield at 1.39%, compared with 0.50% for MKTN.

What is the main difference between MKTN and QAI?

They also come from different issuers: Federated Hermes and New York Life.