MMNIX vs. QQMNX

Last updated Apr 1, 2026

Compare and contrast key facts about Miller Market Neutral Income Fund Class I (MMNIX) and Federated Hermes MDT Market Neutral Fund Institutional Shares (QQMNX).

MMNIX is an actively managed fund by Miller. It was launched on Dec 29, 2023. QQMNX is an actively managed fund by Federated. It was launched on Sep 30, 2008.

Performance

MMNIX vs. QQMNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Miller Market Neutral Income Fund Class I (MMNIX) and Federated Hermes MDT Market Neutral Fund Institutional Shares (QQMNX). The values are adjusted to include any dividend payments, if applicable.

MMNIX vs. QQMNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MMNIX Miller Market Neutral Income Fund Class I	1.45%	10.04%	9.56%
QQMNX Federated Hermes MDT Market Neutral Fund Institutional Shares	1.46%	10.27%	17.72%

Returns By Period

The year-to-date returns for both investments are quite close, with MMNIX having a 1.45% return and QQMNX slightly higher at 1.46%.

MMNIX

• 1D: 0.09%
• 1M: -0.28%
• YTD: 1.45%
• 6M: 4.06%
• 1Y: 8.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QQMNX

• 1D: 0.32%
• 1M: -0.27%
• YTD: 1.46%
• 6M: 5.67%
• 1Y: 8.14%
• 3Y*: 10.63%
• 5Y*: —
• 10Y*: —

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

MMNIX vs. QQMNX - Expense Ratio Comparison

MMNIX has a 1.69% expense ratio, which is lower than QQMNX's 1.86% expense ratio.

QQMNX

Federated Hermes MDT Market Neutral Fund Institutional Shares

MMNIX

Miller Market Neutral Income Fund Class I

Return for Risk

MMNIX vs. QQMNX — Risk / Return Rank

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

MMNIX

MMNIX Risk / Return Rank: 99
MMNIX Sharpe Ratio Rank: 100
MMNIX Sortino Ratio Rank: 99
MMNIX Omega Ratio Rank: 99
MMNIX Calmar Ratio Rank: 100
MMNIX Martin Ratio Rank: 100

QQMNX

QQMNX Risk / Return Rank: 74
QQMNX Sharpe Ratio Rank: 73
QQMNX Sortino Ratio Rank: 79
QQMNX Omega Ratio Rank: 76
QQMNX Calmar Ratio Rank: 80
QQMNX Martin Ratio Rank: 60

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.

MMNIX vs. QQMNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Miller Market Neutral Income Fund Class I (MMNIX) and Federated Hermes MDT Market Neutral Fund Institutional Shares (QQMNX). 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.

	MMNIX	QQMNX	Difference
Sharpe ratio Return per unit of total volatility	5.13	1.31	+3.82
Sortino ratio Return per unit of downside risk	8.87	2.01	+6.86
Omega ratio Gain probability vs. loss probability	2.36	1.29	+1.07
Calmar ratio Return relative to maximum drawdown	19.17	1.94	+17.22
Martin ratio Return relative to average drawdown	89.53	5.78	+83.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MMNIX vs. QQMNX - Sharpe Ratio Comparison

The current MMNIX Sharpe Ratio is 5.13, which is higher than the QQMNX Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of MMNIX and QQMNX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MMNIX	QQMNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.13	1.31	+3.82
Sharpe Ratio (All Time) Calculated using the full available price history	5.38	0.91	+4.47

Correlation

The correlation between MMNIX and QQMNX is 0.05, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

MMNIX vs. QQMNX - Dividend Comparison

MMNIX's dividend yield for the trailing twelve months is around 4.85%, more than QQMNX's 1.72% yield.

	TTM	2025	2024	2023	2022	2021
MMNIX Miller Market Neutral Income Fund Class I	4.85%	5.03%	4.74%	0.00%	0.00%	0.00%
QQMNX Federated Hermes MDT Market Neutral Fund Institutional Shares	1.72%	1.74%	1.86%	5.94%	11.53%	20.33%

Drawdowns

MMNIX vs. QQMNX - Drawdown Comparison

The maximum MMNIX drawdown since its inception was -0.49%, smaller than the maximum QQMNX drawdown of -17.50%. Use the drawdown chart below to compare losses from any high point for MMNIX and QQMNX.

Drawdown Indicators

	MMNIX	QQMNX	Difference
Max Drawdown Largest peak-to-trough decline	-0.49%	-17.50%	+17.01%
Max Drawdown (1Y) Largest decline over 1 year	-0.46%	-4.37%	+3.91%
Current Drawdown Current decline from peak	-0.37%	-0.54%	+0.17%
Average Drawdown Average peak-to-trough decline	-0.06%	-4.94%	+4.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.10%	1.47%	-1.37%

Volatility

MMNIX vs. QQMNX - Volatility Comparison

The current volatility for Miller Market Neutral Income Fund Class I (MMNIX) is 0.46%, while Federated Hermes MDT Market Neutral Fund Institutional Shares (QQMNX) has a volatility of 1.05%. This indicates that MMNIX experiences smaller price fluctuations and is considered to be less risky than QQMNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMNIX	QQMNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.46%	1.05%	-0.59%
Volatility (6M) Calculated over the trailing 6-month period	1.15%	5.02%	-3.87%
Volatility (1Y) Calculated over the trailing 1-year period	1.71%	6.49%	-4.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.76%	13.73%	-11.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.76%	13.73%	-11.97%