NELIX vs. QAMNX

Last updated Aug 1, 2026

NELIX (Nuveen Equity Long/Short Fund) and QAMNX (Federated Hermes MDT Market Neutral A) are both Long-Short funds. Over the past 3 years, NELIX returned 14.80%/yr vs 12.11%/yr for QAMNX. Their 0.07 correlation means their historical movements had little consistent relationship. NELIX charges 1.35%/yr vs 1.86%/yr for QAMNX.

Performance

NELIX vs. QAMNX - Performance Comparison

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

Returns By Period

In the year-to-date period, NELIX achieves a 6.38% return, which is significantly higher than QAMNX's 4.61% return.

NELIX

• 1D: 2.22%
• 1M: -0.67%
• 6M: 4.80%
• YTD: 6.38%
• 1Y: 12.58%
• 3Y*: 14.80%
• 5Y*: 10.20%
• 10Y*: 10.34%
• ALL TIME*: 9.45%

QAMNX

• 1D: 0.54%
• 1M: 3.68%
• 6M: 5.25%
• YTD: 4.61%
• 1Y: 8.81%
• 3Y*: 12.11%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.00%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
NELIX Nuveen Equity Long/Short Fund	$0.00	$0.00	$0.00
QAMNX Federated Hermes MDT Market Neutral A	$0.00	$0.00	$0.00

NELIX vs. QAMNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
NELIX Nuveen Equity Long/Short Fund	6.38%	11.31%	20.55%	24.09%	-14.94%	8.77%
QAMNX Federated Hermes MDT Market Neutral A	4.61%	10.00%	17.33%	4.71%	9.19%	12.29%

Correlation

The correlation between NELIX and QAMNX is -0.11, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.11
Correlation (3Y) Balances recent behavior with more history.	0.06
Correlation (All Time) Calculated using the full available price history since Sep 22, 2021	0.07

The correlation between NELIX and QAMNX shifts across timeframes, from -0.11 (1 year) to 0.07 (all time), reflecting how their relationship changes across market environments.

Return for Risk

NELIX vs. QAMNX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NELIX

NELIX Risk / Return Rank: 41
NELIX Sharpe Ratio Rank: 35
NELIX Sortino Ratio Rank: 36
NELIX Omega Ratio Rank: 35
NELIX Calmar Ratio Rank: 49
NELIX Martin Ratio Rank: 49

QAMNX

QAMNX Risk / Return Rank: 54
QAMNX Sharpe Ratio Rank: 53
QAMNX Sortino Ratio Rank: 57
QAMNX Omega Ratio Rank: 61
QAMNX Calmar Ratio Rank: 68
QAMNX Martin Ratio Rank: 34

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NELIX vs. QAMNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Equity Long/Short Fund (NELIX) and Federated Hermes MDT Market Neutral A (QAMNX). 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.

	NELIX	QAMNX	Difference
Sharpe ratio: Return per unit of total volatility	1.10	1.34	-0.25
Sortino ratio: Return per unit of downside risk	1.61	2.02	-0.42
Omega ratio: Gain probability vs. loss probability	1.20	1.27	-0.07
Calmar ratio: Return relative to maximum drawdown	1.82	2.18	-0.36
Martin ratio: Return relative to average drawdown	6.72	4.83	+1.90

NELIX vs. QAMNX - Sharpe Ratio Comparison

The current NELIX Sharpe Ratio is 1.10, which is comparable to the QAMNX Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of NELIX and QAMNX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NELIX vs. QAMNX - Drawdown Comparison

The maximum NELIX drawdown since its inception was -28.72%, which is greater than QAMNX's maximum drawdown of -17.97%. Use the drawdown chart below to compare losses from any high point for NELIX and QAMNX.

Drawdown Indicators

	NELIX	QAMNX	Difference
Max Drawdown Largest peak-to-trough decline	-28.72%	-17.97%	-10.75%
Max Drawdown (1Y) Largest decline over 1 year	-6.31%	-4.16%	-2.15%
Max Drawdown (3Y) Largest decline over 3 years	-15.50%	-4.16%	-11.34%
Max Drawdown (5Y) Largest decline over 5 years	-19.30%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-28.72%	—	—
Current Drawdown Current decline from peak	-2.04%	0.00%	-2.04%
Average Drawdown Average peak-to-trough decline	-4.65%	-5.03%	+0.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.70%	1.87%	-0.17%

Volatility

NELIX vs. QAMNX - Volatility Comparison

Nuveen Equity Long/Short Fund (NELIX) has a higher volatility of 3.51% compared to Federated Hermes MDT Market Neutral A (QAMNX) at 1.55%. This indicates that NELIX's price experiences larger fluctuations and is considered to be riskier than QAMNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NELIX	QAMNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.51%	1.55%	+1.96%
Volatility (6M) Calculated over the trailing 6-month period	8.33%	4.50%	+3.83%
Volatility (1Y) Calculated over the trailing 1-year period	10.44%	6.74%	+3.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.77%	13.68%	-0.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.60%	13.68%	-0.08%

NELIX vs. QAMNX - Expense Ratio Comparison

NELIX has a 1.35% expense ratio, which is lower than QAMNX's 1.86% expense ratio.

Dividends

NELIX vs. QAMNX - Dividend Comparison

NELIX's dividend yield for the trailing twelve months is around 3.58%, more than QAMNX's 1.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
NELIX Nuveen Equity Long/Short Fund	3.58%	3.81%	4.78%	4.20%	6.84%	2.44%	0.00%	0.00%	1.35%	1.58%
QAMNX Federated Hermes MDT Market Neutral A	1.46%	1.53%	1.85%	5.89%	11.74%	20.80%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NELIX and QAMNX in my portfolio?

NELIX and QAMNX 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 is riskier, NELIX or QAMNX?

NELIX has higher volatility (3.51%) compared to QAMNX (1.55%). In terms of maximum drawdown, NELIX dropped -28.72% vs QAMNX's -17.97%.

Which has better risk-adjusted returns?

QAMNX currently has the higher Sharpe Ratio (1.34 vs 1.10), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.