QAI vs. MKTN

Last updated Jul 14, 2026

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

Performance

QAI vs. MKTN - Performance Comparison

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

Returns By Period

In the year-to-date period, QAI achieves a 7.94% return, which is significantly higher than MKTN's 3.18% return.

QAI

• 1D: -0.47%
• 1M: -0.52%
• 6M: 5.71%
• YTD: 7.94%
• 1Y: 13.07%
• 3Y*: 9.01%
• 5Y*: 4.42%
• 10Y*: 3.85%

MKTN

• 1D: 0.53%
• 1M: 2.84%
• 6M: 4.79%
• YTD: 3.18%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QAI vs. MKTN - Yearly Performance Comparison

	2026 (YTD)	2025
QAI NYLI Hedge Multi-Strategy Tracker ETF	7.94%	1.33%
MKTN Federated Hermes MDT Market Neutral ETF	3.18%	3.22%

Correlation

The correlation between QAI and MKTN 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

QAI vs. MKTN — Risk / Return Rank

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

QAI

QAI Risk / Return Rank: 80
QAI Sharpe Ratio Rank: 77
QAI Sortino Ratio Rank: 77
QAI Omega Ratio Rank: 80
QAI Calmar Ratio Rank: 83
QAI Martin Ratio Rank: 84

MKTN

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

QAI vs. MKTN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NYLI Hedge Multi-Strategy Tracker ETF (QAI) and Federated Hermes MDT Market Neutral ETF (MKTN). 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.

	QAI	MKTN	Difference
Sharpe ratio: Return per unit of total volatility	1.95	—	—
Sortino ratio: Return per unit of downside risk	2.71	—	—
Omega ratio: Gain probability vs. loss probability	1.38	—	—
Calmar ratio: Return relative to maximum drawdown	3.53	—	—
Martin ratio: Return relative to average drawdown	13.38	—	—

Drawdowns

QAI vs. MKTN - Drawdown Comparison

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

Drawdown Indicators

	QAI	MKTN	Difference
Max Drawdown Largest peak-to-trough decline	-14.95%	-4.13%	-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	-1.66%	0.00%	-1.66%
Average Drawdown Average peak-to-trough decline	-2.56%	-1.15%	-1.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	—	—

Volatility

Volatility by Period

	QAI	MKTN	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.74%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.71%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	6.73%	6.63%	+0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.70%	6.63%	+0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.24%	6.63%	-0.39%

Dividends

QAI vs. MKTN - Dividend Comparison

QAI's dividend yield for the trailing twelve months is around 1.39%, more than MKTN's 0.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MKTN Federated Hermes MDT Market Neutral ETF	0.49%	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 QAI and MKTN in my portfolio?

QAI and MKTN 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, QAI or MKTN?

QAI has the higher dividend yield at 1.39%, compared with 0.49% for MKTN.

What is the main difference between QAI and MKTN?

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