QAI vs. MKTN

Last updated Jun 3, 2026

QAI (IQ 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 -0.09, 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 IQ 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 9.46% return, which is significantly higher than MKTN's 1.15% return.

QAI

• 1D: 0.30%
• 1M: 2.80%
• YTD: 9.46%
• 6M: 10.26%
• 1Y: 16.98%
• 3Y*: 10.41%
• 5Y*: 4.76%
• 10Y*: 3.96%

MKTN

• 1D: -0.61%
• 1M: 1.33%
• YTD: 1.15%
• 6M: 3.75%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QAI vs. MKTN - Yearly Performance Comparison

	2026 (YTD)	2025
QAI IQ Hedge Multi-Strategy Tracker ETF	9.46%	1.47%
MKTN Federated Hermes MDT Market Neutral ETF	1.15%	3.53%

Correlation

The correlation between QAI and MKTN is -0.09, 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 26, 2025	-0.09

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: 87
QAI Sharpe Ratio Rank: 86
QAI Sortino Ratio Rank: 88
QAI Omega Ratio Rank: 89
QAI Calmar Ratio Rank: 84
QAI Martin Ratio Rank: 87

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 IQ 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.

	QAI	MKTN	Difference
Sharpe ratio Return per unit of total volatility	2.86	—	—
Sortino ratio Return per unit of downside risk	4.06	—	—
Omega ratio Gain probability vs. loss probability	1.57	—	—
Calmar ratio Return relative to maximum drawdown	4.57	—	—
Martin ratio Return relative to average drawdown	18.90	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	QAI	MKTN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.86	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	1.04	-0.46

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	0.00%	-0.76%	+0.76%
Average Drawdown Average peak-to-trough decline	-2.57%	-1.14%	-1.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	—	—

Volatility

Volatility by Period

	QAI	MKTN	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.01%	—	—
Volatility (6M) Calculated over the trailing 6-month period	4.91%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	5.97%	6.83%	-0.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.56%	6.83%	-0.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.17%	6.83%	-0.66%

Dividends

QAI vs. MKTN - Dividend Comparison

QAI's dividend yield for the trailing twelve months is around 1.37%, more than MKTN's 0.50% 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 IQ Hedge Multi-Strategy Tracker ETF	1.37%	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 -0.09, 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 1.37%, compared with 0.50% for MKTN.

What is the main difference between QAI and MKTN?

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