QAMNX vs. EICOX

Last updated Aug 1, 2026

QAMNX (Federated Hermes MDT Market Neutral A) and EICOX (Eaton Vance Emerging and Frontier Countries Equity Fund) are both mutual funds - QAMNX is a Long-Short fund managed by Federated, while EICOX is a Emerging Markets Equities fund managed by Eaton Vance. Over the past 3 years, QAMNX returned 12.11%/yr vs 20.87%/yr for EICOX. Their -0.02 correlation means they have often moved in opposite directions in the past. QAMNX charges 1.86%/yr vs 1.31%/yr for EICOX.

Performance

QAMNX vs. EICOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes MDT Market Neutral A (QAMNX) and Eaton Vance Emerging and Frontier Countries Equity Fund (EICOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QAMNX achieves a 4.61% return, which is significantly lower than EICOX's 16.70% return.

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%

EICOX

• 1D: 4.24%
• 1M: -3.95%
• 6M: 5.58%
• YTD: 16.70%
• 1Y: 30.87%
• 3Y*: 20.87%
• 5Y*: 14.29%
• 10Y*: 11.94%
• ALL TIME*: 9.50%

*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)
EICOX Eaton Vance Emerging and Frontier Countries Equity Fund	$0.00	$0.00	$0.00
QAMNX Federated Hermes MDT Market Neutral A	$0.00	$0.00	$0.00

QAMNX vs. EICOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
QAMNX Federated Hermes MDT Market Neutral A	4.61%	10.00%	17.33%	4.71%	9.19%	12.29%
EICOX Eaton Vance Emerging and Frontier Countries Equity Fund	16.70%	33.22%	11.99%	25.78%	-14.59%	4.90%

Correlation

The correlation between QAMNX and EICOX is -0.12, 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.	-0.12
Correlation (3Y) Balances recent behavior with more history.	-0.05
Correlation (All Time) Calculated using the full available price history since Sep 22, 2021	-0.02

Return for Risk

QAMNX vs. EICOX — Risk / Return Rank

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

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

EICOX

EICOX Risk / Return Rank: 54
EICOX Sharpe Ratio Rank: 54
EICOX Sortino Ratio Rank: 49
EICOX Omega Ratio Rank: 63
EICOX Calmar Ratio Rank: 60
EICOX Martin Ratio Rank: 46

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.

QAMNX vs. EICOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes MDT Market Neutral A (QAMNX) and Eaton Vance Emerging and Frontier Countries Equity Fund (EICOX). 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.

	QAMNX	EICOX	Difference
Sharpe ratio: Return per unit of total volatility	1.34	1.40	-0.05
Sortino ratio: Return per unit of downside risk	2.02	1.92	+0.11
Omega ratio: Gain probability vs. loss probability	1.27	1.28	-0.01
Calmar ratio: Return relative to maximum drawdown	2.18	2.05	+0.13
Martin ratio: Return relative to average drawdown	4.83	6.48	-1.65

QAMNX vs. EICOX - Sharpe Ratio Comparison

The current QAMNX Sharpe Ratio is 1.34, which is comparable to the EICOX Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of QAMNX and EICOX, 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

QAMNX vs. EICOX - Drawdown Comparison

The maximum QAMNX drawdown since its inception was -17.97%, smaller than the maximum EICOX drawdown of -38.75%. Use the drawdown chart below to compare losses from any high point for QAMNX and EICOX.

Drawdown Indicators

	QAMNX	EICOX	Difference
Max Drawdown Largest peak-to-trough decline	-17.97%	-38.75%	+20.78%
Max Drawdown (1Y) Largest decline over 1 year	-4.16%	-14.22%	+10.06%
Max Drawdown (3Y) Largest decline over 3 years	-4.16%	-14.22%	+10.06%
Max Drawdown (5Y) Largest decline over 5 years	—	-22.46%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-38.75%	—
Current Drawdown Current decline from peak	0.00%	-10.58%	+10.58%
Average Drawdown Average peak-to-trough decline	-5.03%	-8.65%	+3.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.87%	4.48%	-2.61%

Volatility

QAMNX vs. EICOX - Volatility Comparison

The current volatility for Federated Hermes MDT Market Neutral A (QAMNX) is 1.55%, while Eaton Vance Emerging and Frontier Countries Equity Fund (EICOX) has a volatility of 9.46%. This indicates that QAMNX experiences smaller price fluctuations and is considered to be less risky than EICOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QAMNX	EICOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.55%	9.46%	-7.91%
Volatility (6M) Calculated over the trailing 6-month period	4.50%	19.59%	-15.09%
Volatility (1Y) Calculated over the trailing 1-year period	6.74%	20.85%	-14.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.68%	14.98%	-1.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.68%	14.17%	-0.49%

QAMNX vs. EICOX - Expense Ratio Comparison

QAMNX has a 1.86% expense ratio, which is higher than EICOX's 1.31% expense ratio.

Dividends

QAMNX vs. EICOX - Dividend Comparison

QAMNX's dividend yield for the trailing twelve months is around 1.46%, less than EICOX's 3.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EICOX Eaton Vance Emerging and Frontier Countries Equity Fund	3.16%	3.68%	2.02%	1.95%	5.72%	2.71%	0.10%	2.00%	2.95%	0.00%	0.59%	2.35%
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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QAMNX and EICOX in my portfolio?

QAMNX and EICOX have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QAMNX or EICOX?

EICOX has higher volatility (9.46%) compared to QAMNX (1.55%). In terms of maximum drawdown, QAMNX dropped -17.97% vs EICOX's -38.75%.

Which has better risk-adjusted returns?

EICOX currently has the higher Sharpe Ratio (1.40 vs 1.34), 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.