QAMNX vs. FULBX

Last updated Apr 2, 2026

Compare and contrast key facts about Federated Hermes MDT Market Neutral A (QAMNX) and Federated Hermes Ultra Short Bond Fund (FULBX).

QAMNX is managed by Federated. It was launched on Sep 30, 2008. FULBX is managed by Federated. It was launched on May 30, 1997.

Performance

QAMNX vs. FULBX - Performance Comparison

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

QAMNX vs. FULBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
QAMNX Federated Hermes MDT Market Neutral A	1.36%	10.00%	17.33%	4.71%	9.19%	12.29%
FULBX Federated Hermes Ultra Short Bond Fund	0.30%	5.50%	5.35%	5.15%	-1.31%	-0.44%

Returns By Period

In the year-to-date period, QAMNX achieves a 1.36% return, which is significantly higher than FULBX's 0.30% return.

QAMNX

• 1D: -0.05%
• 1M: -0.05%
• YTD: 1.36%
• 6M: 5.54%
• 1Y: 7.82%
• 3Y*: 10.36%
• 5Y*: —
• 10Y*: —

FULBX

• 1D: 0.00%
• 1M: -0.32%
• YTD: 0.30%
• 6M: 1.59%
• 1Y: 4.31%
• 3Y*: 4.97%
• 5Y*: 2.95%
• 10Y*: 2.40%

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

QAMNX vs. FULBX - Expense Ratio Comparison

QAMNX has a 1.86% expense ratio, which is higher than FULBX's 0.47% expense ratio.

QAMNX

Federated Hermes MDT Market Neutral A

FULBX

Federated Hermes Ultra Short Bond Fund

Return for Risk

QAMNX vs. FULBX — Risk / Return Rank

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

QAMNX

QAMNX Risk / Return Rank: 69
QAMNX Sharpe Ratio Rank: 67
QAMNX Sortino Ratio Rank: 73
QAMNX Omega Ratio Rank: 69
QAMNX Calmar Ratio Rank: 79
QAMNX Martin Ratio Rank: 56

FULBX

FULBX Risk / Return Rank: 99
FULBX Sharpe Ratio Rank: 97
FULBX Sortino Ratio Rank: 99
FULBX Omega Ratio Rank: 99
FULBX Calmar Ratio Rank: 99
FULBX Martin Ratio Rank: 99

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.

QAMNX vs. FULBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes MDT Market Neutral A (QAMNX) and Federated Hermes Ultra Short Bond Fund (FULBX). 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.

	QAMNX	FULBX	Difference
Sharpe ratio Return per unit of total volatility	1.23	2.77	-1.53
Sortino ratio Return per unit of downside risk	1.90	7.32	-5.42
Omega ratio Gain probability vs. loss probability	1.27	2.46	-1.19
Calmar ratio Return relative to maximum drawdown	1.97	9.04	-7.06
Martin ratio Return relative to average drawdown	5.71	32.74	-27.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QAMNX vs. FULBX - Sharpe Ratio Comparison

The current QAMNX Sharpe Ratio is 1.23, which is lower than the FULBX Sharpe Ratio of 2.77. The chart below compares the historical Sharpe Ratios of QAMNX and FULBX, 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

	QAMNX	FULBX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.23	2.77	-1.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	2.21	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.94	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	1.08	-0.21

Correlation

The correlation between QAMNX and FULBX is -0.06. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

QAMNX vs. FULBX - Dividend Comparison

QAMNX's dividend yield for the trailing twelve months is around 1.51%, less than FULBX's 4.32% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QAMNX Federated Hermes MDT Market Neutral A	1.51%	1.53%	1.85%	5.89%	11.74%	20.80%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FULBX Federated Hermes Ultra Short Bond Fund	4.32%	4.79%	3.99%	2.67%	1.00%	0.56%	1.49%	2.16%	1.90%	1.25%	0.84%	0.64%

Drawdowns

QAMNX vs. FULBX - Drawdown Comparison

The maximum QAMNX drawdown since its inception was -17.97%, which is greater than FULBX's maximum drawdown of -5.43%. Use the drawdown chart below to compare losses from any high point for QAMNX and FULBX.

Drawdown Indicators

	QAMNX	FULBX	Difference
Max Drawdown Largest peak-to-trough decline	-17.97%	-5.43%	-12.54%
Max Drawdown (1Y) Largest decline over 1 year	-4.16%	-0.54%	-3.62%
Max Drawdown (5Y) Largest decline over 5 years	—	-2.60%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-4.67%	—
Current Drawdown Current decline from peak	-0.42%	-0.43%	+0.01%
Average Drawdown Average peak-to-trough decline	-5.25%	-0.81%	-4.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.44%	0.15%	+1.29%

Volatility

QAMNX vs. FULBX - Volatility Comparison

Federated Hermes MDT Market Neutral A (QAMNX) has a higher volatility of 1.03% compared to Federated Hermes Ultra Short Bond Fund (FULBX) at 0.28%. This indicates that QAMNX's price experiences larger fluctuations and is considered to be riskier than FULBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QAMNX	FULBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.03%	0.28%	+0.75%
Volatility (6M) Calculated over the trailing 6-month period	4.88%	1.16%	+3.72%
Volatility (1Y) Calculated over the trailing 1-year period	6.38%	1.64%	+4.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.04%	1.34%	+12.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.04%	1.24%	+12.80%