QAMNX vs. HHCZX

Last updated Jul 17, 2026

QAMNX (Federated Hermes MDT Market Neutral A) and HHCZX (NexPoint Event Driven Fund) are both Long-Short funds. Over the past 3 years, QAMNX returned 11.22%/yr vs 4.78%/yr for HHCZX. At a correlation of -0.04, they often move in opposite directions. QAMNX charges 1.86%/yr vs 1.69%/yr for HHCZX.

Performance

QAMNX vs. HHCZX - Performance Comparison

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

Returns By Period

In the year-to-date period, QAMNX achieves a 1.69% return, which is significantly higher than HHCZX's -3.20% return.

QAMNX

• 1D: -0.05%
• 1M: 2.61%
• 6M: 3.64%
• YTD: 1.69%
• 1Y: 5.42%
• 3Y*: 11.22%
• 5Y*: —
• 10Y*: —

HHCZX

• 1D: 0.24%
• 1M: 0.18%
• 6M: -6.46%
• YTD: -3.20%
• 1Y: -0.06%
• 3Y*: 4.78%
• 5Y*: 0.63%
• 10Y*: 3.95%

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

QAMNX vs. HHCZX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
QAMNX Federated Hermes MDT Market Neutral A	1.69%	10.00%	17.33%	4.71%	9.19%	12.29%
HHCZX NexPoint Event Driven Fund	-3.20%	6.52%	7.22%	5.44%	-5.49%	-2.88%

Correlation

The correlation between QAMNX and HHCZX is -0.04, 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 (1Y) Calculated over the trailing 1-year period	-0.04
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Sep 22, 2021	-0.04

Return for Risk

QAMNX vs. HHCZX — Risk / Return Rank

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

QAMNX

QAMNX Risk / Return Rank: 13
QAMNX Sharpe Ratio Rank: 12
QAMNX Sortino Ratio Rank: 12
QAMNX Omega Ratio Rank: 13
QAMNX Calmar Ratio Rank: 17
QAMNX Martin Ratio Rank: 12

HHCZX

HHCZX Risk / Return Rank: 3
HHCZX Sharpe Ratio Rank: 3
HHCZX Sortino Ratio Rank: 3
HHCZX Omega Ratio Rank: 3
HHCZX Calmar Ratio Rank: 3
HHCZX Martin Ratio Rank: 3

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. HHCZX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes MDT Market Neutral A (QAMNX) and NexPoint Event Driven Fund (HHCZX). 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	HHCZX	Difference
Sharpe ratio: Return per unit of total volatility	0.70	-0.00	+0.70
Sortino ratio: Return per unit of downside risk	1.07	0.15	+0.93
Omega ratio: Gain probability vs. loss probability	1.14	1.02	+0.12
Calmar ratio: Return relative to maximum drawdown	1.13	-0.00	+1.13
Martin ratio: Return relative to average drawdown	2.50	-0.01	+2.50

QAMNX vs. HHCZX - Sharpe Ratio Comparison

The current QAMNX Sharpe Ratio is 0.70, which is higher than the HHCZX Sharpe Ratio of -0.00. The chart below compares the historical Sharpe Ratios of QAMNX and HHCZX, 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. HHCZX - Drawdown Comparison

The maximum QAMNX drawdown since its inception was -17.97%, smaller than the maximum HHCZX drawdown of -33.57%. Use the drawdown chart below to compare losses from any high point for QAMNX and HHCZX.

Drawdown Indicators

	QAMNX	HHCZX	Difference
Max Drawdown Largest peak-to-trough decline	-17.97%	-33.57%	+15.60%
Max Drawdown (1Y) Largest decline over 1 year	-4.16%	-15.42%	+11.26%
Max Drawdown (3Y) Largest decline over 3 years	-4.16%	-15.42%	+11.26%
Max Drawdown (5Y) Largest decline over 5 years	—	-19.51%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-32.15%	—
Current Drawdown Current decline from peak	-0.37%	-15.05%	+14.68%
Average Drawdown Average peak-to-trough decline	-5.07%	-14.02%	+8.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.90%	8.94%	-7.04%

Volatility

QAMNX vs. HHCZX - Volatility Comparison

The current volatility for Federated Hermes MDT Market Neutral A (QAMNX) is 1.79%, while NexPoint Event Driven Fund (HHCZX) has a volatility of 3.14%. This indicates that QAMNX experiences smaller price fluctuations and is considered to be less risky than HHCZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QAMNX	HHCZX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.79%	3.14%	-1.35%
Volatility (6M) Calculated over the trailing 6-month period	4.52%	7.73%	-3.21%
Volatility (1Y) Calculated over the trailing 1-year period	6.70%	16.59%	-9.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.72%	10.34%	+3.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.72%	16.28%	-2.56%

QAMNX vs. HHCZX - Expense Ratio Comparison

QAMNX has a 1.86% expense ratio, which is higher than HHCZX's 1.69% expense ratio.

Dividends

QAMNX vs. HHCZX - Dividend Comparison

QAMNX's dividend yield for the trailing twelve months is around 1.50%, while HHCZX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HHCZX NexPoint Event Driven Fund	0.00%	0.00%	0.56%	2.63%	0.00%	0.00%	0.00%	0.00%	0.00%	1.06%	0.00%	4.27%
QAMNX Federated Hermes MDT Market Neutral A	1.50%	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 HHCZX in my portfolio?

QAMNX and HHCZX have a correlation of -0.04, 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 HHCZX?

HHCZX has higher volatility (3.14%) compared to QAMNX (1.79%). In terms of maximum drawdown, QAMNX dropped -17.97% vs HHCZX's -33.57%.

Which has better risk-adjusted returns?

QAMNX currently has the higher Sharpe Ratio (0.70 vs -0.00), 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.