QAMNX vs. ISCAX

Last updated Jun 5, 2026

QAMNX (Federated Hermes MDT Market Neutral A) and ISCAX (Federated Hermes International Small-Mid Company Fund) are both mutual funds - QAMNX is a Long-Short fund managed by Federated, while ISCAX is a Foreign Small & Mid Cap Equities fund managed by Federated. Over the past 3 years, QAMNX returned 11.66%/yr vs 17.87%/yr for ISCAX. At a 0.01 correlation, their price movements are largely independent. QAMNX charges 1.86%/yr vs 1.24%/yr for ISCAX.

Performance

QAMNX vs. ISCAX - 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 International Small-Mid Company Fund (ISCAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QAMNX achieves a 0.05% return, which is significantly lower than ISCAX's 10.95% return.

QAMNX

• 1D: 0.19%
• 1M: 0.76%
• YTD: 0.05%
• 6M: 2.49%
• 1Y: 3.27%
• 3Y*: 11.66%
• 5Y*: —
• 10Y*: —

ISCAX

• 1D: -0.93%
• 1M: 2.60%
• YTD: 10.95%
• 6M: 12.78%
• 1Y: 20.21%
• 3Y*: 17.87%
• 5Y*: 5.81%
• 10Y*: 9.99%

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

QAMNX vs. ISCAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
QAMNX Federated Hermes MDT Market Neutral A	0.05%	10.00%	17.33%	4.71%	9.19%	12.29%
ISCAX Federated Hermes International Small-Mid Company Fund	10.95%	34.01%	5.67%	12.61%	-23.62%	-6.59%

Correlation

The correlation between QAMNX and ISCAX is -0.07, 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	-0.07
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Sep 23, 2021	0.01

Return for Risk

QAMNX vs. ISCAX — Risk / Return Rank

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

QAMNX

QAMNX Risk / Return Rank: 7
QAMNX Sharpe Ratio Rank: 6
QAMNX Sortino Ratio Rank: 6
QAMNX Omega Ratio Rank: 7
QAMNX Calmar Ratio Rank: 9
QAMNX Martin Ratio Rank: 7

ISCAX

ISCAX Risk / Return Rank: 37
ISCAX Sharpe Ratio Rank: 35
ISCAX Sortino Ratio Rank: 38
ISCAX Omega Ratio Rank: 35
ISCAX Calmar Ratio Rank: 35
ISCAX Martin Ratio Rank: 41

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. ISCAX - 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 International Small-Mid Company Fund (ISCAX). 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	ISCAX	Difference
Sharpe ratio: Return per unit of total volatility	0.50	1.70	-1.19
Sortino ratio: Return per unit of downside risk	0.79	2.57	-1.78
Omega ratio: Gain probability vs. loss probability	1.10	1.31	-0.21
Calmar ratio: Return relative to maximum drawdown	0.80	2.19	-1.39
Martin ratio: Return relative to average drawdown	1.84	8.67	-6.83
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. ISCAX - Sharpe Ratio Comparison

The current QAMNX Sharpe Ratio is 0.50, which is lower than the ISCAX Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of QAMNX and ISCAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	QAMNX	ISCAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.50	1.70	-1.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.35	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.59	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	0.50	+0.32

Drawdowns

QAMNX vs. ISCAX - Drawdown Comparison

The maximum QAMNX drawdown since its inception was -17.97%, smaller than the maximum ISCAX drawdown of -71.55%. Use the drawdown chart below to compare losses from any high point for QAMNX and ISCAX.

Drawdown Indicators

	QAMNX	ISCAX	Difference
Max Drawdown Largest peak-to-trough decline	-17.97%	-71.55%	+53.58%
Max Drawdown (1Y) Largest decline over 1 year	-4.16%	-11.91%	+7.75%
Max Drawdown (3Y) Largest decline over 3 years	-4.16%	-13.90%	+9.74%
Max Drawdown (5Y) Largest decline over 5 years	—	-40.33%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-40.33%	—
Current Drawdown Current decline from peak	-1.98%	-1.66%	-0.32%
Average Drawdown Average peak-to-trough decline	-5.15%	-22.22%	+17.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.81%	3.10%	-1.29%

Volatility

QAMNX vs. ISCAX - Volatility Comparison

The current volatility for Federated Hermes MDT Market Neutral A (QAMNX) is 2.22%, while Federated Hermes International Small-Mid Company Fund (ISCAX) has a volatility of 5.18%. This indicates that QAMNX experiences smaller price fluctuations and is considered to be less risky than ISCAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QAMNX	ISCAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.22%	5.18%	-2.96%
Volatility (6M) Calculated over the trailing 6-month period	5.11%	12.49%	-7.38%
Volatility (1Y) Calculated over the trailing 1-year period	6.61%	15.39%	-8.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.86%	17.49%	-3.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.86%	17.44%	-3.58%

QAMNX vs. ISCAX - Expense Ratio Comparison

QAMNX has a 1.86% expense ratio, which is higher than ISCAX's 1.24% expense ratio.

Dividends

QAMNX vs. ISCAX - Dividend Comparison

QAMNX's dividend yield for the trailing twelve months is around 1.53%, less than ISCAX's 6.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ISCAX Federated Hermes International Small-Mid Company Fund	6.71%	7.45%	0.00%	0.84%	0.79%	7.79%	5.80%	4.89%	15.53%	6.51%	0.92%	12.23%
QAMNX Federated Hermes MDT Market Neutral A	1.53%	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 ISCAX in my portfolio?

QAMNX and ISCAX have a correlation of -0.07, 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 ISCAX?

ISCAX has higher volatility (5.18%) compared to QAMNX (2.22%). In terms of maximum drawdown, QAMNX dropped -17.97% vs ISCAX's -71.55%.

Which has better risk-adjusted returns?

ISCAX currently has the higher Sharpe Ratio (1.70 vs 0.50), 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.