QAMNX vs. PIEFX
QAMNX (Federated Hermes MDT Market Neutral A) and PIEFX (Federated Hermes Emerging Markets Equity Fund) are both mutual funds - QAMNX is a Long-Short fund managed by Federated, while PIEFX is a Emerging Markets Equities fund managed by Federated. Over the past 3 years, QAMNX returned 12.11%/yr vs 20.32%/yr for PIEFX. Their -0.03 correlation means they have often moved in opposite directions in the past. QAMNX charges 1.86%/yr vs 0.98%/yr for PIEFX.
Performance
QAMNX vs. PIEFX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, QAMNX achieves a 4.61% return, which is significantly lower than PIEFX's 20.42% 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%
PIEFX
- 1D
- 2.69%
- 1M
- -8.34%
- 6M
- 4.81%
- YTD
- 20.42%
- 1Y
- 38.36%
- 3Y*
- 20.32%
- 5Y*
- 4.59%
- 10Y*
- —
- ALL TIME*
- 10.91%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
QAMNX vs. PIEFX - 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% |
PIEFX Federated Hermes Emerging Markets Equity Fund | 20.42% | 36.22% | 11.90% | 4.79% | -30.60% | -6.32% |
Correlation
The correlation between QAMNX and PIEFX is -0.14, 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. | -0.14 |
Correlation (3Y) Balances recent behavior with more history. | -0.05 |
Correlation (All Time) Calculated using the full available price history since Sep 22, 2021 | -0.03 |
The correlation between QAMNX and PIEFX shifts across timeframes, from -0.14 (1 year) to -0.03 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
QAMNX vs. PIEFX — Risk / Return Rank
QAMNX
PIEFX
QAMNX vs. PIEFX - 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 Emerging Markets Equity Fund (PIEFX). 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 | PIEFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.25 | ||
| Sortino ratioReturn per unit of downside risk | -0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.29 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.18 | 2.34 | -0.16 |
| Martin ratioReturn relative to average drawdown | 4.83 | 7.80 | -2.97 |
Loading charts...
Drawdowns
QAMNX vs. PIEFX - Drawdown Comparison
The maximum QAMNX drawdown since its inception was -17.97%, smaller than the maximum PIEFX drawdown of -48.43%. Use the drawdown chart below to compare losses from any high point for QAMNX and PIEFX.
Loading charts...
Drawdown Indicators
| QAMNX | PIEFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.97% | -48.43% | +30.46% |
Max Drawdown (1Y)Largest decline over 1 year | -4.16% | -17.47% | +13.31% |
Max Drawdown (3Y)Largest decline over 3 years | -4.16% | -17.47% | +13.31% |
Max Drawdown (5Y)Largest decline over 5 years | — | -46.27% | — |
Current DrawdownCurrent decline from peak | 0.00% | -15.24% | +15.24% |
Average DrawdownAverage peak-to-trough decline | -5.03% | -18.98% | +13.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.87% | 5.05% | -3.18% |
Volatility
QAMNX vs. PIEFX - Volatility Comparison
The current volatility for Federated Hermes MDT Market Neutral A (QAMNX) is 1.55%, while Federated Hermes Emerging Markets Equity Fund (PIEFX) has a volatility of 10.76%. This indicates that QAMNX experiences smaller price fluctuations and is considered to be less risky than PIEFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| QAMNX | PIEFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.55% | 10.76% | -9.21% |
Volatility (6M)Calculated over the trailing 6-month period | 4.50% | 22.51% | -18.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.74% | 25.55% | -18.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.68% | 20.31% | -6.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.68% | 20.45% | -6.77% |
QAMNX vs. PIEFX - Expense Ratio Comparison
QAMNX has a 1.86% expense ratio, which is higher than PIEFX's 0.98% expense ratio.
Dividends
QAMNX vs. PIEFX - Dividend Comparison
QAMNX's dividend yield for the trailing twelve months is around 1.46%, more than PIEFX's 1.41% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
PIEFX Federated Hermes Emerging Markets Equity Fund | 1.41% | 1.70% | 1.12% | 0.63% | 0.99% | 0.00% | 0.00% | 0.42% | 2.01% | 0.44% |
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% |
Frequently Asked Questions
QAMNX and PIEFX have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PIEFX has higher volatility (10.76%) compared to QAMNX (1.55%). In terms of maximum drawdown, QAMNX dropped -17.97% vs PIEFX's -48.43%.
PIEFX currently has the higher Sharpe Ratio (1.60 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.
Find the right allocation for QAMNX and PIEFX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer