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QAMNX vs. QMNNX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QAMNX vs. QMNNX

Last updated Jun 24, 2026

QAMNX (Federated Hermes MDT Market Neutral A) and QMNNX (AQR Equity Market Neutral Fund N) are both mutual funds - QAMNX is a Long-Short fund managed by Federated, while QMNNX is a Equity Market Neutral fund managed by AQR Funds. Over the past 3 years, QAMNX returned 10.76%/yr vs 18.14%/yr for QMNNX. At a 0.30 correlation, their price movements are largely independent. QAMNX charges 1.86%/yr vs 5.28%/yr for QMNNX.

Performance

QAMNX vs. QMNNX - Performance Comparison

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

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Returns By Period

In the year-to-date period, QAMNX achieves a -1.17% return, which is significantly higher than QMNNX's -6.48% return.

QAMNX

1D
0.38%
1M
-0.52%
YTD
-1.17%
6M
-1.47%
1Y
2.65%
3Y*
10.76%
5Y*
—
10Y*
—

QMNNX

1D
0.53%
1M
0.97%
YTD
-6.48%
6M
-6.55%
1Y
3.81%
3Y*
18.14%
5Y*
18.59%
10Y*
5.99%
*Multi-year figures are annualized to reflect compound growth (CAGR)

QAMNX vs. QMNNX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
QAMNX
Federated Hermes MDT Market Neutral A		-1.17%10.00%17.33%4.71%9.19%12.29%
QMNNX
AQR Equity Market Neutral Fund N		-6.48%26.19%25.43%16.30%27.07%10.30%

Correlation

The correlation between QAMNX and QMNNX is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.33

Correlation (3Y)
Calculated over the trailing 3-year period

0.29

Correlation (All Time)
Calculated using the full available price history since Sep 22, 2021

0.30

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Federated Hermes MDT Market Neutral A

AQR Equity Market Neutral Fund N

Often compared with QAMNX:
QAMNX vs. BDMIXQAMNX vs. VMNFXQAMNX vs. QLEIXQAMNX vs. GTAPXQAMNX vs. SNOIXQAMNX vs. SPYQAMNX vs. NELIX
Often compared with QMNNX:
QMNNX vs. QLENXQMNNX vs. EICQMNNX vs. QRPIXQMNNX vs. CPIEXQMNNX vs. CCORQMNNX vs. QNZNXQMNNX vs. ^GSPC

Return for Risk

QAMNX vs. QMNNX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QAMNX
QAMNX Risk / Return Rank: 77
Overall Rank
QAMNX Sharpe Ratio Rank: 66
Sharpe Ratio Rank
QAMNX Sortino Ratio Rank: 66
Sortino Ratio Rank
QAMNX Omega Ratio Rank: 66
Omega Ratio Rank
QAMNX Calmar Ratio Rank: 88
Calmar Ratio Rank
QAMNX Martin Ratio Rank: 77
Martin Ratio Rank
QMNNX
QMNNX Risk / Return Rank: 66
Overall Rank
QMNNX Sharpe Ratio Rank: 77
Sharpe Ratio Rank
QMNNX Sortino Ratio Rank: 77
Sortino Ratio Rank
QMNNX Omega Ratio Rank: 77
Omega Ratio Rank
QMNNX Calmar Ratio Rank: 55
Calmar Ratio Rank
QMNNX Martin Ratio Rank: 55
Martin Ratio Rank
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. QMNNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes MDT Market Neutral A (QAMNX) and AQR Equity Market Neutral Fund N (QMNNX). 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.

QAMNXQMNNXDifference
Sharpe ratioReturn per unit of total volatility
0.46
0.56

-0.10

Sortino ratioReturn per unit of downside risk
0.73
0.82

-0.09

Omega ratioGain probability vs. loss probability

1.09

1.10

-0.01

Calmar ratioReturn relative to maximum drawdown

0.75

0.44

+0.30

Martin ratioReturn relative to average drawdown

1.67

0.95

+0.72

QAMNX vs. QMNNX - Sharpe Ratio Comparison

The current QAMNX Sharpe Ratio is 0.46, which is comparable to the QMNNX Sharpe Ratio of 0.56. The chart below compares the historical Sharpe Ratios of QAMNX and QMNNX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

QAMNX vs. QMNNX - Drawdown Comparison

The maximum QAMNX drawdown since its inception was -17.97%, smaller than the maximum QMNNX drawdown of -39.22%. Use the drawdown chart below to compare losses from any high point for QAMNX and QMNNX.

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Drawdown Indicators

QAMNXQMNNXDifference

Max Drawdown

Largest peak-to-trough decline

-17.97%

-39.22%

+21.25%

Max Drawdown (1Y)

Largest decline over 1 year

-4.16%

-8.41%

+4.25%

Max Drawdown (3Y)

Largest decline over 3 years

-4.16%

-8.41%

+4.25%

Max Drawdown (5Y)

Largest decline over 5 years

—

-13.98%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-39.22%

—

Current Drawdown

Current decline from peak

-3.18%

-6.86%

+3.68%

Average Drawdown

Average peak-to-trough decline

-5.12%

-10.59%

+5.47%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.86%

3.93%

-2.07%

Volatility

QAMNX vs. QMNNX - Volatility Comparison

The current volatility for Federated Hermes MDT Market Neutral A (QAMNX) is 2.28%, while AQR Equity Market Neutral Fund N (QMNNX) has a volatility of 2.47%. This indicates that QAMNX experiences smaller price fluctuations and is considered to be less risky than QMNNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

QAMNXQMNNXDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.28%

2.47%

-0.19%

Volatility (6M)

Calculated over the trailing 6-month period

5.25%

5.15%

+0.10%

Volatility (1Y)

Calculated over the trailing 1-year period

6.72%

6.68%

+0.04%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.80%

9.31%

+4.49%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.80%

8.31%

+5.49%

QAMNX vs. QMNNX - Expense Ratio Comparison

QAMNX has a 1.86% expense ratio, which is lower than QMNNX's 5.28% expense ratio.

Dividends

QAMNX vs. QMNNX - Dividend Comparison

QAMNX's dividend yield for the trailing twelve months is around 1.55%, more than QMNNX's 1.34% yield.

PositionTTM20252024202320222021202020192018201720162015
QAMNX
Federated Hermes MDT Market Neutral A		1.55%1.53%1.85%5.89%11.74%20.80%0.00%0.00%0.00%0.00%0.00%0.00%
QMNNX
AQR Equity Market Neutral Fund N		1.34%1.26%6.06%21.67%5.77%1.41%17.64%3.86%0.49%3.37%1.19%2.51%

Frequently Asked Questions

QAMNX and QMNNX have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

QMNNX has higher volatility (2.47%) compared to QAMNX (2.28%). In terms of maximum drawdown, QAMNX dropped -17.97% vs QMNNX's -39.22%.

QMNNX currently has the higher Sharpe Ratio (0.56 vs 0.46), 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.

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