QAMNX vs. WALSX

Last updated Aug 1, 2026

QAMNX (Federated Hermes MDT Market Neutral A) and WALSX (Wasatch Long/Short Alpha Fund) are both Long-Short funds. Over the past 3 years, QAMNX returned 12.11%/yr vs 7.38%/yr for WALSX. Their 0.06 correlation means their historical movements had little consistent relationship. QAMNX charges 1.86%/yr vs 1.75%/yr for WALSX.

Performance

QAMNX vs. WALSX - Performance Comparison

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

Returns By Period

In the year-to-date period, QAMNX achieves a 4.61% return, which is significantly lower than WALSX's 13.61% 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%

WALSX

• 1D: -1.62%
• 1M: 0.94%
• 6M: 10.20%
• YTD: 13.61%
• 1Y: 7.64%
• 3Y*: 7.38%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.14%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
QAMNX Federated Hermes MDT Market Neutral A	$0.00	$0.00	$0.00
WALSX Wasatch Long/Short Alpha Fund	$0.00	$0.00	$0.00

QAMNX vs. WALSX - 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%	12.47%
WALSX Wasatch Long/Short Alpha Fund	13.61%	-12.79%	7.24%	27.75%	-8.38%	12.20%

Correlation

The correlation between QAMNX and WALSX is 0.02, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.02
Correlation (3Y) Balances recent behavior with more history.	0.03
Correlation (All Time) Calculated using the full available price history since Oct 1, 2021	0.06

Return for Risk

QAMNX vs. WALSX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

QAMNX

QAMNX Risk / Return Rank: 54
QAMNX Sharpe Ratio Rank: 53
QAMNX Sortino Ratio Rank: 57
QAMNX Omega Ratio Rank: 61
QAMNX Calmar Ratio Rank: 68
QAMNX Martin Ratio Rank: 34

WALSX

WALSX Risk / Return Rank: 11
WALSX Sharpe Ratio Rank: 10
WALSX Sortino Ratio Rank: 12
WALSX Omega Ratio Rank: 10
WALSX Calmar Ratio Rank: 12
WALSX Martin Ratio Rank: 10

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

QAMNX vs. WALSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes MDT Market Neutral A (QAMNX) and Wasatch Long/Short Alpha Fund (WALSX). 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	WALSX	Difference
Sharpe ratio: Return per unit of total volatility	1.34	0.42	+0.92
Sortino ratio: Return per unit of downside risk	2.02	0.77	+1.26
Omega ratio: Gain probability vs. loss probability	1.27	1.08	+0.19
Calmar ratio: Return relative to maximum drawdown	2.18	0.64	+1.54
Martin ratio: Return relative to average drawdown	4.83	1.29	+3.54

QAMNX vs. WALSX - Sharpe Ratio Comparison

The current QAMNX Sharpe Ratio is 1.34, which is higher than the WALSX Sharpe Ratio of 0.42. The chart below compares the historical Sharpe Ratios of QAMNX and WALSX, 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. WALSX - Drawdown Comparison

The maximum QAMNX drawdown since its inception was -17.97%, smaller than the maximum WALSX drawdown of -25.28%. Use the drawdown chart below to compare losses from any high point for QAMNX and WALSX.

Drawdown Indicators

	QAMNX	WALSX	Difference
Max Drawdown Largest peak-to-trough decline	-17.97%	-25.28%	+7.31%
Max Drawdown (1Y) Largest decline over 1 year	-4.16%	-10.76%	+6.60%
Max Drawdown (3Y) Largest decline over 3 years	-4.16%	-25.28%	+21.12%
Current Drawdown Current decline from peak	0.00%	-12.77%	+12.77%
Average Drawdown Average peak-to-trough decline	-5.03%	-9.71%	+4.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.87%	5.31%	-3.44%

Volatility

QAMNX vs. WALSX - Volatility Comparison

The current volatility for Federated Hermes MDT Market Neutral A (QAMNX) is 1.55%, while Wasatch Long/Short Alpha Fund (WALSX) has a volatility of 5.12%. This indicates that QAMNX experiences smaller price fluctuations and is considered to be less risky than WALSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QAMNX	WALSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.55%	5.12%	-3.57%
Volatility (6M) Calculated over the trailing 6-month period	4.50%	12.35%	-7.85%
Volatility (1Y) Calculated over the trailing 1-year period	6.74%	16.28%	-9.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.68%	16.38%	-2.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.68%	16.38%	-2.70%

QAMNX vs. WALSX - Expense Ratio Comparison

QAMNX has a 1.86% expense ratio, which is higher than WALSX's 1.75% expense ratio.

Dividends

QAMNX vs. WALSX - Dividend Comparison

QAMNX's dividend yield for the trailing twelve months is around 1.46%, while WALSX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
QAMNX Federated Hermes MDT Market Neutral A	1.46%	1.53%	1.85%	5.89%	11.74%	20.80%
WALSX Wasatch Long/Short Alpha Fund	0.00%	0.00%	0.00%	0.00%	0.09%	0.00%

Frequently Asked Questions

Can I hold both QAMNX and WALSX in my portfolio?

QAMNX and WALSX have a correlation of 0.02, 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 WALSX?

WALSX has higher volatility (5.12%) compared to QAMNX (1.55%). In terms of maximum drawdown, QAMNX dropped -17.97% vs WALSX's -25.28%.

Which has better risk-adjusted returns?

QAMNX currently has the higher Sharpe Ratio (1.34 vs 0.42), 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.