QIACX vs. FKASX

Last updated Jun 4, 2026

QIACX (Federated Hermes MDT All Cap Core Fund) and FKASX (Federated Hermes Kaufmann Small Cap Fund) are both mutual funds - QIACX is a Large Cap Blend Equities fund managed by Federated, while FKASX is a Small Cap Growth Equities fund managed by Federated. Over the past 10 years, QIACX returned 16.99%/yr vs 13.56%/yr for FKASX. Their correlation of 0.84 suggests significant overlap in exposure. QIACX charges 0.75%/yr vs 1.36%/yr for FKASX.

Performance

QIACX vs. FKASX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes MDT All Cap Core Fund (QIACX) and Federated Hermes Kaufmann Small Cap Fund (FKASX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QIACX achieves a 7.80% return, which is significantly lower than FKASX's 10.45% return. Over the past 10 years, QIACX has outperformed FKASX with an annualized return of 16.99%, while FKASX has yielded a comparatively lower 13.56% annualized return.

QIACX

• 1D: -0.21%
• 1M: 3.54%
• YTD: 7.80%
• 6M: 9.69%
• 1Y: 24.33%
• 3Y*: 25.23%
• 5Y*: 15.99%
• 10Y*: 16.99%

FKASX

• 1D: 0.46%
• 1M: 4.41%
• YTD: 10.45%
• 6M: 11.65%
• 1Y: 22.35%
• 3Y*: 14.77%
• 5Y*: 2.28%
• 10Y*: 13.56%

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

QIACX vs. FKASX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QIACX Federated Hermes MDT All Cap Core Fund	7.80%	21.15%	31.07%	23.52%	-14.16%	31.40%	21.95%	26.91%	-2.64%	21.07%
FKASX Federated Hermes Kaufmann Small Cap Fund	10.45%	12.01%	14.45%	14.48%	-31.40%	2.57%	43.41%	33.44%	7.30%	37.87%

Correlation

The correlation between QIACX and FKASX is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Jan 3, 2003	0.84

The correlation between QIACX and FKASX has been stable across timeframes, ranging from 0.76 to 0.84 - a consistent structural relationship.

Return for Risk

QIACX vs. FKASX — Risk / Return Rank

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

QIACX

QIACX Risk / Return Rank: 56
QIACX Sharpe Ratio Rank: 48
QIACX Sortino Ratio Rank: 50
QIACX Omega Ratio Rank: 60
QIACX Calmar Ratio Rank: 55
QIACX Martin Ratio Rank: 69

FKASX

FKASX Risk / Return Rank: 19
FKASX Sharpe Ratio Rank: 16
FKASX Sortino Ratio Rank: 17
FKASX Omega Ratio Rank: 19
FKASX Calmar Ratio Rank: 17
FKASX Martin Ratio Rank: 26

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.

QIACX vs. FKASX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes MDT All Cap Core Fund (QIACX) and Federated Hermes Kaufmann Small Cap Fund (FKASX). 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.

	QIACX	FKASX	Difference
Sharpe ratio: Return per unit of total volatility	2.04	1.12	+0.92
Sortino ratio: Return per unit of downside risk	2.97	1.73	+1.25
Omega ratio: Gain probability vs. loss probability	1.43	1.23	+0.20
Calmar ratio: Return relative to maximum drawdown	2.82	1.51	+1.32
Martin ratio: Return relative to average drawdown	13.23	6.28	+6.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QIACX vs. FKASX - Sharpe Ratio Comparison

The current QIACX Sharpe Ratio is 2.04, which is higher than the FKASX Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of QIACX and FKASX, 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

	QIACX	FKASX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.04	1.12	+0.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.92	0.10	+0.83
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.91	0.61	+0.30
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.58	0.00

Drawdowns

QIACX vs. FKASX - Drawdown Comparison

The maximum QIACX drawdown since its inception was -60.11%, roughly equal to the maximum FKASX drawdown of -60.21%. Use the drawdown chart below to compare losses from any high point for QIACX and FKASX.

Drawdown Indicators

	QIACX	FKASX	Difference
Max Drawdown Largest peak-to-trough decline	-60.11%	-60.21%	+0.10%
Max Drawdown (1Y) Largest decline over 1 year	-8.65%	-14.88%	+6.23%
Max Drawdown (3Y) Largest decline over 3 years	-19.41%	-26.19%	+6.78%
Max Drawdown (5Y) Largest decline over 5 years	-23.05%	-44.51%	+21.46%
Max Drawdown (10Y) Largest decline over 10 years	-36.47%	-44.86%	+8.39%
Current Drawdown Current decline from peak	-0.21%	-2.24%	+2.03%
Average Drawdown Average peak-to-trough decline	-9.29%	-12.68%	+3.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.84%	3.57%	-1.73%

Volatility

QIACX vs. FKASX - Volatility Comparison

The current volatility for Federated Hermes MDT All Cap Core Fund (QIACX) is 2.58%, while Federated Hermes Kaufmann Small Cap Fund (FKASX) has a volatility of 6.77%. This indicates that QIACX experiences smaller price fluctuations and is considered to be less risky than FKASX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QIACX	FKASX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.58%	6.77%	-4.19%
Volatility (6M) Calculated over the trailing 6-month period	9.44%	16.80%	-7.36%
Volatility (1Y) Calculated over the trailing 1-year period	11.99%	20.05%	-8.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.38%	23.38%	-6.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.70%	22.36%	-3.66%

QIACX vs. FKASX - Expense Ratio Comparison

QIACX has a 0.75% expense ratio, which is lower than FKASX's 1.36% expense ratio.

Dividends

QIACX vs. FKASX - Dividend Comparison

QIACX's dividend yield for the trailing twelve months is around 4.25%, less than FKASX's 18.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FKASX Federated Hermes Kaufmann Small Cap Fund	18.74%	20.70%	11.82%	0.15%	0.00%	8.40%	0.12%	0.21%	6.36%	6.50%	0.76%	8.55%
QIACX Federated Hermes MDT All Cap Core Fund	4.25%	4.58%	8.65%	1.40%	10.90%	17.44%	3.01%	3.34%	8.60%	0.69%	1.12%	1.25%

Frequently Asked Questions

Can I hold both QIACX and FKASX in my portfolio?

QIACX and FKASX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QIACX or FKASX?

FKASX has higher volatility (6.77%) compared to QIACX (2.58%). In terms of maximum drawdown, QIACX dropped -60.11% vs FKASX's -60.21%.

Which has better risk-adjusted returns?

QIACX currently has the higher Sharpe Ratio (2.04 vs 1.12), 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.