QQMNX vs. BDMAX
QQMNX (Federated Hermes MDT Market Neutral Fund Institutional Shares) and BDMAX (BlackRock Global Equity Market Neutral Fund) are both Equity Market Neutral funds. Both are actively managed. Over the past 3 years, QQMNX returned 12.37%/yr vs 20.21%/yr for BDMAX. Their 0.17 correlation means their historical movements had little consistent relationship. QQMNX charges 1.86%/yr vs 1.60%/yr for BDMAX.
Performance
QQMNX vs. BDMAX - Performance Comparison
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Returns By Period
In the year-to-date period, QQMNX achieves a 4.73% return, which is significantly lower than BDMAX's 11.82% return.
QQMNX
- 1D
- 0.52%
- 1M
- 3.70%
- 6M
- 5.36%
- YTD
- 4.73%
- 1Y
- 9.04%
- 3Y*
- 12.37%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 12.27%
BDMAX
- 1D
- 1.16%
- 1M
- 1.62%
- 6M
- 10.73%
- YTD
- 11.82%
- 1Y
- 23.19%
- 3Y*
- 20.21%
- 5Y*
- 12.85%
- 10Y*
- 8.21%
- ALL TIME*
- 6.60%
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 |
QQMNX vs. BDMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
QQMNX Federated Hermes MDT Market Neutral Fund Institutional Shares | 4.73% | 10.27% | 17.59% | 4.96% | 9.47% | 12.38% |
BDMAX BlackRock Global Equity Market Neutral Fund | 11.82% | 18.08% | 21.12% | 14.27% | 1.57% | -0.69% |
Correlation
The correlation between QQMNX and BDMAX is 0.04, 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. | 0.04 |
Correlation (3Y) Balances recent behavior with more history. | 0.20 |
Correlation (All Time) Calculated using the full available price history since Sep 22, 2021 | 0.17 |
The correlation between QQMNX and BDMAX shifts across timeframes, from 0.04 (1 year) to 0.20 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
QQMNX vs. BDMAX — Risk / Return Rank
QQMNX
BDMAX
QQMNX vs. BDMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Federated Hermes MDT Market Neutral Fund Institutional Shares (QQMNX) and BlackRock Global Equity Market Neutral Fund (BDMAX). 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.
| QQMNX | BDMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.84 | ||
| Sortino ratioReturn per unit of downside risk | -2.57 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.60 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | 2.12 | 7.28 | -5.16 |
| Martin ratioReturn relative to average drawdown | 4.94 | 19.24 | -14.30 |
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Drawdowns
QQMNX vs. BDMAX - Drawdown Comparison
The maximum QQMNX drawdown since its inception was -17.50%, which is greater than BDMAX's maximum drawdown of -12.37%. Use the drawdown chart below to compare losses from any high point for QQMNX and BDMAX.
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Drawdown Indicators
| QQMNX | BDMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.50% | -12.37% | -5.13% |
Max Drawdown (1Y)Largest decline over 1 year | -4.37% | -3.25% | -1.12% |
Max Drawdown (3Y)Largest decline over 3 years | -4.37% | -4.15% | -0.22% |
Max Drawdown (5Y)Largest decline over 5 years | — | -5.56% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -9.71% | — |
Current DrawdownCurrent decline from peak | 0.00% | -1.15% | +1.15% |
Average DrawdownAverage peak-to-trough decline | -4.73% | -2.80% | -1.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.87% | 1.23% | +0.64% |
Volatility
QQMNX vs. BDMAX - Volatility Comparison
The current volatility for Federated Hermes MDT Market Neutral Fund Institutional Shares (QQMNX) is 1.50%, while BlackRock Global Equity Market Neutral Fund (BDMAX) has a volatility of 2.58%. This indicates that QQMNX experiences smaller price fluctuations and is considered to be less risky than BDMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QQMNX | BDMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.50% | 2.58% | -1.08% |
Volatility (6M)Calculated over the trailing 6-month period | 4.45% | 5.36% | -0.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.79% | 7.39% | -0.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.37% | 6.67% | +6.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.37% | 5.90% | +7.47% |
QQMNX vs. BDMAX - Expense Ratio Comparison
QQMNX has a 1.86% expense ratio, which is higher than BDMAX's 1.60% expense ratio.
Dividends
QQMNX vs. BDMAX - Dividend Comparison
QQMNX's dividend yield for the trailing twelve months is around 1.66%, less than BDMAX's 11.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BDMAX BlackRock Global Equity Market Neutral Fund | 11.66% | 8.94% | 13.39% | 7.14% | 0.00% | 1.25% | 0.04% | 6.60% | 0.85% | 0.00% | 0.00% | 1.56% |
QQMNX Federated Hermes MDT Market Neutral Fund Institutional Shares | 1.66% | 1.74% | 1.86% | 5.94% | 11.53% | 20.33% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
QQMNX and BDMAX have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BDMAX has higher volatility (2.58%) compared to QQMNX (1.50%). In terms of maximum drawdown, QQMNX dropped -17.50% vs BDMAX's -12.37%.
BDMAX currently has the higher Sharpe Ratio (3.20 vs 1.37), 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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