QQMNX vs. BGCKX

Last updated Jun 4, 2026

QQMNX (Federated Hermes MDT Market Neutral Fund Institutional Shares) and BGCKX (BlackRock Global Equity Market Neutral Fund Institutional Shares) are both Equity Market Neutral funds. Both are actively managed. Over the past 3 years, QQMNX returned 11.84%/yr vs 21.89%/yr for BGCKX. At a 0.19 correlation, their price movements are largely independent. QQMNX charges 1.86%/yr vs 1.29%/yr for BGCKX.

Performance

QQMNX vs. BGCKX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes MDT Market Neutral Fund Institutional Shares (QQMNX) and BlackRock Global Equity Market Neutral Fund Institutional Shares (BGCKX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QQMNX achieves a -0.05% return, which is significantly lower than BGCKX's 12.50% return.

QQMNX

• 1D: -0.90%
• 1M: 0.37%
• YTD: -0.05%
• 6M: 2.34%
• 1Y: 3.39%
• 3Y*: 11.84%
• 5Y*: —
• 10Y*: —

BGCKX

• 1D: 0.43%
• 1M: 5.31%
• YTD: 12.50%
• 6M: 15.65%
• 1Y: 21.93%
• 3Y*: 21.89%
• 5Y*: 13.01%
• 10Y*: 8.39%

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

QQMNX vs. BGCKX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
QQMNX Federated Hermes MDT Market Neutral Fund Institutional Shares	-0.05%	10.27%	17.59%	4.96%	9.47%	12.38%
BGCKX BlackRock Global Equity Market Neutral Fund Institutional Shares	12.50%	18.38%	21.55%	14.60%	1.80%	-0.77%

Correlation

The correlation between QQMNX and BGCKX is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (All Time) Calculated using the full available price history since Sep 23, 2021	0.19

Return for Risk

QQMNX vs. BGCKX — Risk / Return Rank

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

QQMNX

QQMNX Risk / Return Rank: 7
QQMNX Sharpe Ratio Rank: 6
QQMNX Sortino Ratio Rank: 6
QQMNX Omega Ratio Rank: 7
QQMNX Calmar Ratio Rank: 8
QQMNX Martin Ratio Rank: 7

BGCKX

BGCKX Risk / Return Rank: 91
BGCKX Sharpe Ratio Rank: 93
BGCKX Sortino Ratio Rank: 93
BGCKX Omega Ratio Rank: 87
BGCKX Calmar Ratio Rank: 96
BGCKX Martin Ratio Rank: 89

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.

QQMNX vs. BGCKX - 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 Institutional Shares (BGCKX). 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.

	QQMNX	BGCKX	Difference
Sharpe ratio: Return per unit of total volatility	0.51	3.20	-2.69
Sortino ratio: Return per unit of downside risk	0.80	4.77	-3.97
Omega ratio: Gain probability vs. loss probability	1.11	1.60	-0.49
Calmar ratio: Return relative to maximum drawdown	0.77	6.23	-5.45
Martin ratio: Return relative to average drawdown	1.86	17.51	-15.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QQMNX vs. BGCKX - Sharpe Ratio Comparison

The current QQMNX Sharpe Ratio is 0.51, which is lower than the BGCKX Sharpe Ratio of 3.20. The chart below compares the historical Sharpe Ratios of QQMNX and BGCKX, 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

	QQMNX	BGCKX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.51	3.20	-2.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	2.00	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.45	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	1.39	-0.53

Drawdowns

QQMNX vs. BGCKX - Drawdown Comparison

The maximum QQMNX drawdown since its inception was -17.50%, which is greater than BGCKX's maximum drawdown of -9.47%. Use the drawdown chart below to compare losses from any high point for QQMNX and BGCKX.

Drawdown Indicators

	QQMNX	BGCKX	Difference
Max Drawdown Largest peak-to-trough decline	-17.50%	-9.47%	-8.03%
Max Drawdown (1Y) Largest decline over 1 year	-4.37%	-3.51%	-0.86%
Max Drawdown (3Y) Largest decline over 3 years	-4.37%	-4.13%	-0.24%
Max Drawdown (5Y) Largest decline over 5 years	—	-6.13%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-9.47%	—
Current Drawdown Current decline from peak	-2.10%	0.00%	-2.10%
Average Drawdown Average peak-to-trough decline	-4.85%	-2.15%	-2.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.82%	1.25%	+0.57%

Volatility

QQMNX vs. BGCKX - Volatility Comparison

Federated Hermes MDT Market Neutral Fund Institutional Shares (QQMNX) has a higher volatility of 2.22% compared to BlackRock Global Equity Market Neutral Fund Institutional Shares (BGCKX) at 1.96%. This indicates that QQMNX's price experiences larger fluctuations and is considered to be riskier than BGCKX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQMNX	BGCKX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.22%	1.96%	+0.26%
Volatility (6M) Calculated over the trailing 6-month period	5.22%	4.45%	+0.77%
Volatility (1Y) Calculated over the trailing 1-year period	6.71%	6.85%	-0.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.55%	6.52%	+7.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.55%	5.81%	+7.74%

QQMNX vs. BGCKX - Expense Ratio Comparison

QQMNX has a 1.86% expense ratio, which is higher than BGCKX's 1.29% expense ratio.

Dividends

QQMNX vs. BGCKX - Dividend Comparison

QQMNX's dividend yield for the trailing twelve months is around 1.74%, less than BGCKX's 7.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BGCKX BlackRock Global Equity Market Neutral Fund Institutional Shares	7.96%	8.96%	13.25%	7.49%	0.00%	1.22%	0.34%	6.80%	0.96%
QQMNX Federated Hermes MDT Market Neutral Fund Institutional Shares	1.74%	1.74%	1.86%	5.94%	11.53%	20.33%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QQMNX and BGCKX in my portfolio?

QQMNX and BGCKX have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QQMNX or BGCKX?

QQMNX has higher volatility (2.22%) compared to BGCKX (1.96%). In terms of maximum drawdown, QQMNX dropped -17.50% vs BGCKX's -9.47%.

Which has better risk-adjusted returns?

BGCKX currently has the higher Sharpe Ratio (3.20 vs 0.51), 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.