QQMNX vs. FGSAX
QQMNX (Federated Hermes MDT Market Neutral Fund Institutional Shares) and FGSAX (Federated Hermes MDT Mid Cap Growth Fund) are both mutual funds - QQMNX is a Equity Market Neutral fund actively managed by Federated, while FGSAX is a Mid Cap Growth Equities fund managed by Federated. Over the past 3 years, QQMNX returned 12.37%/yr vs 15.49%/yr for FGSAX. Their 0.12 correlation means their historical movements had little consistent relationship. QQMNX charges 1.86%/yr vs 1.15%/yr for FGSAX.
Performance
QQMNX vs. FGSAX - Performance Comparison
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Returns By Period
In the year-to-date period, QQMNX achieves a 4.73% return, which is significantly higher than FGSAX's -0.82% 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%
FGSAX
- 1D
- 2.55%
- 1M
- -1.53%
- 6M
- 0.10%
- YTD
- -0.82%
- 1Y
- -1.90%
- 3Y*
- 15.49%
- 5Y*
- 7.87%
- 10Y*
- 14.50%
- ALL TIME*
- 10.02%
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. FGSAX - 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% |
FGSAX Federated Hermes MDT Mid Cap Growth Fund | -0.82% | 10.54% | 32.97% | 27.05% | -24.60% | 2.25% |
Correlation
The correlation between QQMNX and FGSAX is 0.07, 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. | 0.07 |
Correlation (3Y) Balances recent behavior with more history. | 0.15 |
Correlation (All Time) Calculated using the full available price history since Sep 22, 2021 | 0.12 |
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Return for Risk
QQMNX vs. FGSAX — Risk / Return Rank
QQMNX
FGSAX
QQMNX vs. FGSAX - 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 Federated Hermes MDT Mid Cap Growth Fund (FGSAX). 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 | FGSAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.44 | ||
| Sortino ratioReturn per unit of downside risk | +2.04 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.00 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 2.12 | -0.10 | +2.22 |
| Martin ratioReturn relative to average drawdown | 4.94 | -0.25 | +5.19 |
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Drawdowns
QQMNX vs. FGSAX - Drawdown Comparison
The maximum QQMNX drawdown since its inception was -17.50%, smaller than the maximum FGSAX drawdown of -66.17%. Use the drawdown chart below to compare losses from any high point for QQMNX and FGSAX.
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Drawdown Indicators
| QQMNX | FGSAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.50% | -66.17% | +48.67% |
Max Drawdown (1Y)Largest decline over 1 year | -4.37% | -13.73% | +9.36% |
Max Drawdown (3Y)Largest decline over 3 years | -4.37% | -24.51% | +20.14% |
Max Drawdown (5Y)Largest decline over 5 years | — | -35.79% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -37.19% | — |
Current DrawdownCurrent decline from peak | 0.00% | -5.42% | +5.42% |
Average DrawdownAverage peak-to-trough decline | -4.73% | -16.10% | +11.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.87% | 5.33% | -3.46% |
Volatility
QQMNX vs. FGSAX - Volatility Comparison
The current volatility for Federated Hermes MDT Market Neutral Fund Institutional Shares (QQMNX) is 1.50%, while Federated Hermes MDT Mid Cap Growth Fund (FGSAX) has a volatility of 4.96%. This indicates that QQMNX experiences smaller price fluctuations and is considered to be less risky than FGSAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QQMNX | FGSAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.50% | 4.96% | -3.46% |
Volatility (6M)Calculated over the trailing 6-month period | 4.45% | 13.47% | -9.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.79% | 17.81% | -11.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.37% | 22.54% | -9.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.37% | 22.29% | -8.92% |
QQMNX vs. FGSAX - Expense Ratio Comparison
QQMNX has a 1.86% expense ratio, which is higher than FGSAX's 1.15% expense ratio.
Dividends
QQMNX vs. FGSAX - Dividend Comparison
QQMNX's dividend yield for the trailing twelve months is around 1.66%, less than FGSAX's 4.96% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FGSAX Federated Hermes MDT Mid Cap Growth Fund | 4.96% | 4.92% | 4.32% | 0.00% | 2.31% | 25.75% | 7.07% | 8.13% | 14.46% | 13.93% | 0.89% | 25.34% |
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 FGSAX have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FGSAX has higher volatility (4.96%) compared to QQMNX (1.50%). In terms of maximum drawdown, QQMNX dropped -17.50% vs FGSAX's -66.17%.
QQMNX currently has the higher Sharpe Ratio (1.37 vs -0.07), 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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