QQMNX vs. PBAIX

Last updated Aug 4, 2026

QQMNX (Federated Hermes MDT Market Neutral Fund Institutional Shares) and PBAIX (BlackRock Tactical Opportunities Fund Institutional Class) are both mutual funds - QQMNX is a Equity Market Neutral fund actively managed by Federated, while PBAIX is a Tactical Allocation fund actively managed by BlackRock. Both are actively managed. Over the past 3 years, QQMNX returned 12.41%/yr vs 9.53%/yr for PBAIX. Their -0.06 correlation means they have often moved in opposite directions in the past. QQMNX charges 1.86%/yr vs 0.77%/yr for PBAIX.

Performance

QQMNX vs. PBAIX - 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 Tactical Opportunities Fund Institutional Class (PBAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QQMNX achieves a 5.05% return, which is significantly lower than PBAIX's 10.63% return.

QQMNX

• 1D: 0.30%
• 1M: 4.01%
• 6M: 4.96%
• YTD: 5.05%
• 1Y: 9.37%
• 3Y*: 12.41%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.34%

PBAIX

• 1D: 0.29%
• 1M: 1.27%
• 6M: 10.63%
• YTD: 10.63%
• 1Y: 11.76%
• 3Y*: 9.53%
• 5Y*: 7.84%
• 10Y*: 6.15%
• ALL TIME*: 6.50%

*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)
PBAIX BlackRock Tactical Opportunities Fund Institutional Class	$0.00	$0.00	$0.00
QQMNX Federated Hermes MDT Market Neutral Fund Institutional Shares	$0.00	$0.00	$0.00

QQMNX vs. PBAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
QQMNX Federated Hermes MDT Market Neutral Fund Institutional Shares	5.05%	10.27%	17.59%	4.96%	9.47%	12.38%
PBAIX BlackRock Tactical Opportunities Fund Institutional Class	10.63%	6.46%	12.08%	2.64%	6.14%	-1.26%

Correlation

The correlation between QQMNX and PBAIX is -0.05, 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.	-0.05
Correlation (3Y) Balances recent behavior with more history.	-0.03
Correlation (All Time) Calculated using the full available price history since Sep 22, 2021	-0.06

Return for Risk

QQMNX vs. PBAIX — Risk / Return Rank

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

QQMNX

QQMNX Risk / Return Rank: 44
QQMNX Sharpe Ratio Rank: 41
QQMNX Sortino Ratio Rank: 45
QQMNX Omega Ratio Rank: 50
QQMNX Calmar Ratio Rank: 52
QQMNX Martin Ratio Rank: 30

PBAIX

PBAIX Risk / Return Rank: 85
PBAIX Sharpe Ratio Rank: 86
PBAIX Sortino Ratio Rank: 87
PBAIX Omega Ratio Rank: 83
PBAIX Calmar Ratio Rank: 94
PBAIX Martin Ratio Rank: 77

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.

QQMNX vs. PBAIX - 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 Tactical Opportunities Fund Institutional Class (PBAIX). 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	PBAIX	Difference
Sharpe ratio: Return per unit of total volatility	1.33	2.12	-0.79
Sortino ratio: Return per unit of downside risk	2.00	3.20	-1.20
Omega ratio: Gain probability vs. loss probability	1.27	1.41	-0.14
Calmar ratio: Return relative to maximum drawdown	2.06	4.08	-2.02
Martin ratio: Return relative to average drawdown	4.79	9.87	-5.08

QQMNX vs. PBAIX - Sharpe Ratio Comparison

The current QQMNX Sharpe Ratio is 1.33, which is lower than the PBAIX Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of QQMNX and PBAIX, 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

QQMNX vs. PBAIX - Drawdown Comparison

The maximum QQMNX drawdown since its inception was -17.50%, smaller than the maximum PBAIX drawdown of -39.26%. Use the drawdown chart below to compare losses from any high point for QQMNX and PBAIX.

Drawdown Indicators

	QQMNX	PBAIX	Difference
Max Drawdown Largest peak-to-trough decline	-17.50%	-39.26%	+21.76%
Max Drawdown (1Y) Largest decline over 1 year	-4.37%	-2.99%	-1.38%
Max Drawdown (3Y) Largest decline over 3 years	-4.37%	-6.79%	+2.42%
Max Drawdown (5Y) Largest decline over 5 years	—	-6.79%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-8.94%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.73%	-4.28%	-0.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.87%	1.23%	+0.64%

Volatility

QQMNX vs. PBAIX - Volatility Comparison

The current volatility for Federated Hermes MDT Market Neutral Fund Institutional Shares (QQMNX) is 1.51%, while BlackRock Tactical Opportunities Fund Institutional Class (PBAIX) has a volatility of 1.65%. This indicates that QQMNX experiences smaller price fluctuations and is considered to be less risky than PBAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQMNX	PBAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.51%	1.65%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	4.46%	4.69%	-0.23%
Volatility (1Y) Calculated over the trailing 1-year period	6.79%	5.74%	+1.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.36%	6.44%	+6.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.36%	6.10%	+7.26%

QQMNX vs. PBAIX - Expense Ratio Comparison

QQMNX has a 1.86% expense ratio, which is higher than PBAIX's 0.77% expense ratio.

Dividends

QQMNX vs. PBAIX - Dividend Comparison

QQMNX's dividend yield for the trailing twelve months is around 1.66%, while PBAIX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PBAIX BlackRock Tactical Opportunities Fund Institutional Class	0.00%	0.00%	0.00%	11.84%	3.52%	0.00%	2.71%	3.39%	10.17%	0.86%	1.74%	5.15%
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

Can I hold both QQMNX and PBAIX in my portfolio?

QQMNX and PBAIX have a correlation of -0.05, 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 PBAIX?

PBAIX has higher volatility (1.65%) compared to QQMNX (1.51%). In terms of maximum drawdown, QQMNX dropped -17.50% vs PBAIX's -39.26%.

Which has better risk-adjusted returns?

PBAIX currently has the higher Sharpe Ratio (2.12 vs 1.33), 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.