QQMNX vs. QAMNX

Last updated Jun 4, 2026

QQMNX (Federated Hermes MDT Market Neutral Fund Institutional Shares) and QAMNX (Federated Hermes MDT Market Neutral A) are both mutual funds - QQMNX is a Equity Market Neutral fund actively managed by Federated, while QAMNX is a Long-Short fund managed by Federated. Over the past 3 years, QQMNX returned 11.84%/yr vs 11.59%/yr for QAMNX. With a 0.97 correlation, they move nearly in lockstep. Both charge a 1.86% expense ratio.

Performance

QQMNX vs. QAMNX - 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 Federated Hermes MDT Market Neutral A (QAMNX). 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 higher than QAMNX's -0.14% return.

QQMNX

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

QAMNX

• 1D: -0.93%
• 1M: 0.38%
• YTD: -0.14%
• 6M: 2.25%
• 1Y: 3.13%
• 3Y*: 11.59%
• 5Y*: —
• 10Y*: —

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

QQMNX vs. QAMNX - 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%
QAMNX Federated Hermes MDT Market Neutral A	-0.14%	10.00%	17.33%	4.71%	9.19%	12.29%

Correlation

The correlation between QQMNX and QAMNX is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (All Time) Calculated using the full available price history since Sep 23, 2021	0.97

The correlation between QQMNX and QAMNX has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.

Return for Risk

QQMNX vs. QAMNX — 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

QAMNX

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

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. QAMNX - 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 Market Neutral A (QAMNX). 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	QAMNX	Difference
Sharpe ratio: Return per unit of total volatility	0.51	0.48	+0.03
Sortino ratio: Return per unit of downside risk	0.80	0.75	+0.05
Omega ratio: Gain probability vs. loss probability	1.11	1.10	+0.01
Calmar ratio: Return relative to maximum drawdown	0.77	0.76	+0.02
Martin ratio: Return relative to average drawdown	1.86	1.74	+0.13
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. QAMNX - Sharpe Ratio Comparison

The current QQMNX Sharpe Ratio is 0.51, which is comparable to the QAMNX Sharpe Ratio of 0.48. The chart below compares the historical Sharpe Ratios of QQMNX and QAMNX, 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	QAMNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.51	0.48	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	0.82	+0.04

Drawdowns

QQMNX vs. QAMNX - Drawdown Comparison

The maximum QQMNX drawdown since its inception was -17.50%, roughly equal to the maximum QAMNX drawdown of -17.97%. Use the drawdown chart below to compare losses from any high point for QQMNX and QAMNX.

Drawdown Indicators

	QQMNX	QAMNX	Difference
Max Drawdown Largest peak-to-trough decline	-17.50%	-17.97%	+0.47%
Max Drawdown (1Y) Largest decline over 1 year	-4.37%	-4.16%	-0.21%
Max Drawdown (3Y) Largest decline over 3 years	-4.37%	-4.16%	-0.21%
Current Drawdown Current decline from peak	-2.10%	-2.16%	+0.06%
Average Drawdown Average peak-to-trough decline	-4.85%	-5.15%	+0.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.82%	1.80%	+0.02%

Volatility

QQMNX vs. QAMNX - Volatility Comparison

Federated Hermes MDT Market Neutral Fund Institutional Shares (QQMNX) and Federated Hermes MDT Market Neutral A (QAMNX) have volatilities of 2.22% and 2.24%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQMNX	QAMNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.22%	2.24%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	5.22%	5.11%	+0.11%
Volatility (1Y) Calculated over the trailing 1-year period	6.71%	6.66%	+0.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.55%	13.86%	-0.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.55%	13.86%	-0.31%

QQMNX vs. QAMNX - Expense Ratio Comparison

Both QQMNX and QAMNX have an expense ratio of 1.86%.

Dividends

QQMNX vs. QAMNX - Dividend Comparison

QQMNX's dividend yield for the trailing twelve months is around 1.74%, more than QAMNX's 1.53% yield.

Position	TTM	2025	2024	2023	2022	2021
QAMNX Federated Hermes MDT Market Neutral A	1.53%	1.53%	1.85%	5.89%	11.74%	20.80%
QQMNX Federated Hermes MDT Market Neutral Fund Institutional Shares	1.74%	1.74%	1.86%	5.94%	11.53%	20.33%

Frequently Asked Questions

Can I hold both QQMNX and QAMNX in my portfolio?

With a correlation of 0.99, QQMNX and QAMNX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, QQMNX or QAMNX?

QAMNX has higher volatility (2.24%) compared to QQMNX (2.22%). In terms of maximum drawdown, QQMNX dropped -17.50% vs QAMNX's -17.97%.

Which has better risk-adjusted returns?

QQMNX currently has the higher Sharpe Ratio (0.51 vs 0.47), 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.