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MKTN vs QALT

Federated Hermes MDT Market Neutral ETF

MKTNCNYSE Arca

SEI DBi Multi-Strategy Alternative ETF

QALTANasdaq

Overlap

Expense ratio

QALT −1.14pt a year

MKTN1.94%QALT0.80%

Avg volume · 30D

MKTN 2.1×the volume

MKTN37.6KQALT17.7K

MKTN vs QALT Performance

Oct 31, 2025 – Oct 30, 2026

+13.3%MKTN+6.6%QALT

Oct 31, 2025 to Oct 30, 2026. MKTN +13.3%. QALT +6.6%. Use the arrow keys to read each point.0%2.5%10%15%Oct 2025Apr 2026Oct 2026
Expense ratio
MKTN 1.94%
QALT 0.80%, better
Fund size
MKTN $160M
QALT $195M
1Y total return
MKTN +13.3%, better
QALT +6.6%
Holdings
MKTN 223
QALT 26
Avg volume (30D)
MKTN 37.6K sh, better
QALT 17.7K sh
NAV per share
MKTN $28.31
QALT $25.87
52W range

ETF.net Grade

MKTN: Cost 21, Risk 80, Mission not scored, Tradability 67, Holdings not scored, Durability 46. QALT: Cost 90, Risk 65, Mission not scored, Tradability 57, Holdings not scored, Durability 65.
Pillar letters and Scores for MKTN, QALT, with each pillar’s weight
PillarMKTNQALT
Cost30% weightF21A90Higher
Mission25% weightNot scoredNot scored
Risk15% weightA80HigherB65
Tradability15% weightB67HigherB57
Holdings10% weightNot scoredNot scored
Durability5% weightC46B65Higher

Rank among Alternative Strategies funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. MKTN and QALT are both graded against the same 29 Alternative Strategies funds, so their Grades compare head to head.

Alternative Strategies⁠

Category · 29 funds
See all 29 ›

QALT ranks 4th and MKTN 18th of 29 funds in the Alternative Strategies Category.

  1. Rank 1AFLSPFranklin Systematic Style Premia ETFScore 77
  2. Rank 2AHBDCHilton BDC Corporate Bond ETFScore 76
  3. Rank 2AQAINYLI Hedge Multi-Strategy Tracker ETFScore 76
  4. Rank 4AQALTSEI DBi Multi-Strategy Alternative ETFScore 74
  5. Rank 5BIALTiShares Systematic Alternatives Active ETFScore 69
  6. Rank 17CHFGMUnlimited HFGM Global Macro ETFScore 47
  7. Rank 18CMKTNFederated Hermes MDT Market Neutral ETFScore 46
  8. Rank 19CBPROBitwise Proficio Currency Debasement ETFScore 45

Our read on each fund

ETF.net Research

MKTNCFederated Hermes MDT Market Neutral ETF

QALTASEI DBi Multi-Strategy Alternative ETF

In short

MKTN A real long/short stock book in an ETF: Federated Hermes' MDT quants buy one basket of US stocks and short another, aiming for gains that lean less on market direction. Costs 1.94% net of a waiver through March 1, 2027.

QALT One ticker, several hedge fund playbooks: SEI stacks sub-advisers running directional, event-driven and arbitrage strategies, and measures itself against 3-month T-bills instead of the S&P 500. It undercuts the typical alternatives fund on fees.

Stated mandate

MKTN The Fund seeks long-term capital appreciation while limiting exposure to general stock-market risk through a quantitative, market-neutral strategy that selects long and short publicly traded common stocks.

QALT The fund seeks positive absolute returns across market cycles with reduced correlation to stocks and bonds. It pursues this through multiple underlying funds and sub-advisers using directional or tactical, event-driven, and arbitrage approaches.

Why people hold it

  • MKTN An actual equity long/short book in an ETF wrapper: the MDT quant team buys one set of US stocks and sells another short, by prospectus mandate.yahoo.com
  • The stated goal is capital appreciation while limiting exposure to general stock-market risk, spread over a couple hundred long and short US names.
  • Longs paired against shorts are built to mute broad market swings, and its measured risk so far has been mild for an equity strategy.
  • A waiver trims the cost from 2.27% gross to 1.94% net through March 1, 2027.
  • QALT Charges 0.80% a year against a 1.07% median for alternatives funds. Multi-manager hedge fund exposure usually bills more than that.
  • Not a one-trick fund. Directional or tactical, event-driven and arbitrage sleeves run side by side through several underlying funds and sub-advisers.
  • The yardstick is 3-month T-bills, the cash hurdle hedge funds get judged on. The stated aim is positive absolute return with reduced correlation to stocks and bonds.
  • Screens near the top of its alternatives peer group, and comes in under pricier multi-strategy options such as HFGM and HDG at 0.95%.

Worth knowing

  • MKTN Shorting is costly to run: 1.94% net of that waiver sits above the alternatives category's typical fee, where FLSP charges 0.65% and IALT 0.99%.
  • Launched in 2025, so there is roughly a year of live data, not a full cycle.
  • Shares trade lightly, which can mean wider spreads than a big index fund, and distributions land only once or twice a year.
  • QALT Launched in 2025, so there is no long record showing how this manager lineup behaves through a full market cycle.
  • Trading is thin next to big index ETFs, which can mean wider spreads when you get in or out.
  • Not the cheapest seat in the aisle: RNMN (0.59%) and CCEF (0.74%) charge less, though each runs a narrower strategy set than a multi-manager book.

Full MKTN profile⁠

Full QALT profile⁠

MKTN vs QALT Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

MKTN vs QALT Cost

Overpaying MKTN vs QALT

$16,810

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • MKTN 1.94%

    $32,156

  • QALT 0.80%

    $15,346

$10,000
30 years

Cost over time

  • MKTN 1.94%
  • QALT 0.80%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K$40K051015202530MKTN $32,156QALT $15,346

Year by year

YearMKTNQALTOverpaying
10$3,289$1,422$1,867
20$11,859$5,393$6,466
30$32,156$15,346$16,810

Expense ratio

  • 1.94%MKTN
  • 0.80%QALT, cheaper
  • Middle half of Alternative Strategies funds
  • Median 1.13%

QALT 4th cheapest of 29 funds

MKTN 23rd cheapest of 29 funds

MKTN vs QALT Dividends

Last 12 months to Oct 30, 2026
Last payment
MKTN $0.07
QALT $0.17
Ex-dividend
MKTN Dec 31, 2025
QALT Oct 5, 2026
Paid on
MKTN Jan 2, 2026
QALT Oct 6, 2026
Frequency
MKTN Irregular
QALT Quarterly

Distribution history

Per share, 2025 to 2026, same scale for both

MKTNIrregular · 1 paymentAll MKTN payments⁠
One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 31, 2025 $0.07. Use the arrow keys to read each point.$0$0.502026YTD
QALTQuarterly · 5 paymentsAll QALT payments⁠
One bar per payment. 5 payments from 2025 to 2026 YTD. Dec 17, 2025 $0.62; Dec 29, 2025 $0.66; Apr 6, 2026 $0.15; Jul 6, 2026 $0.15; Oct 5, 2026 $0.17. Use the arrow keys to read each point.$0$0.502026YTD

MKTN vs QALT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
MKTN 5.5%since Oct 2025QALT 7.2%since Sep 2025
Return per unit of riskSharpe ratio, 3 years
MKTN 1.52since Oct 2025QALT 0.77since Sep 2025
Worst fallMax drawdown, 5 years
MKTN −4.1%since Sep 2025QALT −4.9%since Aug 2025
Market sensitivityBeta, 5 years
MKTN −0.16QALT 0.24

Popular comparisons

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    Expense ratio
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