BRGOX vs. MMNIX

Last updated Jun 3, 2026

BRGOX (Bridgeway Global Opportunities Fund Class N) and MMNIX (Miller Market Neutral Income Fund Class I) are both Equity Market Neutral funds. Both are actively managed. Over the past year, BRGOX returned 13.04% vs 9.63% for MMNIX. At a 0.01 correlation, their price movements are largely independent. BRGOX charges 1.63%/yr vs 1.69%/yr for MMNIX.

Performance

BRGOX vs. MMNIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bridgeway Global Opportunities Fund Class N (BRGOX) and Miller Market Neutral Income Fund Class I (MMNIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BRGOX achieves a 4.27% return, which is significantly higher than MMNIX's 3.56% return.

BRGOX

• 1D: 0.55%
• 1M: -0.90%
• YTD: 4.27%
• 6M: 5.27%
• 1Y: 13.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MMNIX

• 1D: 0.18%
• 1M: 0.89%
• YTD: 3.56%
• 6M: 4.51%
• 1Y: 9.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BRGOX vs. MMNIX - Yearly Performance Comparison

	2026 (YTD)	2025
BRGOX Bridgeway Global Opportunities Fund Class N	4.27%	14.76%
MMNIX Miller Market Neutral Income Fund Class I	3.56%	9.93%

Correlation

The correlation between BRGOX and MMNIX is 0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.01
Correlation (All Time) Calculated using the full available price history since Jan 6, 2025	0.01

Return for Risk

BRGOX vs. MMNIX — Risk / Return Rank

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

BRGOX

BRGOX Risk / Return Rank: 57
BRGOX Sharpe Ratio Rank: 53
BRGOX Sortino Ratio Rank: 65
BRGOX Omega Ratio Rank: 48
BRGOX Calmar Ratio Rank: 77
BRGOX Martin Ratio Rank: 44

MMNIX

MMNIX Risk / Return Rank: 99
MMNIX Sharpe Ratio Rank: 100
MMNIX Sortino Ratio Rank: 99
MMNIX Omega Ratio Rank: 99
MMNIX Calmar Ratio Rank: 100
MMNIX Martin Ratio Rank: 100

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.

BRGOX vs. MMNIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bridgeway Global Opportunities Fund Class N (BRGOX) and Miller Market Neutral Income Fund Class I (MMNIX). 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.

	BRGOX	MMNIX	Difference
Sharpe ratio Return per unit of total volatility	2.16	6.22	-4.06
Sortino ratio Return per unit of downside risk	3.38	11.57	-8.20
Omega ratio Gain probability vs. loss probability	1.38	2.87	-1.49
Calmar ratio Return relative to maximum drawdown	3.52	20.96	-17.44
Martin ratio Return relative to average drawdown	9.23	89.98	-80.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BRGOX vs. MMNIX - Sharpe Ratio Comparison

The current BRGOX Sharpe Ratio is 2.16, which is lower than the MMNIX Sharpe Ratio of 6.22. The chart below compares the historical Sharpe Ratios of BRGOX and MMNIX, 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

	BRGOX	MMNIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.16	6.22	-4.06
Sharpe Ratio (All Time) Calculated using the full available price history	1.80	5.57	-3.77

Drawdowns

BRGOX vs. MMNIX - Drawdown Comparison

The maximum BRGOX drawdown since its inception was -4.37%, which is greater than MMNIX's maximum drawdown of -0.49%. Use the drawdown chart below to compare losses from any high point for BRGOX and MMNIX.

Drawdown Indicators

	BRGOX	MMNIX	Difference
Max Drawdown Largest peak-to-trough decline	-4.37%	-0.49%	-3.88%
Max Drawdown (1Y) Largest decline over 1 year	-4.37%	-0.46%	-3.91%
Current Drawdown Current decline from peak	-3.85%	0.00%	-3.85%
Average Drawdown Average peak-to-trough decline	-1.10%	-0.06%	-1.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.67%	0.11%	+1.56%

Volatility

BRGOX vs. MMNIX - Volatility Comparison

Bridgeway Global Opportunities Fund Class N (BRGOX) has a higher volatility of 2.20% compared to Miller Market Neutral Income Fund Class I (MMNIX) at 0.40%. This indicates that BRGOX's price experiences larger fluctuations and is considered to be riskier than MMNIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BRGOX	MMNIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.20%	0.40%	+1.80%
Volatility (6M) Calculated over the trailing 6-month period	4.65%	1.11%	+3.54%
Volatility (1Y) Calculated over the trailing 1-year period	6.85%	1.56%	+5.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.82%	1.74%	+6.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.82%	1.74%	+6.08%

BRGOX vs. MMNIX - Expense Ratio Comparison

BRGOX has a 1.63% expense ratio, which is lower than MMNIX's 1.69% expense ratio.

Dividends

BRGOX vs. MMNIX - Dividend Comparison

BRGOX's dividend yield for the trailing twelve months is around 10.90%, more than MMNIX's 4.75% yield.

Position	TTM	2025	2024
BRGOX Bridgeway Global Opportunities Fund Class N	10.90%	11.36%	0.00%
MMNIX Miller Market Neutral Income Fund Class I	4.75%	5.03%	4.74%

Frequently Asked Questions

Can I hold both BRGOX and MMNIX in my portfolio?

BRGOX and MMNIX have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BRGOX or MMNIX?

BRGOX has higher volatility (2.20%) compared to MMNIX (0.40%). In terms of maximum drawdown, BRGOX dropped -4.37% vs MMNIX's -0.49%.

Which has better risk-adjusted returns?

MMNIX currently has the higher Sharpe Ratio (6.22 vs 2.16), 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.