FFLS vs. MBXIX

Last updated Jun 4, 2026

FFLS (The Future Fund Long/Short ETF) and MBXIX (Catalyst/Millburn Hedge Strategy Fund Class I) are both funds - FFLS is a Long-Short fund actively managed by The Future Fund, while MBXIX is a Hedge Fund fund managed by Catalyst Mutual Funds. Over the past year, FFLS returned -0.45% vs 19.89% for MBXIX. At a 0.25 correlation, their price movements are largely independent. FFLS charges 1.75%/yr vs 2.04%/yr for MBXIX.

Performance

FFLS vs. MBXIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in The Future Fund Long/Short ETF (FFLS) and Catalyst/Millburn Hedge Strategy Fund Class I (MBXIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FFLS achieves a -0.26% return, which is significantly lower than MBXIX's 13.11% return.

FFLS

• 1D: -0.63%
• 1M: 2.89%
• YTD: -0.26%
• 6M: -0.66%
• 1Y: -0.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MBXIX

• 1D: -0.33%
• 1M: -0.91%
• YTD: 13.11%
• 6M: 14.07%
• 1Y: 19.89%
• 3Y*: 11.65%
• 5Y*: 7.53%
• 10Y*: 8.56%

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

FFLS vs. MBXIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FFLS The Future Fund Long/Short ETF	-0.26%	7.49%	17.71%	2.03%
MBXIX Catalyst/Millburn Hedge Strategy Fund Class I	13.11%	4.35%	13.49%	1.87%

Correlation

The correlation between FFLS and MBXIX is 0.10, 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	0.10
Correlation (All Time) Calculated using the full available price history since Jun 22, 2023	0.25

The correlation between FFLS and MBXIX shifts across timeframes, from 0.10 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FFLS vs. MBXIX — Risk / Return Rank

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

FFLS

FFLS Risk / Return Rank: 8
FFLS Sharpe Ratio Rank: 8
FFLS Sortino Ratio Rank: 8
FFLS Omega Ratio Rank: 7
FFLS Calmar Ratio Rank: 8
FFLS Martin Ratio Rank: 8

MBXIX

MBXIX Risk / Return Rank: 91
MBXIX Sharpe Ratio Rank: 90
MBXIX Sortino Ratio Rank: 91
MBXIX Omega Ratio Rank: 86
MBXIX Calmar Ratio Rank: 94
MBXIX Martin Ratio Rank: 94

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.

FFLS vs. MBXIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The Future Fund Long/Short ETF (FFLS) and Catalyst/Millburn Hedge Strategy Fund Class I (MBXIX). 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.

	FFLS	MBXIX	Difference
Sharpe ratio: Return per unit of total volatility	-0.05	2.99	-3.04
Sortino ratio: Return per unit of downside risk	-0.01	4.42	-4.43
Omega ratio: Gain probability vs. loss probability	1.00	1.58	-0.58
Calmar ratio: Return relative to maximum drawdown	-0.04	5.47	-5.51
Martin ratio: Return relative to average drawdown	-0.09	21.15	-21.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FFLS vs. MBXIX - Sharpe Ratio Comparison

The current FFLS Sharpe Ratio is -0.05, which is lower than the MBXIX Sharpe Ratio of 2.99. The chart below compares the historical Sharpe Ratios of FFLS and MBXIX, 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

	FFLS	MBXIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.05	2.99	-3.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.66	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.64	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	0.69	+0.11

Drawdowns

FFLS vs. MBXIX - Drawdown Comparison

The maximum FFLS drawdown since its inception was -11.05%, smaller than the maximum MBXIX drawdown of -31.73%. Use the drawdown chart below to compare losses from any high point for FFLS and MBXIX.

Drawdown Indicators

	FFLS	MBXIX	Difference
Max Drawdown Largest peak-to-trough decline	-11.05%	-31.73%	+20.68%
Max Drawdown (1Y) Largest decline over 1 year	-11.05%	-3.85%	-7.20%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.59%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-15.59%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-31.73%	—
Current Drawdown Current decline from peak	-4.96%	-0.99%	-3.97%
Average Drawdown Average peak-to-trough decline	-3.09%	-4.00%	+0.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.07%	0.99%	+4.08%

Volatility

FFLS vs. MBXIX - Volatility Comparison

The Future Fund Long/Short ETF (FFLS) has a higher volatility of 3.54% compared to Catalyst/Millburn Hedge Strategy Fund Class I (MBXIX) at 1.91%. This indicates that FFLS's price experiences larger fluctuations and is considered to be riskier than MBXIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FFLS	MBXIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.54%	1.91%	+1.63%
Volatility (6M) Calculated over the trailing 6-month period	6.92%	5.22%	+1.70%
Volatility (1Y) Calculated over the trailing 1-year period	8.94%	7.05%	+1.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.23%	11.55%	-0.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.23%	13.42%	-2.19%

FFLS vs. MBXIX - Expense Ratio Comparison

FFLS has a 1.75% expense ratio, which is lower than MBXIX's 2.04% expense ratio.

Dividends

FFLS vs. MBXIX - Dividend Comparison

FFLS's dividend yield for the trailing twelve months is around 6.59%, while MBXIX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FFLS The Future Fund Long/Short ETF	6.59%	6.58%	3.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MBXIX Catalyst/Millburn Hedge Strategy Fund Class I	0.00%	0.00%	2.63%	2.25%	7.74%	0.00%	4.27%	5.18%	3.33%	3.33%	1.91%

Frequently Asked Questions

Can I hold both FFLS and MBXIX in my portfolio?

FFLS and MBXIX have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FFLS or MBXIX?

FFLS has higher volatility (3.54%) compared to MBXIX (1.91%). In terms of maximum drawdown, FFLS dropped -11.05% vs MBXIX's -31.73%.

Which has better risk-adjusted returns?

MBXIX currently has the higher Sharpe Ratio (2.99 vs -0.05), 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.