FWIFX vs. MBXAX
FWIFX (Fidelity Advisor Worldwide Fund Class I) and MBXAX (Catalyst/Millburn Hedge Strategy Fund) are both mutual funds - FWIFX is a Global Equities fund managed by Fidelity, while MBXAX is a Multistrategy fund managed by Catalyst Mutual Funds. Over the past 10 years, FWIFX returned 14.47%/yr vs 7.59%/yr for MBXAX. Their 0.53 correlation means they have sometimes moved together and sometimes differently. FWIFX charges 1.02%/yr vs 2.18%/yr for MBXAX.
Performance
FWIFX vs. MBXAX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FWIFX achieves a 15.31% return, which is significantly higher than MBXAX's 13.56% return. Over the past 10 years, FWIFX has outperformed MBXAX with an annualized return of 14.47%, while MBXAX has yielded a comparatively lower 7.59% annualized return.
FWIFX
- 1D
- 0.63%
- 1M
- -3.52%
- 6M
- 10.31%
- YTD
- 15.31%
- 1Y
- 25.27%
- 3Y*
- 21.05%
- 5Y*
- 10.84%
- 10Y*
- 14.47%
- ALL TIME*
- 14.16%
MBXAX
- 1D
- 0.73%
- 1M
- -1.32%
- 6M
- 9.10%
- YTD
- 13.56%
- 1Y
- 18.00%
- 3Y*
- 9.79%
- 5Y*
- 7.27%
- 10Y*
- 7.59%
- ALL TIME*
- 8.93%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
FWIFX vs. MBXAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FWIFX Fidelity Advisor Worldwide Fund Class I | 15.31% | 16.11% | 27.63% | 24.92% | -25.72% | 18.43% | 30.92% | 28.94% | -4.56% | 29.58% |
MBXAX Catalyst/Millburn Hedge Strategy Fund | 13.56% | 4.13% | 13.17% | -0.91% | 7.46% | 16.62% | -0.72% | 13.59% | -2.43% | 13.69% |
Correlation
The correlation between FWIFX and MBXAX is 0.41, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.41 |
Correlation (3Y) Balances recent behavior with more history. | 0.37 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.40 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.52 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016 | 0.53 |
The correlation between FWIFX and MBXAX shifts across timeframes, from 0.37 (3 years) to 0.53 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
FWIFX vs. MBXAX — Risk / Return Rank
FWIFX
MBXAX
FWIFX vs. MBXAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Worldwide Fund Class I (FWIFX) and Catalyst/Millburn Hedge Strategy Fund (MBXAX). 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.
| FWIFX | MBXAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.21 | ||
| Sortino ratioReturn per unit of downside risk | -1.81 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.44 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 1.94 | 4.17 | -2.23 |
| Martin ratioReturn relative to average drawdown | 7.00 | 16.27 | -9.27 |
Loading charts...
Drawdowns
FWIFX vs. MBXAX - Drawdown Comparison
The maximum FWIFX drawdown since its inception was -33.71%, which is greater than MBXAX's maximum drawdown of -31.75%. Use the drawdown chart below to compare losses from any high point for FWIFX and MBXAX.
Loading charts...
Drawdown Indicators
| FWIFX | MBXAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.71% | -31.75% | -1.96% |
Max Drawdown (1Y)Largest decline over 1 year | -11.74% | -3.89% | -7.85% |
Max Drawdown (3Y)Largest decline over 3 years | -22.63% | -15.66% | -6.97% |
Max Drawdown (5Y)Largest decline over 5 years | -33.71% | -15.66% | -18.05% |
Max Drawdown (10Y)Largest decline over 10 years | -33.71% | -31.75% | -1.96% |
Current DrawdownCurrent decline from peak | -7.13% | -1.98% | -5.15% |
Average DrawdownAverage peak-to-trough decline | -6.08% | -4.00% | -2.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.25% | 1.01% | +2.24% |
Volatility
FWIFX vs. MBXAX - Volatility Comparison
Fidelity Advisor Worldwide Fund Class I (FWIFX) has a higher volatility of 5.51% compared to Catalyst/Millburn Hedge Strategy Fund (MBXAX) at 1.78%. This indicates that FWIFX's price experiences larger fluctuations and is considered to be riskier than MBXAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| FWIFX | MBXAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.51% | 1.78% | +3.73% |
Volatility (6M)Calculated over the trailing 6-month period | 16.48% | 4.91% | +11.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.79% | 6.90% | +12.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.35% | 11.39% | +7.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.93% | 13.36% | +5.57% |
FWIFX vs. MBXAX - Expense Ratio Comparison
FWIFX has a 1.02% expense ratio, which is lower than MBXAX's 2.18% expense ratio.
Dividends
FWIFX vs. MBXAX - Dividend Comparison
FWIFX's dividend yield for the trailing twelve months is around 10.09%, while MBXAX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FWIFX Fidelity Advisor Worldwide Fund Class I | 10.09% | 11.63% | 14.80% | 0.93% | 6.23% | 12.86% | 8.16% | 4.93% | 9.72% | 6.94% | 1.17% | 3.88% |
MBXAX Catalyst/Millburn Hedge Strategy Fund | 0.00% | 0.00% | 2.43% | 2.02% | 7.57% | 0.00% | 3.92% | 4.96% | 3.07% | 3.35% | 1.82% | 0.00% |
Frequently Asked Questions
FWIFX and MBXAX have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FWIFX has higher volatility (5.51%) compared to MBXAX (1.78%). In terms of maximum drawdown, FWIFX dropped -33.71% vs MBXAX's -31.75%.
MBXAX currently has the higher Sharpe Ratio (2.36 vs 1.15), 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.
Find the right allocation for FWIFX and MBXAX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer