HMXIX vs. SDAIX

Last updated Jun 4, 2026

HMXIX (AlphaCentric Premium Opportunity Fund) and SDAIX (Swan Defined Risk Growth Fund) are both Options Trading funds. Over the past 5 years, HMXIX returned 6.61%/yr vs 8.31%/yr for SDAIX. Their correlation of 0.90 suggests significant overlap in exposure. HMXIX charges 1.99%/yr vs 1.40%/yr for SDAIX.

Performance

HMXIX vs. SDAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AlphaCentric Premium Opportunity Fund (HMXIX) and Swan Defined Risk Growth Fund (SDAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HMXIX achieves a 10.28% return, which is significantly higher than SDAIX's 6.92% return.

HMXIX

• 1D: 0.34%
• 1M: 6.95%
• YTD: 10.28%
• 6M: 9.27%
• 1Y: 25.24%
• 3Y*: 11.37%
• 5Y*: 6.61%
• 10Y*: 7.82%

SDAIX

• 1D: 0.18%
• 1M: 4.55%
• YTD: 6.92%
• 6M: 6.58%
• 1Y: 20.23%
• 3Y*: 14.17%
• 5Y*: 8.31%
• 10Y*: —

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

HMXIX vs. SDAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
HMXIX AlphaCentric Premium Opportunity Fund	10.28%	8.73%	8.86%	13.36%	-10.62%	7.82%	27.93%	16.15%
SDAIX Swan Defined Risk Growth Fund	6.92%	14.14%	13.81%	16.25%	-17.87%	22.93%	11.87%	23.13%

Correlation

The correlation between HMXIX and SDAIX is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jan 3, 2019	0.90

The correlation between HMXIX and SDAIX has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.

Return for Risk

HMXIX vs. SDAIX — Risk / Return Rank

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

HMXIX

HMXIX Risk / Return Rank: 51
HMXIX Sharpe Ratio Rank: 52
HMXIX Sortino Ratio Rank: 44
HMXIX Omega Ratio Rank: 50
HMXIX Calmar Ratio Rank: 59
HMXIX Martin Ratio Rank: 51

SDAIX

SDAIX Risk / Return Rank: 51
SDAIX Sharpe Ratio Rank: 54
SDAIX Sortino Ratio Rank: 49
SDAIX Omega Ratio Rank: 54
SDAIX Calmar Ratio Rank: 42
SDAIX Martin Ratio Rank: 57

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.

HMXIX vs. SDAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AlphaCentric Premium Opportunity Fund (HMXIX) and Swan Defined Risk Growth Fund (SDAIX). 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.

	HMXIX	SDAIX	Difference
Sharpe ratio: Return per unit of total volatility	2.13	2.16	-0.03
Sortino ratio: Return per unit of downside risk	2.81	2.96	-0.15
Omega ratio: Gain probability vs. loss probability	1.39	1.41	-0.02
Calmar ratio: Return relative to maximum drawdown	2.96	2.47	+0.49
Martin ratio: Return relative to average drawdown	10.42	11.49	-1.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HMXIX vs. SDAIX - Sharpe Ratio Comparison

The current HMXIX Sharpe Ratio is 2.13, which is comparable to the SDAIX Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of HMXIX and SDAIX, 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

	HMXIX	SDAIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	2.16	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.67	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.77	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.07	0.86	+0.21

Drawdowns

HMXIX vs. SDAIX - Drawdown Comparison

The maximum HMXIX drawdown since its inception was -15.80%, smaller than the maximum SDAIX drawdown of -24.26%. Use the drawdown chart below to compare losses from any high point for HMXIX and SDAIX.

Drawdown Indicators

	HMXIX	SDAIX	Difference
Max Drawdown Largest peak-to-trough decline	-15.80%	-24.26%	+8.46%
Max Drawdown (1Y) Largest decline over 1 year	-8.69%	-8.37%	-0.32%
Max Drawdown (3Y) Largest decline over 3 years	-15.80%	-14.25%	-1.55%
Max Drawdown (5Y) Largest decline over 5 years	-15.80%	-22.89%	+7.09%
Max Drawdown (10Y) Largest decline over 10 years	-15.80%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.46%	-4.99%	+1.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.46%	1.80%	+0.66%

Volatility

HMXIX vs. SDAIX - Volatility Comparison

AlphaCentric Premium Opportunity Fund (HMXIX) has a higher volatility of 2.88% compared to Swan Defined Risk Growth Fund (SDAIX) at 2.26%. This indicates that HMXIX's price experiences larger fluctuations and is considered to be riskier than SDAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HMXIX	SDAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.88%	2.26%	+0.62%
Volatility (6M) Calculated over the trailing 6-month period	8.66%	7.57%	+1.09%
Volatility (1Y) Calculated over the trailing 1-year period	12.08%	9.56%	+2.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.53%	12.46%	-1.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.59%	13.40%	-2.81%

HMXIX vs. SDAIX - Expense Ratio Comparison

HMXIX has a 1.99% expense ratio, which is higher than SDAIX's 1.40% expense ratio.

Dividends

HMXIX vs. SDAIX - Dividend Comparison

HMXIX's dividend yield for the trailing twelve months is around 5.56%, while SDAIX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
HMXIX AlphaCentric Premium Opportunity Fund	5.56%	6.13%	2.17%	0.00%	0.00%	4.78%	2.26%	0.00%	0.00%	0.47%	0.16%
SDAIX Swan Defined Risk Growth Fund	0.00%	0.00%	0.00%	28.80%	0.00%	0.00%	0.62%	1.62%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HMXIX and SDAIX in my portfolio?

HMXIX and SDAIX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HMXIX or SDAIX?

HMXIX has higher volatility (2.88%) compared to SDAIX (2.26%). In terms of maximum drawdown, HMXIX dropped -15.80% vs SDAIX's -24.26%.

Which has better risk-adjusted returns?

SDAIX currently has the higher Sharpe Ratio (2.16 vs 2.13), 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.