IALT vs. MMNIX

Last updated Apr 1, 2026

Compare and contrast key facts about iShares Systematic Alternatives Active ETF (IALT) and Miller Market Neutral Income Fund Class I (MMNIX).

IALT is an actively managed fund by iShares. It was launched on Dec 9, 2025. MMNIX is an actively managed fund by Miller. It was launched on Dec 29, 2023.

Performance

IALT vs. MMNIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Systematic Alternatives Active ETF (IALT) and Miller Market Neutral Income Fund Class I (MMNIX). The values are adjusted to include any dividend payments, if applicable.

IALT vs. MMNIX - Yearly Performance Comparison

	2026 (YTD)	2025
IALT iShares Systematic Alternatives Active ETF	7.75%	0.73%
MMNIX Miller Market Neutral Income Fund Class I	1.45%	0.56%

Returns By Period

In the year-to-date period, IALT achieves a 7.75% return, which is significantly higher than MMNIX's 1.45% return.

IALT

• 1D: 0.82%
• 1M: 3.45%
• YTD: 7.75%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MMNIX

• 1D: 0.09%
• 1M: -0.28%
• YTD: 1.45%
• 6M: 4.06%
• 1Y: 8.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IALT vs. MMNIX - Expense Ratio Comparison

IALT has a 0.99% expense ratio, which is lower than MMNIX's 1.69% expense ratio.

MMNIX

Miller Market Neutral Income Fund Class I

IALT

iShares Systematic Alternatives Active ETF

Return for Risk

IALT vs. MMNIX — Risk / Return Rank

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

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.

IALT vs. MMNIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Systematic Alternatives Active ETF (IALT) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	IALT	MMNIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	5.13	—
Sharpe Ratio (All Time) Calculated using the full available price history	4.40	5.38	-0.98

Correlation

The correlation between IALT and MMNIX is -0.43. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

IALT vs. MMNIX - Dividend Comparison

IALT's dividend yield for the trailing twelve months is around 0.13%, less than MMNIX's 4.85% yield.

	TTM	2025	2024
IALT iShares Systematic Alternatives Active ETF	0.13%	0.14%	0.00%
MMNIX Miller Market Neutral Income Fund Class I	4.85%	5.03%	4.74%

Drawdowns

IALT vs. MMNIX - Drawdown Comparison

The maximum IALT drawdown since its inception was -1.28%, which is greater than MMNIX's maximum drawdown of -0.49%. Use the drawdown chart below to compare losses from any high point for IALT and MMNIX.

Drawdown Indicators

	IALT	MMNIX	Difference
Max Drawdown Largest peak-to-trough decline	-1.28%	-0.49%	-0.79%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.46%	—
Current Drawdown Current decline from peak	0.00%	-0.37%	+0.37%
Average Drawdown Average peak-to-trough decline	-0.26%	-0.06%	-0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.10%	—

Volatility

Volatility by Period

	IALT	MMNIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.46%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.15%	—
Volatility (1Y) Calculated over the trailing 1-year period	7.25%	1.71%	+5.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.25%	1.76%	+5.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.25%	1.76%	+5.49%