IALT vs. MMNIX

Last updated Jun 4, 2026

IALT (iShares Systematic Alternatives Active ETF) and MMNIX (Miller Market Neutral Income Fund Class I) are both funds - IALT is a Multistrategy fund actively managed by iShares, while MMNIX is a Equity Market Neutral fund actively managed by Miller. Both are actively managed. At a correlation of -0.30, they often move in opposite directions. IALT charges 0.99%/yr vs 1.69%/yr for MMNIX.

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.

Returns By Period

In the year-to-date period, IALT achieves a 13.14% return, which is significantly higher than MMNIX's 3.56% return.

IALT

• 1D: -0.07%
• 1M: 2.25%
• YTD: 13.14%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MMNIX

• 1D: 0.18%
• 1M: 0.80%
• YTD: 3.56%
• 6M: 4.42%
• 1Y: 9.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IALT vs. MMNIX - Yearly Performance Comparison

	2026 (YTD)	2025
IALT iShares Systematic Alternatives Active ETF	13.14%	0.73%
MMNIX Miller Market Neutral Income Fund Class I	3.56%	0.56%

Correlation

The correlation between IALT and MMNIX is -0.30, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 11, 2025	-0.30

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	—	6.22	—
Sharpe Ratio (All Time) Calculated using the full available price history	4.28	5.57	-1.28

Drawdowns

IALT vs. MMNIX - Drawdown Comparison

The maximum IALT drawdown since its inception was -1.47%, 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	-1.47%	-0.49%	-0.98%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.46%	—
Current Drawdown Current decline from peak	-0.07%	0.00%	-0.07%
Average Drawdown Average peak-to-trough decline	-0.32%	-0.06%	-0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.11%	—

Volatility

Volatility by Period

	IALT	MMNIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.40%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.11%	—
Volatility (1Y) Calculated over the trailing 1-year period	7.48%	1.56%	+5.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.48%	1.74%	+5.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.48%	1.74%	+5.74%

IALT vs. MMNIX - Expense Ratio Comparison

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

Dividends

IALT vs. MMNIX - Dividend Comparison

IALT's dividend yield for the trailing twelve months is around 0.12%, less than MMNIX's 4.75% yield.

Position	TTM	2025	2024
IALT iShares Systematic Alternatives Active ETF	0.12%	0.14%	0.00%
MMNIX Miller Market Neutral Income Fund Class I	4.75%	5.03%	4.74%

Frequently Asked Questions

Can I hold both IALT and MMNIX in my portfolio?

IALT and MMNIX have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.