MBOX vs. MGMT

Last updated Apr 2, 2026

Compare and contrast key facts about Freedom Day Dividend ETF (MBOX) and Ballast Small/Mid Cap ETF (MGMT).

MBOX and MGMT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MBOX is an actively managed fund by EMPIRICAL FINANCE LLC. It was launched on May 5, 2021. MGMT is an actively managed fund by Inverdale Capital Management LLC. It was launched on Dec 2, 2020.

Performance

MBOX vs. MGMT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Freedom Day Dividend ETF (MBOX) and Ballast Small/Mid Cap ETF (MGMT). The values are adjusted to include any dividend payments, if applicable.

MBOX vs. MGMT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MBOX Freedom Day Dividend ETF	4.91%	8.72%	16.39%	15.84%	-4.32%	9.48%
MGMT Ballast Small/Mid Cap ETF	2.39%	6.96%	12.95%	17.87%	-14.54%	6.94%

Returns By Period

In the year-to-date period, MBOX achieves a 4.91% return, which is significantly higher than MGMT's 2.39% return.

MBOX

• 1D: -0.13%
• 1M: -4.44%
• YTD: 4.91%
• 6M: 4.39%
• 1Y: 12.08%
• 3Y*: 15.73%
• 5Y*: —
• 10Y*: —

MGMT

• 1D: 0.60%
• 1M: -5.67%
• YTD: 2.39%
• 6M: 3.55%
• 1Y: 18.02%
• 3Y*: 11.55%
• 5Y*: 6.66%
• 10Y*: —

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

MBOX vs. MGMT - Expense Ratio Comparison

MBOX has a 0.39% expense ratio, which is lower than MGMT's 1.10% expense ratio.

MGMT

Ballast Small/Mid Cap ETF

MBOX

Freedom Day Dividend ETF

Return for Risk

MBOX vs. MGMT — Risk / Return Rank

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

MBOX

MBOX Risk / Return Rank: 41
MBOX Sharpe Ratio Rank: 39
MBOX Sortino Ratio Rank: 40
MBOX Omega Ratio Rank: 41
MBOX Calmar Ratio Rank: 37
MBOX Martin Ratio Rank: 47

MGMT

MGMT Risk / Return Rank: 43
MGMT Sharpe Ratio Rank: 42
MGMT Sortino Ratio Rank: 45
MGMT Omega Ratio Rank: 39
MGMT Calmar Ratio Rank: 47
MGMT Martin Ratio Rank: 42

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.

MBOX vs. MGMT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Freedom Day Dividend ETF (MBOX) and Ballast Small/Mid Cap ETF (MGMT). 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.

	MBOX	MGMT	Difference
Sharpe ratio Return per unit of total volatility	0.78	0.83	-0.05
Sortino ratio Return per unit of downside risk	1.20	1.30	-0.11
Omega ratio Gain probability vs. loss probability	1.17	1.17	0.00
Calmar ratio Return relative to maximum drawdown	1.02	1.32	-0.31
Martin ratio Return relative to average drawdown	4.72	4.28	+0.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MBOX vs. MGMT - Sharpe Ratio Comparison

The current MBOX Sharpe Ratio is 0.78, which is comparable to the MGMT Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of MBOX and MGMT, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MBOX	MGMT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.78	0.83	-0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.34	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	0.62	+0.08

Correlation

The correlation between MBOX and MGMT is 0.81, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

MBOX vs. MGMT - Dividend Comparison

MBOX's dividend yield for the trailing twelve months is around 2.08%, more than MGMT's 0.33% yield.

	TTM	2025	2024	2023	2022	2021
MBOX Freedom Day Dividend ETF	2.08%	1.94%	1.60%	2.13%	2.87%	1.17%
MGMT Ballast Small/Mid Cap ETF	0.33%	0.34%	0.51%	1.16%	0.90%	0.26%

Drawdowns

MBOX vs. MGMT - Drawdown Comparison

The maximum MBOX drawdown since its inception was -16.42%, smaller than the maximum MGMT drawdown of -24.95%. Use the drawdown chart below to compare losses from any high point for MBOX and MGMT.

Drawdown Indicators

	MBOX	MGMT	Difference
Max Drawdown Largest peak-to-trough decline	-16.42%	-24.95%	+8.53%
Max Drawdown (1Y) Largest decline over 1 year	-12.16%	-13.60%	+1.44%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.95%	—
Current Drawdown Current decline from peak	-4.44%	-9.27%	+4.83%
Average Drawdown Average peak-to-trough decline	-3.55%	-6.81%	+3.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.61%	4.20%	-1.59%

Volatility

MBOX vs. MGMT - Volatility Comparison

The current volatility for Freedom Day Dividend ETF (MBOX) is 3.11%, while Ballast Small/Mid Cap ETF (MGMT) has a volatility of 5.73%. This indicates that MBOX experiences smaller price fluctuations and is considered to be less risky than MGMT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MBOX	MGMT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.11%	5.73%	-2.62%
Volatility (6M) Calculated over the trailing 6-month period	8.11%	13.36%	-5.25%
Volatility (1Y) Calculated over the trailing 1-year period	15.62%	21.88%	-6.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.58%	19.55%	-4.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.58%	19.73%	-5.15%