MBXAX vs. AIVSX

Last updated Jun 23, 2026

MBXAX (Catalyst/Millburn Hedge Strategy Fund) and AIVSX (American Funds Investment Company of America Class A) are both mutual funds - MBXAX is a Macro Trading fund managed by Catalyst Mutual Funds, while AIVSX is a Large Cap Blend Equities fund managed by American Funds. Over the past 10 years, MBXAX returned 8.53%/yr vs 14.17%/yr for AIVSX. A 0.57 correlation means they provide meaningful diversification when combined. MBXAX charges 2.18%/yr vs 0.55%/yr for AIVSX.

Performance

MBXAX vs. AIVSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Catalyst/Millburn Hedge Strategy Fund (MBXAX) and American Funds Investment Company of America Class A (AIVSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MBXAX achieves a 14.76% return, which is significantly higher than AIVSX's 9.70% return. Over the past 10 years, MBXAX has underperformed AIVSX with an annualized return of 8.53%, while AIVSX has yielded a comparatively higher 14.17% annualized return.

MBXAX

• 1D: 0.39%
• 1M: 1.08%
• YTD: 14.76%
• 6M: 14.24%
• 1Y: 19.24%
• 3Y*: 11.21%
• 5Y*: 7.65%
• 10Y*: 8.53%

AIVSX

• 1D: 1.34%
• 1M: 0.89%
• YTD: 9.70%
• 6M: 9.64%
• 1Y: 24.69%
• 3Y*: 22.72%
• 5Y*: 15.04%
• 10Y*: 14.17%

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

MBXAX vs. AIVSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MBXAX Catalyst/Millburn Hedge Strategy Fund	14.76%	4.13%	13.17%	-0.91%	7.46%	16.62%	-0.72%	13.59%	-2.43%	13.69%
AIVSX American Funds Investment Company of America Class A	9.70%	20.47%	24.90%	28.56%	-15.50%	25.10%	14.47%	24.10%	-8.21%	19.54%

Correlation

The correlation between MBXAX and AIVSX is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (10Y) Calculated over the trailing 10-year period	0.56
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.57

The correlation between MBXAX and AIVSX shifts across timeframes, from 0.37 (3 years) to 0.57 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MBXAX vs. AIVSX — Risk / Return Rank

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

MBXAX

MBXAX Risk / Return Rank: 91
MBXAX Sharpe Ratio Rank: 91
MBXAX Sortino Ratio Rank: 91
MBXAX Omega Ratio Rank: 86
MBXAX Calmar Ratio Rank: 94
MBXAX Martin Ratio Rank: 94

AIVSX

AIVSX Risk / Return Rank: 47
AIVSX Sharpe Ratio Rank: 47
AIVSX Sortino Ratio Rank: 42
AIVSX Omega Ratio Rank: 45
AIVSX Calmar Ratio Rank: 44
AIVSX 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.

MBXAX vs. AIVSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Catalyst/Millburn Hedge Strategy Fund (MBXAX) and American Funds Investment Company of America Class A (AIVSX). 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.

	MBXAX	AIVSX	Difference
Sharpe ratio: Return per unit of total volatility	2.81	1.85	+0.97
Sortino ratio: Return per unit of downside risk	4.13	2.54	+1.59
Omega ratio: Gain probability vs. loss probability	1.54	1.34	+0.20
Calmar ratio: Return relative to maximum drawdown	5.01	2.42	+2.59
Martin ratio: Return relative to average drawdown	19.37	10.68	+8.69

MBXAX vs. AIVSX - Sharpe Ratio Comparison

The current MBXAX Sharpe Ratio is 2.81, which is higher than the AIVSX Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of MBXAX and AIVSX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MBXAX vs. AIVSX - Drawdown Comparison

The maximum MBXAX drawdown since its inception was -31.75%, smaller than the maximum AIVSX drawdown of -50.90%. Use the drawdown chart below to compare losses from any high point for MBXAX and AIVSX.

Drawdown Indicators

	MBXAX	AIVSX	Difference
Max Drawdown Largest peak-to-trough decline	-31.75%	-50.90%	+19.15%
Max Drawdown (1Y) Largest decline over 1 year	-3.89%	-10.08%	+6.19%
Max Drawdown (3Y) Largest decline over 3 years	-15.66%	-17.40%	+1.74%
Max Drawdown (5Y) Largest decline over 5 years	-15.66%	-24.31%	+8.65%
Max Drawdown (10Y) Largest decline over 10 years	-31.75%	-31.09%	-0.66%
Current Drawdown Current decline from peak	0.00%	-1.09%	+1.09%
Average Drawdown Average peak-to-trough decline	-4.03%	-5.90%	+1.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.00%	2.28%	-1.28%

Volatility

MBXAX vs. AIVSX - Volatility Comparison

The current volatility for Catalyst/Millburn Hedge Strategy Fund (MBXAX) is 1.65%, while American Funds Investment Company of America Class A (AIVSX) has a volatility of 5.04%. This indicates that MBXAX experiences smaller price fluctuations and is considered to be less risky than AIVSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MBXAX	AIVSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.65%	5.04%	-3.39%
Volatility (6M) Calculated over the trailing 6-month period	5.18%	10.60%	-5.42%
Volatility (1Y) Calculated over the trailing 1-year period	6.91%	13.18%	-6.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.49%	16.12%	-4.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.41%	16.63%	-3.22%

MBXAX vs. AIVSX - Expense Ratio Comparison

MBXAX has a 2.18% expense ratio, which is higher than AIVSX's 0.55% expense ratio.

Dividends

MBXAX vs. AIVSX - Dividend Comparison

MBXAX has not paid dividends to shareholders, while AIVSX's dividend yield for the trailing twelve months is around 9.14%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AIVSX American Funds Investment Company of America Class A	9.14%	10.60%	9.29%	4.96%	6.12%	6.94%	1.65%	6.15%	9.61%	7.08%	5.48%	8.95%
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

Can I hold both MBXAX and AIVSX in my portfolio?

MBXAX and AIVSX have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MBXAX or AIVSX?

AIVSX has higher volatility (5.04%) compared to MBXAX (1.65%). In terms of maximum drawdown, MBXAX dropped -31.75% vs AIVSX's -50.90%.

Which has better risk-adjusted returns?

MBXAX currently has the higher Sharpe Ratio (2.81 vs 1.85), 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.