MBXAX vs. FARYX

Last updated Aug 1, 2026

MBXAX (Catalyst/Millburn Hedge Strategy Fund) and FARYX (Fulcrum Diversified Absolute Return Fund) are both Multistrategy funds. Over the past 10 years, MBXAX returned 7.41%/yr vs 4.83%/yr for FARYX. Their 0.31 correlation means their historical movements had little consistent relationship. MBXAX charges 2.18%/yr vs 1.04%/yr for FARYX.

Performance

MBXAX vs. FARYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Catalyst/Millburn Hedge Strategy Fund (MBXAX) and Fulcrum Diversified Absolute Return Fund (FARYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MBXAX achieves a 12.74% return, which is significantly higher than FARYX's 1.82% return. Over the past 10 years, MBXAX has outperformed FARYX with an annualized return of 7.41%, while FARYX has yielded a comparatively lower 4.83% annualized return.

MBXAX

• 1D: -0.29%
• 1M: -2.04%
• 6M: 8.41%
• YTD: 12.74%
• 1Y: 17.15%
• 3Y*: 9.84%
• 5Y*: 7.12%
• 10Y*: 7.41%
• ALL TIME*: 8.86%

FARYX

• 1D: 0.00%
• 1M: -1.08%
• 6M: -4.74%
• YTD: 1.82%
• 1Y: 10.10%
• 3Y*: 8.03%
• 5Y*: 4.93%
• 10Y*: 4.83%
• ALL TIME*: 4.44%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FARYX Fulcrum Diversified Absolute Return Fund	$0.00	$0.00	$0.00
MBXAX Catalyst/Millburn Hedge Strategy Fund	$0.00	$0.00	$0.00

MBXAX vs. FARYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MBXAX Catalyst/Millburn Hedge Strategy Fund	12.74%	4.13%	13.17%	-0.91%	7.46%	16.62%	-0.72%	13.59%	-2.43%	13.69%
FARYX Fulcrum Diversified Absolute Return Fund	1.82%	13.34%	7.19%	0.79%	2.19%	4.30%	9.81%	7.62%	-1.91%	1.90%

Correlation

The correlation between MBXAX and FARYX is 0.27, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.27
Correlation (3Y) Balances recent behavior with more history.	0.11
Correlation (5Y) Shows whether the relationship held over a longer period.	0.19
Correlation (10Y) Provides a long-term view across more market conditions.	0.30
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.31

The correlation between MBXAX and FARYX shifts across timeframes, from 0.11 (3 years) to 0.31 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MBXAX vs. FARYX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MBXAX

MBXAX Risk / Return Rank: 89
MBXAX Sharpe Ratio Rank: 87
MBXAX Sortino Ratio Rank: 86
MBXAX Omega Ratio Rank: 83
MBXAX Calmar Ratio Rank: 93
MBXAX Martin Ratio Rank: 94

FARYX

FARYX Risk / Return Rank: 39
FARYX Sharpe Ratio Rank: 45
FARYX Sortino Ratio Rank: 46
FARYX Omega Ratio Rank: 40
FARYX Calmar Ratio Rank: 34
FARYX Martin Ratio Rank: 29

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MBXAX vs. FARYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Catalyst/Millburn Hedge Strategy Fund (MBXAX) and Fulcrum Diversified Absolute Return Fund (FARYX). 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	FARYX	Difference
Sharpe ratio: Return per unit of total volatility	2.13	1.27	+0.86
Sortino ratio: Return per unit of downside risk	3.13	1.87	+1.26
Omega ratio: Gain probability vs. loss probability	1.40	1.22	+0.18
Calmar ratio: Return relative to maximum drawdown	3.77	1.48	+2.29
Martin ratio: Return relative to average drawdown	14.56	4.32	+10.24

MBXAX vs. FARYX - Sharpe Ratio Comparison

The current MBXAX Sharpe Ratio is 2.13, which is higher than the FARYX Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of MBXAX and FARYX, 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. FARYX - Drawdown Comparison

The maximum MBXAX drawdown since its inception was -31.75%, which is greater than FARYX's maximum drawdown of -7.41%. Use the drawdown chart below to compare losses from any high point for MBXAX and FARYX.

Drawdown Indicators

	MBXAX	FARYX	Difference
Max Drawdown Largest peak-to-trough decline	-31.75%	-7.41%	-24.34%
Max Drawdown (1Y) Largest decline over 1 year	-3.89%	-6.77%	+2.88%
Max Drawdown (3Y) Largest decline over 3 years	-15.66%	-6.77%	-8.89%
Max Drawdown (5Y) Largest decline over 5 years	-15.66%	-6.87%	-8.79%
Max Drawdown (10Y) Largest decline over 10 years	-31.75%	-7.41%	-24.34%
Current Drawdown Current decline from peak	-2.69%	-6.77%	+4.08%
Average Drawdown Average peak-to-trough decline	-4.00%	-1.89%	-2.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.05%	2.32%	-1.27%

Volatility

MBXAX vs. FARYX - Volatility Comparison

The current volatility for Catalyst/Millburn Hedge Strategy Fund (MBXAX) is 1.59%, while Fulcrum Diversified Absolute Return Fund (FARYX) has a volatility of 1.75%. This indicates that MBXAX experiences smaller price fluctuations and is considered to be less risky than FARYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MBXAX	FARYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.59%	1.75%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	4.87%	5.40%	-0.53%
Volatility (1Y) Calculated over the trailing 1-year period	6.87%	7.88%	-1.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.39%	6.31%	+5.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.36%	5.84%	+7.52%

MBXAX vs. FARYX - Expense Ratio Comparison

MBXAX has a 2.18% expense ratio, which is higher than FARYX's 1.04% expense ratio.

Dividends

MBXAX vs. FARYX - Dividend Comparison

MBXAX has not paid dividends to shareholders, while FARYX's dividend yield for the trailing twelve months is around 7.05%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FARYX Fulcrum Diversified Absolute Return Fund	7.05%	7.18%	4.39%	0.89%	1.28%	8.96%	7.79%	0.63%	8.88%	3.39%	0.40%
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%

Frequently Asked Questions

Can I hold both MBXAX and FARYX in my portfolio?

MBXAX and FARYX have a correlation of 0.27, 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 FARYX?

FARYX has higher volatility (1.75%) compared to MBXAX (1.59%). In terms of maximum drawdown, MBXAX dropped -31.75% vs FARYX's -7.41%.

Which has better risk-adjusted returns?

MBXAX currently has the higher Sharpe Ratio (2.13 vs 1.27), 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.