MBXAX vs. GPAIX
MBXAX (Catalyst/Millburn Hedge Strategy Fund) and GPAIX (Grant Park Multi Alternative Strategies Fund) are both Multistrategy funds. Over the past 10 years, MBXAX returned 7.41%/yr vs 4.32%/yr for GPAIX. Their 0.42 correlation means their historical movements had little consistent relationship. MBXAX charges 2.18%/yr vs 1.43%/yr for GPAIX.
Performance
MBXAX vs. GPAIX - Performance Comparison
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Returns By Period
In the year-to-date period, MBXAX achieves a 12.74% return, which is significantly higher than GPAIX's 3.51% return. Over the past 10 years, MBXAX has outperformed GPAIX with an annualized return of 7.41%, while GPAIX has yielded a comparatively lower 4.32% 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%
GPAIX
- 1D
- 0.00%
- 1M
- -0.17%
- 6M
- -1.26%
- YTD
- 3.51%
- 1Y
- 11.82%
- 3Y*
- 6.34%
- 5Y*
- 4.16%
- 10Y*
- 4.32%
- ALL TIME*
- 4.99%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
MBXAX vs. GPAIX - 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% |
GPAIX Grant Park Multi Alternative Strategies Fund | 3.51% | 12.24% | 1.33% | 4.02% | -1.88% | 5.70% | 9.09% | 14.33% | -5.96% | 12.36% |
Correlation
The correlation between MBXAX and GPAIX is 0.47, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.47 |
Correlation (3Y) Balances recent behavior with more history. | 0.27 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.27 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.40 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016 | 0.42 |
The correlation between MBXAX and GPAIX shifts across timeframes, from 0.27 (5 years) to 0.47 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
MBXAX vs. GPAIX — Risk / Return Rank
MBXAX
GPAIX
MBXAX vs. GPAIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Catalyst/Millburn Hedge Strategy Fund (MBXAX) and Grant Park Multi Alternative Strategies Fund (GPAIX). 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 | GPAIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.73 | ||
| Sortino ratioReturn per unit of downside risk | +1.20 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.26 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 3.77 | 1.84 | +1.93 |
| Martin ratioReturn relative to average drawdown | 14.56 | 4.37 | +10.20 |
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Drawdowns
MBXAX vs. GPAIX - Drawdown Comparison
The maximum MBXAX drawdown since its inception was -31.75%, which is greater than GPAIX's maximum drawdown of -17.16%. Use the drawdown chart below to compare losses from any high point for MBXAX and GPAIX.
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Drawdown Indicators
| MBXAX | GPAIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.75% | -17.16% | -14.59% |
Max Drawdown (1Y)Largest decline over 1 year | -3.89% | -6.01% | +2.12% |
Max Drawdown (3Y)Largest decline over 3 years | -15.66% | -6.59% | -9.07% |
Max Drawdown (5Y)Largest decline over 5 years | -15.66% | -9.13% | -6.53% |
Max Drawdown (10Y)Largest decline over 10 years | -31.75% | -17.16% | -14.59% |
Current DrawdownCurrent decline from peak | -2.69% | -4.14% | +1.45% |
Average DrawdownAverage peak-to-trough decline | -4.00% | -4.19% | +0.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.05% | 2.53% | -1.48% |
Volatility
MBXAX vs. GPAIX - Volatility Comparison
Catalyst/Millburn Hedge Strategy Fund (MBXAX) and Grant Park Multi Alternative Strategies Fund (GPAIX) have volatilities of 1.59% and 1.57%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MBXAX | GPAIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.59% | 1.57% | +0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 4.87% | 5.49% | -0.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.87% | 7.87% | -1.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.39% | 6.40% | +4.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.36% | 7.14% | +6.22% |
MBXAX vs. GPAIX - Expense Ratio Comparison
MBXAX has a 2.18% expense ratio, which is higher than GPAIX's 1.43% expense ratio.
Dividends
MBXAX vs. GPAIX - Dividend Comparison
MBXAX has not paid dividends to shareholders, while GPAIX's dividend yield for the trailing twelve months is around 3.33%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GPAIX Grant Park Multi Alternative Strategies Fund | 3.33% | 3.44% | 2.01% | 1.98% | 2.71% | 10.90% | 1.78% | 13.29% | 1.51% | 1.68% | 1.92% | 1.49% |
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
MBXAX and GPAIX have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MBXAX has higher volatility (1.59%) compared to GPAIX (1.57%). In terms of maximum drawdown, MBXAX dropped -31.75% vs GPAIX's -17.16%.
MBXAX currently has the higher Sharpe Ratio (2.13 vs 1.41), 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.
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