MBXAX vs. MBXIX

Last updated Jun 23, 2026

MBXAX (Catalyst/Millburn Hedge Strategy Fund) and MBXIX (Catalyst/Millburn Hedge Strategy Fund Class I) are both mutual funds - MBXAX is a Macro Trading fund managed by Catalyst Mutual Funds, while MBXIX is a Hedge Fund fund managed by Catalyst Mutual Funds. Over the past 10 years, MBXAX returned 8.53%/yr vs 8.80%/yr for MBXIX. With a 1.00 correlation, they move nearly in lockstep. MBXAX charges 2.18%/yr vs 2.04%/yr for MBXIX.

Performance

MBXAX vs. MBXIX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with MBXAX having a 14.76% return and MBXIX slightly higher at 14.91%. Both investments have delivered pretty close results over the past 10 years, with MBXAX having a 8.53% annualized return and MBXIX not far ahead at 8.80%.

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%

MBXIX

• 1D: 0.39%
• 1M: 1.09%
• YTD: 14.91%
• 6M: 14.40%
• 1Y: 19.54%
• 3Y*: 11.49%
• 5Y*: 7.92%
• 10Y*: 8.80%

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

MBXAX vs. MBXIX - 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%
MBXIX Catalyst/Millburn Hedge Strategy Fund Class I	14.91%	4.35%	13.49%	-0.67%	7.72%	16.89%	-0.45%	13.83%	-2.16%	13.99%

Correlation

The correlation between MBXAX and MBXIX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	1.00

The correlation between MBXAX and MBXIX has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

MBXAX vs. MBXIX — 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

MBXIX

MBXIX Risk / Return Rank: 92
MBXIX Sharpe Ratio Rank: 92
MBXIX Sortino Ratio Rank: 91
MBXIX Omega Ratio Rank: 86
MBXIX Calmar Ratio Rank: 94
MBXIX Martin Ratio Rank: 95

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. MBXIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Catalyst/Millburn Hedge Strategy Fund (MBXAX) and Catalyst/Millburn Hedge Strategy Fund Class I (MBXIX). 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	MBXIX	Difference
Sharpe ratio: Return per unit of total volatility	2.81	2.85	-0.03
Sortino ratio: Return per unit of downside risk	4.13	4.18	-0.05
Omega ratio: Gain probability vs. loss probability	1.54	1.55	-0.01
Calmar ratio: Return relative to maximum drawdown	5.01	5.13	-0.13
Martin ratio: Return relative to average drawdown	19.37	19.82	-0.46

MBXAX vs. MBXIX - Sharpe Ratio Comparison

The current MBXAX Sharpe Ratio is 2.81, which is comparable to the MBXIX Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of MBXAX and MBXIX, 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. MBXIX - Drawdown Comparison

The maximum MBXAX drawdown since its inception was -31.75%, roughly equal to the maximum MBXIX drawdown of -31.73%. Use the drawdown chart below to compare losses from any high point for MBXAX and MBXIX.

Drawdown Indicators

	MBXAX	MBXIX	Difference
Max Drawdown Largest peak-to-trough decline	-31.75%	-31.73%	-0.02%
Max Drawdown (1Y) Largest decline over 1 year	-3.89%	-3.85%	-0.04%
Max Drawdown (3Y) Largest decline over 3 years	-15.66%	-15.59%	-0.07%
Max Drawdown (5Y) Largest decline over 5 years	-15.66%	-15.59%	-0.07%
Max Drawdown (10Y) Largest decline over 10 years	-31.75%	-31.73%	-0.02%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.03%	-3.98%	-0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.00%	0.99%	+0.01%

Volatility

MBXAX vs. MBXIX - Volatility Comparison

Catalyst/Millburn Hedge Strategy Fund (MBXAX) and Catalyst/Millburn Hedge Strategy Fund Class I (MBXIX) have volatilities of 1.65% and 1.65%, 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.

Volatility by Period

	MBXAX	MBXIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.65%	1.65%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	5.18%	5.21%	-0.03%
Volatility (1Y) Calculated over the trailing 1-year period	6.91%	6.94%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.49%	11.49%	0.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.41%	13.41%	0.00%

MBXAX vs. MBXIX - Expense Ratio Comparison

MBXAX has a 2.18% expense ratio, which is higher than MBXIX's 2.04% expense ratio.

Dividends

MBXAX vs. MBXIX - Dividend Comparison

Neither MBXAX nor MBXIX has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
MBXIX Catalyst/Millburn Hedge Strategy Fund Class I	0.00%	0.00%	2.63%	2.25%	7.74%	0.00%	4.27%	5.18%	3.33%	3.33%	1.91%

Frequently Asked Questions

Can I hold both MBXAX and MBXIX in my portfolio?

With a correlation of 1.00, MBXAX and MBXIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, MBXAX or MBXIX?

MBXIX has higher volatility (1.65%) compared to MBXAX (1.65%). In terms of maximum drawdown, MBXAX dropped -31.75% vs MBXIX's -31.73%.

Which has better risk-adjusted returns?

MBXIX currently has the higher Sharpe Ratio (2.85 vs 2.81), 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.