MBXAX vs. SRRIX

Last updated Aug 1, 2026

MBXAX (Catalyst/Millburn Hedge Strategy Fund) and SRRIX (Stone Ridge Reinsurance Risk Premium Interval Fund) are both Multistrategy funds. Over the past 10 years, MBXAX returned 7.41%/yr vs 8.98%/yr for SRRIX. Their -0.03 correlation means they have often moved in opposite directions in the past. MBXAX charges 2.18%/yr vs 2.35%/yr for SRRIX.

Performance

MBXAX vs. SRRIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Catalyst/Millburn Hedge Strategy Fund (MBXAX) and Stone Ridge Reinsurance Risk Premium Interval Fund (SRRIX). 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 SRRIX's 10.94% return. Over the past 10 years, MBXAX has underperformed SRRIX with an annualized return of 7.41%, while SRRIX has yielded a comparatively higher 8.98% 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%

SRRIX

• 1D: 0.05%
• 1M: 0.75%
• 6M: 8.61%
• YTD: 10.94%
• 1Y: 33.49%
• 3Y*: 31.48%
• 5Y*: 22.31%
• 10Y*: 8.98%
• ALL TIME*: 8.72%

*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)
MBXAX Catalyst/Millburn Hedge Strategy Fund	$0.00	$0.00	$0.00
SRRIX Stone Ridge Reinsurance Risk Premium Interval Fund	$0.00	$0.00	$0.00

MBXAX vs. SRRIX - 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%
SRRIX Stone Ridge Reinsurance Risk Premium Interval Fund	10.94%	29.63%	33.14%	44.73%	5.10%	-6.47%	4.30%	-4.47%	-6.14%	-11.35%

Correlation

The correlation between MBXAX and SRRIX is -0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.07
Correlation (3Y) Balances recent behavior with more history.	-0.02
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.03
Correlation (10Y) Provides a long-term view across more market conditions.	-0.03
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	-0.03

Return for Risk

MBXAX vs. SRRIX — 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

SRRIX

SRRIX Risk / Return Rank: 100
SRRIX Sharpe Ratio Rank: 100
SRRIX Sortino Ratio Rank: 100
SRRIX Omega Ratio Rank: 100
SRRIX Calmar Ratio Rank: 100
SRRIX Martin Ratio Rank: 100

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. SRRIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Catalyst/Millburn Hedge Strategy Fund (MBXAX) and Stone Ridge Reinsurance Risk Premium Interval Fund (SRRIX). 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	SRRIX	Difference
Sharpe ratio: Return per unit of total volatility	2.13	12.86	-10.72
Sortino ratio: Return per unit of downside risk	3.13	36.59	-33.46
Omega ratio: Gain probability vs. loss probability	1.40	19.15	-17.75
Calmar ratio: Return relative to maximum drawdown	3.77	61.31	-57.54
Martin ratio: Return relative to average drawdown	14.56	479.83	-465.27

MBXAX vs. SRRIX - Sharpe Ratio Comparison

The current MBXAX Sharpe Ratio is 2.13, which is lower than the SRRIX Sharpe Ratio of 12.86. The chart below compares the historical Sharpe Ratios of MBXAX and SRRIX, 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. SRRIX - Drawdown Comparison

The maximum MBXAX drawdown since its inception was -31.75%, which is greater than SRRIX's maximum drawdown of -27.22%. Use the drawdown chart below to compare losses from any high point for MBXAX and SRRIX.

Drawdown Indicators

	MBXAX	SRRIX	Difference
Max Drawdown Largest peak-to-trough decline	-31.75%	-27.22%	-4.53%
Max Drawdown (1Y) Largest decline over 1 year	-3.89%	-0.55%	-3.34%
Max Drawdown (3Y) Largest decline over 3 years	-15.66%	-17.26%	+1.60%
Max Drawdown (5Y) Largest decline over 5 years	-15.66%	-17.26%	+1.60%
Max Drawdown (10Y) Largest decline over 10 years	-31.75%	-27.22%	-4.53%
Current Drawdown Current decline from peak	-2.69%	0.00%	-2.69%
Average Drawdown Average peak-to-trough decline	-4.00%	-9.78%	+5.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.05%	0.07%	+0.98%

Volatility

MBXAX vs. SRRIX - Volatility Comparison

Catalyst/Millburn Hedge Strategy Fund (MBXAX) has a higher volatility of 1.59% compared to Stone Ridge Reinsurance Risk Premium Interval Fund (SRRIX) at 0.59%. This indicates that MBXAX's price experiences larger fluctuations and is considered to be riskier than SRRIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MBXAX	SRRIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.59%	0.59%	+1.00%
Volatility (6M) Calculated over the trailing 6-month period	4.87%	0.92%	+3.95%
Volatility (1Y) Calculated over the trailing 1-year period	6.87%	2.65%	+4.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.39%	13.95%	-2.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.36%	11.01%	+2.35%

MBXAX vs. SRRIX - Expense Ratio Comparison

MBXAX has a 2.18% expense ratio, which is lower than SRRIX's 2.35% expense ratio.

Dividends

MBXAX vs. SRRIX - Dividend Comparison

MBXAX has not paid dividends to shareholders, while SRRIX's dividend yield for the trailing twelve months is around 18.15%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SRRIX Stone Ridge Reinsurance Risk Premium Interval Fund	18.15%	20.14%	21.58%	20.02%	0.00%	0.00%	0.38%	1.06%	2.32%	0.10%	6.16%	8.41%

Frequently Asked Questions

Can I hold both MBXAX and SRRIX in my portfolio?

MBXAX and SRRIX have a correlation of -0.07, 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 SRRIX?

MBXAX has higher volatility (1.59%) compared to SRRIX (0.59%). In terms of maximum drawdown, MBXAX dropped -31.75% vs SRRIX's -27.22%.

Which has better risk-adjusted returns?

SRRIX currently has the higher Sharpe Ratio (12.86 vs 2.13), 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.