MBXIX vs. ADAIX

Last updated Aug 4, 2026

MBXIX (Catalyst/Millburn Hedge Strategy Fund Class I) and ADAIX (AQR Diversified Arbitrage Fund Class I) are both Multistrategy funds. Over the past 10 years, MBXIX returned 7.85%/yr vs 6.69%/yr for ADAIX. Their 0.21 correlation means their historical movements had little consistent relationship. MBXIX charges 2.04%/yr vs 1.38%/yr for ADAIX.

Performance

MBXIX vs. ADAIX - Performance Comparison

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

Returns By Period

In the year-to-date period, MBXIX achieves a 13.75% return, which is significantly higher than ADAIX's 3.35% return. Over the past 10 years, MBXIX has outperformed ADAIX with an annualized return of 7.85%, while ADAIX has yielded a comparatively lower 6.69% annualized return.

MBXIX

• 1D: 0.74%
• 1M: -1.29%
• 6M: 9.25%
• YTD: 13.75%
• 1Y: 18.31%
• 3Y*: 10.06%
• 5Y*: 7.54%
• 10Y*: 7.85%
• ALL TIME*: 9.02%

ADAIX

• 1D: 0.23%
• 1M: -0.08%
• 6M: 2.40%
• YTD: 3.35%
• 1Y: 6.05%
• 3Y*: 5.64%
• 5Y*: 3.16%
• 10Y*: 6.69%
• ALL TIME*: 4.38%

*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)
ADAIX AQR Diversified Arbitrage Fund Class I	$0.00	$0.00	$0.00
MBXIX Catalyst/Millburn Hedge Strategy Fund Class I	$0.00	$0.00	$0.00

MBXIX vs. ADAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MBXIX Catalyst/Millburn Hedge Strategy Fund Class I	13.75%	4.35%	13.49%	-0.67%	7.72%	16.89%	-0.45%	13.83%	-2.16%	13.99%
ADAIX AQR Diversified Arbitrage Fund Class I	3.35%	8.03%	3.19%	4.51%	-3.30%	6.27%	25.24%	8.53%	2.19%	5.93%

Correlation

The correlation between MBXIX and ADAIX is 0.14, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.14
Correlation (3Y) Balances recent behavior with more history.	0.11
Correlation (5Y) Shows whether the relationship held over a longer period.	0.21
Correlation (10Y) Provides a long-term view across more market conditions.	0.22
Correlation (All Time) Calculated using the full available price history since Dec 28, 2015	0.21

The correlation between MBXIX and ADAIX shifts across timeframes, from 0.11 (3 years) to 0.21 (10 years), reflecting how their relationship changes across market environments.

Return for Risk

MBXIX vs. ADAIX — Risk / Return Rank

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

MBXIX

MBXIX Risk / Return Rank: 92
MBXIX Sharpe Ratio Rank: 92
MBXIX Sortino Ratio Rank: 91
MBXIX Omega Ratio Rank: 87
MBXIX Calmar Ratio Rank: 95
MBXIX Martin Ratio Rank: 96

ADAIX

ADAIX Risk / Return Rank: 99
ADAIX Sharpe Ratio Rank: 99
ADAIX Sortino Ratio Rank: 99
ADAIX Omega Ratio Rank: 98
ADAIX Calmar Ratio Rank: 99
ADAIX Martin Ratio Rank: 99

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.

MBXIX vs. ADAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Catalyst/Millburn Hedge Strategy Fund Class I (MBXIX) and AQR Diversified Arbitrage Fund Class I (ADAIX). 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.

	MBXIX	ADAIX	Difference
Sharpe ratio: Return per unit of total volatility	2.39	4.07	-1.68
Sortino ratio: Return per unit of downside risk	3.52	6.85	-3.34
Omega ratio: Gain probability vs. loss probability	1.45	1.98	-0.53
Calmar ratio: Return relative to maximum drawdown	4.29	10.09	-5.81
Martin ratio: Return relative to average drawdown	16.67	37.28	-20.62

MBXIX vs. ADAIX - Sharpe Ratio Comparison

The current MBXIX Sharpe Ratio is 2.39, which is lower than the ADAIX Sharpe Ratio of 4.07. The chart below compares the historical Sharpe Ratios of MBXIX and ADAIX, 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

MBXIX vs. ADAIX - Drawdown Comparison

The maximum MBXIX drawdown since its inception was -31.73%, which is greater than ADAIX's maximum drawdown of -14.75%. Use the drawdown chart below to compare losses from any high point for MBXIX and ADAIX.

Drawdown Indicators

	MBXIX	ADAIX	Difference
Max Drawdown Largest peak-to-trough decline	-31.73%	-14.75%	-16.98%
Max Drawdown (1Y) Largest decline over 1 year	-3.85%	-0.60%	-3.25%
Max Drawdown (3Y) Largest decline over 3 years	-15.59%	-1.78%	-13.81%
Max Drawdown (5Y) Largest decline over 5 years	-15.59%	-7.40%	-8.19%
Max Drawdown (10Y) Largest decline over 10 years	-31.73%	-14.75%	-16.98%
Current Drawdown Current decline from peak	-1.96%	-0.30%	-1.66%
Average Drawdown Average peak-to-trough decline	-3.95%	-2.80%	-1.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.01%	0.16%	+0.85%

Volatility

MBXIX vs. ADAIX - Volatility Comparison

Catalyst/Millburn Hedge Strategy Fund Class I (MBXIX) has a higher volatility of 1.78% compared to AQR Diversified Arbitrage Fund Class I (ADAIX) at 0.52%. This indicates that MBXIX's price experiences larger fluctuations and is considered to be riskier than ADAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MBXIX	ADAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.78%	0.52%	+1.26%
Volatility (6M) Calculated over the trailing 6-month period	4.94%	1.17%	+3.77%
Volatility (1Y) Calculated over the trailing 1-year period	6.93%	1.49%	+5.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.40%	2.60%	+8.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.36%	4.31%	+9.05%

MBXIX vs. ADAIX - Expense Ratio Comparison

MBXIX has a 2.04% expense ratio, which is higher than ADAIX's 1.38% expense ratio.

Dividends

MBXIX vs. ADAIX - Dividend Comparison

MBXIX has not paid dividends to shareholders, while ADAIX's dividend yield for the trailing twelve months is around 2.05%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ADAIX AQR Diversified Arbitrage Fund Class I	2.05%	2.12%	1.23%	2.74%	0.10%	0.65%	1.60%	2.11%	6.53%	7.17%	7.18%	4.93%
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%	0.00%

Frequently Asked Questions

Can I hold both MBXIX and ADAIX in my portfolio?

MBXIX and ADAIX have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MBXIX or ADAIX?

MBXIX has higher volatility (1.78%) compared to ADAIX (0.52%). In terms of maximum drawdown, MBXIX dropped -31.73% vs ADAIX's -14.75%.

Which has better risk-adjusted returns?

ADAIX currently has the higher Sharpe Ratio (4.07 vs 2.39), 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.