MBXIX vs. CMNIX

Last updated Jun 23, 2026

MBXIX (Catalyst/Millburn Hedge Strategy Fund Class I) and CMNIX (Calamos Market Neutral Income Fund Institutional Class) are both mutual funds - MBXIX is a Hedge Fund fund managed by Catalyst Mutual Funds, while CMNIX is a fund fund managed by Calamos. Over the past 10 years, MBXIX returned 8.80%/yr vs 4.80%/yr for CMNIX. At a 0.45 correlation, their price movements are largely independent. MBXIX charges 2.04%/yr vs 0.90%/yr for CMNIX.

Performance

MBXIX vs. CMNIX - Performance Comparison

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

Returns By Period

In the year-to-date period, MBXIX achieves a 14.91% return, which is significantly higher than CMNIX's 2.83% return. Over the past 10 years, MBXIX has outperformed CMNIX with an annualized return of 8.80%, while CMNIX has yielded a comparatively lower 4.80% annualized return.

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%

CMNIX

• 1D: 0.00%
• 1M: 0.16%
• YTD: 2.83%
• 6M: 2.97%
• 1Y: 6.78%
• 3Y*: 6.95%
• 5Y*: 4.87%
• 10Y*: 4.80%

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

MBXIX vs. CMNIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
CMNIX Calamos Market Neutral Income Fund Institutional Class	2.83%	6.89%	7.43%	9.17%	-4.26%	5.02%	5.36%	6.72%	1.79%	4.21%

Correlation

The correlation between MBXIX and CMNIX is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since Dec 28, 2015	0.45

The correlation between MBXIX and CMNIX shifts across timeframes, from 0.26 (3 years) to 0.45 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MBXIX vs. CMNIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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: 86
MBXIX Calmar Ratio Rank: 94
MBXIX Martin Ratio Rank: 95

CMNIX

CMNIX Risk / Return Rank: 98
CMNIX Sharpe Ratio Rank: 98
CMNIX Sortino Ratio Rank: 98
CMNIX Omega Ratio Rank: 97
CMNIX Calmar Ratio Rank: 97
CMNIX Martin Ratio Rank: 99

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.

MBXIX vs. CMNIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Catalyst/Millburn Hedge Strategy Fund Class I (MBXIX) and Calamos Market Neutral Income Fund Institutional Class (CMNIX). 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	CMNIX	Difference
Sharpe ratio: Return per unit of total volatility	2.85	3.75	-0.91
Sortino ratio: Return per unit of downside risk	4.18	6.08	-1.90
Omega ratio: Gain probability vs. loss probability	1.55	1.97	-0.42
Calmar ratio: Return relative to maximum drawdown	5.13	6.76	-1.63
Martin ratio: Return relative to average drawdown	19.82	40.98	-21.16

MBXIX vs. CMNIX - Sharpe Ratio Comparison

The current MBXIX Sharpe Ratio is 2.85, which is comparable to the CMNIX Sharpe Ratio of 3.75. The chart below compares the historical Sharpe Ratios of MBXIX and CMNIX, 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. CMNIX - Drawdown Comparison

The maximum MBXIX drawdown since its inception was -31.73%, smaller than the maximum CMNIX drawdown of -35.16%. Use the drawdown chart below to compare losses from any high point for MBXIX and CMNIX.

Drawdown Indicators

	MBXIX	CMNIX	Difference
Max Drawdown Largest peak-to-trough decline	-31.73%	-35.16%	+3.43%
Max Drawdown (1Y) Largest decline over 1 year	-3.85%	-1.02%	-2.83%
Max Drawdown (3Y) Largest decline over 3 years	-15.59%	-2.77%	-12.82%
Max Drawdown (5Y) Largest decline over 5 years	-15.59%	-7.52%	-8.07%
Max Drawdown (10Y) Largest decline over 10 years	-31.73%	-8.12%	-23.61%
Current Drawdown Current decline from peak	0.00%	-0.12%	+0.12%
Average Drawdown Average peak-to-trough decline	-3.98%	-7.14%	+3.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.99%	0.17%	+0.82%

Volatility

MBXIX vs. CMNIX - Volatility Comparison

Catalyst/Millburn Hedge Strategy Fund Class I (MBXIX) has a higher volatility of 1.65% compared to Calamos Market Neutral Income Fund Institutional Class (CMNIX) at 0.39%. This indicates that MBXIX's price experiences larger fluctuations and is considered to be riskier than CMNIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MBXIX	CMNIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.65%	0.39%	+1.26%
Volatility (6M) Calculated over the trailing 6-month period	5.21%	1.55%	+3.66%
Volatility (1Y) Calculated over the trailing 1-year period	6.94%	1.83%	+5.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.49%	3.47%	+8.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.41%	3.62%	+9.79%

MBXIX vs. CMNIX - Expense Ratio Comparison

MBXIX has a 2.04% expense ratio, which is higher than CMNIX's 0.90% expense ratio.

Dividends

MBXIX vs. CMNIX - Dividend Comparison

MBXIX has not paid dividends to shareholders, while CMNIX's dividend yield for the trailing twelve months is around 1.69%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CMNIX Calamos Market Neutral Income Fund Institutional Class	1.69%	1.63%	2.00%	5.90%	1.02%	0.46%	0.90%	1.57%	5.02%	2.60%	2.97%	2.42%
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 CMNIX in my portfolio?

MBXIX and CMNIX 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, MBXIX or CMNIX?

MBXIX has higher volatility (1.65%) compared to CMNIX (0.39%). In terms of maximum drawdown, MBXIX dropped -31.73% vs CMNIX's -35.16%.

Which has better risk-adjusted returns?

CMNIX currently has the higher Sharpe Ratio (3.75 vs 2.85), 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.