MBXIX vs. CTA

Last updated Jul 14, 2026

MBXIX (Catalyst/Millburn Hedge Strategy Fund Class I) and CTA (Simplify Managed Futures Strategy ETF) are both funds - MBXIX is a Hedge Fund fund managed by Catalyst Mutual Funds, while CTA is a Systematic Trend fund actively managed by Simplify. Over the past 3 years, MBXIX returned 10.22%/yr vs 8.19%/yr for CTA. At a 0.27 correlation, their price movements are largely independent. MBXIX charges 2.04%/yr vs 0.78%/yr for CTA.

Performance

MBXIX vs. CTA - Performance Comparison

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

Returns By Period

In the year-to-date period, MBXIX achieves a 14.54% return, which is significantly higher than CTA's 0.33% return.

MBXIX

• 1D: -0.09%
• 1M: 0.13%
• 6M: 10.85%
• YTD: 14.54%
• 1Y: 16.32%
• 3Y*: 10.22%
• 5Y*: 7.43%
• 10Y*: 8.02%

CTA

• 1D: 2.70%
• 1M: -5.44%
• 6M: -2.22%
• YTD: 0.33%
• 1Y: -0.10%
• 3Y*: 8.19%
• 5Y*: —
• 10Y*: —

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

MBXIX vs. CTA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
MBXIX Catalyst/Millburn Hedge Strategy Fund Class I	14.54%	4.35%	13.49%	-0.67%	9.66%
CTA Simplify Managed Futures Strategy ETF	0.33%	0.88%	24.15%	-2.23%	9.01%

Correlation

The correlation between MBXIX and CTA is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (All Time) Calculated using the full available price history since Mar 8, 2022	0.27

Return for Risk

MBXIX vs. CTA — 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: 90
MBXIX Omega Ratio Rank: 87
MBXIX Calmar Ratio Rank: 95
MBXIX Martin Ratio Rank: 95

CTA

CTA Risk / Return Rank: 9
CTA Sharpe Ratio Rank: 9
CTA Sortino Ratio Rank: 9
CTA Omega Ratio Rank: 9
CTA Calmar Ratio Rank: 9
CTA Martin Ratio Rank: 9

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. CTA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Catalyst/Millburn Hedge Strategy Fund Class I (MBXIX) and Simplify Managed Futures Strategy ETF (CTA). 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	CTA	Difference
Sharpe ratio: Return per unit of total volatility	2.52	-0.00	+2.52
Sortino ratio: Return per unit of downside risk	3.70	0.13	+3.57
Omega ratio: Gain probability vs. loss probability	1.48	1.02	+0.47
Calmar ratio: Return relative to maximum drawdown	4.47	-0.00	+4.48
Martin ratio: Return relative to average drawdown	17.14	-0.01	+17.16

MBXIX vs. CTA - Sharpe Ratio Comparison

The current MBXIX Sharpe Ratio is 2.52, which is higher than the CTA Sharpe Ratio of -0.00. The chart below compares the historical Sharpe Ratios of MBXIX and CTA, 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. CTA - Drawdown Comparison

The maximum MBXIX drawdown since its inception was -31.73%, which is greater than CTA's maximum drawdown of -20.44%. Use the drawdown chart below to compare losses from any high point for MBXIX and CTA.

Drawdown Indicators

	MBXIX	CTA	Difference
Max Drawdown Largest peak-to-trough decline	-31.73%	-20.44%	-11.29%
Max Drawdown (1Y) Largest decline over 1 year	-3.85%	-20.44%	+16.59%
Max Drawdown (3Y) Largest decline over 3 years	-15.59%	-20.44%	+4.85%
Max Drawdown (5Y) Largest decline over 5 years	-15.59%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-31.73%	—	—
Current Drawdown Current decline from peak	-1.28%	-17.68%	+16.40%
Average Drawdown Average peak-to-trough decline	-3.96%	-5.93%	+1.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.00%	6.76%	-5.76%

Volatility

MBXIX vs. CTA - Volatility Comparison

The current volatility for Catalyst/Millburn Hedge Strategy Fund Class I (MBXIX) is 1.48%, while Simplify Managed Futures Strategy ETF (CTA) has a volatility of 5.15%. This indicates that MBXIX experiences smaller price fluctuations and is considered to be less risky than CTA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MBXIX	CTA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.48%	5.15%	-3.67%
Volatility (6M) Calculated over the trailing 6-month period	4.94%	17.93%	-12.99%
Volatility (1Y) Calculated over the trailing 1-year period	6.87%	20.61%	-13.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.47%	16.63%	-5.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.36%	16.63%	-3.27%

MBXIX vs. CTA - Expense Ratio Comparison

MBXIX has a 2.04% expense ratio, which is higher than CTA's 0.78% expense ratio.

Dividends

MBXIX vs. CTA - Dividend Comparison

MBXIX has not paid dividends to shareholders, while CTA's dividend yield for the trailing twelve months is around 5.00%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CTA Simplify Managed Futures Strategy ETF	5.00%	3.19%	4.80%	7.78%	6.58%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 MBXIX and CTA in my portfolio?

MBXIX and CTA have a correlation of 0.23, 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 CTA?

CTA has higher volatility (5.15%) compared to MBXIX (1.48%). In terms of maximum drawdown, MBXIX dropped -31.73% vs CTA's -20.44%.

Which has better risk-adjusted returns?

MBXIX currently has the higher Sharpe Ratio (2.52 vs -0.00), 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.