MBXIX vs. GLD

Last updated Apr 1, 2026

Compare and contrast key facts about Catalyst/Millburn Hedge Strategy Fund Class I (MBXIX) and SPDR Gold Shares (GLD).

MBXIX is managed by Catalyst Mutual Funds. It was launched on Dec 31, 1996. GLD is a passively managed fund by State Street that tracks the performance of the LBMA Gold Price PM. It was launched on Nov 18, 2004.

Performance

MBXIX vs. GLD - Performance Comparison

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

MBXIX vs. GLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MBXIX Catalyst/Millburn Hedge Strategy Fund Class I	8.00%	4.35%	13.49%	-0.67%	7.72%	16.89%	-0.45%	13.83%	-2.16%	13.99%
GLD SPDR Gold Shares	8.57%	63.68%	26.66%	12.69%	-0.77%	-4.15%	24.81%	17.86%	-1.94%	12.81%

Returns By Period

In the year-to-date period, MBXIX achieves a 8.00% return, which is significantly lower than GLD's 8.57% return. Over the past 10 years, MBXIX has underperformed GLD with an annualized return of 8.26%, while GLD has yielded a comparatively higher 13.92% annualized return.

MBXIX

• 1D: -0.52%
• 1M: 1.48%
• YTD: 8.00%
• 6M: 9.98%
• 1Y: 14.74%
• 3Y*: 9.95%
• 5Y*: 8.29%
• 10Y*: 8.26%

GLD

• 1D: 3.79%
• 1M: -11.05%
• YTD: 8.57%
• 6M: 21.05%
• 1Y: 49.33%
• 3Y*: 32.92%
• 5Y*: 21.58%
• 10Y*: 13.92%

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

MBXIX vs. GLD - Expense Ratio Comparison

MBXIX has a 2.04% expense ratio, which is higher than GLD's 0.40% expense ratio.

MBXIX

Catalyst/Millburn Hedge Strategy Fund Class I

GLD

SPDR Gold Shares

Return for Risk

MBXIX vs. GLD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MBXIX

MBXIX Risk / Return Rank: 69
MBXIX Sharpe Ratio Rank: 76
MBXIX Sortino Ratio Rank: 73
MBXIX Omega Ratio Rank: 81
MBXIX Calmar Ratio Rank: 53
MBXIX Martin Ratio Rank: 62

GLD

GLD Risk / Return Rank: 87
GLD Sharpe Ratio Rank: 88
GLD Sortino Ratio Rank: 86
GLD Omega Ratio Rank: 86
GLD Calmar Ratio Rank: 89
GLD Martin Ratio Rank: 87

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. GLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Catalyst/Millburn Hedge Strategy Fund Class I (MBXIX) and SPDR Gold Shares (GLD). 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.

	MBXIX	GLD	Difference
Sharpe ratio Return per unit of total volatility	1.33	1.79	-0.45
Sortino ratio Return per unit of downside risk	1.78	2.21	-0.44
Omega ratio Gain probability vs. loss probability	1.31	1.33	-0.02
Calmar ratio Return relative to maximum drawdown	1.25	2.68	-1.43
Martin ratio Return relative to average drawdown	5.92	9.90	-3.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MBXIX vs. GLD - Sharpe Ratio Comparison

The current MBXIX Sharpe Ratio is 1.33, which is comparable to the GLD Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of MBXIX and GLD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MBXIX	GLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.33	1.79	-0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	1.22	-0.52
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.62	0.88	-0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	0.62	+0.04

Correlation

The correlation between MBXIX and GLD is -0.02. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

MBXIX vs. GLD - Dividend Comparison

Neither MBXIX nor GLD has paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
GLD SPDR Gold Shares	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

MBXIX vs. GLD - Drawdown Comparison

The maximum MBXIX drawdown since its inception was -31.73%, smaller than the maximum GLD drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for MBXIX and GLD.

Drawdown Indicators

	MBXIX	GLD	Difference
Max Drawdown Largest peak-to-trough decline	-31.73%	-45.56%	+13.83%
Max Drawdown (1Y) Largest decline over 1 year	-11.28%	-19.21%	+7.93%
Max Drawdown (5Y) Largest decline over 5 years	-15.59%	-21.03%	+5.44%
Max Drawdown (10Y) Largest decline over 10 years	-31.73%	-22.00%	-9.73%
Current Drawdown Current decline from peak	-1.64%	-13.23%	+11.59%
Average Drawdown Average peak-to-trough decline	-4.06%	-16.17%	+12.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.39%	5.20%	-2.81%

Volatility

MBXIX vs. GLD - Volatility Comparison

The current volatility for Catalyst/Millburn Hedge Strategy Fund Class I (MBXIX) is 2.37%, while SPDR Gold Shares (GLD) has a volatility of 11.06%. This indicates that MBXIX experiences smaller price fluctuations and is considered to be less risky than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MBXIX	GLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.37%	11.06%	-8.69%
Volatility (6M) Calculated over the trailing 6-month period	5.27%	24.30%	-19.03%
Volatility (1Y) Calculated over the trailing 1-year period	11.80%	27.80%	-16.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.76%	17.74%	-5.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.45%	15.87%	-2.42%