MBXIX vs. MSTVX
MBXIX (Catalyst/Millburn Hedge Strategy Fund Class I) and MSTVX (Morningstar Alternatives Fund) are both Multistrategy funds. Over the past 5 years, MBXIX returned 7.38%/yr vs 4.01%/yr for MSTVX. Their 0.23 correlation means their historical movements had little consistent relationship. MBXIX charges 2.04%/yr vs 1.15%/yr for MSTVX.
Performance
MBXIX vs. MSTVX - Performance Comparison
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Returns By Period
In the year-to-date period, MBXIX achieves a 12.91% return, which is significantly higher than MSTVX's 1.98% return.
MBXIX
- 1D
- -0.28%
- 1M
- -2.01%
- 6M
- 8.54%
- YTD
- 12.91%
- 1Y
- 17.43%
- 3Y*
- 10.12%
- 5Y*
- 7.38%
- 10Y*
- 7.68%
- ALL TIME*
- 8.94%
MSTVX
- 1D
- 0.19%
- 1M
- 0.09%
- 6M
- 1.31%
- YTD
- 1.98%
- 1Y
- 4.86%
- 3Y*
- 6.45%
- 5Y*
- 4.01%
- 10Y*
- —
- ALL TIME*
- 4.19%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
MBXIX vs. MSTVX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
MBXIX Catalyst/Millburn Hedge Strategy Fund Class I | 12.91% | 4.35% | 13.49% | -0.67% | 7.72% | 16.89% | -0.45% | 13.83% | 0.50% |
MSTVX Morningstar Alternatives Fund | 1.98% | 6.42% | 6.37% | 6.86% | -2.69% | 4.20% | 3.81% | 5.82% | -0.05% |
Correlation
The correlation between MBXIX and MSTVX is -0.03, 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. | -0.03 |
Correlation (3Y) Balances recent behavior with more history. | -0.03 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.11 |
Correlation (All Time) Calculated using the full available price history since Nov 5, 2018 | 0.23 |
The correlation between MBXIX and MSTVX shifts across timeframes, from -0.03 (3 years) to 0.23 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MBXIX vs. MSTVX — Risk / Return Rank
MBXIX
MSTVX
MBXIX vs. MSTVX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Catalyst/Millburn Hedge Strategy Fund Class I (MBXIX) and Morningstar Alternatives Fund (MSTVX). 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 | MSTVX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.47 | ||
| Sortino ratioReturn per unit of downside risk | -0.97 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.54 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 3.88 | 3.28 | +0.60 |
| Martin ratioReturn relative to average drawdown | 14.92 | 8.08 | +6.84 |
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Drawdowns
MBXIX vs. MSTVX - Drawdown Comparison
The maximum MBXIX drawdown since its inception was -31.73%, which is greater than MSTVX's maximum drawdown of -8.02%. Use the drawdown chart below to compare losses from any high point for MBXIX and MSTVX.
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Drawdown Indicators
| MBXIX | MSTVX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.73% | -8.02% | -23.71% |
Max Drawdown (1Y)Largest decline over 1 year | -3.85% | -1.84% | -2.01% |
Max Drawdown (3Y)Largest decline over 3 years | -15.59% | -3.31% | -12.28% |
Max Drawdown (5Y)Largest decline over 5 years | -15.59% | -5.89% | -9.70% |
Max Drawdown (10Y)Largest decline over 10 years | -31.73% | — | — |
Current DrawdownCurrent decline from peak | -2.68% | -0.28% | -2.40% |
Average DrawdownAverage peak-to-trough decline | -3.95% | -1.17% | -2.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.04% | 0.68% | +0.36% |
Volatility
MBXIX vs. MSTVX - Volatility Comparison
Catalyst/Millburn Hedge Strategy Fund Class I (MBXIX) has a higher volatility of 1.59% compared to Morningstar Alternatives Fund (MSTVX) at 0.57%. This indicates that MBXIX's price experiences larger fluctuations and is considered to be riskier than MSTVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MBXIX | MSTVX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.59% | 0.57% | +1.02% |
Volatility (6M)Calculated over the trailing 6-month period | 4.89% | 1.77% | +3.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.90% | 2.29% | +4.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.40% | 3.16% | +8.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.36% | 3.13% | +10.23% |
MBXIX vs. MSTVX - Expense Ratio Comparison
MBXIX has a 2.04% expense ratio, which is higher than MSTVX's 1.15% expense ratio.
Dividends
MBXIX vs. MSTVX - Dividend Comparison
MBXIX has not paid dividends to shareholders, while MSTVX's dividend yield for the trailing twelve months is around 3.34%.
| Position | 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% |
MSTVX Morningstar Alternatives Fund | 3.34% | 3.41% | 3.07% | 3.86% | 3.92% | 4.99% | 2.91% | 1.74% | 0.25% | 0.00% | 0.00% |
Frequently Asked Questions
MBXIX and MSTVX have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MBXIX has higher volatility (1.59%) compared to MSTVX (0.57%). In terms of maximum drawdown, MBXIX dropped -31.73% vs MSTVX's -8.02%.
MSTVX currently has the higher Sharpe Ratio (2.64 vs 2.16), 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.
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