MBXIX vs. VMNFX
MBXIX (Catalyst/Millburn Hedge Strategy Fund Class I) and VMNFX (Vanguard Market Neutral Fund Investor Shares) are both mutual funds - MBXIX is a Multistrategy fund managed by Catalyst Mutual Funds, while VMNFX is a Long-Short fund actively managed by Vanguard. Over the past 10 years, MBXIX returned 7.68%/yr vs 5.42%/yr for VMNFX. Their 0.10 correlation means their historical movements had little consistent relationship. MBXIX charges 2.04%/yr vs 1.95%/yr for VMNFX.
Performance
MBXIX vs. VMNFX - Performance Comparison
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Returns By Period
In the year-to-date period, MBXIX achieves a 12.91% return, which is significantly lower than VMNFX's 16.68% return. Over the past 10 years, MBXIX has outperformed VMNFX with an annualized return of 7.68%, while VMNFX has yielded a comparatively lower 5.42% annualized 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%
VMNFX
- 1D
- 0.49%
- 1M
- 3.23%
- 6M
- 17.35%
- YTD
- 16.68%
- 1Y
- 25.28%
- 3Y*
- 14.38%
- 5Y*
- 14.14%
- 10Y*
- 5.42%
- ALL TIME*
- 2.81%
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. VMNFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MBXIX Catalyst/Millburn Hedge Strategy Fund Class I | 12.91% | 4.35% | 13.49% | -0.67% | 7.72% | 16.89% | -0.45% | 13.83% | -2.16% | 13.99% |
VMNFX Vanguard Market Neutral Fund Investor Shares | 16.68% | 9.27% | 5.78% | 12.23% | 13.48% | 23.24% | -11.58% | -9.57% | 0.60% | -4.89% |
Correlation
The correlation between MBXIX and VMNFX is -0.07, 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. | -0.07 |
Correlation (3Y) Balances recent behavior with more history. | 0.06 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.06 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.11 |
Correlation (All Time) Calculated using the full available price history since Dec 28, 2015 | 0.10 |
The correlation between MBXIX and VMNFX shifts across timeframes, from -0.07 (1 year) to 0.11 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
MBXIX vs. VMNFX — Risk / Return Rank
MBXIX
VMNFX
MBXIX vs. VMNFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Catalyst/Millburn Hedge Strategy Fund Class I (MBXIX) and Vanguard Market Neutral Fund Investor Shares (VMNFX). 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 | VMNFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.19 | ||
| Sortino ratioReturn per unit of downside risk | -1.94 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.64 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 3.88 | 5.54 | -1.66 |
| Martin ratioReturn relative to average drawdown | 14.92 | 18.28 | -3.35 |
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Drawdowns
MBXIX vs. VMNFX - Drawdown Comparison
The maximum MBXIX drawdown since its inception was -31.73%, which is greater than VMNFX's maximum drawdown of -26.42%. Use the drawdown chart below to compare losses from any high point for MBXIX and VMNFX.
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Drawdown Indicators
| MBXIX | VMNFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.73% | -26.42% | -5.31% |
Max Drawdown (1Y)Largest decline over 1 year | -3.85% | -4.65% | +0.80% |
Max Drawdown (3Y)Largest decline over 3 years | -15.59% | -5.44% | -10.15% |
Max Drawdown (5Y)Largest decline over 5 years | -15.59% | -6.75% | -8.84% |
Max Drawdown (10Y)Largest decline over 10 years | -31.73% | -25.09% | -6.64% |
Current DrawdownCurrent decline from peak | -2.68% | 0.00% | -2.68% |
Average DrawdownAverage peak-to-trough decline | -3.95% | -8.71% | +4.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.04% | 1.41% | -0.37% |
Volatility
MBXIX vs. VMNFX - Volatility Comparison
The current volatility for Catalyst/Millburn Hedge Strategy Fund Class I (MBXIX) is 1.59%, while Vanguard Market Neutral Fund Investor Shares (VMNFX) has a volatility of 1.90%. This indicates that MBXIX experiences smaller price fluctuations and is considered to be less risky than VMNFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MBXIX | VMNFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.59% | 1.90% | -0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 4.89% | 5.34% | -0.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.90% | 7.69% | -0.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.40% | 7.24% | +4.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.36% | 6.43% | +6.93% |
MBXIX vs. VMNFX - Expense Ratio Comparison
MBXIX has a 2.04% expense ratio, which is higher than VMNFX's 1.95% expense ratio.
Dividends
MBXIX vs. VMNFX - Dividend Comparison
MBXIX has not paid dividends to shareholders, while VMNFX's dividend yield for the trailing twelve months is around 3.01%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VMNFX Vanguard Market Neutral Fund Investor Shares | 3.01% | 3.53% | 5.61% | 5.09% | 0.75% | 0.16% | 0.81% | 3.16% | 0.94% | 1.07% | 0.38% | 0.02% |
Frequently Asked Questions
MBXIX and VMNFX have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VMNFX has higher volatility (1.90%) compared to MBXIX (1.59%). In terms of maximum drawdown, MBXIX dropped -31.73% vs VMNFX's -26.42%.
VMNFX currently has the higher Sharpe Ratio (3.35 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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