MFTFX vs. MBXIX

Last updated Aug 1, 2026

MFTFX (Arrow Managed Futures Stragegy Fund) and MBXIX (Catalyst/Millburn Hedge Strategy Fund Class I) are both mutual funds - MFTFX is a Systematic Trend fund managed by Arrow Funds, while MBXIX is a Multistrategy fund managed by Catalyst Mutual Funds. Over the past 10 years, MFTFX returned 4.72%/yr vs 7.68%/yr for MBXIX. Their 0.35 correlation means their historical movements had little consistent relationship. MFTFX charges 1.54%/yr vs 2.04%/yr for MBXIX.

Performance

MFTFX vs. MBXIX - Performance Comparison

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

Returns By Period

In the year-to-date period, MFTFX achieves a 8.17% return, which is significantly lower than MBXIX's 12.91% return. Over the past 10 years, MFTFX has underperformed MBXIX with an annualized return of 4.72%, while MBXIX has yielded a comparatively higher 7.68% annualized return.

MFTFX

• 1D: -0.90%
• 1M: -0.30%
• 6M: 0.91%
• YTD: 8.17%
• 1Y: 38.20%
• 3Y*: 1.48%
• 5Y*: 10.93%
• 10Y*: 4.72%
• ALL TIME*: 2.82%

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%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MBXIX Catalyst/Millburn Hedge Strategy Fund Class I	$0.00	$0.00	$0.00
MFTFX Arrow Managed Futures Stragegy Fund	$0.00	$0.00	$0.00

MFTFX vs. MBXIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MFTFX Arrow Managed Futures Stragegy Fund	8.17%	9.29%	6.87%	-13.57%	57.88%	2.13%	-4.13%	15.17%	-19.70%	19.09%
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%

Correlation

The correlation between MFTFX and MBXIX is 0.40, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.40
Correlation (3Y) Balances recent behavior with more history.	0.44
Correlation (5Y) Shows whether the relationship held over a longer period.	0.38
Correlation (10Y) Provides a long-term view across more market conditions.	0.37
Correlation (All Time) Calculated using the full available price history since Dec 28, 2015	0.35

Return for Risk

MFTFX vs. MBXIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MFTFX

MFTFX Risk / Return Rank: 64
MFTFX Sharpe Ratio Rank: 63
MFTFX Sortino Ratio Rank: 56
MFTFX Omega Ratio Rank: 56
MFTFX Calmar Ratio Rank: 86
MFTFX Martin Ratio Rank: 57

MBXIX

MBXIX Risk / Return Rank: 90
MBXIX Sharpe Ratio Rank: 88
MBXIX Sortino Ratio Rank: 87
MBXIX Omega Ratio Rank: 84
MBXIX Calmar Ratio Rank: 94
MBXIX Martin Ratio Rank: 95

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MFTFX vs. MBXIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Arrow Managed Futures Stragegy Fund (MFTFX) and Catalyst/Millburn Hedge Strategy Fund Class I (MBXIX). 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.

	MFTFX	MBXIX	Difference
Sharpe ratio: Return per unit of total volatility	1.48	2.16	-0.68
Sortino ratio: Return per unit of downside risk	2.01	3.18	-1.17
Omega ratio: Gain probability vs. loss probability	1.26	1.40	-0.15
Calmar ratio: Return relative to maximum drawdown	2.94	3.88	-0.94
Martin ratio: Return relative to average drawdown	7.39	14.92	-7.53

MFTFX vs. MBXIX - Sharpe Ratio Comparison

The current MFTFX Sharpe Ratio is 1.48, which is lower than the MBXIX Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of MFTFX and MBXIX, 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

MFTFX vs. MBXIX - Drawdown Comparison

The maximum MFTFX drawdown since its inception was -35.70%, which is greater than MBXIX's maximum drawdown of -31.73%. Use the drawdown chart below to compare losses from any high point for MFTFX and MBXIX.

Drawdown Indicators

	MFTFX	MBXIX	Difference
Max Drawdown Largest peak-to-trough decline	-35.70%	-31.73%	-3.97%
Max Drawdown (1Y) Largest decline over 1 year	-9.83%	-3.85%	-5.98%
Max Drawdown (3Y) Largest decline over 3 years	-32.57%	-15.59%	-16.98%
Max Drawdown (5Y) Largest decline over 5 years	-32.57%	-15.59%	-16.98%
Max Drawdown (10Y) Largest decline over 10 years	-35.70%	-31.73%	-3.97%
Current Drawdown Current decline from peak	-7.93%	-2.68%	-5.25%
Average Drawdown Average peak-to-trough decline	-16.87%	-3.95%	-12.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.01%	1.04%	+2.97%

Volatility

MFTFX vs. MBXIX - Volatility Comparison

Arrow Managed Futures Stragegy Fund (MFTFX) has a higher volatility of 5.65% compared to Catalyst/Millburn Hedge Strategy Fund Class I (MBXIX) at 1.59%. This indicates that MFTFX's price experiences larger fluctuations and is considered to be riskier than MBXIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MFTFX	MBXIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.65%	1.59%	+4.06%
Volatility (6M) Calculated over the trailing 6-month period	12.30%	4.89%	+7.41%
Volatility (1Y) Calculated over the trailing 1-year period	19.54%	6.90%	+12.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.86%	11.40%	+10.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.08%	13.36%	+8.72%

MFTFX vs. MBXIX - Expense Ratio Comparison

MFTFX has a 1.54% expense ratio, which is lower than MBXIX's 2.04% expense ratio.

Dividends

MFTFX vs. MBXIX - Dividend Comparison

Neither MFTFX nor MBXIX has paid dividends to shareholders.

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%
MFTFX Arrow Managed Futures Stragegy Fund	0.00%	0.00%	0.00%	11.75%	41.04%	2.30%	0.00%	20.00%	7.84%	2.12%	9.36%	1.21%

Frequently Asked Questions

Can I hold both MFTFX and MBXIX in my portfolio?

MFTFX and MBXIX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MFTFX or MBXIX?

MFTFX has higher volatility (5.65%) compared to MBXIX (1.59%). In terms of maximum drawdown, MFTFX dropped -35.70% vs MBXIX's -31.73%.

Which has better risk-adjusted returns?

MBXIX currently has the higher Sharpe Ratio (2.16 vs 1.48), 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.