MGMT vs. MBOX

Last updated Jun 23, 2026

MGMT (Ballast Small/Mid Cap ETF) and MBOX (Freedom Day Dividend ETF) are both exchange-traded funds - MGMT is a Mid Cap Blend Equities fund actively managed by Inverdale Capital Management LLC, while MBOX is a Dividend fund actively managed by EMPIRICAL FINANCE LLC. Both are actively managed. Over the past 5 years, MGMT returned 7.38%/yr vs 12.29%/yr for MBOX. A 0.80 correlation means they provide meaningful diversification when combined. MGMT charges 1.10%/yr vs 0.39%/yr for MBOX.

Performance

MGMT vs. MBOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Ballast Small/Mid Cap ETF (MGMT) and Freedom Day Dividend ETF (MBOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MGMT achieves a 12.16% return, which is significantly lower than MBOX's 15.24% return.

MGMT

• 1D: -1.31%
• 1M: 4.45%
• YTD: 12.16%
• 6M: 10.57%
• 1Y: 29.73%
• 3Y*: 14.13%
• 5Y*: 7.38%
• 10Y*: —

MBOX

• 1D: 0.48%
• 1M: 1.01%
• YTD: 15.24%
• 6M: 14.33%
• 1Y: 23.19%
• 3Y*: 19.11%
• 5Y*: 12.29%
• 10Y*: —

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

MGMT vs. MBOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MGMT Ballast Small/Mid Cap ETF	12.16%	6.96%	12.95%	17.87%	-14.54%	6.60%
MBOX Freedom Day Dividend ETF	15.24%	8.72%	16.39%	15.84%	-4.32%	10.13%

Correlation

The correlation between MGMT and MBOX is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (All Time) Calculated using the full available price history since May 5, 2021	0.80

The correlation between MGMT and MBOX has been stable across timeframes, ranging from 0.75 to 0.80 - a consistent structural relationship.

MGMT vs. MBOX - Sectors Allocation Comparison

Sectors	MGMT	MBOX
Industrials	23.7%	7.8%
Technology	14.9%	24.6%
Energy	14.2%	13.3%
Basic Materials	13.1%	3.4%
Financial Services	11.1%	25.2%
Consumer Cyclical	8.2%	1.4%
Healthcare	6.0%	10.5%
Communication Services	3.6%	3.6%
Consumer Defensive	3.6%	3.7%
Real Estate	1.8%	4.2%
Utilities	-	2.1%

Return for Risk

MGMT vs. MBOX — Risk / Return Rank

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

MGMT

MGMT Risk / Return Rank: 49
MGMT Sharpe Ratio Rank: 51
MGMT Sortino Ratio Rank: 53
MGMT Omega Ratio Rank: 45
MGMT Calmar Ratio Rank: 50
MGMT Martin Ratio Rank: 46

MBOX

MBOX Risk / Return Rank: 72
MBOX Sharpe Ratio Rank: 68
MBOX Sortino Ratio Rank: 72
MBOX Omega Ratio Rank: 64
MBOX Calmar Ratio Rank: 80
MBOX Martin Ratio Rank: 73

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.

MGMT vs. MBOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ballast Small/Mid Cap ETF (MGMT) and Freedom Day Dividend ETF (MBOX). 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.

	MGMT	MBOX	Difference
Sharpe ratio: Return per unit of total volatility	1.69	2.14	-0.45
Sortino ratio: Return per unit of downside risk	2.47	3.12	-0.65
Omega ratio: Gain probability vs. loss probability	1.29	1.37	-0.09
Calmar ratio: Return relative to maximum drawdown	2.43	4.05	-1.63
Martin ratio: Return relative to average drawdown	7.35	13.34	-5.99

MGMT vs. MBOX - Sharpe Ratio Comparison

The current MGMT Sharpe Ratio is 1.69, which is comparable to the MBOX Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of MGMT and MBOX, 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

MGMT vs. MBOX - Drawdown Comparison

The maximum MGMT drawdown since its inception was -24.95%, which is greater than MBOX's maximum drawdown of -16.42%. Use the drawdown chart below to compare losses from any high point for MGMT and MBOX.

Drawdown Indicators

	MGMT	MBOX	Difference
Max Drawdown Largest peak-to-trough decline	-24.95%	-16.42%	-8.53%
Max Drawdown (1Y) Largest decline over 1 year	-12.32%	-5.75%	-6.57%
Max Drawdown (3Y) Largest decline over 3 years	-23.76%	-16.37%	-7.39%
Max Drawdown (5Y) Largest decline over 5 years	-24.95%	-16.42%	-8.53%
Current Drawdown Current decline from peak	-1.31%	-1.21%	-0.10%
Average Drawdown Average peak-to-trough decline	-6.69%	-3.43%	-3.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.06%	1.74%	+2.32%

Volatility

MGMT vs. MBOX - Volatility Comparison

Ballast Small/Mid Cap ETF (MGMT) has a higher volatility of 4.51% compared to Freedom Day Dividend ETF (MBOX) at 3.41%. This indicates that MGMT's price experiences larger fluctuations and is considered to be riskier than MBOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MGMT	MBOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.51%	3.41%	+1.10%
Volatility (6M) Calculated over the trailing 6-month period	12.22%	7.95%	+4.27%
Volatility (1Y) Calculated over the trailing 1-year period	17.73%	10.93%	+6.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.51%	14.50%	+5.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.56%	14.44%	+5.12%

MGMT vs. MBOX - Expense Ratio Comparison

MGMT has a 1.10% expense ratio, which is higher than MBOX's 0.39% expense ratio.

Dividends

MGMT vs. MBOX - Dividend Comparison

MGMT's dividend yield for the trailing twelve months is around 0.30%, less than MBOX's 1.90% yield.

Position	TTM	2025	2024	2023	2022	2021
MBOX Freedom Day Dividend ETF	1.90%	1.94%	1.60%	2.13%	2.87%	1.17%
MGMT Ballast Small/Mid Cap ETF	0.30%	0.34%	0.51%	1.16%	0.90%	0.26%

Frequently Asked Questions

Can I hold both MGMT and MBOX in my portfolio?

MGMT and MBOX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MGMT or MBOX?

MGMT has higher volatility (4.51%) compared to MBOX (3.41%). In terms of maximum drawdown, MGMT dropped -24.95% vs MBOX's -16.42%.

Which ETF is better, MGMT or MBOX?

On 5-year performance, MBOX leads with 12.29% vs 7.38% for MGMT. On fees, MBOX is cheaper at 0.39% per year. On volatility, MBOX has been the lower-risk option at 3.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MGMT or MBOX?

Over the 5-year period, MBOX has performed better with a 12.29% return vs 7.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MGMT or MBOX?

MBOX is cheaper with a 0.39% expense ratio, compared with 1.10% for MGMT.

Which ETF pays a higher dividend yield, MGMT or MBOX?

MBOX has the higher dividend yield at 1.90%, compared with 0.30% for MGMT.

What is the main difference between MGMT and MBOX?

MGMT is categorized as Mid Cap Blend Equities, while MBOX is Dividend. They also come from different issuers: Inverdale Capital Management LLC and EMPIRICAL FINANCE LLC. Their fees differ too: 1.10% for MGMT and 0.39% for MBOX.

Which has better risk-adjusted returns?

MBOX currently has the higher Sharpe Ratio (2.14 vs 1.69), 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.