MMNIX vs. IALT

Last updated Jun 24, 2026

MMNIX (Miller Market Neutral Income Fund Class I) and IALT (iShares Systematic Alternatives Active ETF) are both funds - MMNIX is a Equity Market Neutral fund actively managed by Miller, while IALT is a Multistrategy fund actively managed by iShares. Both are actively managed. At a correlation of -0.31, they often move in opposite directions. MMNIX charges 1.69%/yr vs 0.99%/yr for IALT.

Performance

MMNIX vs. IALT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Miller Market Neutral Income Fund Class I (MMNIX) and iShares Systematic Alternatives Active ETF (IALT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MMNIX achieves a 4.04% return, which is significantly lower than IALT's 12.03% return.

MMNIX

• 1D: 0.18%
• 1M: 0.82%
• YTD: 4.04%
• 6M: 4.23%
• 1Y: 9.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IALT

• 1D: -0.32%
• 1M: 0.62%
• YTD: 12.03%
• 6M: 12.02%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MMNIX vs. IALT - Yearly Performance Comparison

	2026 (YTD)	2025
MMNIX Miller Market Neutral Income Fund Class I	4.04%	0.56%
IALT iShares Systematic Alternatives Active ETF	12.03%	0.83%

Correlation

The correlation between MMNIX and IALT is -0.31, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 10, 2025	-0.31

Return for Risk

MMNIX vs. IALT — Risk / Return Rank

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

MMNIX

MMNIX Risk / Return Rank: 99
MMNIX Sharpe Ratio Rank: 100
MMNIX Sortino Ratio Rank: 99
MMNIX Omega Ratio Rank: 99
MMNIX Calmar Ratio Rank: 100
MMNIX Martin Ratio Rank: 100

IALT

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

MMNIX vs. IALT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Miller Market Neutral Income Fund Class I (MMNIX) and iShares Systematic Alternatives Active ETF (IALT). 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.

	MMNIX	IALT	Difference
Sharpe ratio: Return per unit of total volatility	6.08	—	—
Sortino ratio: Return per unit of downside risk	11.17	—	—
Omega ratio: Gain probability vs. loss probability	2.76	—	—
Calmar ratio: Return relative to maximum drawdown	20.97	—	—
Martin ratio: Return relative to average drawdown	89.50	—	—

Drawdowns

MMNIX vs. IALT - Drawdown Comparison

The maximum MMNIX drawdown since its inception was -0.49%, smaller than the maximum IALT drawdown of -2.27%. Use the drawdown chart below to compare losses from any high point for MMNIX and IALT.

Drawdown Indicators

	MMNIX	IALT	Difference
Max Drawdown Largest peak-to-trough decline	-0.49%	-2.27%	+1.78%
Max Drawdown (1Y) Largest decline over 1 year	-0.46%	—	—
Current Drawdown Current decline from peak	0.00%	-1.05%	+1.05%
Average Drawdown Average peak-to-trough decline	-0.06%	-0.39%	+0.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.11%	—	—

Volatility

Volatility by Period

	MMNIX	IALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.51%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.15%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.59%	7.80%	-6.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.74%	7.80%	-6.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.74%	7.80%	-6.06%

MMNIX vs. IALT - Expense Ratio Comparison

MMNIX has a 1.69% expense ratio, which is higher than IALT's 0.99% expense ratio.

Dividends

MMNIX vs. IALT - Dividend Comparison

MMNIX's dividend yield for the trailing twelve months is around 4.56%, more than IALT's 0.40% yield.

Position	TTM	2025	2024
IALT iShares Systematic Alternatives Active ETF	0.40%	0.14%	0.00%
MMNIX Miller Market Neutral Income Fund Class I	4.56%	5.03%	4.74%

Frequently Asked Questions

Can I hold both MMNIX and IALT in my portfolio?

MMNIX and IALT have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.