MSFAX vs. MBXAX
MSFAX (Morgan Stanley Institutional Fund, Inc. Global Franchise Portfolio) and MBXAX (Catalyst/Millburn Hedge Strategy Fund) are both mutual funds - MSFAX is a Global Equities fund managed by T. Rowe Price, while MBXAX is a Multistrategy fund managed by Catalyst Mutual Funds. Over the past 10 years, MSFAX returned 6.79%/yr vs 7.59%/yr for MBXAX. Their 0.43 correlation means their historical movements had little consistent relationship. MSFAX charges 0.92%/yr vs 2.18%/yr for MBXAX.
Performance
MSFAX vs. MBXAX - Performance Comparison
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Returns By Period
In the year-to-date period, MSFAX achieves a -5.83% return, which is significantly lower than MBXAX's 13.56% return. Over the past 10 years, MSFAX has underperformed MBXAX with an annualized return of 6.79%, while MBXAX has yielded a comparatively higher 7.59% annualized return.
MSFAX
- 1D
- 0.72%
- 1M
- 2.72%
- 6M
- -3.42%
- YTD
- -5.83%
- 1Y
- -20.48%
- 3Y*
- -2.17%
- 5Y*
- -1.19%
- 10Y*
- 6.79%
- ALL TIME*
- 10.11%
MBXAX
- 1D
- 0.73%
- 1M
- -1.32%
- 6M
- 9.10%
- YTD
- 13.56%
- 1Y
- 18.00%
- 3Y*
- 9.79%
- 5Y*
- 7.27%
- 10Y*
- 7.59%
- ALL TIME*
- 8.93%
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 |
MSFAX vs. MBXAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MSFAX Morgan Stanley Institutional Fund, Inc. Global Franchise Portfolio | -5.83% | -11.65% | 8.94% | 16.41% | -17.26% | 21.89% | 13.24% | 34.63% | -1.66% | 24.68% |
MBXAX Catalyst/Millburn Hedge Strategy Fund | 13.56% | 4.13% | 13.17% | -0.91% | 7.46% | 16.62% | -0.72% | 13.59% | -2.43% | 13.69% |
Correlation
The correlation between MSFAX and MBXAX is 0.20, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.20 |
Correlation (3Y) Balances recent behavior with more history. | 0.20 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.28 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.42 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016 | 0.43 |
Over the past year, the correlation between MSFAX and MBXAX has dropped to 0.20 - well below their long-term average of 0.43, suggesting their price drivers have been diverging.
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Return for Risk
MSFAX vs. MBXAX — Risk / Return Rank
MSFAX
MBXAX
MSFAX vs. MBXAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Morgan Stanley Institutional Fund, Inc. Global Franchise Portfolio (MSFAX) and Catalyst/Millburn Hedge Strategy Fund (MBXAX). 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.
| MSFAX | MBXAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.56 | ||
| Sortino ratioReturn per unit of downside risk | -4.90 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 1.44 | -0.68 |
| Calmar ratioReturn relative to maximum drawdown | -0.73 | 4.17 | -4.90 |
| Martin ratioReturn relative to average drawdown | -1.15 | 16.27 | -17.42 |
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Drawdowns
MSFAX vs. MBXAX - Drawdown Comparison
The maximum MSFAX drawdown since its inception was -43.81%, which is greater than MBXAX's maximum drawdown of -31.75%. Use the drawdown chart below to compare losses from any high point for MSFAX and MBXAX.
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Drawdown Indicators
| MSFAX | MBXAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.81% | -31.75% | -12.06% |
Max Drawdown (1Y)Largest decline over 1 year | -29.20% | -3.89% | -25.31% |
Max Drawdown (3Y)Largest decline over 3 years | -33.89% | -15.66% | -18.23% |
Max Drawdown (5Y)Largest decline over 5 years | -33.89% | -15.66% | -18.23% |
Max Drawdown (10Y)Largest decline over 10 years | -33.89% | -31.75% | -2.14% |
Current DrawdownCurrent decline from peak | -27.22% | -1.98% | -25.24% |
Average DrawdownAverage peak-to-trough decline | -6.02% | -4.00% | -2.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.50% | 1.01% | +17.49% |
Volatility
MSFAX vs. MBXAX - Volatility Comparison
Morgan Stanley Institutional Fund, Inc. Global Franchise Portfolio (MSFAX) has a higher volatility of 4.89% compared to Catalyst/Millburn Hedge Strategy Fund (MBXAX) at 1.78%. This indicates that MSFAX's price experiences larger fluctuations and is considered to be riskier than MBXAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MSFAX | MBXAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.89% | 1.78% | +3.11% |
Volatility (6M)Calculated over the trailing 6-month period | 10.64% | 4.91% | +5.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.75% | 6.90% | +10.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.12% | 11.39% | +5.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.90% | 13.36% | +3.54% |
MSFAX vs. MBXAX - Expense Ratio Comparison
MSFAX has a 0.92% expense ratio, which is lower than MBXAX's 2.18% expense ratio.
Dividends
MSFAX vs. MBXAX - Dividend Comparison
Neither MSFAX nor MBXAX has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MBXAX Catalyst/Millburn Hedge Strategy Fund | 0.00% | 0.00% | 2.43% | 2.02% | 7.57% | 0.00% | 3.92% | 4.96% | 3.07% | 3.35% | 1.82% | 0.00% |
MSFAX Morgan Stanley Institutional Fund, Inc. Global Franchise Portfolio | 0.00% | 0.00% | 11.85% | 1.96% | 1.69% | 2.75% | 3.48% | 8.23% | 5.76% | 3.72% | 3.11% | 4.75% |
Frequently Asked Questions
MSFAX and MBXAX have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSFAX has higher volatility (4.89%) compared to MBXAX (1.78%). In terms of maximum drawdown, MSFAX dropped -43.81% vs MBXAX's -31.75%.
MBXAX currently has the higher Sharpe Ratio (2.36 vs -1.21), 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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