MSFAX vs. MBXIX
MSFAX (Morgan Stanley Institutional Fund, Inc. Global Franchise Portfolio) and MBXIX (Catalyst/Millburn Hedge Strategy Fund Class I) are both mutual funds - MSFAX is a Global Equities fund managed by T. Rowe Price, while MBXIX is a Multistrategy fund managed by Catalyst Mutual Funds. Over the past 10 years, MSFAX returned 6.74%/yr vs 7.68%/yr for MBXIX. Their 0.43 correlation means their historical movements had little consistent relationship. MSFAX charges 0.92%/yr vs 2.04%/yr for MBXIX.
Performance
MSFAX vs. MBXIX - Performance Comparison
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Returns By Period
In the year-to-date period, MSFAX achieves a -6.51% return, which is significantly lower than MBXIX's 12.91% return. Over the past 10 years, MSFAX has underperformed MBXIX with an annualized return of 6.74%, while MBXIX has yielded a comparatively higher 7.68% annualized return.
MSFAX
- 1D
- 0.18%
- 1M
- 1.99%
- 6M
- -3.55%
- YTD
- -6.51%
- 1Y
- -21.05%
- 3Y*
- -2.49%
- 5Y*
- -1.33%
- 10Y*
- 6.74%
- ALL TIME*
- 10.08%
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%
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. MBXIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MSFAX Morgan Stanley Institutional Fund, Inc. Global Franchise Portfolio | -6.51% | -11.65% | 8.94% | 16.41% | -17.26% | 21.89% | 13.24% | 34.63% | -1.66% | 24.68% |
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 MSFAX and MBXIX 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 Dec 28, 2015 | 0.43 |
Over the past year, the correlation between MSFAX and MBXIX 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. MBXIX — Risk / Return Rank
MSFAX
MBXIX
MSFAX vs. MBXIX - 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 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.
| MSFAX | MBXIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.42 | ||
| Sortino ratioReturn per unit of downside risk | -4.69 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 1.40 | -0.65 |
| Calmar ratioReturn relative to maximum drawdown | -0.76 | 3.88 | -4.64 |
| Martin ratioReturn relative to average drawdown | -1.20 | 14.92 | -16.12 |
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Drawdowns
MSFAX vs. MBXIX - Drawdown Comparison
The maximum MSFAX drawdown since its inception was -43.81%, which is greater than MBXIX's maximum drawdown of -31.73%. Use the drawdown chart below to compare losses from any high point for MSFAX and MBXIX.
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Drawdown Indicators
| MSFAX | MBXIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.81% | -31.73% | -12.08% |
Max Drawdown (1Y)Largest decline over 1 year | -29.20% | -3.85% | -25.35% |
Max Drawdown (3Y)Largest decline over 3 years | -33.89% | -15.59% | -18.30% |
Max Drawdown (5Y)Largest decline over 5 years | -33.89% | -15.59% | -18.30% |
Max Drawdown (10Y)Largest decline over 10 years | -33.89% | -31.73% | -2.16% |
Current DrawdownCurrent decline from peak | -27.74% | -2.68% | -25.06% |
Average DrawdownAverage peak-to-trough decline | -6.02% | -3.95% | -2.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.45% | 1.04% | +17.41% |
Volatility
MSFAX vs. MBXIX - Volatility Comparison
Morgan Stanley Institutional Fund, Inc. Global Franchise Portfolio (MSFAX) has a higher volatility of 4.98% compared to Catalyst/Millburn Hedge Strategy Fund Class I (MBXIX) at 1.59%. This indicates that MSFAX'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.
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Volatility by Period
| MSFAX | MBXIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.98% | 1.59% | +3.39% |
Volatility (6M)Calculated over the trailing 6-month period | 10.80% | 4.89% | +5.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.73% | 6.90% | +10.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.13% | 11.40% | +5.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.90% | 13.36% | +3.54% |
MSFAX vs. MBXIX - Expense Ratio Comparison
MSFAX has a 0.92% expense ratio, which is lower than MBXIX's 2.04% expense ratio.
Dividends
MSFAX vs. MBXIX - Dividend Comparison
Neither MSFAX 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% |
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 MBXIX 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 (4.98%) compared to MBXIX (1.59%). In terms of maximum drawdown, MSFAX dropped -43.81% vs MBXIX's -31.73%.
MBXIX currently has the higher Sharpe Ratio (2.16 vs -1.25), 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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