MUHLX vs. TANDX
MUHLX (Muhlenkamp Fund) and TANDX (Castle Tandem Fund) are both Large Cap Blend Equities funds. Over the past 5 years, MUHLX returned 11.46%/yr vs 2.31%/yr for TANDX. Their 0.61 correlation means they have sometimes moved together and sometimes differently. MUHLX charges 1.14%/yr vs 1.59%/yr for TANDX.
Performance
MUHLX vs. TANDX - Performance Comparison
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Returns By Period
In the year-to-date period, MUHLX achieves a 11.61% return, which is significantly higher than TANDX's -6.75% return.
MUHLX
- 1D
- 0.59%
- 1M
- 2.71%
- 6M
- 4.85%
- YTD
- 11.61%
- 1Y
- 24.37%
- 3Y*
- 10.94%
- 5Y*
- 11.46%
- 10Y*
- 10.68%
- ALL TIME*
- 9.09%
TANDX
- 1D
- -0.76%
- 1M
- 3.12%
- 6M
- -5.57%
- YTD
- -6.75%
- 1Y
- -7.42%
- 3Y*
- 1.92%
- 5Y*
- 2.31%
- 10Y*
- —
- ALL TIME*
- 6.41%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
MUHLX Muhlenkamp Fund | $0.00 | $0.00 | $0.00 |
TANDX Castle Tandem Fund | $0.00 | $0.00 | $0.00 |
MUHLX vs. TANDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
MUHLX Muhlenkamp Fund | 11.61% | 17.82% | 3.38% | 13.92% | 2.89% | 28.98% | 11.96% | 6.03% |
TANDX Castle Tandem Fund | -6.75% | 3.67% | 7.66% | 8.42% | -7.87% | 19.03% | 13.39% | 12.57% |
Correlation
The correlation between MUHLX and TANDX is 0.34, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.34 |
Correlation (3Y) Balances recent behavior with more history. | 0.49 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.55 |
Correlation (All Time) Calculated using the full available price history since Mar 22, 2019 | 0.61 |
Over the past year, the correlation between MUHLX and TANDX has dropped to 0.34 - well below their long-term average of 0.61, suggesting their price drivers have been diverging.
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Return for Risk
MUHLX vs. TANDX — Risk / Return Rank
MUHLX
TANDX
MUHLX vs. TANDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Muhlenkamp Fund (MUHLX) and Castle Tandem Fund (TANDX). 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.
| MUHLX | TANDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.34 | ||
| Sortino ratioReturn per unit of downside risk | +3.19 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 0.88 | +0.39 |
| Calmar ratioReturn relative to maximum drawdown | 2.18 | -0.50 | +2.69 |
| Martin ratioReturn relative to average drawdown | 6.46 | -0.96 | +7.43 |
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Drawdowns
MUHLX vs. TANDX - Drawdown Comparison
The maximum MUHLX drawdown since its inception was -62.05%, smaller than the maximum TANDX drawdown of -93.98%. Use the drawdown chart below to compare losses from any high point for MUHLX and TANDX.
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Drawdown Indicators
| MUHLX | TANDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.05% | -93.98% | +31.93% |
Max Drawdown (1Y)Largest decline over 1 year | -10.23% | -16.88% | +6.65% |
Max Drawdown (3Y)Largest decline over 3 years | -18.63% | -93.98% | +75.35% |
Max Drawdown (5Y)Largest decline over 5 years | -18.63% | -93.98% | +75.35% |
Max Drawdown (10Y)Largest decline over 10 years | -40.85% | — | — |
Current DrawdownCurrent decline from peak | -3.48% | -93.48% | +90.00% |
Average DrawdownAverage peak-to-trough decline | -10.75% | -21.84% | +11.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.45% | 8.79% | -5.34% |
Volatility
MUHLX vs. TANDX - Volatility Comparison
The current volatility for Muhlenkamp Fund (MUHLX) is 2.72%, while Castle Tandem Fund (TANDX) has a volatility of 4.71%. This indicates that MUHLX experiences smaller price fluctuations and is considered to be less risky than TANDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MUHLX | TANDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.72% | 4.71% | -1.99% |
Volatility (6M)Calculated over the trailing 6-month period | 10.95% | 8.74% | +2.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.51% | 10.68% | +3.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.49% | 596.04% | -581.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.04% | 491.15% | -474.11% |
MUHLX vs. TANDX - Expense Ratio Comparison
MUHLX has a 1.14% expense ratio, which is lower than TANDX's 1.59% expense ratio.
Dividends
MUHLX vs. TANDX - Dividend Comparison
MUHLX's dividend yield for the trailing twelve months is around 2.99%, less than TANDX's 6.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MUHLX Muhlenkamp Fund | 2.99% | 3.34% | 0.58% | 0.89% | 6.80% | 7.77% | 10.28% | 1.26% | 14.70% | 4.30% | 0.00% | 11.02% |
TANDX Castle Tandem Fund | 6.62% | 6.17% | 3.71% | 2.10% | 1.48% | 4.57% | 0.33% | 0.37% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MUHLX and TANDX have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TANDX has higher volatility (4.71%) compared to MUHLX (2.72%). In terms of maximum drawdown, MUHLX dropped -62.05% vs TANDX's -93.98%.
MUHLX currently has the higher Sharpe Ratio (1.54 vs -0.80), 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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