NSRIX vs. MBXAX

Last updated Aug 1, 2026

NSRIX (Northern Global Sustainability Index Fund) and MBXAX (Catalyst/Millburn Hedge Strategy Fund) are both mutual funds - NSRIX is a Global Equities fund managed by Northern Trust, while MBXAX is a Multistrategy fund managed by Catalyst Mutual Funds. Over the past 10 years, NSRIX returned 12.68%/yr vs 7.41%/yr for MBXAX. Their 0.54 correlation means they have sometimes moved together and sometimes differently. NSRIX charges 0.29%/yr vs 2.18%/yr for MBXAX.

Performance

NSRIX vs. MBXAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Global Sustainability Index Fund (NSRIX) and Catalyst/Millburn Hedge Strategy Fund (MBXAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NSRIX achieves a 9.33% return, which is significantly lower than MBXAX's 12.74% return. Over the past 10 years, NSRIX has outperformed MBXAX with an annualized return of 12.68%, while MBXAX has yielded a comparatively lower 7.41% annualized return.

NSRIX

• 1D: 2.31%
• 1M: -0.28%
• 6M: 6.94%
• YTD: 9.33%
• 1Y: 20.38%
• 3Y*: 17.59%
• 5Y*: 10.90%
• 10Y*: 12.68%
• ALL TIME*: 8.82%

MBXAX

• 1D: -0.29%
• 1M: -2.04%
• 6M: 8.41%
• YTD: 12.74%
• 1Y: 17.15%
• 3Y*: 9.84%
• 5Y*: 7.12%
• 10Y*: 7.41%
• ALL TIME*: 8.86%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MBXAX Catalyst/Millburn Hedge Strategy Fund	$0.00	$0.00	$0.00
NSRIX Northern Global Sustainability Index Fund	$0.00	$0.00	$0.00

NSRIX vs. MBXAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NSRIX Northern Global Sustainability Index Fund	9.33%	21.03%	17.02%	25.44%	-19.45%	24.60%	15.49%	28.29%	-7.65%	21.21%
MBXAX Catalyst/Millburn Hedge Strategy Fund	12.74%	4.13%	13.17%	-0.91%	7.46%	16.62%	-0.72%	13.59%	-2.43%	13.69%

Correlation

The correlation between NSRIX and MBXAX is 0.28, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.28
Correlation (3Y) Balances recent behavior with more history.	0.32
Correlation (5Y) Shows whether the relationship held over a longer period.	0.37
Correlation (10Y) Provides a long-term view across more market conditions.	0.53
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.54

Over the past year, the correlation between NSRIX and MBXAX has dropped to 0.28 - well below their long-term average of 0.54, suggesting their price drivers have been diverging.

Return for Risk

NSRIX vs. MBXAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NSRIX

NSRIX Risk / Return Rank: 57
NSRIX Sharpe Ratio Rank: 56
NSRIX Sortino Ratio Rank: 58
NSRIX Omega Ratio Rank: 54
NSRIX Calmar Ratio Rank: 52
NSRIX Martin Ratio Rank: 64

MBXAX

MBXAX Risk / Return Rank: 89
MBXAX Sharpe Ratio Rank: 87
MBXAX Sortino Ratio Rank: 86
MBXAX Omega Ratio Rank: 83
MBXAX Calmar Ratio Rank: 93
MBXAX Martin Ratio Rank: 94

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NSRIX vs. MBXAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Global Sustainability Index Fund (NSRIX) 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.

	NSRIX	MBXAX	Difference
Sharpe ratio: Return per unit of total volatility	1.41	2.13	-0.72
Sortino ratio: Return per unit of downside risk	2.06	3.13	-1.07
Omega ratio: Gain probability vs. loss probability	1.26	1.40	-0.14
Calmar ratio: Return relative to maximum drawdown	1.88	3.77	-1.89
Martin ratio: Return relative to average drawdown	8.07	14.56	-6.49

NSRIX vs. MBXAX - Sharpe Ratio Comparison

The current NSRIX Sharpe Ratio is 1.41, which is lower than the MBXAX Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of NSRIX and MBXAX, 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

NSRIX vs. MBXAX - Drawdown Comparison

The maximum NSRIX drawdown since its inception was -55.30%, which is greater than MBXAX's maximum drawdown of -31.75%. Use the drawdown chart below to compare losses from any high point for NSRIX and MBXAX.

Drawdown Indicators

	NSRIX	MBXAX	Difference
Max Drawdown Largest peak-to-trough decline	-55.30%	-31.75%	-23.55%
Max Drawdown (1Y) Largest decline over 1 year	-10.36%	-3.89%	-6.47%
Max Drawdown (3Y) Largest decline over 3 years	-17.58%	-15.66%	-1.92%
Max Drawdown (5Y) Largest decline over 5 years	-27.86%	-15.66%	-12.20%
Max Drawdown (10Y) Largest decline over 10 years	-33.66%	-31.75%	-1.91%
Current Drawdown Current decline from peak	-1.01%	-2.69%	+1.68%
Average Drawdown Average peak-to-trough decline	-8.39%	-4.00%	-4.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.40%	1.05%	+1.35%

Volatility

NSRIX vs. MBXAX - Volatility Comparison

Northern Global Sustainability Index Fund (NSRIX) has a higher volatility of 3.83% compared to Catalyst/Millburn Hedge Strategy Fund (MBXAX) at 1.59%. This indicates that NSRIX'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.

Volatility by Period

	NSRIX	MBXAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.83%	1.59%	+2.24%
Volatility (6M) Calculated over the trailing 6-month period	11.12%	4.87%	+6.25%
Volatility (1Y) Calculated over the trailing 1-year period	13.79%	6.87%	+6.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.60%	11.39%	+5.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.06%	13.36%	+3.70%

NSRIX vs. MBXAX - Expense Ratio Comparison

NSRIX has a 0.29% expense ratio, which is lower than MBXAX's 2.18% expense ratio.

Dividends

NSRIX vs. MBXAX - Dividend Comparison

NSRIX's dividend yield for the trailing twelve months is around 5.18%, while MBXAX has not 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%
NSRIX Northern Global Sustainability Index Fund	5.18%	5.66%	5.55%	1.57%	1.90%	5.26%	1.62%	2.70%	3.46%	3.14%	3.46%	3.79%

Frequently Asked Questions

Can I hold both NSRIX and MBXAX in my portfolio?

NSRIX and MBXAX have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NSRIX or MBXAX?

NSRIX has higher volatility (3.83%) compared to MBXAX (1.59%). In terms of maximum drawdown, NSRIX dropped -55.30% vs MBXAX's -31.75%.

Which has better risk-adjusted returns?

MBXAX currently has the higher Sharpe Ratio (2.13 vs 1.41), 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.