OAKGX vs. MBXAX

Last updated Aug 5, 2026

OAKGX (Oakmark Global Fund) and MBXAX (Catalyst/Millburn Hedge Strategy Fund) are both mutual funds - OAKGX is a Global Equities fund managed by Oakmark, while MBXAX is a Multistrategy fund managed by Catalyst Mutual Funds. Over the past 10 years, OAKGX returned 10.55%/yr vs 7.43%/yr for MBXAX. Their 0.47 correlation means their historical movements had little consistent relationship. OAKGX charges 1.11%/yr vs 2.18%/yr for MBXAX.

Performance

OAKGX vs. MBXAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Oakmark Global Fund (OAKGX) 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, OAKGX achieves a 6.53% return, which is significantly lower than MBXAX's 13.04% return. Over the past 10 years, OAKGX has outperformed MBXAX with an annualized return of 10.55%, while MBXAX has yielded a comparatively lower 7.43% annualized return.

OAKGX

• 1D: 0.92%
• 1M: 2.29%
• 6M: 4.07%
• YTD: 6.53%
• 1Y: 18.03%
• 3Y*: 10.07%
• 5Y*: 7.41%
• 10Y*: 10.55%
• ALL TIME*: 9.51%

MBXAX

• 1D: -0.46%
• 1M: -1.78%
• 6M: 9.07%
• YTD: 13.04%
• 1Y: 17.00%
• 3Y*: 9.76%
• 5Y*: 7.34%
• 10Y*: 7.43%
• ALL TIME*: 8.88%

*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
OAKGX Oakmark Global Fund	$0.00	$0.00	$0.00

OAKGX vs. MBXAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OAKGX Oakmark Global Fund	6.53%	21.19%	2.53%	17.36%	-16.86%	30.47%	9.00%	29.66%	-19.02%	27.05%
MBXAX Catalyst/Millburn Hedge Strategy Fund	13.04%	4.13%	13.17%	-0.91%	7.46%	16.62%	-0.72%	13.59%	-2.43%	13.69%

Correlation

The correlation between OAKGX and MBXAX is 0.30, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.30
Correlation (3Y) Balances recent behavior with more history.	0.26
Correlation (5Y) Shows whether the relationship held over a longer period.	0.30
Correlation (10Y) Provides a long-term view across more market conditions.	0.47
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.47

The correlation between OAKGX and MBXAX shifts across timeframes, from 0.26 (3 years) to 0.47 (all time), reflecting how their relationship changes across market environments.

Return for Risk

OAKGX vs. MBXAX — Risk / Return Rank

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

OAKGX

OAKGX Risk / Return Rank: 38
OAKGX Sharpe Ratio Rank: 41
OAKGX Sortino Ratio Rank: 42
OAKGX Omega Ratio Rank: 38
OAKGX Calmar Ratio Rank: 34
OAKGX Martin Ratio Rank: 33

MBXAX

MBXAX Risk / Return Rank: 95
MBXAX Sharpe Ratio Rank: 95
MBXAX Sortino Ratio Rank: 95
MBXAX Omega Ratio Rank: 92
MBXAX Calmar Ratio Rank: 95
MBXAX Martin Ratio Rank: 96

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.

OAKGX vs. MBXAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Oakmark Global Fund (OAKGX) 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.

	OAKGX	MBXAX	Difference
Sharpe ratio: Return per unit of total volatility	1.37	2.62	-1.25
Sortino ratio: Return per unit of downside risk	1.99	3.96	-1.97
Omega ratio: Gain probability vs. loss probability	1.24	1.49	-0.25
Calmar ratio: Return relative to maximum drawdown	1.62	4.51	-2.89
Martin ratio: Return relative to average drawdown	5.23	17.40	-12.17

OAKGX vs. MBXAX - Sharpe Ratio Comparison

The current OAKGX Sharpe Ratio is 1.37, which is lower than the MBXAX Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of OAKGX 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

OAKGX vs. MBXAX - Drawdown Comparison

The maximum OAKGX drawdown since its inception was -60.43%, which is greater than MBXAX's maximum drawdown of -31.75%. Use the drawdown chart below to compare losses from any high point for OAKGX and MBXAX.

Drawdown Indicators

	OAKGX	MBXAX	Difference
Max Drawdown Largest peak-to-trough decline	-60.43%	-31.75%	-28.68%
Max Drawdown (1Y) Largest decline over 1 year	-11.58%	-3.89%	-7.69%
Max Drawdown (3Y) Largest decline over 3 years	-15.67%	-15.66%	-0.01%
Max Drawdown (5Y) Largest decline over 5 years	-31.54%	-15.66%	-15.88%
Max Drawdown (10Y) Largest decline over 10 years	-45.14%	-31.75%	-13.39%
Current Drawdown Current decline from peak	0.00%	-2.43%	+2.43%
Average Drawdown Average peak-to-trough decline	-9.33%	-4.00%	-5.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.59%	1.01%	+2.58%

Volatility

OAKGX vs. MBXAX - Volatility Comparison

Oakmark Global Fund (OAKGX) has a higher volatility of 3.85% compared to Catalyst/Millburn Hedge Strategy Fund (MBXAX) at 1.81%. This indicates that OAKGX'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

	OAKGX	MBXAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.85%	1.81%	+2.04%
Volatility (6M) Calculated over the trailing 6-month period	10.61%	4.94%	+5.67%
Volatility (1Y) Calculated over the trailing 1-year period	13.73%	6.70%	+7.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.50%	11.39%	+7.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.43%	13.36%	+7.07%

OAKGX vs. MBXAX - Expense Ratio Comparison

OAKGX has a 1.11% expense ratio, which is lower than MBXAX's 2.18% expense ratio.

Dividends

OAKGX vs. MBXAX - Dividend Comparison

OAKGX's dividend yield for the trailing twelve months is around 1.04%, 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%
OAKGX Oakmark Global Fund	1.04%	1.11%	1.19%	4.35%	0.75%	17.98%	0.16%	3.71%	14.80%	7.50%	1.07%	2.87%

Frequently Asked Questions

Can I hold both OAKGX and MBXAX in my portfolio?

OAKGX and MBXAX have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OAKGX or MBXAX?

OAKGX has higher volatility (3.85%) compared to MBXAX (1.81%). In terms of maximum drawdown, OAKGX dropped -60.43% vs MBXAX's -31.75%.

Which has better risk-adjusted returns?

MBXAX currently has the higher Sharpe Ratio (2.62 vs 1.37), 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.