OTRFX vs. MBXAX

Last updated Jun 4, 2026

OTRFX (OnTrack Core Fund) and MBXAX (Catalyst/Millburn Hedge Strategy Fund) are both Macro Trading funds. Over the past 10 years, OTRFX returned 5.29%/yr vs 8.29%/yr for MBXAX. At a 0.25 correlation, their price movements are largely independent. OTRFX charges 2.58%/yr vs 2.18%/yr for MBXAX.

Performance

OTRFX vs. MBXAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in OnTrack Core Fund (OTRFX) 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, OTRFX achieves a 4.79% return, which is significantly lower than MBXAX's 12.96% return. Over the past 10 years, OTRFX has underperformed MBXAX with an annualized return of 5.29%, while MBXAX has yielded a comparatively higher 8.29% annualized return.

OTRFX

• 1D: 0.10%
• 1M: 0.79%
• YTD: 4.79%
• 6M: 5.54%
• 1Y: 11.97%
• 3Y*: 6.14%
• 5Y*: 1.95%
• 10Y*: 5.29%

MBXAX

• 1D: -0.33%
• 1M: -0.94%
• YTD: 12.96%
• 6M: 13.93%
• 1Y: 19.58%
• 3Y*: 11.37%
• 5Y*: 7.26%
• 10Y*: 8.29%

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

OTRFX vs. MBXAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OTRFX OnTrack Core Fund	4.79%	6.12%	-0.12%	5.37%	-5.82%	3.94%	29.03%	6.86%	-4.70%	6.49%
MBXAX Catalyst/Millburn Hedge Strategy Fund	12.96%	4.13%	13.17%	-0.91%	7.46%	16.62%	-0.72%	13.59%	-2.43%	13.69%

Correlation

The correlation between OTRFX and MBXAX is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (5Y) Calculated over the trailing 5-year period	0.06
Correlation (10Y) Calculated over the trailing 10-year period	0.24
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.25

The correlation between OTRFX and MBXAX shifts across timeframes, from 0.05 (3 years) to 0.34 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

OTRFX vs. MBXAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

OTRFX

OTRFX Risk / Return Rank: 79
OTRFX Sharpe Ratio Rank: 89
OTRFX Sortino Ratio Rank: 84
OTRFX Omega Ratio Rank: 95
OTRFX Calmar Ratio Rank: 85
OTRFX Martin Ratio Rank: 42

MBXAX

MBXAX Risk / Return Rank: 90
MBXAX Sharpe Ratio Rank: 90
MBXAX Sortino Ratio Rank: 90
MBXAX Omega Ratio Rank: 85
MBXAX Calmar Ratio Rank: 93
MBXAX Martin Ratio Rank: 93

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

OTRFX vs. MBXAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for OnTrack Core Fund (OTRFX) 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.

	OTRFX	MBXAX	Difference
Sharpe ratio Return per unit of total volatility	2.95	2.96	-0.01
Sortino ratio Return per unit of downside risk	4.00	4.38	-0.38
Omega ratio Gain probability vs. loss probability	1.76	1.58	+0.19
Calmar ratio Return relative to maximum drawdown	4.03	5.34	-1.31
Martin ratio Return relative to average drawdown	8.97	20.68	-11.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OTRFX vs. MBXAX - Sharpe Ratio Comparison

The current OTRFX Sharpe Ratio is 2.95, which is comparable to the MBXAX Sharpe Ratio of 2.96. The chart below compares the historical Sharpe Ratios of OTRFX 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.

Sharpe Ratios by Period

	OTRFX	MBXAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.95	2.96	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	0.63	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.47	0.62	+0.85
Sharpe Ratio (All Time) Calculated using the full available price history	1.26	0.68	+0.58

Drawdowns

OTRFX vs. MBXAX - Drawdown Comparison

The maximum OTRFX drawdown since its inception was -9.73%, smaller than the maximum MBXAX drawdown of -31.75%. Use the drawdown chart below to compare losses from any high point for OTRFX and MBXAX.

Drawdown Indicators

	OTRFX	MBXAX	Difference
Max Drawdown Largest peak-to-trough decline	-9.73%	-31.75%	+22.02%
Max Drawdown (1Y) Largest decline over 1 year	-3.02%	-3.89%	+0.87%
Max Drawdown (3Y) Largest decline over 3 years	-5.76%	-15.66%	+9.90%
Max Drawdown (5Y) Largest decline over 5 years	-9.51%	-15.66%	+6.15%
Max Drawdown (10Y) Largest decline over 10 years	-9.51%	-31.75%	+22.24%
Current Drawdown Current decline from peak	-1.34%	-1.00%	-0.34%
Average Drawdown Average peak-to-trough decline	-2.97%	-4.05%	+1.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.36%	1.00%	+0.36%

Volatility

OTRFX vs. MBXAX - Volatility Comparison

The current volatility for OnTrack Core Fund (OTRFX) is 0.37%, while Catalyst/Millburn Hedge Strategy Fund (MBXAX) has a volatility of 1.89%. This indicates that OTRFX experiences smaller price fluctuations and is considered to be less risky than MBXAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OTRFX	MBXAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.37%	1.89%	-1.52%
Volatility (6M) Calculated over the trailing 6-month period	2.88%	5.19%	-2.31%
Volatility (1Y) Calculated over the trailing 1-year period	4.14%	7.02%	-2.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.06%	11.54%	-8.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.62%	13.42%	-9.80%

OTRFX vs. MBXAX - Expense Ratio Comparison

OTRFX has a 2.58% expense ratio, which is higher than MBXAX's 2.18% expense ratio.

Dividends

OTRFX vs. MBXAX - Dividend Comparison

OTRFX's dividend yield for the trailing twelve months is around 12.45%, 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%
OTRFX OnTrack Core Fund	12.45%	13.04%	8.01%	0.14%	1.39%	7.10%	2.36%	1.38%	7.15%	2.69%	7.05%	6.15%

Frequently Asked Questions

Can I hold both OTRFX and MBXAX in my portfolio?

OTRFX and MBXAX 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.

Which is riskier, OTRFX or MBXAX?

MBXAX has higher volatility (1.89%) compared to OTRFX (0.37%). In terms of maximum drawdown, OTRFX dropped -9.73% vs MBXAX's -31.75%.

Which has better risk-adjusted returns?

MBXAX currently has the higher Sharpe Ratio (2.96 vs 2.95), 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.