PGIIX vs. MBXIX

Last updated Aug 1, 2026

PGIIX (Polen Global Growth Fund) and MBXIX (Catalyst/Millburn Hedge Strategy Fund Class I) are both mutual funds - PGIIX is a Global Equities fund managed by Polen, while MBXIX is a Multistrategy fund managed by Catalyst Mutual Funds. Over the past 10 years, PGIIX returned 9.92%/yr vs 7.68%/yr for MBXIX. Their 0.47 correlation means their historical movements had little consistent relationship. PGIIX charges 0.99%/yr vs 2.04%/yr for MBXIX.

Performance

PGIIX vs. MBXIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Polen Global Growth Fund (PGIIX) and Catalyst/Millburn Hedge Strategy Fund Class I (MBXIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PGIIX achieves a -6.88% return, which is significantly lower than MBXIX's 12.91% return. Over the past 10 years, PGIIX has outperformed MBXIX with an annualized return of 9.92%, while MBXIX has yielded a comparatively lower 7.68% annualized return.

PGIIX

• 1D: 2.07%
• 1M: -0.38%
• 6M: -3.59%
• YTD: -6.88%
• 1Y: -6.38%
• 3Y*: 5.05%
• 5Y*: 0.37%
• 10Y*: 9.92%
• ALL TIME*: 9.61%

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%

*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)
MBXIX Catalyst/Millburn Hedge Strategy Fund Class I	$0.00	$0.00	$0.00
PGIIX Polen Global Growth Fund	$0.00	$0.00	$0.00

PGIIX vs. MBXIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PGIIX Polen Global Growth Fund	-6.88%	1.91%	16.43%	31.09%	-31.20%	17.43%	23.67%	35.47%	2.48%	31.52%
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 PGIIX and MBXIX is 0.31, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.31
Correlation (3Y) Balances recent behavior with more history.	0.26
Correlation (5Y) Shows whether the relationship held over a longer period.	0.33
Correlation (10Y) Provides a long-term view across more market conditions.	0.46
Correlation (All Time) Calculated using the full available price history since Dec 28, 2015	0.47

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

Return for Risk

PGIIX vs. MBXIX — Risk / Return Rank

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

PGIIX

PGIIX Risk / Return Rank: 1
PGIIX Sharpe Ratio Rank: 1
PGIIX Sortino Ratio Rank: 1
PGIIX Omega Ratio Rank: 1
PGIIX Calmar Ratio Rank: 1
PGIIX Martin Ratio Rank: 1

MBXIX

MBXIX Risk / Return Rank: 90
MBXIX Sharpe Ratio Rank: 88
MBXIX Sortino Ratio Rank: 87
MBXIX Omega Ratio Rank: 84
MBXIX Calmar Ratio Rank: 94
MBXIX Martin Ratio Rank: 95

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.

PGIIX vs. MBXIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Polen Global Growth Fund (PGIIX) 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.

	PGIIX	MBXIX	Difference
Sharpe ratio: Return per unit of total volatility	-0.54	2.16	-2.71
Sortino ratio: Return per unit of downside risk	-0.64	3.18	-3.82
Omega ratio: Gain probability vs. loss probability	0.92	1.40	-0.48
Calmar ratio: Return relative to maximum drawdown	-0.41	3.88	-4.29
Martin ratio: Return relative to average drawdown	-0.89	14.92	-15.81

PGIIX vs. MBXIX - Sharpe Ratio Comparison

The current PGIIX Sharpe Ratio is -0.54, which is lower than the MBXIX Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of PGIIX and MBXIX, 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

PGIIX vs. MBXIX - Drawdown Comparison

The maximum PGIIX drawdown since its inception was -37.09%, which is greater than MBXIX's maximum drawdown of -31.73%. Use the drawdown chart below to compare losses from any high point for PGIIX and MBXIX.

Drawdown Indicators

	PGIIX	MBXIX	Difference
Max Drawdown Largest peak-to-trough decline	-37.09%	-31.73%	-5.36%
Max Drawdown (1Y) Largest decline over 1 year	-22.38%	-3.85%	-18.53%
Max Drawdown (3Y) Largest decline over 3 years	-22.38%	-15.59%	-6.79%
Max Drawdown (5Y) Largest decline over 5 years	-37.09%	-15.59%	-21.50%
Max Drawdown (10Y) Largest decline over 10 years	-37.09%	-31.73%	-5.36%
Current Drawdown Current decline from peak	-11.91%	-2.68%	-9.23%
Average Drawdown Average peak-to-trough decline	-7.10%	-3.95%	-3.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.09%	1.04%	+9.05%

Volatility

PGIIX vs. MBXIX - Volatility Comparison

Polen Global Growth Fund (PGIIX) has a higher volatility of 4.21% compared to Catalyst/Millburn Hedge Strategy Fund Class I (MBXIX) at 1.59%. This indicates that PGIIX'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.

Volatility by Period

	PGIIX	MBXIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.21%	1.59%	+2.62%
Volatility (6M) Calculated over the trailing 6-month period	13.60%	4.89%	+8.71%
Volatility (1Y) Calculated over the trailing 1-year period	16.79%	6.90%	+9.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.79%	11.40%	+8.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.30%	13.36%	+5.94%

PGIIX vs. MBXIX - Expense Ratio Comparison

PGIIX has a 0.99% expense ratio, which is lower than MBXIX's 2.04% expense ratio.

Dividends

PGIIX vs. MBXIX - Dividend Comparison

PGIIX's dividend yield for the trailing twelve months is around 23.21%, while MBXIX has not 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%
PGIIX Polen Global Growth Fund	23.21%	21.62%	7.45%	0.00%	1.15%	2.48%	0.00%	0.04%	1.93%	0.00%	0.05%	0.09%

Frequently Asked Questions

Can I hold both PGIIX and MBXIX in my portfolio?

PGIIX and MBXIX have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PGIIX or MBXIX?

PGIIX has higher volatility (4.21%) compared to MBXIX (1.59%). In terms of maximum drawdown, PGIIX dropped -37.09% vs MBXIX's -31.73%.

Which has better risk-adjusted returns?

MBXIX currently has the higher Sharpe Ratio (2.16 vs -0.54), 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.