PQTPX vs. MBXIX

Last updated Aug 4, 2026

PQTPX (PIMCO TRENDS Managed Futures Strategy Fund) and MBXIX (Catalyst/Millburn Hedge Strategy Fund Class I) are both mutual funds - PQTPX is a Systematic Trend fund managed by PIMCO, while MBXIX is a Multistrategy fund managed by Catalyst Mutual Funds. Over the past 10 years, PQTPX returned 3.77%/yr vs 7.85%/yr for MBXIX. Their 0.27 correlation means their historical movements had little consistent relationship. PQTPX charges 1.51%/yr vs 2.04%/yr for MBXIX.

Performance

PQTPX vs. MBXIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO TRENDS Managed Futures Strategy Fund (PQTPX) 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, PQTPX achieves a 2.82% return, which is significantly lower than MBXIX's 13.75% return. Over the past 10 years, PQTPX has underperformed MBXIX with an annualized return of 3.77%, while MBXIX has yielded a comparatively higher 7.85% annualized return.

PQTPX

• 1D: 0.37%
• 1M: -1.64%
• 6M: 0.17%
• YTD: 2.82%
• 1Y: 16.28%
• 3Y*: 0.43%
• 5Y*: 2.69%
• 10Y*: 3.77%
• ALL TIME*: 4.11%

MBXIX

• 1D: 0.74%
• 1M: -1.29%
• 6M: 9.25%
• YTD: 13.75%
• 1Y: 18.31%
• 3Y*: 10.06%
• 5Y*: 7.54%
• 10Y*: 7.85%
• ALL TIME*: 9.02%

*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
PQTPX PIMCO TRENDS Managed Futures Strategy Fund	$0.00	$0.00	$0.00

PQTPX vs. MBXIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PQTPX PIMCO TRENDS Managed Futures Strategy Fund	2.82%	2.41%	-3.08%	-4.21%	11.37%	14.83%	9.72%	2.83%	2.30%	2.21%
MBXIX Catalyst/Millburn Hedge Strategy Fund Class I	13.75%	4.35%	13.49%	-0.67%	7.72%	16.89%	-0.45%	13.83%	-2.16%	13.99%

Correlation

The correlation between PQTPX and MBXIX is 0.37, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.37
Correlation (3Y) Balances recent behavior with more history.	0.29
Correlation (5Y) Shows whether the relationship held over a longer period.	0.23
Correlation (10Y) Provides a long-term view across more market conditions.	0.28
Correlation (All Time) Calculated using the full available price history since Dec 28, 2015	0.27

The correlation between PQTPX and MBXIX shifts across timeframes, from 0.23 (5 years) to 0.37 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PQTPX vs. MBXIX — Risk / Return Rank

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

PQTPX

PQTPX Risk / Return Rank: 72
PQTPX Sharpe Ratio Rank: 75
PQTPX Sortino Ratio Rank: 67
PQTPX Omega Ratio Rank: 71
PQTPX Calmar Ratio Rank: 88
PQTPX Martin Ratio Rank: 59

MBXIX

MBXIX Risk / Return Rank: 92
MBXIX Sharpe Ratio Rank: 92
MBXIX Sortino Ratio Rank: 91
MBXIX Omega Ratio Rank: 87
MBXIX Calmar Ratio Rank: 95
MBXIX 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.

PQTPX vs. MBXIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO TRENDS Managed Futures Strategy Fund (PQTPX) 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.

	PQTPX	MBXIX	Difference
Sharpe ratio: Return per unit of total volatility	1.81	2.39	-0.58
Sortino ratio: Return per unit of downside risk	2.41	3.52	-1.10
Omega ratio: Gain probability vs. loss probability	1.33	1.45	-0.12
Calmar ratio: Return relative to maximum drawdown	3.34	4.29	-0.95
Martin ratio: Return relative to average drawdown	8.25	16.67	-8.41

PQTPX vs. MBXIX - Sharpe Ratio Comparison

The current PQTPX Sharpe Ratio is 1.81, which is comparable to the MBXIX Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of PQTPX 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

PQTPX vs. MBXIX - Drawdown Comparison

The maximum PQTPX drawdown since its inception was -27.86%, smaller than the maximum MBXIX drawdown of -31.73%. Use the drawdown chart below to compare losses from any high point for PQTPX and MBXIX.

Drawdown Indicators

	PQTPX	MBXIX	Difference
Max Drawdown Largest peak-to-trough decline	-27.86%	-31.73%	+3.87%
Max Drawdown (1Y) Largest decline over 1 year	-4.66%	-3.85%	-0.81%
Max Drawdown (3Y) Largest decline over 3 years	-18.69%	-15.59%	-3.10%
Max Drawdown (5Y) Largest decline over 5 years	-27.86%	-15.59%	-12.27%
Max Drawdown (10Y) Largest decline over 10 years	-27.86%	-31.73%	+3.87%
Current Drawdown Current decline from peak	-14.20%	-1.96%	-12.24%
Average Drawdown Average peak-to-trough decline	-9.45%	-3.95%	-5.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.88%	1.01%	+0.87%

Volatility

PQTPX vs. MBXIX - Volatility Comparison

PIMCO TRENDS Managed Futures Strategy Fund (PQTPX) has a higher volatility of 2.12% compared to Catalyst/Millburn Hedge Strategy Fund Class I (MBXIX) at 1.78%. This indicates that PQTPX'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

	PQTPX	MBXIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.12%	1.78%	+0.34%
Volatility (6M) Calculated over the trailing 6-month period	6.77%	4.94%	+1.83%
Volatility (1Y) Calculated over the trailing 1-year period	8.67%	6.93%	+1.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.91%	11.40%	-1.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.28%	13.36%	-4.08%

PQTPX vs. MBXIX - Expense Ratio Comparison

PQTPX has a 1.51% expense ratio, which is lower than MBXIX's 2.04% expense ratio.

Dividends

PQTPX vs. MBXIX - Dividend Comparison

PQTPX's dividend yield for the trailing twelve months is around 1.30%, 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%
PQTPX PIMCO TRENDS Managed Futures Strategy Fund	1.30%	0.00%	0.00%	0.00%	14.80%	2.40%	5.63%	2.49%	0.32%	0.20%	0.00%	7.57%

Frequently Asked Questions

Can I hold both PQTPX and MBXIX in my portfolio?

PQTPX and MBXIX have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PQTPX or MBXIX?

PQTPX has higher volatility (2.12%) compared to MBXIX (1.78%). In terms of maximum drawdown, PQTPX dropped -27.86% vs MBXIX's -31.73%.

Which has better risk-adjusted returns?

MBXIX currently has the higher Sharpe Ratio (2.39 vs 1.81), 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.