SHIIX vs. MBXIX

Last updated Jun 4, 2026

SHIIX (Catalyst Buffered Shield Fund) and MBXIX (Catalyst/Millburn Hedge Strategy Fund Class I) are both mutual funds - SHIIX is a Options Trading fund managed by Catalyst Mutual Funds, while MBXIX is a Hedge Fund fund managed by Catalyst Mutual Funds. Over the past 10 years, SHIIX returned 7.42%/yr vs 8.56%/yr for MBXIX. A 0.51 correlation means they provide meaningful diversification when combined. SHIIX charges 1.23%/yr vs 2.04%/yr for MBXIX.

Performance

SHIIX vs. MBXIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Catalyst Buffered Shield Fund (SHIIX) 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, SHIIX achieves a 4.69% return, which is significantly lower than MBXIX's 13.11% return. Over the past 10 years, SHIIX has underperformed MBXIX with an annualized return of 7.42%, while MBXIX has yielded a comparatively higher 8.56% annualized return.

SHIIX

• 1D: 0.00%
• 1M: 1.70%
• YTD: 4.69%
• 6M: 5.35%
• 1Y: 13.94%
• 3Y*: 12.50%
• 5Y*: 5.59%
• 10Y*: 7.42%

MBXIX

• 1D: -0.33%
• 1M: -0.91%
• YTD: 13.11%
• 6M: 14.07%
• 1Y: 19.89%
• 3Y*: 11.65%
• 5Y*: 7.53%
• 10Y*: 8.56%

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

SHIIX vs. MBXIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SHIIX Catalyst Buffered Shield Fund	4.69%	10.88%	13.57%	14.03%	-18.44%	14.15%	7.18%	20.24%	-5.58%	14.17%
MBXIX Catalyst/Millburn Hedge Strategy Fund Class I	13.11%	4.35%	13.49%	-0.67%	7.72%	16.89%	-0.45%	13.83%	-2.16%	13.99%

Correlation

The correlation between SHIIX and MBXIX 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	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.35
Correlation (10Y) Calculated over the trailing 10-year period	0.51
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.51

The correlation between SHIIX and MBXIX shifts across timeframes, from 0.26 (3 years) to 0.51 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SHIIX vs. MBXIX — Risk / Return Rank

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

SHIIX

SHIIX Risk / Return Rank: 85
SHIIX Sharpe Ratio Rank: 85
SHIIX Sortino Ratio Rank: 87
SHIIX Omega Ratio Rank: 87
SHIIX Calmar Ratio Rank: 74
SHIIX Martin Ratio Rank: 91

MBXIX

MBXIX Risk / Return Rank: 91
MBXIX Sharpe Ratio Rank: 90
MBXIX Sortino Ratio Rank: 91
MBXIX Omega Ratio Rank: 86
MBXIX Calmar Ratio Rank: 94
MBXIX Martin Ratio Rank: 94

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.

SHIIX vs. MBXIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Catalyst Buffered Shield Fund (SHIIX) 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.

	SHIIX	MBXIX	Difference
Sharpe ratio: Return per unit of total volatility	2.75	2.99	-0.24
Sortino ratio: Return per unit of downside risk	4.15	4.42	-0.28
Omega ratio: Gain probability vs. loss probability	1.60	1.58	+0.02
Calmar ratio: Return relative to maximum drawdown	3.38	5.47	-2.09
Martin ratio: Return relative to average drawdown	19.02	21.15	-2.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SHIIX vs. MBXIX - Sharpe Ratio Comparison

The current SHIIX Sharpe Ratio is 2.75, which is comparable to the MBXIX Sharpe Ratio of 2.99. The chart below compares the historical Sharpe Ratios of SHIIX 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.

Sharpe Ratios by Period

	SHIIX	MBXIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.75	2.99	-0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	0.66	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.87	0.64	+0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.85	0.69	+0.17

Drawdowns

SHIIX vs. MBXIX - Drawdown Comparison

The maximum SHIIX drawdown since its inception was -20.20%, smaller than the maximum MBXIX drawdown of -31.73%. Use the drawdown chart below to compare losses from any high point for SHIIX and MBXIX.

Drawdown Indicators

	SHIIX	MBXIX	Difference
Max Drawdown Largest peak-to-trough decline	-20.20%	-31.73%	+11.53%
Max Drawdown (1Y) Largest decline over 1 year	-4.27%	-3.85%	-0.42%
Max Drawdown (3Y) Largest decline over 3 years	-11.36%	-15.59%	+4.23%
Max Drawdown (5Y) Largest decline over 5 years	-20.20%	-15.59%	-4.61%
Max Drawdown (10Y) Largest decline over 10 years	-20.20%	-31.73%	+11.53%
Current Drawdown Current decline from peak	0.00%	-0.99%	+0.99%
Average Drawdown Average peak-to-trough decline	-4.12%	-4.00%	-0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.76%	0.99%	-0.23%

Volatility

SHIIX vs. MBXIX - Volatility Comparison

The current volatility for Catalyst Buffered Shield Fund (SHIIX) is 0.95%, while Catalyst/Millburn Hedge Strategy Fund Class I (MBXIX) has a volatility of 1.91%. This indicates that SHIIX experiences smaller price fluctuations and is considered to be less risky than MBXIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHIIX	MBXIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.95%	1.91%	-0.96%
Volatility (6M) Calculated over the trailing 6-month period	4.21%	5.22%	-1.01%
Volatility (1Y) Calculated over the trailing 1-year period	5.26%	7.05%	-1.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.57%	11.55%	-2.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.56%	13.42%	-4.86%

SHIIX vs. MBXIX - Expense Ratio Comparison

SHIIX has a 1.23% expense ratio, which is lower than MBXIX's 2.04% expense ratio.

Dividends

SHIIX vs. MBXIX - Dividend Comparison

SHIIX's dividend yield for the trailing twelve months is around 2.88%, while MBXIX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
SHIIX Catalyst Buffered Shield Fund	2.88%	3.02%	2.94%	2.52%	0.68%	16.99%	2.01%	6.13%	10.13%	14.66%	0.79%

Frequently Asked Questions

Can I hold both SHIIX and MBXIX in my portfolio?

SHIIX and MBXIX 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, SHIIX or MBXIX?

MBXIX has higher volatility (1.91%) compared to SHIIX (0.95%). In terms of maximum drawdown, SHIIX dropped -20.20% vs MBXIX's -31.73%.

Which has better risk-adjusted returns?

MBXIX currently has the higher Sharpe Ratio (2.99 vs 2.75), 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.