SRRIX vs. MBXIX

Last updated Aug 1, 2026

SRRIX (Stone Ridge Reinsurance Risk Premium Interval Fund) and MBXIX (Catalyst/Millburn Hedge Strategy Fund Class I) are both Multistrategy funds. Over the past 10 years, SRRIX returned 8.98%/yr vs 7.68%/yr for MBXIX. Their -0.03 correlation means they have often moved in opposite directions in the past. SRRIX charges 2.35%/yr vs 2.04%/yr for MBXIX.

Performance

SRRIX vs. MBXIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Stone Ridge Reinsurance Risk Premium Interval Fund (SRRIX) 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, SRRIX achieves a 10.94% return, which is significantly lower than MBXIX's 12.91% return. Over the past 10 years, SRRIX has outperformed MBXIX with an annualized return of 8.98%, while MBXIX has yielded a comparatively lower 7.68% annualized return.

SRRIX

• 1D: 0.05%
• 1M: 0.75%
• 6M: 8.61%
• YTD: 10.94%
• 1Y: 33.49%
• 3Y*: 31.48%
• 5Y*: 22.31%
• 10Y*: 8.98%
• ALL TIME*: 8.72%

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
SRRIX Stone Ridge Reinsurance Risk Premium Interval Fund	$0.00	$0.00	$0.00

SRRIX vs. MBXIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SRRIX Stone Ridge Reinsurance Risk Premium Interval Fund	10.94%	29.63%	33.14%	44.73%	5.10%	-6.47%	4.30%	-4.47%	-6.14%	-11.35%
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 SRRIX and MBXIX is -0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.07
Correlation (3Y) Balances recent behavior with more history.	-0.02
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.03
Correlation (10Y) Provides a long-term view across more market conditions.	-0.03
Correlation (All Time) Calculated using the full available price history since Dec 28, 2015	-0.03

Return for Risk

SRRIX vs. MBXIX — Risk / Return Rank

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

SRRIX

SRRIX Risk / Return Rank: 100
SRRIX Sharpe Ratio Rank: 100
SRRIX Sortino Ratio Rank: 100
SRRIX Omega Ratio Rank: 100
SRRIX Calmar Ratio Rank: 100
SRRIX Martin Ratio Rank: 100

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.

SRRIX vs. MBXIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Stone Ridge Reinsurance Risk Premium Interval Fund (SRRIX) 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.

	SRRIX	MBXIX	Difference
Sharpe ratio: Return per unit of total volatility	12.86	2.16	+10.69
Sortino ratio: Return per unit of downside risk	36.59	3.18	+33.42
Omega ratio: Gain probability vs. loss probability	19.15	1.40	+17.75
Calmar ratio: Return relative to maximum drawdown	61.31	3.88	+57.43
Martin ratio: Return relative to average drawdown	479.83	14.92	+464.91

SRRIX vs. MBXIX - Sharpe Ratio Comparison

The current SRRIX Sharpe Ratio is 12.86, which is higher than the MBXIX Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of SRRIX 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

SRRIX vs. MBXIX - Drawdown Comparison

The maximum SRRIX drawdown since its inception was -27.22%, smaller than the maximum MBXIX drawdown of -31.73%. Use the drawdown chart below to compare losses from any high point for SRRIX and MBXIX.

Drawdown Indicators

	SRRIX	MBXIX	Difference
Max Drawdown Largest peak-to-trough decline	-27.22%	-31.73%	+4.51%
Max Drawdown (1Y) Largest decline over 1 year	-0.55%	-3.85%	+3.30%
Max Drawdown (3Y) Largest decline over 3 years	-17.26%	-15.59%	-1.67%
Max Drawdown (5Y) Largest decline over 5 years	-17.26%	-15.59%	-1.67%
Max Drawdown (10Y) Largest decline over 10 years	-27.22%	-31.73%	+4.51%
Current Drawdown Current decline from peak	0.00%	-2.68%	+2.68%
Average Drawdown Average peak-to-trough decline	-9.78%	-3.95%	-5.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.07%	1.04%	-0.97%

Volatility

SRRIX vs. MBXIX - Volatility Comparison

The current volatility for Stone Ridge Reinsurance Risk Premium Interval Fund (SRRIX) is 0.59%, while Catalyst/Millburn Hedge Strategy Fund Class I (MBXIX) has a volatility of 1.59%. This indicates that SRRIX 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

	SRRIX	MBXIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.59%	1.59%	-1.00%
Volatility (6M) Calculated over the trailing 6-month period	0.92%	4.89%	-3.97%
Volatility (1Y) Calculated over the trailing 1-year period	2.65%	6.90%	-4.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.95%	11.40%	+2.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.01%	13.36%	-2.35%

SRRIX vs. MBXIX - Expense Ratio Comparison

SRRIX has a 2.35% expense ratio, which is higher than MBXIX's 2.04% expense ratio.

Dividends

SRRIX vs. MBXIX - Dividend Comparison

SRRIX's dividend yield for the trailing twelve months is around 18.15%, 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%
SRRIX Stone Ridge Reinsurance Risk Premium Interval Fund	18.15%	20.14%	21.58%	20.02%	0.00%	0.00%	0.38%	1.06%	2.32%	0.10%	6.16%	8.41%

Frequently Asked Questions

Can I hold both SRRIX and MBXIX in my portfolio?

SRRIX and MBXIX have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SRRIX or MBXIX?

MBXIX has higher volatility (1.59%) compared to SRRIX (0.59%). In terms of maximum drawdown, SRRIX dropped -27.22% vs MBXIX's -31.73%.

Which has better risk-adjusted returns?

SRRIX currently has the higher Sharpe Ratio (12.86 vs 2.16), 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.