VMNVX vs. MBXAX
VMNVX (Vanguard Global Minimum Volatility Fund Admiral Shares) and MBXAX (Catalyst/Millburn Hedge Strategy Fund) are both mutual funds - VMNVX is a Global Equities fund managed by Vanguard, while MBXAX is a Multistrategy fund managed by Catalyst Mutual Funds. Over the past 10 years, VMNVX returned 8.45%/yr vs 7.41%/yr for MBXAX. Their 0.53 correlation means they have sometimes moved together and sometimes differently. VMNVX charges 0.14%/yr vs 2.18%/yr for MBXAX.
Performance
VMNVX vs. MBXAX - Performance Comparison
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Returns By Period
In the year-to-date period, VMNVX achieves a 10.21% return, which is significantly lower than MBXAX's 12.74% return. Over the past 10 years, VMNVX has outperformed MBXAX with an annualized return of 8.45%, while MBXAX has yielded a comparatively lower 7.41% annualized return.
VMNVX
- 1D
- -0.06%
- 1M
- 0.46%
- 6M
- 6.43%
- YTD
- 10.21%
- 1Y
- 15.46%
- 3Y*
- 13.49%
- 5Y*
- 9.12%
- 10Y*
- 8.45%
- ALL TIME*
- 9.19%
MBXAX
- 1D
- -0.29%
- 1M
- -2.04%
- 6M
- 8.41%
- YTD
- 12.74%
- 1Y
- 17.15%
- 3Y*
- 9.84%
- 5Y*
- 7.12%
- 10Y*
- 7.41%
- ALL TIME*
- 8.86%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
VMNVX vs. MBXAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VMNVX Vanguard Global Minimum Volatility Fund Admiral Shares | 10.21% | 12.83% | 13.42% | 7.94% | -4.46% | 15.40% | -3.94% | 22.66% | -1.70% | 16.03% |
MBXAX Catalyst/Millburn Hedge Strategy Fund | 12.74% | 4.13% | 13.17% | -0.91% | 7.46% | 16.62% | -0.72% | 13.59% | -2.43% | 13.69% |
Correlation
The correlation between VMNVX and MBXAX is 0.33, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.33 |
Correlation (3Y) Balances recent behavior with more history. | 0.28 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.35 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.52 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016 | 0.53 |
The correlation between VMNVX and MBXAX shifts across timeframes, from 0.28 (3 years) to 0.53 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
VMNVX vs. MBXAX — Risk / Return Rank
VMNVX
MBXAX
VMNVX vs. MBXAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Global Minimum Volatility Fund Admiral Shares (VMNVX) 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.
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.
| VMNVX | MBXAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.40 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.34 | 3.77 | -1.43 |
| Martin ratioReturn relative to average drawdown | 9.03 | 14.56 | -5.53 |
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Drawdowns
VMNVX vs. MBXAX - Drawdown Comparison
The maximum VMNVX drawdown since its inception was -33.11%, roughly equal to the maximum MBXAX drawdown of -31.75%. Use the drawdown chart below to compare losses from any high point for VMNVX and MBXAX.
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Drawdown Indicators
| VMNVX | MBXAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.11% | -31.75% | -1.36% |
Max Drawdown (1Y)Largest decline over 1 year | -6.24% | -3.89% | -2.35% |
Max Drawdown (3Y)Largest decline over 3 years | -7.93% | -15.66% | +7.73% |
Max Drawdown (5Y)Largest decline over 5 years | -12.93% | -15.66% | +2.73% |
Max Drawdown (10Y)Largest decline over 10 years | -33.11% | -31.75% | -1.36% |
Current DrawdownCurrent decline from peak | -0.46% | -2.69% | +2.23% |
Average DrawdownAverage peak-to-trough decline | -2.78% | -4.00% | +1.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.61% | 1.05% | +0.56% |
Volatility
VMNVX vs. MBXAX - Volatility Comparison
Vanguard Global Minimum Volatility Fund Admiral Shares (VMNVX) has a higher volatility of 1.96% compared to Catalyst/Millburn Hedge Strategy Fund (MBXAX) at 1.59%. This indicates that VMNVX's price experiences larger fluctuations and is considered to be riskier than MBXAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VMNVX | MBXAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.96% | 1.59% | +0.37% |
Volatility (6M)Calculated over the trailing 6-month period | 5.57% | 4.87% | +0.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.01% | 6.87% | +0.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.54% | 11.39% | -1.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.91% | 13.36% | -1.45% |
VMNVX vs. MBXAX - Expense Ratio Comparison
VMNVX has a 0.14% expense ratio, which is lower than MBXAX's 2.18% expense ratio.
Dividends
VMNVX vs. MBXAX - Dividend Comparison
VMNVX's dividend yield for the trailing twelve months is around 9.13%, 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% |
VMNVX Vanguard Global Minimum Volatility Fund Admiral Shares | 9.13% | 10.07% | 3.84% | 3.13% | 5.03% | 6.33% | 2.15% | 4.62% | 7.37% | 2.31% | 2.82% | 3.30% |
Frequently Asked Questions
VMNVX and MBXAX have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VMNVX has higher volatility (1.96%) compared to MBXAX (1.59%). In terms of maximum drawdown, VMNVX dropped -33.11% vs MBXAX's -31.75%.
MBXAX currently has the higher Sharpe Ratio (2.13 vs 2.09), 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.
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