VMVFX vs. MBXAX

Last updated Aug 4, 2026

VMVFX (Vanguard Global Minimum Volatility Fund Investor Shares) and MBXAX (Catalyst/Millburn Hedge Strategy Fund) are both mutual funds - VMVFX is a Global Equities fund managed by Vanguard, while MBXAX is a Multistrategy fund managed by Catalyst Mutual Funds. Over the past 10 years, VMVFX returned 9.29%/yr vs 7.59%/yr for MBXAX. Their 0.53 correlation means they have sometimes moved together and sometimes differently. VMVFX charges 0.21%/yr vs 2.18%/yr for MBXAX.

Performance

VMVFX vs. MBXAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Global Minimum Volatility Fund Investor Shares (VMVFX) and Catalyst/Millburn Hedge Strategy Fund (MBXAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VMVFX achieves a 10.34% return, which is significantly lower than MBXAX's 13.56% return. Over the past 10 years, VMVFX has outperformed MBXAX with an annualized return of 9.29%, while MBXAX has yielded a comparatively lower 7.59% annualized return.

VMVFX

• 1D: 0.17%
• 1M: 0.64%
• 6M: 6.03%
• YTD: 10.34%
• 1Y: 15.54%
• 3Y*: 13.44%
• 5Y*: 10.64%
• 10Y*: 9.29%
• ALL TIME*: 9.81%

MBXAX

• 1D: 0.73%
• 1M: -1.32%
• 6M: 9.10%
• YTD: 13.56%
• 1Y: 18.00%
• 3Y*: 9.79%
• 5Y*: 7.27%
• 10Y*: 7.59%
• ALL TIME*: 8.93%

*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)
MBXAX Catalyst/Millburn Hedge Strategy Fund	$0.00	$0.00	$0.00
VMVFX Vanguard Global Minimum Volatility Fund Investor Shares	$0.00	$0.00	$0.00

VMVFX vs. MBXAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VMVFX Vanguard Global Minimum Volatility Fund Investor Shares	10.34%	12.74%	13.38%	7.82%	-4.48%	23.74%	-3.99%	23.28%	-1.79%	15.93%
MBXAX Catalyst/Millburn Hedge Strategy Fund	13.56%	4.13%	13.17%	-0.91%	7.46%	16.62%	-0.72%	13.59%	-2.43%	13.69%

Correlation

The correlation between VMVFX and MBXAX is 0.32, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.32
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.	0.51
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016	0.53

Over the past year, the correlation between VMVFX and MBXAX has dropped to 0.32 - well below their long-term average of 0.53, suggesting their price drivers have been diverging.

Return for Risk

VMVFX vs. MBXAX — Risk / Return Rank

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

VMVFX

VMVFX Risk / Return Rank: 80
VMVFX Sharpe Ratio Rank: 88
VMVFX Sortino Ratio Rank: 86
VMVFX Omega Ratio Rank: 83
VMVFX Calmar Ratio Rank: 72
VMVFX Martin Ratio Rank: 73

MBXAX

MBXAX Risk / Return Rank: 92
MBXAX Sharpe Ratio Rank: 91
MBXAX Sortino Ratio Rank: 91
MBXAX Omega Ratio Rank: 87
MBXAX Calmar Ratio Rank: 94
MBXAX 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.

VMVFX vs. MBXAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Global Minimum Volatility Fund Investor Shares (VMVFX) 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.

	VMVFX	MBXAX	Difference
Sharpe ratio: Return per unit of total volatility	2.21	2.36	-0.15
Sortino ratio: Return per unit of downside risk	3.17	3.47	-0.29
Omega ratio: Gain probability vs. loss probability	1.40	1.44	-0.04
Calmar ratio: Return relative to maximum drawdown	2.44	4.17	-1.73
Martin ratio: Return relative to average drawdown	9.44	16.27	-6.83

VMVFX vs. MBXAX - Sharpe Ratio Comparison

The current VMVFX Sharpe Ratio is 2.21, which is comparable to the MBXAX Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of VMVFX and MBXAX, 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

VMVFX vs. MBXAX - Drawdown Comparison

The maximum VMVFX drawdown since its inception was -33.09%, roughly equal to the maximum MBXAX drawdown of -31.75%. Use the drawdown chart below to compare losses from any high point for VMVFX and MBXAX.

Drawdown Indicators

	VMVFX	MBXAX	Difference
Max Drawdown Largest peak-to-trough decline	-33.09%	-31.75%	-1.34%
Max Drawdown (1Y) Largest decline over 1 year	-6.27%	-3.89%	-2.38%
Max Drawdown (3Y) Largest decline over 3 years	-7.96%	-15.66%	+7.70%
Max Drawdown (5Y) Largest decline over 5 years	-13.02%	-15.66%	+2.64%
Max Drawdown (10Y) Largest decline over 10 years	-33.09%	-31.75%	-1.34%
Current Drawdown Current decline from peak	-0.29%	-1.98%	+1.69%
Average Drawdown Average peak-to-trough decline	-2.80%	-4.00%	+1.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.62%	1.01%	+0.61%

Volatility

VMVFX vs. MBXAX - Volatility Comparison

Vanguard Global Minimum Volatility Fund Investor Shares (VMVFX) has a higher volatility of 1.90% compared to Catalyst/Millburn Hedge Strategy Fund (MBXAX) at 1.78%. This indicates that VMVFX'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.

Volatility by Period

	VMVFX	MBXAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.90%	1.78%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	5.55%	4.91%	+0.64%
Volatility (1Y) Calculated over the trailing 1-year period	6.97%	6.90%	+0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.76%	11.39%	-0.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.43%	13.36%	-0.93%

VMVFX vs. MBXAX - Expense Ratio Comparison

VMVFX has a 0.21% expense ratio, which is lower than MBXAX's 2.18% expense ratio.

Dividends

VMVFX vs. MBXAX - Dividend Comparison

VMVFX's dividend yield for the trailing twelve months is around 9.04%, 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%
VMVFX Vanguard Global Minimum Volatility Fund Investor Shares	9.04%	9.98%	3.77%	3.05%	4.96%	12.73%	2.02%	5.12%	7.27%	2.30%	2.71%	3.22%

Frequently Asked Questions

Can I hold both VMVFX and MBXAX in my portfolio?

VMVFX and MBXAX have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VMVFX or MBXAX?

VMVFX has higher volatility (1.90%) compared to MBXAX (1.78%). In terms of maximum drawdown, VMVFX dropped -33.09% vs MBXAX's -31.75%.

Which has better risk-adjusted returns?

MBXAX currently has the higher Sharpe Ratio (2.36 vs 2.21), 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.