Water Island Credit Opportunities Fund (ACFIX)

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The chart shows the growth of an initial investment of $10,000 in Water Island Credit Opportunities Fund, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.

Water Island Credit Opportunities Fund (ACFIX) has returned 0.63% so far this year and 3.95% over the past 12 months. Over the last ten years, ACFIX has returned 3.68% per year, falling short of the S&P 500 Index benchmark, which averaged 12.16% annually.

Based on dividend-adjusted daily data since Oct 9, 2012, ACFIX's average daily return is +0.01%, while the average monthly return is +0.27%. At this rate, your investment would double in approximately 21.4 years.

Historically, 77% of months were positive and 23% were negative. The best month was May 2020 with a return of +3.7%, while the worst month was Mar 2020 at -5.9%. The longest winning streak lasted 23 consecutive months, and the longest losing streak was 4 months.

On a daily basis, ACFIX closed higher 29% of trading days. The best single day was Aug 19, 2025 with a return of +26.2%, while the worst single day was Aug 20, 2025 at -20.7%.

Water Island Credit Opportunities Fund has an annualized alpha of 3.15%, beta of 0.05, and R² of 0.01 versus S&P 500 Index. Calculated based on daily prices since October 10, 2012.

• This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (12.79%) than losses (4.92%) — typical of diversified or defensive assets.
• Beta of 0.05 may look defensive, but with R² of 0.01 this fund is largely uncorrelated with S&P 500 Index — low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
• R² of 0.01 means this fund moves largely independently of S&P 500 Index — capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.

ACFIX has a high expense ratio of 0.98%, indicating above-average management fees.

ACFIX ranks 24 for risk / return — below 24% of mutual funds on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.

The table below present risk-adjusted performance metrics for Water Island Credit Opportunities Fund (ACFIX) and compare them to a chosen benchmark (S&P 500 Index).

Water Island Credit Opportunities Fund provided a 3.77% dividend yield over the last twelve months, with an annual payout of $0.37 per share.

The table displays the monthly dividend distributions for Water Island Credit Opportunities Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.

The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.

The table below displays the maximum drawdowns of the Water Island Credit Opportunities Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.

The maximum drawdown for the Water Island Credit Opportunities Fund was 20.82%, occurring on Aug 21, 2025. The portfolio has not yet recovered.

The current Water Island Credit Opportunities Fund drawdown is 18.84%.

The chart below shows the rolling one-month volatility.