The Arbitrage Fund Class Institutional (ARBNX)

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The Arbitrage Fund Class Institutional (ARBNX) is up 1.3% since the beginning of the year. ARBNX is currently trading at $14 per share. Investors who bought $1,000 worth of ARBNX shares 5 years ago would now be looking at an investment worth $1,172.

The Arbitrage Fund Class Institutional (ARBNX) has returned 1.28% so far this year and 6.28% over the past 12 months. Over the last ten years, ARBNX has returned 3.50% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.

Based on dividend-adjusted daily data since Oct 17, 2003, ARBNX's average daily return is +0.01%, while the average monthly return is +0.27%. At this rate, an investment would double in approximately 21.4 years.

Historically, 71% of months were positive and 29% were negative. The best month was Apr 2020 with a return of +3.5%, while the worst month was Jun 2008 at -5.3%. The longest winning streak lasted 11 consecutive months, and the longest losing streak was 4 months.

On a daily basis, ARBNX closed higher 42% of trading days. The best single day was Oct 13, 2008 with a return of +7.6%, while the worst single day was Mar 16, 2020 at -6.3%.

The Arbitrage Fund Class Institutional has an annualized alpha of 1.51%, beta of 0.18, and R2 of 0.35 versus S&P 500 Index. Calculated based on daily prices since October 17, 2003.

• This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (15.06%) than losses (8.27%) - typical of diversified or defensive assets.
• Beta of 0.18 may look defensive, but with R2 of 0.35 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 0.35 means the benchmark explains less than half of this fund's behavior - treat beta with caution or consider switching to a more representative benchmark.

ARBNX has a high expense ratio of 1.49%, indicating above-average management fees.

ARBNX ranks 97 for risk / return — in the top 97% of mutual funds on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.

The Arbitrage Fund Class Institutional provided a 3.68% dividend yield over the last twelve months, with an annual payout of $0.52 per share.

The table displays the monthly dividend distributions for The Arbitrage Fund Class Institutional. 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 The Arbitrage Fund Class Institutional. 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 The Arbitrage Fund Class Institutional was 14.42%, occurring on Oct 9, 2008. Recovery took 142 trading sessions.

The current The Arbitrage Fund Class Institutional drawdown is 0.07%.

The chart below shows the rolling one-month volatility.