Vivaldi Merger Arbitrage Fund Class I (VARBX)
Fund Info
Expense Ratio
VARBX has a high expense ratio of 1.81%, indicating higher-than-average management fees.
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Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in Vivaldi Merger Arbitrage Fund Class I, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.
Returns By Period
Vivaldi Merger Arbitrage Fund Class I had a return of 0.09% year-to-date (YTD) and -0.75% in the last 12 months.
VARBX
0.09%
0.38%
-3.65%
-0.75%
1.33%
N/A
^GSPC (Benchmark)
0.47%
-2.98%
5.95%
24.05%
12.57%
11.22%
Monthly Returns
The table below presents the monthly returns of VARBX, with color gradation from worst to best to easily spot seasonal factors. Returns are adjusted for dividends.
Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2024 | 0.28% | 0.66% | 0.56% | 0.56% | 0.65% | 0.37% | 0.46% | 0.36% | 0.36% | 0.45% | 0.27% | -5.55% | -0.75% |
2023 | 0.47% | 0.28% | -0.18% | 0.37% | -0.65% | 0.37% | 0.37% | 0.37% | 0.55% | 0.46% | 0.55% | -0.33% | 2.65% |
2022 | -0.10% | 0.38% | 0.47% | -0.19% | -0.66% | -0.19% | 0.48% | 0.38% | 0.09% | 0.75% | 0.65% | -0.34% | 1.74% |
2021 | 3.23% | 1.07% | -1.24% | 0.63% | -0.27% | 0.54% | 0.35% | 0.09% | 0.35% | 0.35% | 0.18% | -5.18% | -0.11% |
2020 | 0.19% | -0.28% | -2.10% | 0.97% | 0.10% | 0.10% | 0.10% | 0.19% | 0.48% | -0.38% | 1.72% | 2.07% | 3.14% |
2019 | 0.66% | 0.19% | 0.09% | 1.03% | -0.28% | -0.18% | 1.02% | 0.27% | 0.27% | 0.27% | 0.45% | -4.89% | -1.22% |
2018 | 0.48% | 0.67% | -1.89% | -2.22% | 1.78% | 1.65% | 0.00% | 0.67% | 0.66% | -0.85% | 2.56% | -0.27% | 3.17% |
2017 | -0.77% | 0.49% | 0.87% | 0.29% | 0.76% | 0.66% | 0.38% | 0.38% | 0.09% | 0.28% | -1.40% | -1.32% | 0.68% |
2016 | -0.00% | 0.88% | 1.46% | -0.38% | 0.86% | 0.00% | -0.76% | -1.15% | 0.10% | 0.10% | 0.29% | 0.29% | 1.67% |
2015 | -0.20% | 0.60% | 1.39% | 1.80% |
Risk-Adjusted Performance
Risk-Adjusted Performance Rank
The current rank of VARBX is 6, meaning it’s performing worse than 94% of other mutual funds on our website when it comes to balancing risk and reward. Below is a breakdown of how it compares using common performance measures.
Risk-Adjusted Performance Indicators
The charts below present risk-adjusted performance metrics for Vivaldi Merger Arbitrage Fund Class I (VARBX) and compare them to a chosen benchmark (^GSPC). These indicators evaluate an investment's returns against its associated risks.
Dividends
Dividend History
Vivaldi Merger Arbitrage Fund Class I provided a 0.00% dividend yield over the last twelve months, with an annual payout of $0.00 per share.
Period | TTM | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
---|---|---|---|---|---|---|---|---|
Dividend | $0.00 | $0.00 | $0.37 | $0.01 | $0.30 | $0.00 | $0.00 | $0.13 |
Dividend yield | 0.00% | 0.00% | 3.43% | 0.12% | 2.88% | 0.00% | 0.00% | 1.24% |
Monthly Dividends
The table displays the monthly dividend distributions for Vivaldi Merger Arbitrage Fund Class I. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2025 | $0.00 | $0.00 | |||||||||||
2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.37 | $0.37 |
2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.01 | $0.01 |
2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.30 | $0.30 |
2020 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
2019 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
2018 | $0.13 | $0.13 |
Drawdowns
Drawdowns Chart
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.
Worst Drawdowns
The table below displays the maximum drawdowns of the Vivaldi Merger Arbitrage Fund Class I. 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 Vivaldi Merger Arbitrage Fund Class I was 9.50%, occurring on Mar 16, 2020. Recovery took 209 trading sessions.
The current Vivaldi Merger Arbitrage Fund Class I drawdown is 5.46%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
---|---|---|---|---|---|---|
-9.5% | Dec 3, 2019 | 71 | Mar 16, 2020 | 209 | Jan 12, 2021 | 280 |
-6.61% | Oct 25, 2017 | 131 | May 3, 2018 | 142 | Nov 23, 2018 | 273 |
-6.4% | Feb 22, 2021 | 332 | Jun 14, 2022 | 449 | Mar 28, 2024 | 781 |
-5.82% | Dec 5, 2024 | 9 | Dec 17, 2024 | — | — | — |
-2.85% | Jun 24, 2016 | 44 | Aug 25, 2016 | 192 | Jun 1, 2017 | 236 |
Volatility
Volatility Chart
The current Vivaldi Merger Arbitrage Fund Class I volatility is 0.30%, representing the average percentage change in the investments's value, either up or down over the past month. The chart below shows the rolling one-month volatility.
User Portfolios with VARBX
Recent discussions
How is Sharpe ratio calculated?
The highest sharpe ratio portfolioi in User portfolios holds only ultrashort treasuries and show a sharpe ratio of 7+. But my understanding is the Sharpe ratio is the return less the risk-free rate divided by the standard deviation of returns. But short-term treasuries ARE the risk free rate, so the Sharpe ratio should be zero since the risk free rate minus the risk free rate is zero. So are you simply ignoring the risk-free rate and dividing returns by the standard deviation???
Addendum:
Just input my portfolio and asked that your site optimize it for Sharpe ratio. I have ready cash in USFR, and ETF that holds US floating rate notes exclusively. The optimization recommended I put over 99% in USFR. However, the interest rate on floating rate notes is based on the three month treasury, so again, USFR has a Sharpe ratio of zero! Please correct this!
Bob Peticolas
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michael
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Ryan M Dorsey