- ISIN
- US46141T8696
- CUSIP
- 46141T869
- Issuer
- First Trust
- Inception Date
- Oct 1, 2015
- Category
- Event Driven
- Min. Investment
- $500,000
- Distribution Policy
- Distributing
- Asset Class
- Equity
Share Price Chart
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Performance
VARBX Performance Chart
Vivaldi Merger Arbitrage Fund Class I (VARBX) is up 2.6% since the beginning of the year. VARBX is currently trading at $11 per share. Investors who bought $1,000 worth of VARBX shares 5 years ago would now be looking at an investment worth $1,227.
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Returns By Period
Vivaldi Merger Arbitrage Fund Class I (VARBX) has returned 2.56% so far this year and 4.80% over the past 12 months. Over the last ten years, VARBX has returned 3.95% per year, falling short of the S&P 500 Index benchmark, which averaged 13.26% annually.
Vivaldi Merger Arbitrage Fund Class I
- 1D
- 0.19%
- 1M
- 0.46%
- 6M
- 2.17%
- YTD
- 2.56%
- 1Y
- 4.80%
- 3Y*
- 5.48%
- 5Y*
- 4.17%
- 10Y*
- 3.95%
- ALL TIME*
- 4.04%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
VARBX Monthly Returns History
Based on dividend-adjusted daily data since Oct 1, 2015, VARBX's average daily return is +0.02%, while the average monthly return is +0.33%. At this rate, an investment would double in approximately 17.5 years.
Historically, 81% of months were positive and 19% were negative. The best month was Jan 2021 with a return of +3.2%, while the worst month was Apr 2018 at -2.2%. The longest winning streak lasted 32 consecutive months, and the longest losing streak was 3 months.
On a daily basis, VARBX closed higher 32% of trading days. The best single day was Mar 17, 2020 with a return of +1.7%, while the worst single day was Mar 16, 2020 at -3.0%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.38% | -0.00% | 0.47% | 0.47% | 0.28% | 0.37% | 0.56% | 2.56% | |||||
| 2025 | 0.47% | 0.47% | 0.47% | 0.65% | 1.02% | 0.46% | 0.18% | 0.09% | 0.64% | 0.91% | 0.18% | 0.35% | 6.06% |
| 2024 | 0.28% | 0.66% | 0.56% | 0.56% | 0.65% | 0.37% | 0.46% | 0.36% | 0.36% | 0.45% | 0.27% | 0.42% | 5.52% |
| 2023 | 0.47% | 0.28% | -0.19% | 0.37% | -0.65% | 0.37% | 0.37% | 0.37% | 0.55% | 0.46% | 0.55% | 0.30% | 3.30% |
| 2022 | -0.09% | 0.38% | 0.47% | -0.19% | -0.66% | -0.19% | 0.48% | 0.38% | 0.09% | 0.75% | 0.65% | 0.29% | 2.38% |
| 2021 | 3.23% | 1.07% | -1.24% | 0.63% | -0.27% | 0.54% | 0.35% | 0.09% | 0.35% | 0.35% | 0.18% | 0.07% | 5.42% |
Benchmark Metrics
Vivaldi Merger Arbitrage Fund Class I has an annualized alpha of 3.29%, beta of 0.05, and R2 of 0.15 versus S&P 500 Index. Calculated based on daily prices since October 01, 2015.
- This fund captured 9.39% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -7.39%) - a profile typical of hedging or uncorrelated assets.
- Beta of 0.05 may look defensive, but with R2 of 0.15 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 0.15 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.
- Alpha
- 3.29%
- Beta
- 0.05
- R²
- 0.15
- Upside Capture
- 9.39%
- Downside Capture
- -7.39%
Expense Ratio
VARBX has a high expense ratio of 1.81%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
VARBX ranks 99 for risk / return — above 99% of mutual funds peers on PortfoliosLab. Its historical combined result is among the stronger results in the peer group.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for Vivaldi Merger Arbitrage Fund Class I (VARBX) and compare them to S&P 500 Index.
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.
| VARBX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.42 | ||
| Sortino ratioReturn per unit of downside risk | +6.94 | ||
| Omega ratioGain probability vs. loss probability | 2.78 | 1.25 | +1.53 |
| Calmar ratioReturn relative to maximum drawdown | 17.00 | 2.00 | +15.00 |
| Martin ratioReturn relative to average drawdown | 83.31 | 8.49 | +74.82 |
Dividends
Dividend History
Vivaldi Merger Arbitrage Fund Class I provided a 5.89% dividend yield over the last twelve months, with an annual payout of $0.64 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.64 | $0.64 | $0.66 | $0.43 | $0.08 | $0.89 | $0.09 | $0.58 | $0.23 | $0.18 | $0.01 | $0.00 |
Dividend yield | 5.89% | 6.04% | 6.29% | 4.07% | 0.75% | 8.42% | 0.81% | 5.54% | 2.15% | 1.70% | 0.06% | 0.04% |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.64 | $0.64 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.66 | $0.66 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.43 | $0.43 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.08 | $0.08 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.89 | $0.89 |
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.
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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 5.12%, occurring on Mar 16, 2020. Recovery took 176 trading sessions.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-5.12%Mar 2020 | 1mo 11d | 8mo 12d | 9mo 23dFeb 2020 - Nov 2020 | COVID crash2020 |
-5.11%May 2018 | 1mo 28d | 4mo 6d | 6mo 4dMar 2018 - Sep 2018 | — |
-2.88%Mar 2021 | 1mo | 11mo 8d | 1y 3dFeb 2021 - Feb 2022 | — |
-2.85%Aug 2016 | 2mo 2d | 9mo 9d | 11mo 11dJun 2016 - May 2017 | — |
-1.80%Feb 2018 | 3mo 14d | 6d | 3mo 20dNov 2017 - Feb 2018 | — |
Drawdown Indicators
| VARBX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.12% | -56.78% | +51.66% |
Max Drawdown (1Y)Largest decline over 1 year | -0.28% | -9.10% | +8.82% |
Max Drawdown (3Y)Largest decline over 3 years | -0.64% | -18.90% | +18.26% |
Max Drawdown (5Y)Largest decline over 5 years | -1.79% | -25.43% | +23.64% |
Max Drawdown (10Y)Largest decline over 10 years | -5.12% | -33.92% | +28.80% |
Current DrawdownCurrent decline from peak | 0.00% | -1.58% | +1.58% |
Average DrawdownAverage peak-to-trough decline | -0.56% | -10.70% | +10.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.06% | 2.14% | -2.08% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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