ACFIX vs. ARBFX
ACFIX (Water Island Credit Opportunities Fund) and ARBFX (The Arbitrage Fund) are both mutual funds - ACFIX is a Nontraditional Bonds fund managed by Arbitrage Fund, while ARBFX is a Event Driven fund managed by Arbitrage Fund. Over the past 10 years, ACFIX returned 3.68%/yr vs 3.27%/yr for ARBFX. Their 0.22 correlation means their historical movements had little consistent relationship. ACFIX charges 0.98%/yr vs 1.43%/yr for ARBFX.
Performance
ACFIX vs. ARBFX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ACFIX achieves a 1.91% return, which is significantly higher than ARBFX's 1.56% return. Over the past 10 years, ACFIX has outperformed ARBFX with an annualized return of 3.68%, while ARBFX has yielded a comparatively lower 3.27% annualized return.
ACFIX
- 1D
- 0.00%
- 1M
- -0.51%
- 6M
- 1.43%
- YTD
- 1.91%
- 1Y
- 3.71%
- 3Y*
- 5.13%
- 5Y*
- 3.40%
- 10Y*
- 3.68%
- ALL TIME*
- 3.29%
ARBFX
- 1D
- 0.00%
- 1M
- -0.15%
- 6M
- 1.34%
- YTD
- 1.56%
- 1Y
- 4.82%
- 3Y*
- 5.64%
- 5Y*
- 3.56%
- 10Y*
- 3.27%
- ALL TIME*
- 3.85%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
ARBFX The Arbitrage Fund | $0.00 | $0.00 | $0.00 |
ACFIX vs. ARBFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ACFIX Water Island Credit Opportunities Fund | 1.91% | 4.79% | 5.51% | 6.54% | -2.70% | 3.24% | 6.71% | 5.68% | 1.85% | 1.45% |
ARBFX The Arbitrage Fund | 1.56% | 8.01% | 2.61% | 5.94% | -1.02% | 0.85% | 5.42% | 3.57% | 2.12% | 2.59% |
Correlation
The correlation between ACFIX and ARBFX is 0.18, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.18 |
Correlation (3Y) Balances recent behavior with more history. | 0.17 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.26 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.24 |
Correlation (All Time) Calculated using the full available price history since Oct 9, 2012 | 0.22 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ACFIX vs. ARBFX — Risk / Return Rank
ACFIX
ARBFX
ACFIX vs. ARBFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Water Island Credit Opportunities Fund (ACFIX) and The Arbitrage Fund (ARBFX). 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.
| ACFIX | ARBFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.38 | ||
| Sortino ratioReturn per unit of downside risk | -3.66 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.52 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 0.20 | 5.30 | -5.10 |
| Martin ratioReturn relative to average drawdown | 0.22 | 22.62 | -22.39 |
Loading charts...
Drawdowns
ACFIX vs. ARBFX - Drawdown Comparison
The maximum ACFIX drawdown since its inception was -20.82%, smaller than the maximum ARBFX drawdown of -38.01%. Use the drawdown chart below to compare losses from any high point for ACFIX and ARBFX.
Loading charts...
Drawdown Indicators
| ACFIX | ARBFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.82% | -38.01% | +17.19% |
Max Drawdown (1Y)Largest decline over 1 year | -20.82% | -0.88% | -19.94% |
Max Drawdown (3Y)Largest decline over 3 years | -20.82% | -2.26% | -18.56% |
Max Drawdown (5Y)Largest decline over 5 years | -20.82% | -6.15% | -14.67% |
Max Drawdown (10Y)Largest decline over 10 years | -20.82% | -11.90% | -8.92% |
Current DrawdownCurrent decline from peak | -17.80% | -0.36% | -17.44% |
Average DrawdownAverage peak-to-trough decline | -1.87% | -2.35% | +0.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.47% | 0.21% | +18.26% |
Volatility
ACFIX vs. ARBFX - Volatility Comparison
The current volatility for Water Island Credit Opportunities Fund (ACFIX) is 0.32%, while The Arbitrage Fund (ARBFX) has a volatility of 0.54%. This indicates that ACFIX experiences smaller price fluctuations and is considered to be less risky than ARBFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| ACFIX | ARBFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.32% | 0.54% | -0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 1.14% | 1.23% | -0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.49% | 1.87% | +31.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.13% | 3.58% | +11.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.89% | 4.42% | +6.47% |
ACFIX vs. ARBFX - Expense Ratio Comparison
ACFIX has a 0.98% expense ratio, which is lower than ARBFX's 1.43% expense ratio.
Dividends
ACFIX vs. ARBFX - Dividend Comparison
ACFIX's dividend yield for the trailing twelve months is around 3.54%, which matches ARBFX's 3.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ACFIX Water Island Credit Opportunities Fund | 3.54% | 4.17% | 4.71% | 4.00% | 3.55% | 2.59% | 2.95% | 3.52% | 2.92% | 3.01% | 2.38% | 2.91% |
ARBFX The Arbitrage Fund | 3.53% | 3.59% | 0.94% | 1.92% | 3.67% | 0.53% | 6.94% | 2.12% | 1.71% | 3.55% | 0.96% | 2.36% |
Frequently Asked Questions
ACFIX and ARBFX have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ARBFX has higher volatility (0.54%) compared to ACFIX (0.32%). In terms of maximum drawdown, ACFIX dropped -20.82% vs ARBFX's -38.01%.
ARBFX currently has the higher Sharpe Ratio (2.50 vs 0.12), 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.
Find the right allocation for ACFIX and ARBFX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer