ACFIX vs. ARBNX
ACFIX (Water Island Credit Opportunities Fund) and ARBNX (The Arbitrage Fund Class Institutional) are both mutual funds - ACFIX is a Nontraditional Bonds fund managed by Arbitrage Fund, while ARBNX is a Event Driven fund managed by Arbitrage Fund. Over the past 10 years, ACFIX returned 3.68%/yr vs 3.53%/yr for ARBNX. Their 0.21 correlation means their historical movements had little consistent relationship. ACFIX charges 0.98%/yr vs 1.49%/yr for ARBNX.
Performance
ACFIX vs. ARBNX - Performance Comparison
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Returns By Period
In the year-to-date period, ACFIX achieves a 2.02% return, which is significantly higher than ARBNX's 1.85% return. Both investments have delivered pretty close results over the past 10 years, with ACFIX having a 3.68% annualized return and ARBNX not far behind at 3.53%.
ACFIX
- 1D
- 0.10%
- 1M
- -0.40%
- 6M
- 1.54%
- YTD
- 2.02%
- 1Y
- 3.81%
- 3Y*
- 5.13%
- 5Y*
- 3.42%
- 10Y*
- 3.68%
- ALL TIME*
- 3.30%
ARBNX
- 1D
- 0.14%
- 1M
- 0.00%
- 6M
- 1.64%
- YTD
- 1.85%
- 1Y
- 5.28%
- 3Y*
- 6.00%
- 5Y*
- 3.85%
- 10Y*
- 3.53%
- ALL TIME*
- 3.26%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
ACFIX vs. ARBNX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ACFIX Water Island Credit Opportunities Fund | 2.02% | 4.79% | 5.51% | 6.54% | -2.70% | 3.24% | 6.71% | 5.68% | 1.85% | 1.45% |
ARBNX The Arbitrage Fund Class Institutional | 1.85% | 8.29% | 2.95% | 6.05% | -0.67% | 1.05% | 5.71% | 3.84% | 2.33% | 2.87% |
Correlation
The correlation between ACFIX and ARBNX is 0.20, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.20 |
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 | 0.21 |
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Return for Risk
ACFIX vs. ARBNX — Risk / Return Rank
ACFIX
ARBNX
ACFIX vs. ARBNX - 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 Class Institutional (ARBNX). 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 | ARBNX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.56 | ||
| Sortino ratioReturn per unit of downside risk | -4.00 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.56 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 0.18 | 5.52 | -5.34 |
| Martin ratioReturn relative to average drawdown | 0.21 | 24.80 | -24.60 |
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Drawdowns
ACFIX vs. ARBNX - Drawdown Comparison
The maximum ACFIX drawdown since its inception was -20.82%, which is greater than ARBNX's maximum drawdown of -14.42%. Use the drawdown chart below to compare losses from any high point for ACFIX and ARBNX.
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Drawdown Indicators
| ACFIX | ARBNX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.82% | -14.42% | -6.40% |
Max Drawdown (1Y)Largest decline over 1 year | -20.82% | -0.92% | -19.90% |
Max Drawdown (3Y)Largest decline over 3 years | -20.82% | -2.24% | -18.58% |
Max Drawdown (5Y)Largest decline over 5 years | -20.82% | -5.99% | -14.83% |
Max Drawdown (10Y)Largest decline over 10 years | -20.82% | -11.90% | -8.92% |
Current DrawdownCurrent decline from peak | -17.72% | -0.28% | -17.44% |
Average DrawdownAverage peak-to-trough decline | -1.88% | -1.21% | -0.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.50% | 0.20% | +18.30% |
Volatility
ACFIX vs. ARBNX - Volatility Comparison
The current volatility for Water Island Credit Opportunities Fund (ACFIX) is 0.32%, while The Arbitrage Fund Class Institutional (ARBNX) has a volatility of 0.55%. This indicates that ACFIX experiences smaller price fluctuations and is considered to be less risky than ARBNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ACFIX | ARBNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.32% | 0.55% | -0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 1.14% | 1.24% | -0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.49% | 1.90% | +31.59% |
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. ARBNX - Expense Ratio Comparison
ACFIX has a 0.98% expense ratio, which is lower than ARBNX's 1.49% expense ratio.
Dividends
ACFIX vs. ARBNX - Dividend Comparison
ACFIX's dividend yield for the trailing twelve months is around 3.54%, less than ARBNX's 3.65% 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% |
ARBNX The Arbitrage Fund Class Institutional | 3.65% | 3.72% | 1.18% | 2.11% | 3.85% | 0.51% | 6.70% | 2.12% | 1.93% | 3.80% | 0.93% | 2.30% |
Frequently Asked Questions
ACFIX and ARBNX have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ARBNX has higher volatility (0.55%) compared to ACFIX (0.32%). In terms of maximum drawdown, ACFIX dropped -20.82% vs ARBNX's -14.42%.
ARBNX currently has the higher Sharpe Ratio (2.68 vs 0.11), 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.
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