AEDNX vs. ACFIX
Compare and contrast key facts about Water Island Event-Driven Fund (AEDNX) and Water Island Credit Opportunities Fund (ACFIX).
AEDNX is managed by Arbitrage Fund. It was launched on Sep 30, 2010. ACFIX is managed by Arbitrage Fund. It was launched on Sep 30, 2012.
Performance
AEDNX vs. ACFIX - Performance Comparison
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AEDNX vs. ACFIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AEDNX Water Island Event-Driven Fund | -0.23% | 8.67% | 2.26% | 5.90% | -0.63% | 1.18% | 13.42% | 4.76% | -0.15% | 3.89% |
ACFIX Water Island Credit Opportunities Fund | 0.63% | 4.79% | 5.51% | 6.54% | -2.70% | 3.24% | 6.71% | 5.68% | 1.85% | 1.45% |
Returns By Period
In the year-to-date period, AEDNX achieves a -0.23% return, which is significantly lower than ACFIX's 0.63% return. Over the past 10 years, AEDNX has outperformed ACFIX with an annualized return of 4.13%, while ACFIX has yielded a comparatively lower 3.68% annualized return.
AEDNX
- 1D
- 0.08%
- 1M
- -1.24%
- YTD
- -0.23%
- 6M
- 1.67%
- 1Y
- 5.75%
- 3Y*
- 5.34%
- 5Y*
- 2.90%
- 10Y*
- 4.13%
ACFIX
- 1D
- 0.20%
- 1M
- 0.00%
- YTD
- 0.63%
- 6M
- 1.51%
- 1Y
- 3.95%
- 3Y*
- 4.98%
- 5Y*
- 3.32%
- 10Y*
- 3.68%
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AEDNX vs. ACFIX - Expense Ratio Comparison
AEDNX has a 1.44% expense ratio, which is higher than ACFIX's 0.98% expense ratio.
Return for Risk
AEDNX vs. ACFIX — Risk / Return Rank
AEDNX
ACFIX
AEDNX vs. ACFIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Water Island Event-Driven Fund (AEDNX) and Water Island Credit Opportunities Fund (ACFIX). 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.
| AEDNX | ACFIX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.22 | 0.13 | +2.09 |
Sortino ratioReturn per unit of downside risk | 3.09 | 0.46 | +2.62 |
Omega ratioGain probability vs. loss probability | 1.54 | 1.38 | +0.16 |
Calmar ratioReturn relative to maximum drawdown | 2.76 | 0.20 | +2.56 |
Martin ratioReturn relative to average drawdown | 12.89 | 0.27 | +12.62 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| AEDNX | ACFIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.22 | 0.13 | +2.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.72 | 0.22 | +0.50 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.81 | 0.34 | +0.47 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.62 | 0.35 | +0.27 |
Correlation
The correlation between AEDNX and ACFIX is 0.30, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
AEDNX vs. ACFIX - Dividend Comparison
AEDNX's dividend yield for the trailing twelve months is around 0.95%, less than ACFIX's 3.77% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AEDNX Water Island Event-Driven Fund | 0.95% | 0.95% | 0.20% | 0.72% | 0.00% | 0.00% | 0.24% | 0.46% | 1.78% | 0.62% | 0.00% | 2.79% |
ACFIX Water Island Credit Opportunities Fund | 3.77% | 4.17% | 4.71% | 4.00% | 3.55% | 2.59% | 2.95% | 3.52% | 2.92% | 3.01% | 2.38% | 2.91% |
Drawdowns
AEDNX vs. ACFIX - Drawdown Comparison
The maximum AEDNX drawdown since its inception was -13.03%, smaller than the maximum ACFIX drawdown of -20.82%. Use the drawdown chart below to compare losses from any high point for AEDNX and ACFIX.
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Drawdown Indicators
| AEDNX | ACFIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.03% | -20.82% | +7.79% |
Max Drawdown (1Y)Largest decline over 1 year | -2.05% | -20.82% | +18.77% |
Max Drawdown (5Y)Largest decline over 5 years | -8.94% | -20.82% | +11.88% |
Max Drawdown (10Y)Largest decline over 10 years | -12.24% | -20.82% | +8.58% |
Current DrawdownCurrent decline from peak | -1.24% | -18.84% | +17.60% |
Average DrawdownAverage peak-to-trough decline | -2.73% | -1.47% | -1.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.44% | 15.31% | -14.87% |
Volatility
AEDNX vs. ACFIX - Volatility Comparison
Water Island Event-Driven Fund (AEDNX) has a higher volatility of 1.07% compared to Water Island Credit Opportunities Fund (ACFIX) at 0.44%. This indicates that AEDNX's price experiences larger fluctuations and is considered to be riskier than ACFIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AEDNX | ACFIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.07% | 0.44% | +0.63% |
Volatility (6M)Calculated over the trailing 6-month period | 1.71% | 1.08% | +0.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.65% | 33.56% | -30.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.02% | 15.12% | -11.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.13% | 10.89% | -5.76% |