AEDNX vs. EMAYX

Last updated Jun 5, 2026

AEDNX (Water Island Event-Driven Fund) and EMAYX (Gabelli Enterprise Mergers and Acquisitions Fund) are both Event Driven funds. Over the past 10 years, AEDNX returned 4.21%/yr vs 5.78%/yr for EMAYX. A 0.58 correlation means they provide meaningful diversification when combined. AEDNX charges 1.44%/yr vs 1.01%/yr for EMAYX.

Performance

AEDNX vs. EMAYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Water Island Event-Driven Fund (AEDNX) and Gabelli Enterprise Mergers and Acquisitions Fund (EMAYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AEDNX achieves a 1.48% return, which is significantly lower than EMAYX's 6.93% return. Over the past 10 years, AEDNX has underperformed EMAYX with an annualized return of 4.21%, while EMAYX has yielded a comparatively higher 5.78% annualized return.

AEDNX

• 1D: -0.15%
• 1M: -0.23%
• YTD: 1.48%
• 6M: 2.21%
• 1Y: 6.96%
• 3Y*: 6.68%
• 5Y*: 2.83%
• 10Y*: 4.21%

EMAYX

• 1D: -0.90%
• 1M: 0.00%
• YTD: 6.93%
• 6M: 8.60%
• 1Y: 23.25%
• 3Y*: 12.94%
• 5Y*: 5.33%
• 10Y*: 5.78%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AEDNX vs. EMAYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AEDNX Water Island Event-Driven Fund	1.48%	8.67%	2.26%	5.90%	-0.63%	1.18%	13.42%	4.76%	-0.15%	3.89%
EMAYX Gabelli Enterprise Mergers and Acquisitions Fund	6.93%	21.17%	4.10%	5.96%	-8.78%	9.83%	5.29%	7.71%	-2.78%	5.61%

Correlation

The correlation between AEDNX and EMAYX is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (10Y) Calculated over the trailing 10-year period	0.57
Correlation (All Time) Calculated using the full available price history since Oct 1, 2010	0.58

The correlation between AEDNX and EMAYX has been stable across timeframes, ranging from 0.56 to 0.61 - a consistent structural relationship.

Return for Risk

AEDNX vs. EMAYX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AEDNX

AEDNX Risk / Return Rank: 91
AEDNX Sharpe Ratio Rank: 87
AEDNX Sortino Ratio Rank: 93
AEDNX Omega Ratio Rank: 90
AEDNX Calmar Ratio Rank: 93
AEDNX Martin Ratio Rank: 90

EMAYX

EMAYX Risk / Return Rank: 75
EMAYX Sharpe Ratio Rank: 72
EMAYX Sortino Ratio Rank: 72
EMAYX Omega Ratio Rank: 62
EMAYX Calmar Ratio Rank: 85
EMAYX Martin Ratio Rank: 86

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AEDNX vs. EMAYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Water Island Event-Driven Fund (AEDNX) and Gabelli Enterprise Mergers and Acquisitions Fund (EMAYX). 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	EMAYX	Difference
Sharpe ratio: Return per unit of total volatility	2.83	2.45	+0.38
Sortino ratio: Return per unit of downside risk	4.79	3.53	+1.26
Omega ratio: Gain probability vs. loss probability	1.67	1.43	+0.24
Calmar ratio: Return relative to maximum drawdown	5.09	3.95	+1.14
Martin ratio: Return relative to average drawdown	17.86	16.11	+1.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AEDNX vs. EMAYX - Sharpe Ratio Comparison

The current AEDNX Sharpe Ratio is 2.83, which is comparable to the EMAYX Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of AEDNX and EMAYX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AEDNX	EMAYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.83	2.45	+0.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	0.49	+0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.82	0.55	+0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.45	+0.19

Drawdowns

AEDNX vs. EMAYX - Drawdown Comparison

The maximum AEDNX drawdown since its inception was -13.03%, smaller than the maximum EMAYX drawdown of -47.93%. Use the drawdown chart below to compare losses from any high point for AEDNX and EMAYX.

Drawdown Indicators

	AEDNX	EMAYX	Difference
Max Drawdown Largest peak-to-trough decline	-13.03%	-47.93%	+34.90%
Max Drawdown (1Y) Largest decline over 1 year	-1.37%	-5.82%	+4.45%
Max Drawdown (3Y) Largest decline over 3 years	-2.79%	-12.32%	+9.53%
Max Drawdown (5Y) Largest decline over 5 years	-8.94%	-15.95%	+7.01%
Max Drawdown (10Y) Largest decline over 10 years	-12.24%	-24.90%	+12.66%
Current Drawdown Current decline from peak	-0.92%	-1.63%	+0.71%
Average Drawdown Average peak-to-trough decline	-2.71%	-4.47%	+1.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.39%	1.42%	-1.03%

Volatility

AEDNX vs. EMAYX - Volatility Comparison

The current volatility for Water Island Event-Driven Fund (AEDNX) is 0.95%, while Gabelli Enterprise Mergers and Acquisitions Fund (EMAYX) has a volatility of 2.76%. This indicates that AEDNX experiences smaller price fluctuations and is considered to be less risky than EMAYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AEDNX	EMAYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.95%	2.76%	-1.81%
Volatility (6M) Calculated over the trailing 6-month period	2.13%	6.54%	-4.41%
Volatility (1Y) Calculated over the trailing 1-year period	2.47%	9.39%	-6.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.05%	10.95%	-6.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.15%	10.56%	-5.41%

AEDNX vs. EMAYX - Expense Ratio Comparison

AEDNX has a 1.44% expense ratio, which is higher than EMAYX's 1.01% expense ratio.

Dividends

AEDNX vs. EMAYX - Dividend Comparison

AEDNX's dividend yield for the trailing twelve months is around 0.93%, less than EMAYX's 3.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AEDNX Water Island Event-Driven Fund	0.93%	0.95%	0.20%	0.72%	0.00%	0.00%	0.24%	0.46%	1.78%	0.62%	0.00%	2.79%
EMAYX Gabelli Enterprise Mergers and Acquisitions Fund	3.94%	4.21%	0.00%	3.00%	0.80%	6.84%	0.24%	1.80%	5.52%	1.24%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AEDNX and EMAYX in my portfolio?

AEDNX and EMAYX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AEDNX or EMAYX?

EMAYX has higher volatility (2.76%) compared to AEDNX (0.95%). In terms of maximum drawdown, AEDNX dropped -13.03% vs EMAYX's -47.93%.

Which has better risk-adjusted returns?

AEDNX currently has the higher Sharpe Ratio (2.83 vs 2.45), 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.