AEDNX vs. EMAYX
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 4.42%/yr vs 5.96%/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
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Returns By Period
In the year-to-date period, AEDNX achieves a 3.36% return, which is significantly lower than EMAYX's 6.39% return. Over the past 10 years, AEDNX has underperformed EMAYX with an annualized return of 4.42%, while EMAYX has yielded a comparatively higher 5.96% annualized return.
AEDNX
- 1D
- 0.23%
- 1M
- 1.69%
- YTD
- 3.36%
- 6M
- 3.36%
- 1Y
- 8.32%
- 3Y*
- 7.30%
- 5Y*
- 3.39%
- 10Y*
- 4.42%
EMAYX
- 1D
- -0.15%
- 1M
- -0.90%
- YTD
- 6.39%
- 6M
- 5.62%
- 1Y
- 18.82%
- 3Y*
- 12.40%
- 5Y*
- 5.36%
- 10Y*
- 5.96%
AEDNX vs. EMAYX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AEDNX Water Island Event-Driven Fund | 3.36% | 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 | 6.39% | 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 0.55, 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 | 0.55 |
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 Sep 30, 2010 | 0.58 |
The correlation between AEDNX and EMAYX has been stable across timeframes, ranging from 0.55 to 0.61 - a consistent structural relationship.
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Return for Risk
AEDNX vs. EMAYX — Risk / Return Rank
AEDNX
EMAYX
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.
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.
| AEDNX | EMAYX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.09 | ||
| Sortino ratioReturn per unit of downside risk | +2.59 | ||
| Omega ratioGain probability vs. loss probability | 1.77 | 1.36 | +0.41 |
| Calmar ratioReturn relative to maximum drawdown | 6.15 | 3.39 | +2.76 |
| Martin ratioReturn relative to average drawdown | 21.17 | 13.48 | +7.69 |
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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.
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Drawdown Indicators
| AEDNX | EMAYX | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 | -8.06% | -15.95% | +7.89% |
Max Drawdown (10Y)Largest decline over 10 years | -12.24% | -24.90% | +12.66% |
Current DrawdownCurrent decline from peak | 0.00% | -2.37% | +2.37% |
Average DrawdownAverage peak-to-trough decline | -2.70% | -4.47% | +1.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.40% | 1.46% | -1.06% |
Volatility
AEDNX vs. EMAYX - Volatility Comparison
The current volatility for Water Island Event-Driven Fund (AEDNX) is 1.21%, while Gabelli Enterprise Mergers and Acquisitions Fund (EMAYX) has a volatility of 3.16%. 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.
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Volatility by Period
| AEDNX | EMAYX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.21% | 3.16% | -1.95% |
Volatility (6M)Calculated over the trailing 6-month period | 2.36% | 6.87% | -4.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.69% | 9.61% | -6.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.08% | 11.00% | -6.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.17% | 10.56% | -5.39% |
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 0.91%, less than EMAYX's 3.96% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AEDNX Water Island Event-Driven Fund | 0.91% | 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 | 3.96% | 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
AEDNX and EMAYX have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMAYX has higher volatility (3.16%) compared to AEDNX (1.21%). In terms of maximum drawdown, AEDNX dropped -13.03% vs EMAYX's -47.93%.
AEDNX currently has the higher Sharpe Ratio (3.14 vs 2.06), 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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