AHLIX vs. ARBNX

Last updated Jun 5, 2026

AHLIX (American Beacon AHL Managed Futures Strategy Fund Class R5) and ARBNX (The Arbitrage Fund Class Institutional) are both mutual funds - AHLIX is a Systematic Trend fund actively managed by American Beacon, while ARBNX is a Event Driven fund managed by Arbitrage Funds. Over the past 10 years, AHLIX returned 5.14%/yr vs 3.48%/yr for ARBNX. At a 0.01 correlation, their price movements are largely independent. AHLIX charges 1.53%/yr vs 1.49%/yr for ARBNX.

Performance

AHLIX vs. ARBNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Beacon AHL Managed Futures Strategy Fund Class R5 (AHLIX) and The Arbitrage Fund Class Institutional (ARBNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AHLIX achieves a 12.80% return, which is significantly higher than ARBNX's 1.21% return. Over the past 10 years, AHLIX has outperformed ARBNX with an annualized return of 5.14%, while ARBNX has yielded a comparatively lower 3.48% annualized return.

AHLIX

• 1D: -0.09%
• 1M: 2.58%
• YTD: 12.80%
• 6M: 14.69%
• 1Y: 31.10%
• 3Y*: 5.04%
• 5Y*: 4.79%
• 10Y*: 5.14%

ARBNX

• 1D: 0.00%
• 1M: 0.14%
• YTD: 1.21%
• 6M: 1.94%
• 1Y: 6.43%
• 3Y*: 6.73%
• 5Y*: 3.07%
• 10Y*: 3.48%

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

AHLIX vs. ARBNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AHLIX American Beacon AHL Managed Futures Strategy Fund Class R5	12.80%	2.59%	2.07%	-3.85%	16.94%	5.09%	10.71%	0.44%	2.52%	5.23%
ARBNX The Arbitrage Fund Class Institutional	1.21%	8.29%	2.95%	6.05%	-0.67%	1.05%	5.71%	3.84%	2.33%	2.87%

Correlation

The correlation between AHLIX and ARBNX is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (5Y) Calculated over the trailing 5-year period	-0.00
Correlation (10Y) Calculated over the trailing 10-year period	0.04
Correlation (All Time) Calculated using the full available price history since Jan 5, 2015	0.01

The correlation between AHLIX and ARBNX shifts across timeframes, from -0.00 (5 years) to 0.15 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

AHLIX vs. ARBNX — Risk / Return Rank

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

AHLIX

AHLIX Risk / Return Rank: 88
AHLIX Sharpe Ratio Rank: 89
AHLIX Sortino Ratio Rank: 82
AHLIX Omega Ratio Rank: 81
AHLIX Calmar Ratio Rank: 96
AHLIX Martin Ratio Rank: 94

ARBNX

ARBNX Risk / Return Rank: 97
ARBNX Sharpe Ratio Rank: 96
ARBNX Sortino Ratio Rank: 98
ARBNX Omega Ratio Rank: 96
ARBNX Calmar Ratio Rank: 97
ARBNX Martin Ratio Rank: 98

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.

AHLIX vs. ARBNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Beacon AHL Managed Futures Strategy Fund Class R5 (AHLIX) 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.

	AHLIX	ARBNX	Difference
Sharpe ratio: Return per unit of total volatility	2.90	3.49	-0.59
Sortino ratio: Return per unit of downside risk	3.88	6.20	-2.32
Omega ratio: Gain probability vs. loss probability	1.53	1.82	-0.29
Calmar ratio: Return relative to maximum drawdown	6.42	7.03	-0.61
Martin ratio: Return relative to average drawdown	20.40	33.62	-13.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AHLIX vs. ARBNX - Sharpe Ratio Comparison

The current AHLIX Sharpe Ratio is 2.90, which is comparable to the ARBNX Sharpe Ratio of 3.49. The chart below compares the historical Sharpe Ratios of AHLIX and ARBNX, 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

	AHLIX	ARBNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.90	3.49	-0.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.85	-0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	0.79	-0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.58	-0.11

Drawdowns

AHLIX vs. ARBNX - Drawdown Comparison

The maximum AHLIX drawdown since its inception was -21.62%, which is greater than ARBNX's maximum drawdown of -14.42%. Use the drawdown chart below to compare losses from any high point for AHLIX and ARBNX.

Drawdown Indicators

	AHLIX	ARBNX	Difference
Max Drawdown Largest peak-to-trough decline	-21.62%	-14.42%	-7.20%
Max Drawdown (1Y) Largest decline over 1 year	-4.91%	-0.92%	-3.99%
Max Drawdown (3Y) Largest decline over 3 years	-21.62%	-2.24%	-19.38%
Max Drawdown (5Y) Largest decline over 5 years	-21.62%	-7.44%	-14.18%
Max Drawdown (10Y) Largest decline over 10 years	-21.62%	-11.90%	-9.72%
Current Drawdown Current decline from peak	-0.09%	-0.07%	-0.02%
Average Drawdown Average peak-to-trough decline	-6.56%	-1.22%	-5.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.54%	0.19%	+1.35%

Volatility

AHLIX vs. ARBNX - Volatility Comparison

American Beacon AHL Managed Futures Strategy Fund Class R5 (AHLIX) has a higher volatility of 2.38% compared to The Arbitrage Fund Class Institutional (ARBNX) at 0.28%. This indicates that AHLIX's price experiences larger fluctuations and is considered to be riskier than ARBNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AHLIX	ARBNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.38%	0.28%	+2.10%
Volatility (6M) Calculated over the trailing 6-month period	7.67%	1.14%	+6.53%
Volatility (1Y) Calculated over the trailing 1-year period	10.87%	1.86%	+9.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.63%	3.63%	+6.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.48%	4.42%	+5.06%

AHLIX vs. ARBNX - Expense Ratio Comparison

AHLIX has a 1.53% expense ratio, which is higher than ARBNX's 1.49% expense ratio.

Dividends

AHLIX vs. ARBNX - Dividend Comparison

AHLIX's dividend yield for the trailing twelve months is around 7.32%, more than ARBNX's 3.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AHLIX American Beacon AHL Managed Futures Strategy Fund Class R5	7.32%	8.25%	0.55%	1.10%	17.63%	7.44%	5.33%	4.47%	1.83%	4.01%	0.00%	3.51%
ARBNX The Arbitrage Fund Class Institutional	3.68%	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

Can I hold both AHLIX and ARBNX in my portfolio?

AHLIX and ARBNX have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AHLIX or ARBNX?

AHLIX has higher volatility (2.38%) compared to ARBNX (0.28%). In terms of maximum drawdown, AHLIX dropped -21.62% vs ARBNX's -14.42%.

Which has better risk-adjusted returns?

ARBNX currently has the higher Sharpe Ratio (3.49 vs 2.90), 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.