AIO vs. MERIX

Last updated Aug 4, 2026

AIO (Virtus Artificial Intelligence & Technology Opportunities Fund) and MERIX (The Merger Fund Class I) are both mutual funds - AIO is a Artificial Intelligence fund managed by Virtus, while MERIX is a Event Driven fund managed by Virtus. Over the past 5 years, AIO returned 11.75%/yr vs 4.04%/yr for MERIX. Their 0.32 correlation means their historical movements had little consistent relationship. AIO charges 1.41%/yr vs 1.32%/yr for MERIX.

Performance

AIO vs. MERIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Artificial Intelligence & Technology Opportunities Fund (AIO) and The Merger Fund Class I (MERIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AIO achieves a 22.73% return, which is significantly higher than MERIX's 1.88% return.

AIO

• 1D: 1.11%
• 1M: -5.06%
• 6M: 17.25%
• YTD: 22.73%
• 1Y: 18.06%
• 3Y*: 24.14%
• 5Y*: 11.75%
• 10Y*: —
• ALL TIME*: 16.09%

MERIX

• 1D: 0.17%
• 1M: 0.29%
• 6M: 1.58%
• YTD: 1.88%
• 1Y: 4.23%
• 3Y*: 6.27%
• 5Y*: 4.04%
• 10Y*: 4.29%
• ALL TIME*: 3.65%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AIO Virtus Artificial Intelligence & Technology Opportunities Fund	$1.96M	$1.85M	$2.16M
MERIX The Merger Fund Class I	$0.00	$0.00	$0.00

AIO vs. MERIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
AIO Virtus Artificial Intelligence & Technology Opportunities Fund	22.73%	0.48%	54.48%	19.27%	-28.06%	13.51%	46.27%	1.05%
MERIX The Merger Fund Class I	1.88%	8.41%	3.54%	4.51%	1.01%	0.10%	5.14%	1.34%

Correlation

The correlation between AIO and MERIX is 0.23, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.23
Correlation (3Y) Balances recent behavior with more history.	0.22
Correlation (5Y) Shows whether the relationship held over a longer period.	0.30
Correlation (All Time) Calculated using the full available price history since Oct 29, 2019	0.32

The correlation between AIO and MERIX shifts across timeframes, from 0.22 (3 years) to 0.32 (all time), reflecting how their relationship changes across market environments.

Return for Risk

AIO vs. MERIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

AIO

AIO Risk / Return Rank: 25
AIO Sharpe Ratio Rank: 24
AIO Sortino Ratio Rank: 25
AIO Omega Ratio Rank: 23
AIO Calmar Ratio Rank: 27
AIO Martin Ratio Rank: 26

MERIX

MERIX Risk / Return Rank: 98
MERIX Sharpe Ratio Rank: 97
MERIX Sortino Ratio Rank: 98
MERIX Omega Ratio Rank: 96
MERIX Calmar Ratio Rank: 99
MERIX Martin Ratio Rank: 99

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

AIO vs. MERIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Artificial Intelligence & Technology Opportunities Fund (AIO) and The Merger Fund Class I (MERIX). 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.

	AIO	MERIX	Difference
Sharpe ratio: Return per unit of total volatility	0.91	2.85	-1.94
Sortino ratio: Return per unit of downside risk	1.38	4.81	-3.43
Omega ratio: Gain probability vs. loss probability	1.16	1.62	-0.46
Calmar ratio: Return relative to maximum drawdown	1.34	9.08	-7.74
Martin ratio: Return relative to average drawdown	3.94	33.93	-30.00

AIO vs. MERIX - Sharpe Ratio Comparison

The current AIO Sharpe Ratio is 0.91, which is lower than the MERIX Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of AIO and MERIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AIO vs. MERIX - Drawdown Comparison

The maximum AIO drawdown since its inception was -44.88%, which is greater than MERIX's maximum drawdown of -9.33%. Use the drawdown chart below to compare losses from any high point for AIO and MERIX.

Drawdown Indicators

	AIO	MERIX	Difference
Max Drawdown Largest peak-to-trough decline	-44.88%	-9.33%	-35.55%
Max Drawdown (1Y) Largest decline over 1 year	-13.59%	-0.47%	-13.12%
Max Drawdown (3Y) Largest decline over 3 years	-30.23%	-3.85%	-26.38%
Max Drawdown (5Y) Largest decline over 5 years	-37.39%	-3.85%	-33.54%
Max Drawdown (10Y) Largest decline over 10 years	—	-9.33%	—
Current Drawdown Current decline from peak	-9.54%	-0.06%	-9.48%
Average Drawdown Average peak-to-trough decline	-10.81%	-1.01%	-9.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.60%	0.12%	+4.48%

Volatility

AIO vs. MERIX - Volatility Comparison

Virtus Artificial Intelligence & Technology Opportunities Fund (AIO) has a higher volatility of 6.97% compared to The Merger Fund Class I (MERIX) at 0.55%. This indicates that AIO's price experiences larger fluctuations and is considered to be riskier than MERIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AIO	MERIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.97%	0.55%	+6.42%
Volatility (6M) Calculated over the trailing 6-month period	15.74%	1.20%	+14.54%
Volatility (1Y) Calculated over the trailing 1-year period	20.02%	1.49%	+18.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.39%	3.56%	+18.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.85%	3.84%	+23.01%

AIO vs. MERIX - Expense Ratio Comparison

AIO has a 1.41% expense ratio, which is higher than MERIX's 1.32% expense ratio.

Dividends

AIO vs. MERIX - Dividend Comparison

AIO's dividend yield for the trailing twelve months is around 11.96%, more than MERIX's 7.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AIO Virtus Artificial Intelligence & Technology Opportunities Fund	11.96%	13.75%	7.30%	10.34%	11.12%	19.97%	9.31%	0.54%	0.00%	0.00%	0.00%	0.00%
MERIX The Merger Fund Class I	7.81%	7.95%	3.75%	2.91%	4.75%	0.27%	3.64%	1.34%	4.85%	0.98%	0.89%	1.63%

Frequently Asked Questions

Can I hold both AIO and MERIX in my portfolio?

AIO and MERIX have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AIO or MERIX?

AIO has higher volatility (6.97%) compared to MERIX (0.55%). In terms of maximum drawdown, AIO dropped -44.88% vs MERIX's -9.33%.

Which has better risk-adjusted returns?

MERIX currently has the higher Sharpe Ratio (2.85 vs 0.91), 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.