ARBFX vs. AEDNX
Compare and contrast key facts about The Arbitrage Fund (ARBFX) and Water Island Event-Driven Fund (AEDNX).
ARBFX is managed by Arbitrage Fund. It was launched on Sep 17, 2000. AEDNX is managed by Arbitrage Fund. It was launched on Sep 30, 2010.
Performance
ARBFX vs. AEDNX - Performance Comparison
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ARBFX vs. AEDNX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ARBFX The Arbitrage Fund | 0.45% | 8.01% | 2.61% | 5.94% | -1.02% | 0.85% | 5.42% | 3.57% | 2.12% | 2.59% |
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% |
Returns By Period
In the year-to-date period, ARBFX achieves a 0.45% return, which is significantly higher than AEDNX's -0.23% return. Over the past 10 years, ARBFX has underperformed AEDNX with an annualized return of 3.20%, while AEDNX has yielded a comparatively higher 4.13% annualized return.
ARBFX
- 1D
- 0.00%
- 1M
- -0.37%
- YTD
- 0.45%
- 6M
- 2.38%
- 1Y
- 5.95%
- 3Y*
- 5.57%
- 5Y*
- 3.01%
- 10Y*
- 3.20%
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%
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ARBFX vs. AEDNX - Expense Ratio Comparison
ARBFX has a 1.43% expense ratio, which is lower than AEDNX's 1.44% expense ratio.
Return for Risk
ARBFX vs. AEDNX — Risk / Return Rank
ARBFX
AEDNX
ARBFX vs. AEDNX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for The Arbitrage Fund (ARBFX) and Water Island Event-Driven Fund (AEDNX). 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.
| ARBFX | AEDNX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.45 | 2.22 | +0.23 |
Sortino ratioReturn per unit of downside risk | 3.79 | 3.09 | +0.70 |
Omega ratioGain probability vs. loss probability | 1.59 | 1.54 | +0.05 |
Calmar ratioReturn relative to maximum drawdown | 3.28 | 2.76 | +0.51 |
Martin ratioReturn relative to average drawdown | 16.11 | 12.89 | +3.22 |
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
| ARBFX | AEDNX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.45 | 2.22 | +0.23 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.83 | 0.72 | +0.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.73 | 0.81 | -0.08 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.34 | 0.62 | -0.28 |
Correlation
The correlation between ARBFX and AEDNX is 0.74, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
ARBFX vs. AEDNX - Dividend Comparison
ARBFX's dividend yield for the trailing twelve months is around 3.57%, more than AEDNX's 0.95% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ARBFX The Arbitrage Fund | 3.57% | 3.59% | 0.94% | 1.92% | 3.67% | 0.53% | 6.94% | 2.12% | 1.71% | 3.55% | 0.96% | 2.36% |
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% |
Drawdowns
ARBFX vs. AEDNX - Drawdown Comparison
The maximum ARBFX drawdown since its inception was -38.01%, which is greater than AEDNX's maximum drawdown of -13.03%. Use the drawdown chart below to compare losses from any high point for ARBFX and AEDNX.
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Drawdown Indicators
| ARBFX | AEDNX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.01% | -13.03% | -24.98% |
Max Drawdown (1Y)Largest decline over 1 year | -1.82% | -2.05% | +0.23% |
Max Drawdown (5Y)Largest decline over 5 years | -7.64% | -8.94% | +1.30% |
Max Drawdown (10Y)Largest decline over 10 years | -11.90% | -12.24% | +0.34% |
Current DrawdownCurrent decline from peak | -0.44% | -1.24% | +0.80% |
Average DrawdownAverage peak-to-trough decline | -2.38% | -2.73% | +0.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.37% | 0.44% | -0.07% |
Volatility
ARBFX vs. AEDNX - Volatility Comparison
The current volatility for The Arbitrage Fund (ARBFX) is 0.61%, while Water Island Event-Driven Fund (AEDNX) has a volatility of 1.07%. This indicates that ARBFX experiences smaller price fluctuations and is considered to be less risky than AEDNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ARBFX | AEDNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.61% | 1.07% | -0.46% |
Volatility (6M)Calculated over the trailing 6-month period | 1.47% | 1.71% | -0.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.47% | 2.65% | -0.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.66% | 4.02% | -0.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.42% | 5.13% | -0.71% |