ARBFX vs. ARBNX
ARBFX (The Arbitrage Fund) and ARBNX (The Arbitrage Fund Class Institutional) are both Event Driven funds from Arbitrage Fund. Over the past 10 years, ARBFX returned 3.27%/yr vs 3.52%/yr for ARBNX. Their correlation of 0.94 means they have usually moved in the same direction. ARBFX charges 1.43%/yr vs 1.49%/yr for ARBNX.
Performance
ARBFX vs. ARBNX - Performance Comparison
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Returns By Period
In the year-to-date period, ARBFX achieves a 1.56% return, which is significantly lower than ARBNX's 1.71% return. Over the past 10 years, ARBFX has underperformed ARBNX with an annualized return of 3.27%, while ARBNX has yielded a comparatively higher 3.52% annualized return.
ARBFX
- 1D
- 0.00%
- 1M
- -0.15%
- 6M
- 1.34%
- YTD
- 1.56%
- 1Y
- 4.82%
- 3Y*
- 5.64%
- 5Y*
- 3.56%
- 10Y*
- 3.27%
- ALL TIME*
- 3.85%
ARBNX
- 1D
- 0.00%
- 1M
- -0.14%
- 6M
- 1.49%
- YTD
- 1.71%
- 1Y
- 5.13%
- 3Y*
- 5.93%
- 5Y*
- 3.82%
- 10Y*
- 3.52%
- ALL TIME*
- 3.26%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
ARBFX The Arbitrage Fund | $0.00 | $0.00 | $0.00 |
| $0.00 | $0.00 | $0.00 |
ARBFX vs. ARBNX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ARBFX The Arbitrage Fund | 1.56% | 8.01% | 2.61% | 5.94% | -1.02% | 0.85% | 5.42% | 3.57% | 2.12% | 2.59% |
ARBNX The Arbitrage Fund Class Institutional | 1.71% | 8.29% | 2.95% | 6.05% | -0.67% | 1.05% | 5.71% | 3.84% | 2.33% | 2.87% |
Correlation
The correlation between ARBFX and ARBNX is 0.91, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.91 |
Correlation (3Y) Balances recent behavior with more history. | 0.95 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.96 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.93 |
Correlation (All Time) Calculated using the full available price history since Oct 17, 2003 | 0.94 |
The correlation between ARBFX and ARBNX has been stable across timeframes, ranging from 0.91 to 0.96 - a consistent structural relationship.
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Return for Risk
ARBFX vs. ARBNX — Risk / Return Rank
ARBFX
ARBNX
ARBFX vs. ARBNX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for The Arbitrage Fund (ARBFX) 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.
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.
| ARBFX | ARBNX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.10 | ||
| Sortino ratioReturn per unit of downside risk | -0.20 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.55 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 5.30 | 5.36 | -0.06 |
| Martin ratioReturn relative to average drawdown | 22.62 | 24.11 | -1.50 |
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Drawdowns
ARBFX vs. ARBNX - Drawdown Comparison
The maximum ARBFX drawdown since its inception was -38.01%, which is greater than ARBNX's maximum drawdown of -14.42%. Use the drawdown chart below to compare losses from any high point for ARBFX and ARBNX.
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Drawdown Indicators
| ARBFX | ARBNX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.01% | -14.42% | -23.59% |
Max Drawdown (1Y)Largest decline over 1 year | -0.88% | -0.92% | +0.04% |
Max Drawdown (3Y)Largest decline over 3 years | -2.26% | -2.24% | -0.02% |
Max Drawdown (5Y)Largest decline over 5 years | -6.15% | -5.99% | -0.16% |
Max Drawdown (10Y)Largest decline over 10 years | -11.90% | -11.90% | 0.00% |
Current DrawdownCurrent decline from peak | -0.36% | -0.42% | +0.06% |
Average DrawdownAverage peak-to-trough decline | -2.35% | -1.21% | -1.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.21% | 0.20% | +0.01% |
Volatility
ARBFX vs. ARBNX - Volatility Comparison
The current volatility for The Arbitrage Fund (ARBFX) is 0.54%, while The Arbitrage Fund Class Institutional (ARBNX) has a volatility of 0.57%. This indicates that ARBFX experiences smaller price fluctuations and is considered to be less risky than ARBNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ARBFX | ARBNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.54% | 0.57% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 1.23% | 1.24% | -0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.87% | 1.89% | -0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.58% | 3.58% | 0.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.42% | 4.42% | 0.00% |
ARBFX vs. ARBNX - Expense Ratio Comparison
ARBFX has a 1.43% expense ratio, which is lower than ARBNX's 1.49% expense ratio.
Dividends
ARBFX vs. ARBNX - Dividend Comparison
ARBFX's dividend yield for the trailing twelve months is around 3.53%, less than ARBNX's 3.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ARBFX The Arbitrage Fund | 3.53% | 3.59% | 0.94% | 1.92% | 3.67% | 0.53% | 6.94% | 2.12% | 1.71% | 3.55% | 0.96% | 2.36% |
ARBNX The Arbitrage Fund Class Institutional | 3.66% | 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
With a correlation of 0.91, ARBFX and ARBNX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
ARBNX has higher volatility (0.57%) compared to ARBFX (0.54%). In terms of maximum drawdown, ARBFX dropped -38.01% vs ARBNX's -14.42%.
ARBNX currently has the higher Sharpe Ratio (2.60 vs 2.50), 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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