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ARBNX vs. ^CASHX
Performance
Return for Risk
Drawdowns
Volatility

ARBNX vs. ^CASHX

Last updated Jun 4, 2026

ARBNX (The Arbitrage Fund Class Institutional) is Event Driven fund managed by Arbitrage Funds, while ^CASHX (US Money Market Index) is an index. Over the past 10 years, ARBNX returned 3.48%/yr vs 2.31%/yr for ^CASHX. At a 0.01 correlation, their price movements are largely independent.

Performance

ARBNX vs. ^CASHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in The Arbitrage Fund Class Institutional (ARBNX) and US Money Market Index (^CASHX). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, ARBNX achieves a 1.21% return, which is significantly lower than ^CASHX's 1.51% return. Over the past 10 years, ARBNX has outperformed ^CASHX with an annualized return of 3.48%, while ^CASHX has yielded a comparatively lower 2.31% annualized return.

ARBNX

1D
0.07%
1M
0.21%
YTD
1.21%
6M
1.86%
1Y
6.43%
3Y*
6.73%
5Y*
3.10%
10Y*
3.48%

^CASHX

1D
0.01%
1M
0.28%
YTD
1.51%
6M
1.79%
1Y
3.91%
3Y*
4.64%
5Y*
3.51%
10Y*
2.31%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ARBNX vs. ^CASHX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
^CASHX
US Money Market Index		1.51%4.21%5.16%5.03%1.68%0.08%0.37%2.16%1.83%1.00%

Correlation

The correlation between ARBNX and ^CASHX is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.09

Correlation (3Y)
Calculated over the trailing 3-year period

0.02

Correlation (5Y)
Calculated over the trailing 5-year period

0.06

Correlation (10Y)
Calculated over the trailing 10-year period

0.02

Correlation (All Time)
Calculated using the full available price history since Oct 18, 2003

0.01

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The Arbitrage Fund Class Institutional

US Money Market Index

Often compared with ARBNX:
ARBNX vs. SPYARBNX vs. EVDIXARBNX vs. OSTIXARBNX vs. EMAYXARBNX vs. AGGARBNX vs. WCFRXARBNX vs. MERIX
Often compared with ^CASHX:
^CASHX vs. SPAXX^CASHX vs. VBIL^CASHX vs. VUSXX^CASHX vs. VMRXX^CASHX vs. SWVXX^CASHX vs. FXNAX^CASHX vs. JAAA

Return for Risk

ARBNX vs. ^CASHX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ARBNX
ARBNX Risk / Return Rank: 9797
Overall Rank
ARBNX Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
ARBNX Sortino Ratio Rank: 9898
Sortino Ratio Rank
ARBNX Omega Ratio Rank: 9696
Omega Ratio Rank
ARBNX Calmar Ratio Rank: 9797
Calmar Ratio Rank
ARBNX Martin Ratio Rank: 9898
Martin Ratio Rank
^CASHX
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.

ARBNX vs. ^CASHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The Arbitrage Fund Class Institutional (ARBNX) and US Money Market Index (^CASHX). 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.

ARBNX^CASHXDifference

Sharpe ratio

Return per unit of total volatility

3.56

257.89

-254.33

Sortino ratio

Return per unit of downside risk

6.35

—

—

Omega ratio

Gain probability vs. loss probability

1.84

—

—

Calmar ratio

Return relative to maximum drawdown

7.20

—

—

Martin ratio

Return relative to average drawdown

34.43

—

—

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ARBNX vs. ^CASHX - Sharpe Ratio Comparison

The current ARBNX Sharpe Ratio is 3.56, which is lower than the ^CASHX Sharpe Ratio of 257.89. The chart below compares the historical Sharpe Ratios of ARBNX and ^CASHX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

ARBNX^CASHXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.56

257.89

-254.33

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.86

36.51

-35.65

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.79

23.97

-23.18

Sharpe Ratio (All Time)

Calculated using the full available price history

0.58

25.99

-25.41

Drawdowns

ARBNX vs. ^CASHX - Drawdown Comparison

The maximum ARBNX drawdown since its inception was -14.42%, which is greater than ^CASHX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for ARBNX and ^CASHX.

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Drawdown Indicators

ARBNX^CASHXDifference

Max Drawdown

Largest peak-to-trough decline

-14.42%

0.00%

-14.42%

Max Drawdown (1Y)

Largest decline over 1 year

-0.92%

0.00%

-0.92%

Max Drawdown (3Y)

Largest decline over 3 years

-2.24%

0.00%

-2.24%

Max Drawdown (5Y)

Largest decline over 5 years

-7.44%

0.00%

-7.44%

Max Drawdown (10Y)

Largest decline over 10 years

-11.90%

0.00%

-11.90%

Current Drawdown

Current decline from peak

-0.07%

0.00%

-0.07%

Average Drawdown

Average peak-to-trough decline

-1.22%

0.00%

-1.22%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.19%

0.00%

+0.19%

Volatility

ARBNX vs. ^CASHX - Volatility Comparison

The Arbitrage Fund Class Institutional (ARBNX) has a higher volatility of 0.29% compared to US Money Market Index (^CASHX) at 0.00%. This indicates that ARBNX's price experiences larger fluctuations and is considered to be riskier than ^CASHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ARBNX^CASHXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.29%

0.00%

+0.29%

Volatility (6M)

Calculated over the trailing 6-month period

1.14%

0.00%

+1.14%

Volatility (1Y)

Calculated over the trailing 1-year period

1.86%

0.01%

+1.85%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

3.63%

0.08%

+3.55%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.42%

0.08%

+4.34%

Frequently Asked Questions

ARBNX and ^CASHX have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

ARBNX has higher volatility (0.29%) compared to ^CASHX (0.00%). In terms of maximum drawdown, ARBNX dropped -14.42% vs ^CASHX's 0.00%.

^CASHX currently has the higher Sharpe Ratio (257.89 vs 3.56), 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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