ARBNX vs. ACFIX
ARBNX (The Arbitrage Fund Class Institutional) and ACFIX (Water Island Credit Opportunities Fund) are both mutual funds - ARBNX is a Event Driven fund managed by Arbitrage Fund, while ACFIX is a Nontraditional Bonds fund managed by Arbitrage Fund. Over the past 10 years, ARBNX returned 3.52%/yr vs 3.68%/yr for ACFIX. Their 0.21 correlation means their historical movements had little consistent relationship. ARBNX charges 1.49%/yr vs 0.98%/yr for ACFIX.
Performance
ARBNX vs. ACFIX - Performance Comparison
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Returns By Period
In the year-to-date period, ARBNX achieves a 1.71% return, which is significantly lower than ACFIX's 1.91% return. Both investments have delivered pretty close results over the past 10 years, with ARBNX having a 3.52% annualized return and ACFIX not far ahead at 3.68%.
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%
ACFIX
- 1D
- 0.00%
- 1M
- -0.51%
- 6M
- 1.43%
- YTD
- 1.91%
- 1Y
- 3.71%
- 3Y*
- 5.13%
- 5Y*
- 3.40%
- 10Y*
- 3.68%
- ALL TIME*
- 3.29%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
ARBNX vs. ACFIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
ACFIX Water Island Credit Opportunities Fund | 1.91% | 4.79% | 5.51% | 6.54% | -2.70% | 3.24% | 6.71% | 5.68% | 1.85% | 1.45% |
Correlation
The correlation between ARBNX and ACFIX is 0.20, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.20 |
Correlation (3Y) Balances recent behavior with more history. | 0.17 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.26 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.24 |
Correlation (All Time) Calculated using the full available price history since Oct 9, 2012 | 0.21 |
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Return for Risk
ARBNX vs. ACFIX — Risk / Return Rank
ARBNX
ACFIX
ARBNX vs. ACFIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for The Arbitrage Fund Class Institutional (ARBNX) and Water Island Credit Opportunities Fund (ACFIX). 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.
| ARBNX | ACFIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.48 | ||
| Sortino ratioReturn per unit of downside risk | +3.86 | ||
| Omega ratioGain probability vs. loss probability | 1.55 | 1.37 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 5.36 | 0.20 | +5.17 |
| Martin ratioReturn relative to average drawdown | 24.11 | 0.22 | +23.89 |
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Drawdowns
ARBNX vs. ACFIX - Drawdown Comparison
The maximum ARBNX drawdown since its inception was -14.42%, smaller than the maximum ACFIX drawdown of -20.82%. Use the drawdown chart below to compare losses from any high point for ARBNX and ACFIX.
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Drawdown Indicators
| ARBNX | ACFIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.42% | -20.82% | +6.40% |
Max Drawdown (1Y)Largest decline over 1 year | -0.92% | -20.82% | +19.90% |
Max Drawdown (3Y)Largest decline over 3 years | -2.24% | -20.82% | +18.58% |
Max Drawdown (5Y)Largest decline over 5 years | -5.99% | -20.82% | +14.83% |
Max Drawdown (10Y)Largest decline over 10 years | -11.90% | -20.82% | +8.92% |
Current DrawdownCurrent decline from peak | -0.42% | -17.80% | +17.38% |
Average DrawdownAverage peak-to-trough decline | -1.21% | -1.87% | +0.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.20% | 18.47% | -18.27% |
Volatility
ARBNX vs. ACFIX - Volatility Comparison
The Arbitrage Fund Class Institutional (ARBNX) has a higher volatility of 0.57% compared to Water Island Credit Opportunities Fund (ACFIX) at 0.32%. This indicates that ARBNX's price experiences larger fluctuations and is considered to be riskier than ACFIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ARBNX | ACFIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.57% | 0.32% | +0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 1.24% | 1.14% | +0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.89% | 33.49% | -31.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.58% | 15.13% | -11.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.42% | 10.89% | -6.47% |
ARBNX vs. ACFIX - Expense Ratio Comparison
ARBNX has a 1.49% expense ratio, which is higher than ACFIX's 0.98% expense ratio.
Dividends
ARBNX vs. ACFIX - Dividend Comparison
ARBNX's dividend yield for the trailing twelve months is around 3.66%, more than ACFIX's 3.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ACFIX Water Island Credit Opportunities Fund | 3.54% | 4.17% | 4.71% | 4.00% | 3.55% | 2.59% | 2.95% | 3.52% | 2.92% | 3.01% | 2.38% | 2.91% |
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
ARBNX and ACFIX have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ARBNX has higher volatility (0.57%) compared to ACFIX (0.32%). In terms of maximum drawdown, ARBNX dropped -14.42% vs ACFIX's -20.82%.
ARBNX currently has the higher Sharpe Ratio (2.60 vs 0.12), 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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