ARBNX vs. HMEZX
Compare and contrast key facts about The Arbitrage Fund Class Institutional (ARBNX) and NexPoint Merger Arbitrage Fund (HMEZX).
ARBNX is managed by Arbitrage Funds. It was launched on Oct 17, 2003. HMEZX is managed by Highland Funds. It was launched on Aug 18, 2016.
Performance
ARBNX vs. HMEZX - Performance Comparison
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ARBNX vs. HMEZX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ARBNX The Arbitrage Fund Class Institutional | 0.78% | 8.29% | 2.95% | 6.05% | -0.67% | 1.05% | 5.71% | 3.84% | 2.33% | 2.87% |
HMEZX NexPoint Merger Arbitrage Fund | 0.81% | 6.30% | 7.42% | 4.10% | 2.70% | 5.37% | 8.46% | 8.10% | 5.92% | 5.48% |
Returns By Period
The year-to-date returns for both investments are quite close, with ARBNX having a 0.78% return and HMEZX slightly higher at 0.81%. Over the past 10 years, ARBNX has underperformed HMEZX with an annualized return of 3.48%, while HMEZX has yielded a comparatively higher 5.89% annualized return.
ARBNX
- 1D
- 0.21%
- 1M
- -0.07%
- YTD
- 0.78%
- 6M
- 2.79%
- 1Y
- 6.44%
- 3Y*
- 5.93%
- 5Y*
- 3.24%
- 10Y*
- 3.48%
HMEZX
- 1D
- 0.15%
- 1M
- 0.46%
- YTD
- 0.81%
- 6M
- 2.14%
- 1Y
- 5.71%
- 3Y*
- 6.42%
- 5Y*
- 4.92%
- 10Y*
- 5.89%
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ARBNX vs. HMEZX - Expense Ratio Comparison
ARBNX has a 1.49% expense ratio, which is lower than HMEZX's 1.50% expense ratio.
Return for Risk
ARBNX vs. HMEZX — Risk / Return Rank
ARBNX
HMEZX
ARBNX vs. HMEZX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for The Arbitrage Fund Class Institutional (ARBNX) and NexPoint Merger Arbitrage Fund (HMEZX). 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 | HMEZX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.69 | 3.60 | -0.91 |
Sortino ratioReturn per unit of downside risk | 4.19 | 5.64 | -1.46 |
Omega ratioGain probability vs. loss probability | 1.63 | 1.96 | -0.33 |
Calmar ratioReturn relative to maximum drawdown | 3.79 | 5.53 | -1.75 |
Martin ratioReturn relative to average drawdown | 18.61 | 35.87 | -17.26 |
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
| ARBNX | HMEZX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.69 | 3.60 | -0.91 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.89 | 2.94 | -2.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.79 | 1.54 | -0.75 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 1.59 | -1.01 |
Correlation
The correlation between ARBNX and HMEZX is 0.40, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
ARBNX vs. HMEZX - Dividend Comparison
ARBNX's dividend yield for the trailing twelve months is around 3.69%, less than HMEZX's 5.07% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ARBNX The Arbitrage Fund Class Institutional | 3.69% | 3.72% | 1.18% | 2.11% | 3.85% | 0.51% | 6.70% | 2.12% | 1.93% | 3.80% | 0.93% | 2.30% |
HMEZX NexPoint Merger Arbitrage Fund | 5.07% | 5.04% | 6.36% | 5.07% | 5.11% | 3.63% | 5.83% | 0.33% | 19.16% | 6.88% | 0.02% | 0.00% |
Drawdowns
ARBNX vs. HMEZX - Drawdown Comparison
The maximum ARBNX drawdown since its inception was -14.42%, which is greater than HMEZX's maximum drawdown of -6.86%. Use the drawdown chart below to compare losses from any high point for ARBNX and HMEZX.
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Drawdown Indicators
| ARBNX | HMEZX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.42% | -6.86% | -7.56% |
Max Drawdown (1Y)Largest decline over 1 year | -1.74% | -1.06% | -0.68% |
Max Drawdown (5Y)Largest decline over 5 years | -7.44% | -1.94% | -5.50% |
Max Drawdown (10Y)Largest decline over 10 years | -11.90% | -6.86% | -5.04% |
Current DrawdownCurrent decline from peak | -0.14% | 0.00% | -0.14% |
Average DrawdownAverage peak-to-trough decline | -1.23% | -0.38% | -0.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.35% | 0.16% | +0.19% |
Volatility
ARBNX vs. HMEZX - Volatility Comparison
The Arbitrage Fund Class Institutional (ARBNX) has a higher volatility of 0.65% compared to NexPoint Merger Arbitrage Fund (HMEZX) at 0.46%. This indicates that ARBNX's price experiences larger fluctuations and is considered to be riskier than HMEZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ARBNX | HMEZX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.65% | 0.46% | +0.19% |
Volatility (6M)Calculated over the trailing 6-month period | 1.51% | 0.97% | +0.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.43% | 1.61% | +0.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.65% | 1.68% | +1.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.42% | 3.84% | +0.58% |