ARBNX vs. MERIX
Compare and contrast key facts about The Arbitrage Fund Class Institutional (ARBNX) and The Merger Fund Class I (MERIX).
ARBNX is managed by Arbitrage Funds. It was launched on Oct 17, 2003. MERIX is managed by Virtus Investment Partners. It was launched on Aug 1, 2013.
Performance
ARBNX vs. MERIX - Performance Comparison
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ARBNX vs. MERIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ARBNX The Arbitrage Fund Class Institutional | 0.57% | 8.29% | 2.95% | 6.05% | -0.67% | 1.05% | 5.71% | 3.84% | 2.33% | 2.87% |
MERIX The Merger Fund Class I | 0.59% | 8.41% | 3.54% | 4.51% | 1.01% | 0.10% | 5.14% | 6.32% | 7.98% | 2.74% |
Returns By Period
The year-to-date returns for both investments are quite close, with ARBNX having a 0.57% return and MERIX slightly higher at 0.59%. Over the past 10 years, ARBNX has underperformed MERIX with an annualized return of 3.45%, while MERIX has yielded a comparatively higher 4.19% annualized return.
ARBNX
- 1D
- 0.07%
- 1M
- -0.28%
- YTD
- 0.57%
- 6M
- 2.57%
- 1Y
- 6.29%
- 3Y*
- 5.86%
- 5Y*
- 3.29%
- 10Y*
- 3.45%
MERIX
- 1D
- 0.06%
- 1M
- 0.06%
- YTD
- 0.59%
- 6M
- 2.05%
- 1Y
- 6.59%
- 3Y*
- 5.63%
- 5Y*
- 3.40%
- 10Y*
- 4.19%
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ARBNX vs. MERIX - Expense Ratio Comparison
ARBNX has a 1.49% expense ratio, which is higher than MERIX's 1.32% expense ratio.
Return for Risk
ARBNX vs. MERIX — Risk / Return Rank
ARBNX
MERIX
ARBNX vs. MERIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for The Arbitrage Fund Class Institutional (ARBNX) and The Merger Fund Class I (MERIX). 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 | MERIX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.64 | 4.51 | -1.87 |
Sortino ratioReturn per unit of downside risk | 4.09 | 8.79 | -4.69 |
Omega ratioGain probability vs. loss probability | 1.62 | 2.18 | -0.56 |
Calmar ratioReturn relative to maximum drawdown | 3.57 | 14.49 | -10.92 |
Martin ratioReturn relative to average drawdown | 17.54 | 63.54 | -46.00 |
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 | MERIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.64 | 4.51 | -1.87 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.91 | 0.94 | -0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.78 | 1.09 | -0.30 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 0.94 | -0.36 |
Correlation
The correlation between ARBNX and MERIX is 0.61, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
ARBNX vs. MERIX - Dividend Comparison
ARBNX's dividend yield for the trailing twelve months is around 3.70%, less than MERIX's 7.91% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ARBNX The Arbitrage Fund Class Institutional | 3.70% | 3.72% | 1.18% | 2.11% | 3.85% | 0.51% | 6.70% | 2.12% | 1.93% | 3.80% | 0.93% | 2.30% |
MERIX The Merger Fund Class I | 7.91% | 7.95% | 3.75% | 2.91% | 4.75% | 0.27% | 3.64% | 1.34% | 4.85% | 0.98% | 0.89% | 1.63% |
Drawdowns
ARBNX vs. MERIX - Drawdown Comparison
The maximum ARBNX drawdown since its inception was -14.42%, which is greater than MERIX's maximum drawdown of -9.33%. Use the drawdown chart below to compare losses from any high point for ARBNX and MERIX.
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Drawdown Indicators
| ARBNX | MERIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.42% | -9.33% | -5.09% |
Max Drawdown (1Y)Largest decline over 1 year | -1.74% | -0.47% | -1.27% |
Max Drawdown (5Y)Largest decline over 5 years | -7.44% | -5.68% | -1.76% |
Max Drawdown (10Y)Largest decline over 10 years | -11.90% | -9.33% | -2.57% |
Current DrawdownCurrent decline from peak | -0.35% | -0.12% | -0.23% |
Average DrawdownAverage peak-to-trough decline | -1.23% | -1.04% | -0.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.35% | 0.11% | +0.24% |
Volatility
ARBNX vs. MERIX - Volatility Comparison
The Arbitrage Fund Class Institutional (ARBNX) has a higher volatility of 0.61% compared to The Merger Fund Class I (MERIX) at 0.44%. This indicates that ARBNX's price experiences larger fluctuations and is considered to be riskier than MERIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ARBNX | MERIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.61% | 0.44% | +0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 1.50% | 0.95% | +0.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.43% | 1.51% | +0.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.65% | 3.65% | 0.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.42% | 3.86% | +0.56% |