ARBNX vs. VARBX
Compare and contrast key facts about The Arbitrage Fund Class Institutional (ARBNX) and Vivaldi Merger Arbitrage Fund Class I (VARBX).
ARBNX is managed by Arbitrage Funds. It was launched on Oct 17, 2003. VARBX is managed by First Trust. It was launched on Oct 1, 2015.
Performance
ARBNX vs. VARBX - Performance Comparison
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ARBNX vs. VARBX - 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% |
VARBX Vivaldi Merger Arbitrage Fund Class I | 0.76% | 6.06% | 12.64% | 3.30% | 2.38% | 5.42% | 4.00% | 4.28% | 4.11% | 2.39% |
Returns By Period
In the year-to-date period, ARBNX achieves a 0.57% return, which is significantly lower than VARBX's 0.76% return. Over the past 10 years, ARBNX has underperformed VARBX with an annualized return of 3.45%, while VARBX has yielded a comparatively higher 4.44% 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%
VARBX
- 1D
- 0.00%
- 1M
- 0.38%
- YTD
- 0.76%
- 6M
- 2.21%
- 1Y
- 5.36%
- 3Y*
- 7.33%
- 5Y*
- 5.43%
- 10Y*
- 4.44%
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ARBNX vs. VARBX - Expense Ratio Comparison
ARBNX has a 1.49% expense ratio, which is lower than VARBX's 1.81% expense ratio.
Return for Risk
ARBNX vs. VARBX — Risk / Return Rank
ARBNX
VARBX
ARBNX vs. VARBX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for The Arbitrage Fund Class Institutional (ARBNX) and Vivaldi Merger Arbitrage Fund Class I (VARBX). 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 | VARBX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.64 | 4.06 | -1.42 |
Sortino ratioReturn per unit of downside risk | 4.09 | 6.90 | -2.81 |
Omega ratioGain probability vs. loss probability | 1.62 | 2.36 | -0.74 |
Calmar ratioReturn relative to maximum drawdown | 3.57 | 8.40 | -4.84 |
Martin ratioReturn relative to average drawdown | 17.54 | 36.29 | -18.75 |
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 | VARBX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.64 | 4.06 | -1.42 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.91 | 1.65 | -0.74 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.78 | 1.33 | -0.54 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 1.40 | -0.82 |
Correlation
The correlation between ARBNX and VARBX 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. VARBX - Dividend Comparison
ARBNX's dividend yield for the trailing twelve months is around 3.70%, less than VARBX's 5.99% 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% |
VARBX Vivaldi Merger Arbitrage Fund Class I | 5.99% | 6.04% | 12.59% | 4.07% | 0.75% | 8.42% | 0.81% | 5.54% | 2.15% | 1.70% | 0.06% | 0.04% |
Drawdowns
ARBNX vs. VARBX - Drawdown Comparison
The maximum ARBNX drawdown since its inception was -14.42%, which is greater than VARBX's maximum drawdown of -5.12%. Use the drawdown chart below to compare losses from any high point for ARBNX and VARBX.
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Drawdown Indicators
| ARBNX | VARBX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.42% | -5.12% | -9.30% |
Max Drawdown (1Y)Largest decline over 1 year | -1.74% | -0.64% | -1.10% |
Max Drawdown (5Y)Largest decline over 5 years | -7.44% | -1.79% | -5.65% |
Max Drawdown (10Y)Largest decline over 10 years | -11.90% | -5.12% | -6.78% |
Current DrawdownCurrent decline from peak | -0.35% | 0.00% | -0.35% |
Average DrawdownAverage peak-to-trough decline | -1.23% | -0.57% | -0.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.35% | 0.15% | +0.20% |
Volatility
ARBNX vs. VARBX - Volatility Comparison
The Arbitrage Fund Class Institutional (ARBNX) has a higher volatility of 0.61% compared to Vivaldi Merger Arbitrage Fund Class I (VARBX) at 0.32%. This indicates that ARBNX's price experiences larger fluctuations and is considered to be riskier than VARBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ARBNX | VARBX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.61% | 0.32% | +0.29% |
Volatility (6M)Calculated over the trailing 6-month period | 1.50% | 0.73% | +0.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.43% | 1.35% | +1.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.65% | 3.31% | +0.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.42% | 3.35% | +1.07% |