DEVDX vs. AEDNX

Last updated Jun 5, 2026

DEVDX (Driehaus Event Driven Fund) and AEDNX (Water Island Event-Driven Fund) are both Event Driven funds. At a 0.44 correlation, their price movements are largely independent. DEVDX charges 1.66%/yr vs 1.44%/yr for AEDNX.

Performance

DEVDX vs. AEDNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Driehaus Event Driven Fund (DEVDX) and Water Island Event-Driven Fund (AEDNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

DEVDX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

AEDNX

• 1D: -0.15%
• 1M: -0.23%
• YTD: 1.48%
• 6M: 2.21%
• 1Y: 6.96%
• 3Y*: 6.68%
• 5Y*: 2.83%
• 10Y*: 4.21%

*Multi-year figures are annualized to reflect compound growth (CAGR)

DEVDX vs. AEDNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DEVDX Driehaus Event Driven Fund	-1.35%	5.99%	3.06%	9.59%	-9.99%	7.24%	24.78%	20.49%	-4.06%	4.35%
AEDNX Water Island Event-Driven Fund	1.48%	8.67%	2.26%	5.90%	-0.63%	1.18%	13.42%	4.76%	-0.15%	3.89%

Correlation

The correlation between DEVDX and AEDNX is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (10Y) Calculated over the trailing 10-year period	0.42
Correlation (All Time) Calculated using the full available price history since Jan 3, 2014	0.44

Over the past year, the correlation between DEVDX and AEDNX has dropped to 0.21 - well below their long-term average of 0.44, suggesting their price drivers have been diverging.

Return for Risk

DEVDX vs. AEDNX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AEDNX

AEDNX Risk / Return Rank: 91
AEDNX Sharpe Ratio Rank: 87
AEDNX Sortino Ratio Rank: 93
AEDNX Omega Ratio Rank: 90
AEDNX Calmar Ratio Rank: 93
AEDNX Martin Ratio Rank: 90

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.

DEVDX vs. AEDNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Driehaus Event Driven Fund (DEVDX) and Water Island Event-Driven Fund (AEDNX). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	DEVDX	AEDNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.83	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.70	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.82	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.64	—

Drawdowns

Drawdown Indicators

	DEVDX	AEDNX	Difference
Max Drawdown Largest peak-to-trough decline	—	-13.03%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-1.37%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-2.79%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-8.94%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-12.24%	—
Current Drawdown Current decline from peak	—	-0.92%	—
Average Drawdown Average peak-to-trough decline	—	-2.71%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.39%	—

Volatility

Volatility by Period

	DEVDX	AEDNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.95%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.13%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	2.47%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	4.05%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	5.15%	—

DEVDX vs. AEDNX - Expense Ratio Comparison

DEVDX has a 1.66% expense ratio, which is higher than AEDNX's 1.44% expense ratio.

Dividends

DEVDX vs. AEDNX - Dividend Comparison

DEVDX's dividend yield for the trailing twelve months is around 16.48%, more than AEDNX's 0.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AEDNX Water Island Event-Driven Fund	0.93%	0.95%	0.20%	0.72%	0.00%	0.00%	0.24%	0.46%	1.78%	0.62%	0.00%	2.79%
DEVDX Driehaus Event Driven Fund	16.48%	14.24%	1.35%	4.48%	1.49%	12.11%	3.48%	4.09%	3.57%	0.00%	1.20%	0.66%

Frequently Asked Questions

Can I hold both DEVDX and AEDNX in my portfolio?

DEVDX and AEDNX have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.