EMAYX vs. AEDNX

Last updated Jun 3, 2026

EMAYX (Gabelli Enterprise Mergers and Acquisitions Fund) and AEDNX (Water Island Event-Driven Fund) are both Event Driven funds. Over the past 10 years, EMAYX returned 5.86%/yr vs 4.25%/yr for AEDNX. A 0.58 correlation means they provide meaningful diversification when combined. EMAYX charges 1.01%/yr vs 1.44%/yr for AEDNX.

Performance

EMAYX vs. AEDNX - Performance Comparison

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

Returns By Period

In the year-to-date period, EMAYX achieves a 7.73% return, which is significantly higher than AEDNX's 1.88% return. Over the past 10 years, EMAYX has outperformed AEDNX with an annualized return of 5.86%, while AEDNX has yielded a comparatively lower 4.25% annualized return.

EMAYX

• 1D: -0.45%
• 1M: 0.25%
• YTD: 7.73%
• 6M: 9.99%
• 1Y: 24.47%
• 3Y*: 13.22%
• 5Y*: 5.51%
• 10Y*: 5.86%

AEDNX

• 1D: -0.08%
• 1M: 0.23%
• YTD: 1.88%
• 6M: 2.60%
• 1Y: 7.46%
• 3Y*: 6.82%
• 5Y*: 2.96%
• 10Y*: 4.25%

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

EMAYX vs. AEDNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EMAYX Gabelli Enterprise Mergers and Acquisitions Fund	7.73%	21.17%	4.10%	5.96%	-8.78%	9.83%	5.29%	7.71%	-2.78%	5.61%
AEDNX Water Island Event-Driven Fund	1.88%	8.67%	2.26%	5.90%	-0.63%	1.18%	13.42%	4.76%	-0.15%	3.89%

Correlation

The correlation between EMAYX and AEDNX is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (10Y) Calculated over the trailing 10-year period	0.57
Correlation (All Time) Calculated using the full available price history since Oct 1, 2010	0.58

The correlation between EMAYX and AEDNX has been stable across timeframes, ranging from 0.56 to 0.61 - a consistent structural relationship.

Return for Risk

EMAYX vs. AEDNX — Risk / Return Rank

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

EMAYX

EMAYX Risk / Return Rank: 82
EMAYX Sharpe Ratio Rank: 83
EMAYX Sortino Ratio Rank: 81
EMAYX Omega Ratio Rank: 71
EMAYX Calmar Ratio Rank: 87
EMAYX Martin Ratio Rank: 88

AEDNX

AEDNX Risk / Return Rank: 94
AEDNX Sharpe Ratio Rank: 92
AEDNX Sortino Ratio Rank: 96
AEDNX Omega Ratio Rank: 94
AEDNX Calmar Ratio Rank: 94
AEDNX Martin Ratio Rank: 92

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.

EMAYX vs. AEDNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gabelli Enterprise Mergers and Acquisitions Fund (EMAYX) 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.

	EMAYX	AEDNX	Difference
Sharpe ratio Return per unit of total volatility	2.67	3.13	-0.46
Sortino ratio Return per unit of downside risk	3.84	5.34	-1.50
Omega ratio Gain probability vs. loss probability	1.47	1.76	-0.29
Calmar ratio Return relative to maximum drawdown	4.23	5.50	-1.27
Martin ratio Return relative to average drawdown	17.35	19.69	-2.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EMAYX vs. AEDNX - Sharpe Ratio Comparison

The current EMAYX Sharpe Ratio is 2.67, which is comparable to the AEDNX Sharpe Ratio of 3.13. The chart below compares the historical Sharpe Ratios of EMAYX and AEDNX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EMAYX	AEDNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.67	3.13	-0.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	0.74	-0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.83	-0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.64	-0.19

Drawdowns

EMAYX vs. AEDNX - Drawdown Comparison

The maximum EMAYX drawdown since its inception was -47.93%, which is greater than AEDNX's maximum drawdown of -13.03%. Use the drawdown chart below to compare losses from any high point for EMAYX and AEDNX.

Drawdown Indicators

	EMAYX	AEDNX	Difference
Max Drawdown Largest peak-to-trough decline	-47.93%	-13.03%	-34.90%
Max Drawdown (1Y) Largest decline over 1 year	-5.82%	-1.37%	-4.45%
Max Drawdown (3Y) Largest decline over 3 years	-12.32%	-2.79%	-9.53%
Max Drawdown (5Y) Largest decline over 5 years	-15.95%	-8.94%	-7.01%
Max Drawdown (10Y) Largest decline over 10 years	-24.90%	-12.24%	-12.66%
Current Drawdown Current decline from peak	-0.89%	-0.53%	-0.36%
Average Drawdown Average peak-to-trough decline	-4.47%	-2.71%	-1.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.42%	0.38%	+1.04%

Volatility

EMAYX vs. AEDNX - Volatility Comparison

Gabelli Enterprise Mergers and Acquisitions Fund (EMAYX) has a higher volatility of 2.80% compared to Water Island Event-Driven Fund (AEDNX) at 0.92%. This indicates that EMAYX's price experiences larger fluctuations and is considered to be riskier than AEDNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EMAYX	AEDNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.80%	0.92%	+1.88%
Volatility (6M) Calculated over the trailing 6-month period	6.49%	2.12%	+4.37%
Volatility (1Y) Calculated over the trailing 1-year period	9.36%	2.46%	+6.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.95%	4.05%	+6.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.56%	5.15%	+5.41%

EMAYX vs. AEDNX - Expense Ratio Comparison

EMAYX has a 1.01% expense ratio, which is lower than AEDNX's 1.44% expense ratio.

Dividends

EMAYX vs. AEDNX - Dividend Comparison

EMAYX's dividend yield for the trailing twelve months is around 3.91%, 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%
EMAYX Gabelli Enterprise Mergers and Acquisitions Fund	3.91%	4.21%	0.00%	3.00%	0.80%	6.84%	0.24%	1.80%	5.52%	1.24%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EMAYX and AEDNX in my portfolio?

EMAYX and AEDNX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMAYX or AEDNX?

EMAYX has higher volatility (2.80%) compared to AEDNX (0.92%). In terms of maximum drawdown, EMAYX dropped -47.93% vs AEDNX's -13.03%.

Which has better risk-adjusted returns?

AEDNX currently has the higher Sharpe Ratio (3.13 vs 2.67), 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.