EMAYX vs. ARBFX
EMAYX (Gabelli Enterprise Mergers and Acquisitions Fund) and ARBFX (The Arbitrage Fund) are both Event Driven funds. Over the past 10 years, EMAYX returned 5.98%/yr vs 3.27%/yr for ARBFX. A 0.55 correlation means they provide meaningful diversification when combined. EMAYX charges 1.01%/yr vs 1.43%/yr for ARBFX.
Performance
EMAYX vs. ARBFX - Performance Comparison
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Returns By Period
In the year-to-date period, EMAYX achieves a 6.55% return, which is significantly higher than ARBFX's 1.34% return. Over the past 10 years, EMAYX has outperformed ARBFX with an annualized return of 5.98%, while ARBFX has yielded a comparatively lower 3.27% annualized return.
EMAYX
- 1D
- -0.30%
- 1M
- -0.75%
- YTD
- 6.55%
- 6M
- 5.89%
- 1Y
- 19.82%
- 3Y*
- 12.46%
- 5Y*
- 5.53%
- 10Y*
- 5.98%
ARBFX
- 1D
- 0.22%
- 1M
- 0.29%
- YTD
- 1.34%
- 6M
- 1.34%
- 1Y
- 6.09%
- 3Y*
- 6.49%
- 5Y*
- 3.04%
- 10Y*
- 3.27%
EMAYX vs. ARBFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EMAYX Gabelli Enterprise Mergers and Acquisitions Fund | 6.55% | 21.17% | 4.10% | 5.96% | -8.78% | 9.83% | 5.29% | 7.71% | -2.78% | 5.61% |
ARBFX The Arbitrage Fund | 1.34% | 8.01% | 2.61% | 5.94% | -1.02% | 0.85% | 5.42% | 3.57% | 2.12% | 2.59% |
Correlation
The correlation between EMAYX and ARBFX is 0.53, 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 | 0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.54 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.60 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.55 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2001 | 0.55 |
The correlation between EMAYX and ARBFX has been stable across timeframes, ranging from 0.53 to 0.60 - a consistent structural relationship.
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Return for Risk
EMAYX vs. ARBFX — Risk / Return Rank
EMAYX
ARBFX
EMAYX vs. ARBFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Gabelli Enterprise Mergers and Acquisitions Fund (EMAYX) and The Arbitrage Fund (ARBFX). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| EMAYX | ARBFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.15 | ||
| Sortino ratioReturn per unit of downside risk | -2.63 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.77 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | 3.57 | 7.00 | -3.43 |
| Martin ratioReturn relative to average drawdown | 14.25 | 30.88 | -16.63 |
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Drawdowns
EMAYX vs. ARBFX - Drawdown Comparison
The maximum EMAYX drawdown since its inception was -47.93%, which is greater than ARBFX's maximum drawdown of -38.01%. Use the drawdown chart below to compare losses from any high point for EMAYX and ARBFX.
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Drawdown Indicators
| EMAYX | ARBFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.93% | -38.01% | -9.92% |
Max Drawdown (1Y)Largest decline over 1 year | -5.82% | -0.88% | -4.94% |
Max Drawdown (3Y)Largest decline over 3 years | -12.32% | -2.26% | -10.06% |
Max Drawdown (5Y)Largest decline over 5 years | -15.95% | -6.79% | -9.16% |
Max Drawdown (10Y)Largest decline over 10 years | -24.90% | -11.90% | -13.00% |
Current DrawdownCurrent decline from peak | -2.22% | 0.00% | -2.22% |
Average DrawdownAverage peak-to-trough decline | -4.47% | -2.36% | -2.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.45% | 0.20% | +1.25% |
Volatility
EMAYX vs. ARBFX - Volatility Comparison
Gabelli Enterprise Mergers and Acquisitions Fund (EMAYX) has a higher volatility of 3.17% compared to The Arbitrage Fund (ARBFX) at 0.49%. This indicates that EMAYX's price experiences larger fluctuations and is considered to be riskier than ARBFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMAYX | ARBFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.17% | 0.49% | +2.68% |
Volatility (6M)Calculated over the trailing 6-month period | 6.87% | 1.15% | +5.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.62% | 1.87% | +7.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.00% | 3.65% | +7.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.59% | 4.42% | +6.17% |
EMAYX vs. ARBFX - Expense Ratio Comparison
EMAYX has a 1.01% expense ratio, which is lower than ARBFX's 1.43% expense ratio.
Dividends
EMAYX vs. ARBFX - Dividend Comparison
EMAYX's dividend yield for the trailing twelve months is around 3.95%, more than ARBFX's 3.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ARBFX The Arbitrage Fund | 3.54% | 3.59% | 0.94% | 1.92% | 3.67% | 0.53% | 6.94% | 2.12% | 1.71% | 3.55% | 0.96% | 2.36% |
EMAYX Gabelli Enterprise Mergers and Acquisitions Fund | 3.95% | 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
EMAYX and ARBFX have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EMAYX has higher volatility (3.17%) compared to ARBFX (0.49%). In terms of maximum drawdown, EMAYX dropped -47.93% vs ARBFX's -38.01%.
ARBFX currently has the higher Sharpe Ratio (3.31 vs 2.16), 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.
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