EMAYX vs. ARBNX
EMAYX (Gabelli Enterprise Mergers and Acquisitions Fund) and ARBNX (The Arbitrage Fund Class Institutional) are both Event Driven funds. Over the past 10 years, EMAYX returned 5.98%/yr vs 3.53%/yr for ARBNX. A 0.54 correlation means they provide meaningful diversification when combined. EMAYX charges 1.01%/yr vs 1.49%/yr for ARBNX.
Performance
EMAYX vs. ARBNX - 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 ARBNX's 1.43% return. Over the past 10 years, EMAYX has outperformed ARBNX with an annualized return of 5.98%, while ARBNX has yielded a comparatively lower 3.53% 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%
ARBNX
- 1D
- 0.14%
- 1M
- 0.21%
- YTD
- 1.43%
- 6M
- 1.43%
- 1Y
- 6.27%
- 3Y*
- 6.75%
- 5Y*
- 3.28%
- 10Y*
- 3.53%
EMAYX vs. ARBNX - 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% |
ARBNX The Arbitrage Fund Class Institutional | 1.43% | 8.29% | 2.95% | 6.05% | -0.67% | 1.05% | 5.71% | 3.84% | 2.33% | 2.87% |
Correlation
The correlation between EMAYX and ARBNX is 0.50, 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 | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.61 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.55 |
Correlation (All Time) Calculated using the full available price history since Oct 17, 2003 | 0.54 |
The correlation between EMAYX and ARBNX shifts across timeframes, from 0.50 (1 year) to 0.61 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
EMAYX vs. ARBNX — Risk / Return Rank
EMAYX
ARBNX
EMAYX vs. ARBNX - 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 Class Institutional (ARBNX). 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 | ARBNX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.25 | ||
| Sortino ratioReturn per unit of downside risk | -2.83 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.78 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | 3.57 | 7.02 | -3.46 |
| Martin ratioReturn relative to average drawdown | 14.25 | 33.14 | -18.89 |
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Drawdowns
EMAYX vs. ARBNX - Drawdown Comparison
The maximum EMAYX drawdown since its inception was -47.93%, which is greater than ARBNX's maximum drawdown of -14.42%. Use the drawdown chart below to compare losses from any high point for EMAYX and ARBNX.
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Drawdown Indicators
| EMAYX | ARBNX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.93% | -14.42% | -33.51% |
Max Drawdown (1Y)Largest decline over 1 year | -5.82% | -0.92% | -4.90% |
Max Drawdown (3Y)Largest decline over 3 years | -12.32% | -2.24% | -10.08% |
Max Drawdown (5Y)Largest decline over 5 years | -15.95% | -6.62% | -9.33% |
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% | -1.22% | -3.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.45% | 0.19% | +1.26% |
Volatility
EMAYX vs. ARBNX - Volatility Comparison
Gabelli Enterprise Mergers and Acquisitions Fund (EMAYX) has a higher volatility of 3.17% compared to The Arbitrage Fund Class Institutional (ARBNX) at 0.54%. This indicates that EMAYX's price experiences larger fluctuations and is considered to be riskier than ARBNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMAYX | ARBNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.17% | 0.54% | +2.63% |
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% | 1.90% | +7.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.00% | 3.64% | +7.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.59% | 4.42% | +6.17% |
EMAYX vs. ARBNX - Expense Ratio Comparison
EMAYX has a 1.01% expense ratio, which is lower than ARBNX's 1.49% expense ratio.
Dividends
EMAYX vs. ARBNX - Dividend Comparison
EMAYX's dividend yield for the trailing twelve months is around 3.95%, more than ARBNX's 3.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ARBNX The Arbitrage Fund Class Institutional | 3.67% | 3.72% | 1.18% | 2.11% | 3.85% | 0.51% | 6.70% | 2.12% | 1.93% | 3.80% | 0.93% | 2.30% |
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 ARBNX have a correlation of 0.50, 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 ARBNX (0.54%). In terms of maximum drawdown, EMAYX dropped -47.93% vs ARBNX's -14.42%.
ARBNX currently has the higher Sharpe Ratio (3.41 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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