EMAYX vs. DEVDX

Last updated Jun 3, 2026

EMAYX (Gabelli Enterprise Mergers and Acquisitions Fund) and DEVDX (Driehaus Event Driven Fund) are both Event Driven funds. A 0.60 correlation means they provide meaningful diversification when combined. EMAYX charges 1.01%/yr vs 1.66%/yr for DEVDX.

Performance

EMAYX vs. DEVDX - Performance Comparison

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

Returns By Period

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%

DEVDX

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

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

EMAYX vs. DEVDX - 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%
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%

Correlation

The correlation between EMAYX and DEVDX is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since Jan 3, 2014	0.60

The correlation between EMAYX and DEVDX shifts across timeframes, from 0.43 (1 year) to 0.63 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

EMAYX vs. DEVDX — 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

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. DEVDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gabelli Enterprise Mergers and Acquisitions Fund (EMAYX) and Driehaus Event Driven Fund (DEVDX). 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	DEVDX	Difference
Sharpe ratio Return per unit of total volatility	2.67	—	—
Sortino ratio Return per unit of downside risk	3.84	—	—
Omega ratio Gain probability vs. loss probability	1.47	—	—
Calmar ratio Return relative to maximum drawdown	4.23	—	—
Martin ratio Return relative to average drawdown	17.35	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	EMAYX	DEVDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.67	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.51	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	—	—

Drawdowns

Drawdown Indicators

	EMAYX	DEVDX	Difference
Max Drawdown Largest peak-to-trough decline	-47.93%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-5.82%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-12.32%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.95%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-24.90%	—	—
Current Drawdown Current decline from peak	-0.89%	—	—
Average Drawdown Average peak-to-trough decline	-4.47%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	1.42%	—	—

Volatility

Volatility by Period

	EMAYX	DEVDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.80%	—	—
Volatility (6M) Calculated over the trailing 6-month period	6.49%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	9.36%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.95%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.56%	—	—

EMAYX vs. DEVDX - Expense Ratio Comparison

EMAYX has a 1.01% expense ratio, which is lower than DEVDX's 1.66% expense ratio.

Dividends

EMAYX vs. DEVDX - Dividend Comparison

EMAYX's dividend yield for the trailing twelve months is around 3.91%, less than DEVDX's 16.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
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 DEVDX in my portfolio?

EMAYX and DEVDX have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.