FMY vs. VARBX
Compare and contrast key facts about First Trust Mortgage Income Fund (FMY) and Vivaldi Merger Arbitrage Fund Class I (VARBX).
FMY is managed by First Trust. It was launched on May 25, 2005. VARBX is managed by First Trust. It was launched on Oct 1, 2015.
Performance
FMY vs. VARBX - Performance Comparison
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FMY vs. VARBX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FMY First Trust Mortgage Income Fund | -2.09% | 8.63% | 7.04% | 16.08% | -13.03% | 3.12% | 4.68% | 12.92% | -3.40% | 7.24% |
VARBX Vivaldi Merger Arbitrage Fund Class I | 0.76% | 6.06% | 12.64% | 3.30% | 2.38% | 5.42% | 4.00% | 4.28% | 4.11% | 2.39% |
Returns By Period
In the year-to-date period, FMY achieves a -2.09% return, which is significantly lower than VARBX's 0.76% return. Over the past 10 years, FMY has underperformed VARBX with an annualized return of 3.91%, while VARBX has yielded a comparatively higher 4.44% annualized return.
FMY
- 1D
- 0.64%
- 1M
- -4.11%
- YTD
- -2.09%
- 6M
- -0.76%
- 1Y
- 3.04%
- 3Y*
- 8.76%
- 5Y*
- 3.79%
- 10Y*
- 3.91%
VARBX
- 1D
- 0.00%
- 1M
- 0.38%
- YTD
- 0.76%
- 6M
- 2.21%
- 1Y
- 5.36%
- 3Y*
- 7.33%
- 5Y*
- 5.43%
- 10Y*
- 4.44%
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FMY vs. VARBX - Expense Ratio Comparison
FMY has a 0.03% expense ratio, which is lower than VARBX's 1.81% expense ratio.
Return for Risk
FMY vs. VARBX — Risk / Return Rank
FMY
VARBX
FMY vs. VARBX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Mortgage Income Fund (FMY) and Vivaldi Merger Arbitrage Fund Class I (VARBX). 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.
| FMY | VARBX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.33 | 4.06 | -3.72 |
Sortino ratioReturn per unit of downside risk | 0.53 | 6.90 | -6.37 |
Omega ratioGain probability vs. loss probability | 1.06 | 2.36 | -1.30 |
Calmar ratioReturn relative to maximum drawdown | 0.53 | 8.40 | -7.87 |
Martin ratioReturn relative to average drawdown | 2.21 | 36.29 | -34.09 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FMY | VARBX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.33 | 4.06 | -3.72 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.29 | 1.65 | -1.36 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.33 | 1.33 | -0.99 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 1.40 | -1.09 |
Correlation
The correlation between FMY and VARBX is 0.02, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
FMY vs. VARBX - Dividend Comparison
FMY's dividend yield for the trailing twelve months is around 6.97%, more than VARBX's 5.99% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FMY First Trust Mortgage Income Fund | 6.97% | 6.91% | 7.95% | 6.64% | 5.89% | 5.21% | 5.18% | 5.14% | 5.66% | 5.45% | 6.17% | 6.43% |
VARBX Vivaldi Merger Arbitrage Fund Class I | 5.99% | 6.04% | 12.59% | 4.07% | 0.75% | 8.42% | 0.81% | 5.54% | 2.15% | 1.70% | 0.06% | 0.04% |
Drawdowns
FMY vs. VARBX - Drawdown Comparison
The maximum FMY drawdown since its inception was -27.98%, which is greater than VARBX's maximum drawdown of -5.12%. Use the drawdown chart below to compare losses from any high point for FMY and VARBX.
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Drawdown Indicators
| FMY | VARBX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.98% | -5.12% | -22.86% |
Max Drawdown (1Y)Largest decline over 1 year | -7.13% | -0.64% | -6.49% |
Max Drawdown (5Y)Largest decline over 5 years | -19.94% | -1.79% | -18.15% |
Max Drawdown (10Y)Largest decline over 10 years | -19.94% | -5.12% | -14.82% |
Current DrawdownCurrent decline from peak | -4.11% | 0.00% | -4.11% |
Average DrawdownAverage peak-to-trough decline | -6.84% | -0.57% | -6.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.73% | 0.15% | +1.58% |
Volatility
FMY vs. VARBX - Volatility Comparison
First Trust Mortgage Income Fund (FMY) has a higher volatility of 4.13% compared to Vivaldi Merger Arbitrage Fund Class I (VARBX) at 0.32%. This indicates that FMY's price experiences larger fluctuations and is considered to be riskier than VARBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FMY | VARBX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.13% | 0.32% | +3.81% |
Volatility (6M)Calculated over the trailing 6-month period | 7.14% | 0.73% | +6.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.22% | 1.35% | +7.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.09% | 3.31% | +9.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.77% | 3.35% | +8.42% |