FOVIX vs. VARBX

Last updated Apr 1, 2026

Compare and contrast key facts about First Trust/Confluence Small Cap Value Fund (FOVIX) and Vivaldi Merger Arbitrage Fund Class I (VARBX).

FOVIX is managed by First Trust. It was launched on Jan 11, 2011. VARBX is managed by First Trust. It was launched on Oct 1, 2015.

Performance

FOVIX vs. VARBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust/Confluence Small Cap Value Fund (FOVIX) and Vivaldi Merger Arbitrage Fund Class I (VARBX). The values are adjusted to include any dividend payments, if applicable.

FOVIX vs. VARBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FOVIX First Trust/Confluence Small Cap Value Fund	4.19%	-6.58%	-0.41%	6.42%	-19.26%	16.45%	2.06%	25.67%	-11.38%	18.72%
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

FOVIX

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

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%

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

FOVIX vs. VARBX - Expense Ratio Comparison

FOVIX has a 1.35% expense ratio, which is lower than VARBX's 1.81% expense ratio.

VARBX

Vivaldi Merger Arbitrage Fund Class I

FOVIX

First Trust/Confluence Small Cap Value Fund

Return for Risk

FOVIX vs. VARBX — Risk / Return Rank

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

VARBX

VARBX Risk / Return Rank: 99
VARBX Sharpe Ratio Rank: 99
VARBX Sortino Ratio Rank: 99
VARBX Omega Ratio Rank: 99
VARBX Calmar Ratio Rank: 99
VARBX Martin Ratio Rank: 99

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.

FOVIX vs. VARBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust/Confluence Small Cap Value Fund (FOVIX) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	FOVIX	VARBX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	4.06	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.65	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.33	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	1.40	—

Correlation

The correlation between FOVIX and VARBX is 0.25, 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

FOVIX vs. VARBX - Dividend Comparison

FOVIX's dividend yield for the trailing twelve months is around 16.01%, more than VARBX's 5.99% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FOVIX First Trust/Confluence Small Cap Value Fund	16.01%	16.68%	0.00%	1.43%	12.97%	0.89%	0.00%	0.00%	14.17%	5.61%	1.28%	1.48%
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

Drawdown Indicators

	FOVIX	VARBX	Difference
Max Drawdown Largest peak-to-trough decline	—	-5.12%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-0.64%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-1.79%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-5.12%	—
Current Drawdown Current decline from peak	—	0.00%	—
Average Drawdown Average peak-to-trough decline	—	-0.57%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.15%	—

Volatility

Volatility by Period

	FOVIX	VARBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.32%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.73%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	1.35%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	3.31%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	3.35%	—