FTHY vs. VARBX
Compare and contrast key facts about First Trust High Yield Opportunities 2027 Term Fund (FTHY) and Vivaldi Merger Arbitrage Fund Class I (VARBX).
FTHY is managed by First Trust. It was launched on Jun 25, 2020. VARBX is managed by First Trust. It was launched on Oct 1, 2015.
Performance
FTHY vs. VARBX - Performance Comparison
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FTHY vs. VARBX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
FTHY First Trust High Yield Opportunities 2027 Term Fund | -1.22% | 7.80% | 15.71% | 14.65% | -26.09% | 7.63% | 4.66% |
VARBX Vivaldi Merger Arbitrage Fund Class I | 0.76% | 6.06% | 12.64% | 3.30% | 2.38% | 5.42% | 5.10% |
Returns By Period
In the year-to-date period, FTHY achieves a -1.22% return, which is significantly lower than VARBX's 0.76% return.
FTHY
- 1D
- 2.11%
- 1M
- -1.78%
- YTD
- -1.22%
- 6M
- -1.53%
- 1Y
- 3.99%
- 3Y*
- 10.25%
- 5Y*
- 2.42%
- 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%
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FTHY vs. VARBX - Expense Ratio Comparison
FTHY has a 0.02% expense ratio, which is lower than VARBX's 1.81% expense ratio.
Return for Risk
FTHY vs. VARBX — Risk / Return Rank
FTHY
VARBX
FTHY vs. VARBX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust High Yield Opportunities 2027 Term Fund (FTHY) 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.
| FTHY | VARBX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.41 | 4.06 | -3.65 |
Sortino ratioReturn per unit of downside risk | 0.61 | 6.90 | -6.29 |
Omega ratioGain probability vs. loss probability | 1.10 | 2.36 | -1.27 |
Calmar ratioReturn relative to maximum drawdown | 0.49 | 8.40 | -7.91 |
Martin ratioReturn relative to average drawdown | 1.82 | 36.29 | -34.47 |
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
| FTHY | VARBX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.41 | 4.06 | -3.65 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.19 | 1.65 | -1.46 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 1.33 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.21 | 1.40 | -1.18 |
Correlation
The correlation between FTHY and VARBX is 0.13, 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
FTHY vs. VARBX - Dividend Comparison
FTHY's dividend yield for the trailing twelve months is around 11.09%, more than VARBX's 5.99% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FTHY First Trust High Yield Opportunities 2027 Term Fund | 11.09% | 10.66% | 10.70% | 10.22% | 11.85% | 7.83% | 2.94% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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
FTHY vs. VARBX - Drawdown Comparison
The maximum FTHY drawdown since its inception was -31.17%, which is greater than VARBX's maximum drawdown of -5.12%. Use the drawdown chart below to compare losses from any high point for FTHY and VARBX.
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Drawdown Indicators
| FTHY | VARBX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.17% | -5.12% | -26.05% |
Max Drawdown (1Y)Largest decline over 1 year | -7.56% | -0.64% | -6.92% |
Max Drawdown (5Y)Largest decline over 5 years | -31.17% | -1.79% | -29.38% |
Max Drawdown (10Y)Largest decline over 10 years | — | -5.12% | — |
Current DrawdownCurrent decline from peak | -3.45% | 0.00% | -3.45% |
Average DrawdownAverage peak-to-trough decline | -10.45% | -0.57% | -9.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.12% | 0.15% | +1.97% |
Volatility
FTHY vs. VARBX - Volatility Comparison
First Trust High Yield Opportunities 2027 Term Fund (FTHY) has a higher volatility of 3.46% compared to Vivaldi Merger Arbitrage Fund Class I (VARBX) at 0.32%. This indicates that FTHY'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
| FTHY | VARBX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.46% | 0.32% | +3.14% |
Volatility (6M)Calculated over the trailing 6-month period | 4.99% | 0.73% | +4.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.78% | 1.35% | +8.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.86% | 3.31% | +9.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.39% | 3.35% | +10.04% |