GDL vs. ARBFX
Compare and contrast key facts about The GDL Fund (GDL) and The Arbitrage Fund (ARBFX).
GDL is managed by Gabelli. It was launched on Jan 31, 2007. ARBFX is managed by Arbitrage Fund. It was launched on Sep 17, 2000.
Performance
GDL vs. ARBFX - Performance Comparison
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GDL vs. ARBFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GDL The GDL Fund | -0.23% | 11.83% | 5.94% | 9.02% | -6.88% | 8.04% | -0.99% | 5.87% | -1.60% | 4.74% |
ARBFX The Arbitrage Fund | 0.45% | 8.01% | 2.61% | 5.94% | -1.02% | 0.85% | 5.42% | 3.57% | 2.12% | 2.59% |
Returns By Period
In the year-to-date period, GDL achieves a -0.23% return, which is significantly lower than ARBFX's 0.45% return. Over the past 10 years, GDL has outperformed ARBFX with an annualized return of 3.75%, while ARBFX has yielded a comparatively lower 3.20% annualized return.
GDL
- 1D
- 0.18%
- 1M
- -1.51%
- YTD
- -0.23%
- 6M
- 0.24%
- 1Y
- 7.09%
- 3Y*
- 8.24%
- 5Y*
- 4.52%
- 10Y*
- 3.75%
ARBFX
- 1D
- 0.00%
- 1M
- -0.37%
- YTD
- 0.45%
- 6M
- 2.38%
- 1Y
- 5.95%
- 3Y*
- 5.57%
- 5Y*
- 3.01%
- 10Y*
- 3.20%
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GDL vs. ARBFX - Expense Ratio Comparison
GDL has a 0.03% expense ratio, which is lower than ARBFX's 1.43% expense ratio.
Return for Risk
GDL vs. ARBFX — Risk / Return Rank
GDL
ARBFX
GDL vs. ARBFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for The GDL Fund (GDL) and The Arbitrage Fund (ARBFX). 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.
| GDL | ARBFX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.73 | 2.45 | -1.73 |
Sortino ratioReturn per unit of downside risk | 0.99 | 3.79 | -2.80 |
Omega ratioGain probability vs. loss probability | 1.14 | 1.59 | -0.45 |
Calmar ratioReturn relative to maximum drawdown | 1.27 | 3.28 | -2.01 |
Martin ratioReturn relative to average drawdown | 4.75 | 16.11 | -11.36 |
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
| GDL | ARBFX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.73 | 2.45 | -1.73 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.53 | 0.83 | -0.30 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.29 | 0.73 | -0.44 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | 0.34 | -0.11 |
Correlation
The correlation between GDL and ARBFX 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
GDL vs. ARBFX - Dividend Comparison
GDL's dividend yield for the trailing twelve months is around 5.76%, more than ARBFX's 3.57% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GDL The GDL Fund | 5.76% | 5.67% | 5.99% | 5.97% | 6.12% | 5.38% | 5.28% | 4.30% | 4.36% | 5.96% | 6.50% | 6.39% |
ARBFX The Arbitrage Fund | 3.57% | 3.59% | 0.94% | 1.92% | 3.67% | 0.53% | 6.94% | 2.12% | 1.71% | 3.55% | 0.96% | 2.36% |
Drawdowns
GDL vs. ARBFX - Drawdown Comparison
The maximum GDL drawdown since its inception was -38.74%, roughly equal to the maximum ARBFX drawdown of -38.01%. Use the drawdown chart below to compare losses from any high point for GDL and ARBFX.
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Drawdown Indicators
| GDL | ARBFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.74% | -38.01% | -0.73% |
Max Drawdown (1Y)Largest decline over 1 year | -5.21% | -1.82% | -3.39% |
Max Drawdown (5Y)Largest decline over 5 years | -9.48% | -7.64% | -1.84% |
Max Drawdown (10Y)Largest decline over 10 years | -38.74% | -11.90% | -26.84% |
Current DrawdownCurrent decline from peak | -2.15% | -0.44% | -1.71% |
Average DrawdownAverage peak-to-trough decline | -4.96% | -2.38% | -2.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.39% | 0.37% | +1.02% |
Volatility
GDL vs. ARBFX - Volatility Comparison
The GDL Fund (GDL) has a higher volatility of 2.56% compared to The Arbitrage Fund (ARBFX) at 0.61%. This indicates that GDL's price experiences larger fluctuations and is considered to be riskier than ARBFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDL | ARBFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.56% | 0.61% | +1.95% |
Volatility (6M)Calculated over the trailing 6-month period | 5.41% | 1.47% | +3.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.83% | 2.47% | +7.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.62% | 3.66% | +4.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.97% | 4.42% | +8.55% |