GDL vs. MERIX
Compare and contrast key facts about The GDL Fund (GDL) and The Merger Fund Class I (MERIX).
GDL is managed by Gabelli. It was launched on Jan 31, 2007. MERIX is managed by Virtus Investment Partners. It was launched on Aug 1, 2013.
Performance
GDL vs. MERIX - Performance Comparison
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GDL vs. MERIX - 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% |
MERIX The Merger Fund Class I | 0.82% | 8.41% | 3.54% | 4.51% | 1.01% | 0.10% | 5.14% | 6.32% | 7.98% | 2.74% |
Returns By Period
In the year-to-date period, GDL achieves a -0.23% return, which is significantly lower than MERIX's 0.82% return. Over the past 10 years, GDL has underperformed MERIX with an annualized return of 3.75%, while MERIX has yielded a comparatively higher 4.21% 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%
MERIX
- 1D
- 0.23%
- 1M
- 0.12%
- YTD
- 0.82%
- 6M
- 2.12%
- 1Y
- 6.84%
- 3Y*
- 5.71%
- 5Y*
- 3.37%
- 10Y*
- 4.21%
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GDL vs. MERIX - Expense Ratio Comparison
GDL has a 0.03% expense ratio, which is lower than MERIX's 1.32% expense ratio.
Return for Risk
GDL vs. MERIX — Risk / Return Rank
GDL
MERIX
GDL vs. MERIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for The GDL Fund (GDL) and The Merger Fund Class I (MERIX). 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 | MERIX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.73 | 4.53 | -3.81 |
Sortino ratioReturn per unit of downside risk | 0.99 | 8.87 | -7.88 |
Omega ratioGain probability vs. loss probability | 1.14 | 2.19 | -1.05 |
Calmar ratioReturn relative to maximum drawdown | 1.27 | 15.02 | -13.75 |
Martin ratioReturn relative to average drawdown | 4.75 | 65.88 | -61.13 |
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 | MERIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.73 | 4.53 | -3.81 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.53 | 0.93 | -0.40 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.29 | 1.10 | -0.81 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | 0.95 | -0.72 |
Correlation
The correlation between GDL and MERIX is 0.22, 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. MERIX - Dividend Comparison
GDL's dividend yield for the trailing twelve months is around 5.76%, less than MERIX's 7.89% 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% |
MERIX The Merger Fund Class I | 7.89% | 7.95% | 3.75% | 2.91% | 4.75% | 0.27% | 3.64% | 1.34% | 4.85% | 0.98% | 0.89% | 1.63% |
Drawdowns
GDL vs. MERIX - Drawdown Comparison
The maximum GDL drawdown since its inception was -38.74%, which is greater than MERIX's maximum drawdown of -9.33%. Use the drawdown chart below to compare losses from any high point for GDL and MERIX.
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Drawdown Indicators
| GDL | MERIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.74% | -9.33% | -29.41% |
Max Drawdown (1Y)Largest decline over 1 year | -5.21% | -0.47% | -4.74% |
Max Drawdown (5Y)Largest decline over 5 years | -9.48% | -5.68% | -3.80% |
Max Drawdown (10Y)Largest decline over 10 years | -38.74% | -9.33% | -29.41% |
Current DrawdownCurrent decline from peak | -2.15% | 0.00% | -2.15% |
Average DrawdownAverage peak-to-trough decline | -4.96% | -1.04% | -3.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.39% | 0.11% | +1.28% |
Volatility
GDL vs. MERIX - Volatility Comparison
The GDL Fund (GDL) has a higher volatility of 2.56% compared to The Merger Fund Class I (MERIX) at 0.47%. This indicates that GDL's price experiences larger fluctuations and is considered to be riskier than MERIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDL | MERIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.56% | 0.47% | +2.09% |
Volatility (6M)Calculated over the trailing 6-month period | 5.41% | 0.93% | +4.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.83% | 1.52% | +8.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.62% | 3.65% | +4.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.97% | 3.86% | +9.11% |