GDL vs. VARBX
Compare and contrast key facts about The GDL Fund (GDL) and Vivaldi Merger Arbitrage Fund Class I (VARBX).
GDL is managed by Gabelli. It was launched on Jan 31, 2007. VARBX is managed by First Trust. It was launched on Oct 1, 2015.
Performance
GDL vs. VARBX - Performance Comparison
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GDL vs. VARBX - 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% |
VARBX Vivaldi Merger Arbitrage Fund Class I | 0.85% | 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, GDL achieves a -0.23% return, which is significantly lower than VARBX's 0.85% return. Over the past 10 years, GDL has underperformed VARBX with an annualized return of 3.75%, while VARBX has yielded a comparatively higher 4.45% 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%
VARBX
- 1D
- 0.09%
- 1M
- 0.47%
- YTD
- 0.85%
- 6M
- 2.21%
- 1Y
- 5.56%
- 3Y*
- 7.36%
- 5Y*
- 5.39%
- 10Y*
- 4.45%
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GDL vs. VARBX - Expense Ratio Comparison
GDL has a 0.03% expense ratio, which is lower than VARBX's 1.81% expense ratio.
Return for Risk
GDL vs. VARBX — Risk / Return Rank
GDL
VARBX
GDL vs. VARBX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for The GDL Fund (GDL) 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.
| GDL | VARBX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.73 | 4.06 | -3.33 |
Sortino ratioReturn per unit of downside risk | 0.99 | 6.90 | -5.91 |
Omega ratioGain probability vs. loss probability | 1.14 | 2.36 | -1.22 |
Calmar ratioReturn relative to maximum drawdown | 1.27 | 8.71 | -7.44 |
Martin ratioReturn relative to average drawdown | 4.75 | 37.63 | -32.88 |
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 | VARBX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.73 | 4.06 | -3.33 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.53 | 1.64 | -1.11 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.29 | 1.33 | -1.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | 1.40 | -1.17 |
Correlation
The correlation between GDL and VARBX is 0.12, 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. VARBX - Dividend Comparison
GDL's dividend yield for the trailing twelve months is around 5.76%, less than VARBX's 5.99% 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% |
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
GDL vs. VARBX - Drawdown Comparison
The maximum GDL drawdown since its inception was -38.74%, which is greater than VARBX's maximum drawdown of -5.12%. Use the drawdown chart below to compare losses from any high point for GDL and VARBX.
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Drawdown Indicators
| GDL | VARBX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.74% | -5.12% | -33.62% |
Max Drawdown (1Y)Largest decline over 1 year | -5.21% | -0.64% | -4.57% |
Max Drawdown (5Y)Largest decline over 5 years | -9.48% | -1.79% | -7.69% |
Max Drawdown (10Y)Largest decline over 10 years | -38.74% | -5.12% | -33.62% |
Current DrawdownCurrent decline from peak | -2.15% | 0.00% | -2.15% |
Average DrawdownAverage peak-to-trough decline | -4.96% | -0.57% | -4.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.39% | 0.15% | +1.24% |
Volatility
GDL vs. VARBX - Volatility Comparison
The GDL Fund (GDL) has a higher volatility of 2.56% compared to Vivaldi Merger Arbitrage Fund Class I (VARBX) at 0.33%. This indicates that GDL'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
| GDL | VARBX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.56% | 0.33% | +2.23% |
Volatility (6M)Calculated over the trailing 6-month period | 5.41% | 0.71% | +4.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.83% | 1.35% | +8.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.62% | 3.31% | +5.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.97% | 3.35% | +9.62% |