HMEZX vs. ARBFX
Compare and contrast key facts about NexPoint Merger Arbitrage Fund (HMEZX) and The Arbitrage Fund (ARBFX).
HMEZX is managed by Highland Funds. It was launched on Aug 18, 2016. ARBFX is managed by Arbitrage Fund. It was launched on Sep 17, 2000.
Performance
HMEZX vs. ARBFX - Performance Comparison
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HMEZX vs. ARBFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HMEZX NexPoint Merger Arbitrage Fund | 0.66% | 6.30% | 7.42% | 4.10% | 2.70% | 5.37% | 8.46% | 8.10% | 5.92% | 5.48% |
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, HMEZX achieves a 0.66% return, which is significantly higher than ARBFX's 0.45% return. Over the past 10 years, HMEZX has outperformed ARBFX with an annualized return of 5.88%, while ARBFX has yielded a comparatively lower 3.20% annualized return.
HMEZX
- 1D
- 0.00%
- 1M
- 0.41%
- YTD
- 0.66%
- 6M
- 2.09%
- 1Y
- 5.60%
- 3Y*
- 6.36%
- 5Y*
- 4.92%
- 10Y*
- 5.88%
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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HMEZX vs. ARBFX - Expense Ratio Comparison
HMEZX has a 1.50% expense ratio, which is higher than ARBFX's 1.43% expense ratio.
Return for Risk
HMEZX vs. ARBFX — Risk / Return Rank
HMEZX
ARBFX
HMEZX vs. ARBFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for NexPoint Merger Arbitrage Fund (HMEZX) 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.
| HMEZX | ARBFX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 3.57 | 2.45 | +1.12 |
Sortino ratioReturn per unit of downside risk | 5.59 | 3.79 | +1.80 |
Omega ratioGain probability vs. loss probability | 1.95 | 1.59 | +0.36 |
Calmar ratioReturn relative to maximum drawdown | 5.23 | 3.28 | +1.95 |
Martin ratioReturn relative to average drawdown | 33.91 | 16.11 | +17.80 |
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
| HMEZX | ARBFX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.57 | 2.45 | +1.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 2.93 | 0.83 | +2.11 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.53 | 0.73 | +0.81 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.58 | 0.34 | +1.24 |
Correlation
The correlation between HMEZX and ARBFX is 0.39, 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
HMEZX vs. ARBFX - Dividend Comparison
HMEZX's dividend yield for the trailing twelve months is around 5.07%, more than ARBFX's 3.57% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HMEZX NexPoint Merger Arbitrage Fund | 5.07% | 5.04% | 6.36% | 5.07% | 5.11% | 3.63% | 5.83% | 0.33% | 19.16% | 6.88% | 0.02% | 0.00% |
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
HMEZX vs. ARBFX - Drawdown Comparison
The maximum HMEZX drawdown since its inception was -6.86%, smaller than the maximum ARBFX drawdown of -38.01%. Use the drawdown chart below to compare losses from any high point for HMEZX and ARBFX.
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Drawdown Indicators
| HMEZX | ARBFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.86% | -38.01% | +31.15% |
Max Drawdown (1Y)Largest decline over 1 year | -1.06% | -1.82% | +0.76% |
Max Drawdown (5Y)Largest decline over 5 years | -1.94% | -7.64% | +5.70% |
Max Drawdown (10Y)Largest decline over 10 years | -6.86% | -11.90% | +5.04% |
Current DrawdownCurrent decline from peak | 0.00% | -0.44% | +0.44% |
Average DrawdownAverage peak-to-trough decline | -0.38% | -2.38% | +2.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.16% | 0.37% | -0.21% |
Volatility
HMEZX vs. ARBFX - Volatility Comparison
The current volatility for NexPoint Merger Arbitrage Fund (HMEZX) is 0.44%, while The Arbitrage Fund (ARBFX) has a volatility of 0.61%. This indicates that HMEZX experiences smaller price fluctuations and is considered to be less risky 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
| HMEZX | ARBFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.44% | 0.61% | -0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 0.97% | 1.47% | -0.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.61% | 2.47% | -0.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.68% | 3.66% | -1.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.85% | 4.42% | -0.57% |