HMEZX vs. VARBX
Compare and contrast key facts about NexPoint Merger Arbitrage Fund (HMEZX) and Vivaldi Merger Arbitrage Fund Class I (VARBX).
HMEZX is managed by Highland Funds. It was launched on Aug 18, 2016. VARBX is managed by First Trust. It was launched on Oct 1, 2015.
Performance
HMEZX vs. VARBX - Performance Comparison
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HMEZX vs. VARBX - 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% |
VARBX Vivaldi Merger Arbitrage Fund Class I | 0.76% | 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, HMEZX achieves a 0.66% return, which is significantly lower than VARBX's 0.76% return. Over the past 10 years, HMEZX has outperformed VARBX with an annualized return of 5.88%, while VARBX has yielded a comparatively lower 4.44% 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%
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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HMEZX vs. VARBX - Expense Ratio Comparison
HMEZX has a 1.50% expense ratio, which is lower than VARBX's 1.81% expense ratio.
Return for Risk
HMEZX vs. VARBX — Risk / Return Rank
HMEZX
VARBX
HMEZX vs. VARBX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for NexPoint Merger Arbitrage Fund (HMEZX) 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.
| HMEZX | VARBX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 3.57 | 4.06 | -0.48 |
Sortino ratioReturn per unit of downside risk | 5.59 | 6.90 | -1.31 |
Omega ratioGain probability vs. loss probability | 1.95 | 2.36 | -0.41 |
Calmar ratioReturn relative to maximum drawdown | 5.23 | 8.40 | -3.17 |
Martin ratioReturn relative to average drawdown | 33.91 | 36.29 | -2.38 |
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 | VARBX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.57 | 4.06 | -0.48 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 2.93 | 1.65 | +1.29 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.53 | 1.33 | +0.21 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.58 | 1.40 | +0.18 |
Correlation
The correlation between HMEZX and VARBX is 0.35, 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. VARBX - Dividend Comparison
HMEZX's dividend yield for the trailing twelve months is around 5.07%, less than VARBX's 5.99% 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% |
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
HMEZX vs. VARBX - Drawdown Comparison
The maximum HMEZX drawdown since its inception was -6.86%, which is greater than VARBX's maximum drawdown of -5.12%. Use the drawdown chart below to compare losses from any high point for HMEZX and VARBX.
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Drawdown Indicators
| HMEZX | VARBX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.86% | -5.12% | -1.74% |
Max Drawdown (1Y)Largest decline over 1 year | -1.06% | -0.64% | -0.42% |
Max Drawdown (5Y)Largest decline over 5 years | -1.94% | -1.79% | -0.15% |
Max Drawdown (10Y)Largest decline over 10 years | -6.86% | -5.12% | -1.74% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.38% | -0.57% | +0.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.16% | 0.15% | +0.01% |
Volatility
HMEZX vs. VARBX - Volatility Comparison
NexPoint Merger Arbitrage Fund (HMEZX) has a higher volatility of 0.44% compared to Vivaldi Merger Arbitrage Fund Class I (VARBX) at 0.32%. This indicates that HMEZX'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
| HMEZX | VARBX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.44% | 0.32% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 0.97% | 0.73% | +0.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.61% | 1.35% | +0.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.68% | 3.31% | -1.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.85% | 3.35% | +0.50% |