ICMUX vs. VARBX
Compare and contrast key facts about Intrepid Income Fund (ICMUX) and Vivaldi Merger Arbitrage Fund Class I (VARBX).
ICMUX is managed by Intrepid Funds. It was launched on Jul 1, 2007. VARBX is managed by First Trust. It was launched on Oct 1, 2015.
Performance
ICMUX vs. VARBX - Performance Comparison
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ICMUX vs. VARBX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ICMUX Intrepid Income Fund | -0.24% | 8.16% | 10.43% | 10.90% | -3.17% | 10.02% | 8.77% | 4.65% | 0.53% | 3.79% |
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, ICMUX achieves a -0.24% return, which is significantly lower than VARBX's 0.76% return. Over the past 10 years, ICMUX has outperformed VARBX with an annualized return of 5.93%, while VARBX has yielded a comparatively lower 4.44% annualized return.
ICMUX
- 1D
- 0.11%
- 1M
- -0.22%
- YTD
- -0.24%
- 6M
- 0.95%
- 1Y
- 6.46%
- 3Y*
- 9.12%
- 5Y*
- 6.22%
- 10Y*
- 5.93%
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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ICMUX vs. VARBX - Expense Ratio Comparison
ICMUX has a 0.91% expense ratio, which is lower than VARBX's 1.81% expense ratio.
Return for Risk
ICMUX vs. VARBX — Risk / Return Rank
ICMUX
VARBX
ICMUX vs. VARBX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Intrepid Income Fund (ICMUX) 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.
| ICMUX | VARBX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.52 | 4.06 | -1.53 |
Sortino ratioReturn per unit of downside risk | 3.40 | 6.90 | -3.50 |
Omega ratioGain probability vs. loss probability | 1.62 | 2.36 | -0.74 |
Calmar ratioReturn relative to maximum drawdown | 2.60 | 8.40 | -5.81 |
Martin ratioReturn relative to average drawdown | 10.35 | 36.29 | -25.94 |
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
| ICMUX | VARBX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.52 | 4.06 | -1.53 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 2.35 | 1.65 | +0.70 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 2.30 | 1.33 | +0.98 |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.04 | 1.40 | +0.65 |
Correlation
The correlation between ICMUX and VARBX is 0.15, 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
ICMUX vs. VARBX - Dividend Comparison
ICMUX's dividend yield for the trailing twelve months is around 7.03%, more than VARBX's 5.99% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ICMUX Intrepid Income Fund | 7.03% | 7.96% | 7.85% | 9.10% | 8.17% | 5.99% | 5.56% | 3.35% | 3.07% | 2.86% | 3.01% | 3.53% |
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
ICMUX vs. VARBX - Drawdown Comparison
The maximum ICMUX drawdown since its inception was -8.77%, which is greater than VARBX's maximum drawdown of -5.12%. Use the drawdown chart below to compare losses from any high point for ICMUX and VARBX.
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Drawdown Indicators
| ICMUX | VARBX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.77% | -5.12% | -3.65% |
Max Drawdown (1Y)Largest decline over 1 year | -2.46% | -0.64% | -1.82% |
Max Drawdown (5Y)Largest decline over 5 years | -5.64% | -1.79% | -3.85% |
Max Drawdown (10Y)Largest decline over 10 years | -8.77% | -5.12% | -3.65% |
Current DrawdownCurrent decline from peak | -1.12% | 0.00% | -1.12% |
Average DrawdownAverage peak-to-trough decline | -0.74% | -0.57% | -0.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.62% | 0.15% | +0.47% |
Volatility
ICMUX vs. VARBX - Volatility Comparison
Intrepid Income Fund (ICMUX) has a higher volatility of 0.77% compared to Vivaldi Merger Arbitrage Fund Class I (VARBX) at 0.32%. This indicates that ICMUX'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
| ICMUX | VARBX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.77% | 0.32% | +0.45% |
Volatility (6M)Calculated over the trailing 6-month period | 1.38% | 0.73% | +0.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.59% | 1.35% | +1.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.66% | 3.31% | -0.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.58% | 3.35% | -0.77% |