ICMUX vs. VARBX

Last updated Jun 4, 2026

ICMUX (Intrepid Income Fund) and VARBX (Vivaldi Merger Arbitrage Fund Class I) are both mutual funds - ICMUX is a Multisector Bonds fund managed by Intrepid Funds, while VARBX is a Event Driven fund managed by First Trust. Over the past 10 years, ICMUX returned 5.89%/yr vs 3.74%/yr for VARBX. At a 0.15 correlation, their price movements are largely independent. ICMUX charges 0.91%/yr vs 1.81%/yr for VARBX.

Performance

ICMUX vs. VARBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Intrepid Income Fund (ICMUX) and Vivaldi Merger Arbitrage Fund Class I (VARBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ICMUX achieves a 2.43% return, which is significantly higher than VARBX's 1.61% return. Over the past 10 years, ICMUX has outperformed VARBX with an annualized return of 5.89%, while VARBX has yielded a comparatively lower 3.74% annualized return.

ICMUX

• 1D: 0.00%
• 1M: 0.81%
• YTD: 2.43%
• 6M: 2.92%
• 1Y: 8.40%
• 3Y*: 9.96%
• 5Y*: 6.30%
• 10Y*: 5.89%

VARBX

• 1D: 0.00%
• 1M: 0.28%
• YTD: 1.61%
• 6M: 1.97%
• 1Y: 4.21%
• 3Y*: 5.41%
• 5Y*: 4.10%
• 10Y*: 3.74%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ICMUX vs. VARBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ICMUX Intrepid Income Fund	2.43%	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	1.61%	6.06%	5.52%	3.30%	2.38%	5.42%	4.00%	4.28%	4.11%	2.39%

Correlation

The correlation between ICMUX and VARBX is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (10Y) Calculated over the trailing 10-year period	0.15
Correlation (All Time) Calculated using the full available price history since Oct 2, 2015	0.15

Return for Risk

ICMUX vs. VARBX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ICMUX

ICMUX Risk / Return Rank: 97
ICMUX Sharpe Ratio Rank: 99
ICMUX Sortino Ratio Rank: 98
ICMUX Omega Ratio Rank: 98
ICMUX Calmar Ratio Rank: 96
ICMUX Martin Ratio Rank: 95

VARBX

VARBX Risk / Return Rank: 98
VARBX Sharpe Ratio Rank: 98
VARBX Sortino Ratio Rank: 98
VARBX Omega Ratio Rank: 98
VARBX Calmar Ratio Rank: 97
VARBX Martin Ratio Rank: 98

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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 ratio: Return per unit of total volatility	4.44	3.90	+0.53
Sortino ratio: Return per unit of downside risk	7.48	6.36	+1.12
Omega ratio: Gain probability vs. loss probability	2.16	2.41	-0.26
Calmar ratio: Return relative to maximum drawdown	6.37	6.77	-0.40
Martin ratio: Return relative to average drawdown	22.42	32.25	-9.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ICMUX vs. VARBX - Sharpe Ratio Comparison

The current ICMUX Sharpe Ratio is 4.44, which is comparable to the VARBX Sharpe Ratio of 3.90. The chart below compares the historical Sharpe Ratios of ICMUX and VARBX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ICMUX	VARBX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.44	3.90	+0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	2.37	3.48	-1.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	2.29	1.48	+0.81
Sharpe Ratio (All Time) Calculated using the full available price history	2.10	1.58	+0.52

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.

Drawdown Indicators

	ICMUX	VARBX	Difference
Max Drawdown Largest peak-to-trough decline	-8.77%	-5.12%	-3.65%
Max Drawdown (1Y) Largest decline over 1 year	-1.34%	-0.64%	-0.70%
Max Drawdown (3Y) Largest decline over 3 years	-3.11%	-0.64%	-2.47%
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 Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.74%	-0.56%	-0.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.38%	0.13%	+0.25%

Volatility

ICMUX vs. VARBX - Volatility Comparison

Intrepid Income Fund (ICMUX) has a higher volatility of 0.58% compared to Vivaldi Merger Arbitrage Fund Class I (VARBX) at 0.25%. 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.

Volatility by Period

	ICMUX	VARBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.58%	0.25%	+0.33%
Volatility (6M) Calculated over the trailing 6-month period	1.43%	0.67%	+0.76%
Volatility (1Y) Calculated over the trailing 1-year period	1.93%	1.12%	+0.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.66%	1.18%	+1.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.58%	2.54%	+0.04%

ICMUX vs. VARBX - Expense Ratio Comparison

ICMUX has a 0.91% expense ratio, which is lower than VARBX's 1.81% expense ratio.

Dividends

ICMUX vs. VARBX - Dividend Comparison

ICMUX's dividend yield for the trailing twelve months is around 7.55%, more than VARBX's 5.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ICMUX Intrepid Income Fund	7.55%	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	5.94%	6.04%	6.29%	4.07%	0.75%	8.42%	0.81%	5.54%	2.15%	1.70%	0.06%	0.04%

Frequently Asked Questions

Can I hold both ICMUX and VARBX in my portfolio?

ICMUX and VARBX have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ICMUX or VARBX?

ICMUX has higher volatility (0.58%) compared to VARBX (0.25%). In terms of maximum drawdown, ICMUX dropped -8.77% vs VARBX's -5.12%.

Which has better risk-adjusted returns?

ICMUX currently has the higher Sharpe Ratio (4.44 vs 3.90), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.