MERFX vs. HXBIX

Last updated Aug 1, 2026

MERFX (The Merger Fund) and HXBIX (Virtus Newfleet Tax-Exempt Bond Fund) are both mutual funds - MERFX is a Event Driven fund managed by Virtus, while HXBIX is a Municipal Bonds fund managed by Virtus. Their -0.07 correlation means they have often moved in opposite directions in the past. MERFX charges 1.50%/yr vs 0.60%/yr for HXBIX.

Performance

MERFX vs. HXBIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in The Merger Fund (MERFX) and Virtus Newfleet Tax-Exempt Bond Fund (HXBIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MERFX

• 1D: 0.00%
• 1M: 0.06%
• 6M: 1.45%
• YTD: 1.51%
• 1Y: 3.75%
• 3Y*: 5.92%
• 5Y*: 3.70%
• 10Y*: 3.94%
• ALL TIME*: 4.25%

HXBIX

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MERFX The Merger Fund	$0.00	$0.00	$0.00

MERFX vs. HXBIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MERFX The Merger Fund	1.51%	8.11%	3.27%	4.17%	0.71%	-0.19%	4.87%	5.96%	7.68%	2.39%
HXBIX Virtus Newfleet Tax-Exempt Bond Fund	1.09%	4.22%	0.71%	4.72%	-7.76%	0.72%	4.27%	6.81%	0.59%	4.69%

Correlation

The correlation between MERFX and HXBIX is 0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.08
Correlation (3Y) Balances recent behavior with more history.	-0.05
Correlation (5Y) Shows whether the relationship held over a longer period.	0.02
Correlation (10Y) Provides a long-term view across more market conditions.	-0.01
Correlation (All Time) Calculated using the full available price history since Feb 26, 1996	-0.07

The correlation between MERFX and HXBIX shifts across timeframes, from -0.07 (all time) to 0.08 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MERFX vs. HXBIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MERFX

MERFX Risk / Return Rank: 96
MERFX Sharpe Ratio Rank: 93
MERFX Sortino Ratio Rank: 96
MERFX Omega Ratio Rank: 92
MERFX Calmar Ratio Rank: 98
MERFX Martin Ratio Rank: 98

HXBIX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MERFX vs. HXBIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The Merger Fund (MERFX) and Virtus Newfleet Tax-Exempt Bond Fund (HXBIX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	MERFX	HXBIX	Difference
Sharpe ratio: Return per unit of total volatility	2.44	—	—
Sortino ratio: Return per unit of downside risk	4.07	—	—
Omega ratio: Gain probability vs. loss probability	1.53	—	—
Calmar ratio: Return relative to maximum drawdown	7.15	—	—
Martin ratio: Return relative to average drawdown	27.92	—	—

Drawdowns

Drawdown Indicators

	MERFX	HXBIX	Difference
Max Drawdown Largest peak-to-trough decline	-20.82%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-0.52%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-3.36%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-3.56%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-9.35%	—	—
Current Drawdown Current decline from peak	-0.23%	—	—
Average Drawdown Average peak-to-trough decline	-2.65%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.13%	—	—

Volatility

Volatility by Period

	MERFX	HXBIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.55%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.23%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.52%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.36%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.75%	—	—

MERFX vs. HXBIX - Expense Ratio Comparison

MERFX has a 1.50% expense ratio, which is higher than HXBIX's 0.60% expense ratio.

Dividends

MERFX vs. HXBIX - Dividend Comparison

MERFX's dividend yield for the trailing twelve months is around 7.31%, more than HXBIX's 3.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HXBIX Virtus Newfleet Tax-Exempt Bond Fund	3.25%	3.01%	2.47%	2.61%	2.58%	2.05%	2.93%	2.60%	3.41%	3.51%	2.78%	2.87%
MERFX The Merger Fund	7.31%	7.42%	3.24%	2.59%	3.50%	0.27%	3.31%	1.34%	4.52%	0.59%	0.32%	1.25%

Frequently Asked Questions

Can I hold both MERFX and HXBIX in my portfolio?

MERFX and HXBIX have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.