MERFX vs. MERIX

Last updated Jun 4, 2026

MERFX (The Merger Fund) and MERIX (The Merger Fund Class I) are both Event Driven funds. Over the past 10 years, MERFX returned 3.89%/yr vs 4.19%/yr for MERIX. With a 0.96 correlation, they move nearly in lockstep. MERFX charges 1.50%/yr vs 1.32%/yr for MERIX.

Performance

MERFX vs. MERIX - Performance Comparison

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

Returns By Period

In the year-to-date period, MERFX achieves a 0.99% return, which is significantly lower than MERIX's 1.12% return. Over the past 10 years, MERFX has underperformed MERIX with an annualized return of 3.89%, while MERIX has yielded a comparatively higher 4.19% annualized return.

MERFX

• 1D: 0.00%
• 1M: 0.23%
• YTD: 0.99%
• 6M: 1.26%
• 1Y: 4.60%
• 3Y*: 6.03%
• 5Y*: 2.86%
• 10Y*: 3.89%

MERIX

• 1D: 0.00%
• 1M: 0.23%
• YTD: 1.12%
• 6M: 1.41%
• 1Y: 4.91%
• 3Y*: 6.35%
• 5Y*: 3.16%
• 10Y*: 4.19%

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

MERFX vs. MERIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MERFX The Merger Fund	0.99%	8.11%	3.27%	4.17%	0.71%	-0.19%	4.87%	5.96%	7.68%	2.39%
MERIX The Merger Fund Class I	1.12%	8.41%	3.54%	4.51%	1.01%	0.10%	5.14%	6.32%	7.98%	2.74%

Correlation

The correlation between MERFX and MERIX is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Aug 6, 2013	0.96

The correlation between MERFX and MERIX has been stable across timeframes, ranging from 0.90 to 0.96 - a consistent structural relationship.

Return for Risk

MERFX vs. MERIX — Risk / Return Rank

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

MERFX

MERFX Risk / Return Rank: 97
MERFX Sharpe Ratio Rank: 94
MERFX Sortino Ratio Rank: 98
MERFX Omega Ratio Rank: 95
MERFX Calmar Ratio Rank: 98
MERFX Martin Ratio Rank: 99

MERIX

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

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.

MERFX vs. MERIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The Merger Fund (MERFX) and The Merger Fund Class I (MERIX). 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.

	MERFX	MERIX	Difference
Sharpe ratio: Return per unit of total volatility	3.31	3.61	-0.30
Sortino ratio: Return per unit of downside risk	6.16	6.97	-0.81
Omega ratio: Gain probability vs. loss probability	1.78	1.87	-0.09
Calmar ratio: Return relative to maximum drawdown	9.13	10.79	-1.66
Martin ratio: Return relative to average drawdown	42.15	48.64	-6.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MERFX vs. MERIX - Sharpe Ratio Comparison

The current MERFX Sharpe Ratio is 3.31, which is comparable to the MERIX Sharpe Ratio of 3.61. The chart below compares the historical Sharpe Ratios of MERFX and MERIX, 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

	MERFX	MERIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.31	3.61	-0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.84	0.87	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.04	1.09	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.94	-0.26

Drawdowns

MERFX vs. MERIX - Drawdown Comparison

The maximum MERFX drawdown since its inception was -20.82%, which is greater than MERIX's maximum drawdown of -9.33%. Use the drawdown chart below to compare losses from any high point for MERFX and MERIX.

Drawdown Indicators

	MERFX	MERIX	Difference
Max Drawdown Largest peak-to-trough decline	-20.82%	-9.33%	-11.49%
Max Drawdown (1Y) Largest decline over 1 year	-0.52%	-0.47%	-0.05%
Max Drawdown (3Y) Largest decline over 3 years	-3.36%	-3.85%	+0.49%
Max Drawdown (5Y) Largest decline over 5 years	-5.95%	-5.68%	-0.27%
Max Drawdown (10Y) Largest decline over 10 years	-9.35%	-9.33%	-0.02%
Current Drawdown Current decline from peak	-0.11%	-0.12%	+0.01%
Average Drawdown Average peak-to-trough decline	-2.67%	-1.02%	-1.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.11%	0.10%	+0.01%

Volatility

MERFX vs. MERIX - Volatility Comparison

The Merger Fund (MERFX) has a higher volatility of 0.38% compared to The Merger Fund Class I (MERIX) at 0.34%. This indicates that MERFX's price experiences larger fluctuations and is considered to be riskier than MERIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MERFX	MERIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.38%	0.34%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	0.92%	0.89%	+0.03%
Volatility (1Y) Calculated over the trailing 1-year period	1.43%	1.40%	+0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.44%	3.64%	-0.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.75%	3.84%	-0.09%

MERFX vs. MERIX - Expense Ratio Comparison

MERFX has a 1.50% expense ratio, which is higher than MERIX's 1.32% expense ratio.

Dividends

MERFX vs. MERIX - Dividend Comparison

MERFX's dividend yield for the trailing twelve months is around 7.34%, less than MERIX's 7.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MERFX The Merger Fund	7.34%	7.42%	3.24%	2.59%	3.50%	0.27%	3.31%	1.34%	4.52%	0.59%	0.32%	1.25%
MERIX The Merger Fund Class I	7.87%	7.95%	3.75%	2.91%	4.75%	0.27%	3.64%	1.34%	4.85%	0.98%	0.89%	1.63%

Frequently Asked Questions

Can I hold both MERFX and MERIX in my portfolio?

With a correlation of 0.90, MERFX and MERIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, MERFX or MERIX?

MERFX has higher volatility (0.38%) compared to MERIX (0.34%). In terms of maximum drawdown, MERFX dropped -20.82% vs MERIX's -9.33%.

Which has better risk-adjusted returns?

MERIX currently has the higher Sharpe Ratio (3.61 vs 3.31), 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.