MERFX vs. PDPAX

Last updated Apr 1, 2026

Compare and contrast key facts about The Merger Fund (MERFX) and Virtus Duff & Phelps Real Asset Fund (PDPAX).

MERFX is managed by Virtus. It was launched on Jan 30, 1989. PDPAX is managed by Virtus. It was launched on Nov 29, 2005.

Performance

MERFX vs. PDPAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in The Merger Fund (MERFX) and Virtus Duff & Phelps Real Asset Fund (PDPAX). The values are adjusted to include any dividend payments, if applicable.

MERFX vs. PDPAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MERFX The Merger Fund	0.46%	8.11%	3.27%	4.17%	0.71%	-0.19%	4.87%	5.96%	7.68%	2.39%
PDPAX Virtus Duff & Phelps Real Asset Fund	7.17%	15.90%	9.45%	4.73%	-2.66%	21.15%	-3.18%	16.84%	-9.35%	8.15%

Returns By Period

In the year-to-date period, MERFX achieves a 0.46% return, which is significantly lower than PDPAX's 7.17% return. Over the past 10 years, MERFX has underperformed PDPAX with an annualized return of 3.88%, while PDPAX has yielded a comparatively higher 7.22% annualized return.

MERFX

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.46%
• 6M: 1.84%
• 1Y: 6.26%
• 3Y*: 5.30%
• 5Y*: 3.09%
• 10Y*: 3.88%

PDPAX

• 1D: 0.18%
• 1M: -5.75%
• YTD: 7.17%
• 6M: 8.32%
• 1Y: 18.47%
• 3Y*: 12.38%
• 5Y*: 9.88%
• 10Y*: 7.22%

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

MERFX vs. PDPAX - Expense Ratio Comparison

MERFX has a 1.50% expense ratio, which is higher than PDPAX's 0.81% expense ratio.

MERFX

The Merger Fund

PDPAX

Virtus Duff & Phelps Real Asset Fund

Return for Risk

MERFX vs. PDPAX — Risk / Return Rank

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

MERFX

MERFX Risk / Return Rank: 99
MERFX Sharpe Ratio Rank: 100
MERFX Sortino Ratio Rank: 99
MERFX Omega Ratio Rank: 98
MERFX Calmar Ratio Rank: 99
MERFX Martin Ratio Rank: 100

PDPAX

PDPAX Risk / Return Rank: 81
PDPAX Sharpe Ratio Rank: 81
PDPAX Sortino Ratio Rank: 80
PDPAX Omega Ratio Rank: 80
PDPAX Calmar Ratio Rank: 77
PDPAX Martin Ratio Rank: 88

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. PDPAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The Merger Fund (MERFX) and Virtus Duff & Phelps Real Asset Fund (PDPAX). 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	PDPAX	Difference
Sharpe ratio Return per unit of total volatility	4.24	1.54	+2.70
Sortino ratio Return per unit of downside risk	8.05	2.05	+6.00
Omega ratio Gain probability vs. loss probability	2.09	1.32	+0.77
Calmar ratio Return relative to maximum drawdown	12.42	1.86	+10.56
Martin ratio Return relative to average drawdown	58.81	9.54	+49.26
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. PDPAX - Sharpe Ratio Comparison

The current MERFX Sharpe Ratio is 4.24, which is higher than the PDPAX Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of MERFX and PDPAX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MERFX	PDPAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.24	1.54	+2.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.90	0.76	+0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.03	0.56	+0.47
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.32	+0.36

Correlation

The correlation between MERFX and PDPAX is 0.45, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

MERFX vs. PDPAX - Dividend Comparison

MERFX's dividend yield for the trailing twelve months is around 7.38%, more than PDPAX's 1.66% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MERFX The Merger Fund	7.38%	7.42%	3.24%	2.59%	3.50%	0.27%	3.31%	1.34%	4.52%	0.59%	0.32%	1.25%
PDPAX Virtus Duff & Phelps Real Asset Fund	1.66%	1.77%	3.65%	2.08%	1.06%	0.76%	0.68%	3.09%	2.38%	1.92%	0.80%	1.13%

Drawdowns

MERFX vs. PDPAX - Drawdown Comparison

The maximum MERFX drawdown since its inception was -20.82%, smaller than the maximum PDPAX drawdown of -43.40%. Use the drawdown chart below to compare losses from any high point for MERFX and PDPAX.

Drawdown Indicators

	MERFX	PDPAX	Difference
Max Drawdown Largest peak-to-trough decline	-20.82%	-43.40%	+22.58%
Max Drawdown (1Y) Largest decline over 1 year	-0.52%	-10.17%	+9.65%
Max Drawdown (5Y) Largest decline over 5 years	-5.95%	-18.87%	+12.92%
Max Drawdown (10Y) Largest decline over 10 years	-9.35%	-32.24%	+22.89%
Current Drawdown Current decline from peak	-0.17%	-5.80%	+5.63%
Average Drawdown Average peak-to-trough decline	-2.68%	-7.67%	+4.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.11%	1.98%	-1.87%

Volatility

MERFX vs. PDPAX - Volatility Comparison

The current volatility for The Merger Fund (MERFX) is 0.47%, while Virtus Duff & Phelps Real Asset Fund (PDPAX) has a volatility of 3.74%. This indicates that MERFX experiences smaller price fluctuations and is considered to be less risky than PDPAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MERFX	PDPAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.47%	3.74%	-3.27%
Volatility (6M) Calculated over the trailing 6-month period	1.00%	7.24%	-6.24%
Volatility (1Y) Calculated over the trailing 1-year period	1.53%	12.34%	-10.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.45%	13.12%	-9.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.76%	12.85%	-9.09%