MERFX vs. VARBX
Compare and contrast key facts about The Merger Fund (MERFX) and Vivaldi Merger Arbitrage Fund Class I (VARBX).
MERFX is managed by Virtus. It was launched on Jan 30, 1989. VARBX is managed by First Trust. It was launched on Oct 1, 2015.
Performance
MERFX vs. VARBX - Performance Comparison
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MERFX vs. VARBX - 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% |
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, MERFX achieves a 0.46% return, which is significantly lower than VARBX's 0.76% return. Over the past 10 years, MERFX has underperformed VARBX with an annualized return of 3.88%, while VARBX has yielded a comparatively higher 4.44% 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%
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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MERFX vs. VARBX - Expense Ratio Comparison
MERFX has a 1.50% expense ratio, which is lower than VARBX's 1.81% expense ratio.
Return for Risk
MERFX vs. VARBX — Risk / Return Rank
MERFX
VARBX
MERFX vs. VARBX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for The Merger Fund (MERFX) 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.
| MERFX | VARBX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 4.24 | 4.06 | +0.19 |
Sortino ratioReturn per unit of downside risk | 8.05 | 6.90 | +1.15 |
Omega ratioGain probability vs. loss probability | 2.09 | 2.36 | -0.27 |
Calmar ratioReturn relative to maximum drawdown | 12.42 | 8.40 | +4.02 |
Martin ratioReturn relative to average drawdown | 58.81 | 36.29 | +22.51 |
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
| MERFX | VARBX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.24 | 4.06 | +0.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.90 | 1.65 | -0.75 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.03 | 1.33 | -0.29 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.68 | 1.40 | -0.71 |
Correlation
The correlation between MERFX and VARBX is 0.44, 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. VARBX - Dividend Comparison
MERFX's dividend yield for the trailing twelve months is around 7.38%, more than VARBX's 5.99% 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% |
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
MERFX vs. VARBX - Drawdown Comparison
The maximum MERFX drawdown since its inception was -20.82%, which is greater than VARBX's maximum drawdown of -5.12%. Use the drawdown chart below to compare losses from any high point for MERFX and VARBX.
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Drawdown Indicators
| MERFX | VARBX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.82% | -5.12% | -15.70% |
Max Drawdown (1Y)Largest decline over 1 year | -0.52% | -0.64% | +0.12% |
Max Drawdown (5Y)Largest decline over 5 years | -5.95% | -1.79% | -4.16% |
Max Drawdown (10Y)Largest decline over 10 years | -9.35% | -5.12% | -4.23% |
Current DrawdownCurrent decline from peak | -0.17% | 0.00% | -0.17% |
Average DrawdownAverage peak-to-trough decline | -2.68% | -0.57% | -2.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.11% | 0.15% | -0.04% |
Volatility
MERFX vs. VARBX - Volatility Comparison
The Merger Fund (MERFX) has a higher volatility of 0.47% compared to Vivaldi Merger Arbitrage Fund Class I (VARBX) at 0.32%. This indicates that MERFX'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
| MERFX | VARBX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.47% | 0.32% | +0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 1.00% | 0.73% | +0.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.53% | 1.35% | +0.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.45% | 3.31% | +0.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.76% | 3.35% | +0.41% |