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MERFX vs. VKSIX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MERFX vs. VKSIX

Last updated Jul 17, 2026
Documentation

MERFX (The Merger Fund) and VKSIX (Virtus KAR Small-Mid Cap Core Fund) are both mutual funds - MERFX is a Event Driven fund managed by Virtus, while VKSIX is a Mid Cap Growth Equities fund managed by Virtus. Over the past 5 years, MERFX returned 3.27%/yr vs 0.05%/yr for VKSIX. At a 0.39 correlation, their price movements are largely independent. MERFX charges 1.50%/yr vs 1.02%/yr for VKSIX.

Performance

MERFX vs. VKSIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in The Merger Fund (MERFX) and Virtus KAR Small-Mid Cap Core Fund (VKSIX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, MERFX achieves a 1.74% return, which is significantly higher than VKSIX's -4.24% return.

MERFX

1D
0.00%
1M
0.63%
6M
1.45%
YTD
1.74%
1Y
4.56%
3Y*
5.92%
5Y*
3.27%
10Y*
3.98%

VKSIX

1D
0.22%
1M
1.37%
6M
-9.34%
YTD
-4.24%
1Y
-8.81%
3Y*
1.70%
5Y*
0.05%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

MERFX vs. VKSIX - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
MERFX
The Merger Fund		1.74%8.11%3.27%4.17%0.71%-0.19%4.87%5.96%4.34%
VKSIX
Virtus KAR Small-Mid Cap Core Fund		-4.24%-4.36%9.07%23.61%-23.83%19.54%33.45%38.81%-6.68%

Correlation

The correlation between MERFX and VKSIX is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.32

Correlation (3Y)
Calculated over the trailing 3-year period

0.31

Correlation (5Y)
Calculated over the trailing 5-year period

0.37

Correlation (All Time)
Calculated using the full available price history since Mar 22, 2018

0.39

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

The Merger Fund

Virtus KAR Small-Mid Cap Core Fund

Often compared with MERFX:
MERFX vs. SPYMERFX vs. GDLMERFX vs. NIEMERFX vs. EMAYXMERFX vs. ARBFXMERFX vs. MRGRMERFX vs. PDIAX
Often compared with VKSIX:
VKSIX vs. VMGMXVKSIX vs. POLIXVKSIX vs. VBKVKSIX vs. VXFVKSIX vs. FTSIXVKSIX vs. BRK-BVKSIX vs. QQQ

Return for Risk

MERFX vs. VKSIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MERFX
MERFX Risk / Return Rank: 9797
Overall Rank
MERFX Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
MERFX Sortino Ratio Rank: 9898
Sortino Ratio Rank
MERFX Omega Ratio Rank: 9595
Omega Ratio Rank
MERFX Calmar Ratio Rank: 9999
Calmar Ratio Rank
MERFX Martin Ratio Rank: 9999
Martin Ratio Rank
VKSIX
VKSIX Risk / Return Rank: 11
Overall Rank
VKSIX Sharpe Ratio Rank: 11
Sharpe Ratio Rank
VKSIX Sortino Ratio Rank: 11
Sortino Ratio Rank
VKSIX Omega Ratio Rank: 11
Omega Ratio Rank
VKSIX Calmar Ratio Rank: 11
Calmar Ratio Rank
VKSIX Martin Ratio Rank: 11
Martin Ratio Rank
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. VKSIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The Merger Fund (MERFX) and Virtus KAR Small-Mid Cap Core Fund (VKSIX). 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.

MERFXVKSIXDifference
Sharpe ratioReturn per unit of total volatility
2.87
-0.53

+3.40

Sortino ratioReturn per unit of downside risk
5.27
-0.69

+5.96

Omega ratioGain probability vs. loss probability

1.67

0.93

+0.74

Calmar ratioReturn relative to maximum drawdown

8.72

-0.51

+9.23

Martin ratioReturn relative to average drawdown

37.30

-0.94

+38.24

MERFX vs. VKSIX - Sharpe Ratio Comparison

The current MERFX Sharpe Ratio is 2.87, which is higher than the VKSIX Sharpe Ratio of -0.53. The chart below compares the historical Sharpe Ratios of MERFX and VKSIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

MERFX vs. VKSIX - Drawdown Comparison

The maximum MERFX drawdown since its inception was -20.82%, smaller than the maximum VKSIX drawdown of -35.59%. Use the drawdown chart below to compare losses from any high point for MERFX and VKSIX.

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Drawdown Indicators

MERFXVKSIXDifference

Max Drawdown

Largest peak-to-trough decline

-20.82%

-35.59%

+14.77%

Max Drawdown (1Y)

Largest decline over 1 year

-0.52%

-16.70%

+16.18%

Max Drawdown (3Y)

Largest decline over 3 years

-3.36%

-20.29%

+16.93%

Max Drawdown (5Y)

Largest decline over 5 years

-4.78%

-32.49%

+27.71%

Max Drawdown (10Y)

Largest decline over 10 years

-9.35%

—

—

Current Drawdown

Current decline from peak

0.00%

-15.56%

+15.56%

Average Drawdown

Average peak-to-trough decline

-2.66%

-8.98%

+6.32%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.12%

9.00%

-8.88%

Volatility

MERFX vs. VKSIX - Volatility Comparison

The current volatility for The Merger Fund (MERFX) is 0.56%, while Virtus KAR Small-Mid Cap Core Fund (VKSIX) has a volatility of 4.60%. This indicates that MERFX experiences smaller price fluctuations and is considered to be less risky than VKSIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

MERFXVKSIXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.56%

4.60%

-4.04%

Volatility (6M)

Calculated over the trailing 6-month period

1.19%

12.02%

-10.83%

Volatility (1Y)

Calculated over the trailing 1-year period

1.58%

15.94%

-14.36%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

3.44%

19.25%

-15.81%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

3.75%

20.90%

-17.15%

MERFX vs. VKSIX - Expense Ratio Comparison

MERFX has a 1.50% expense ratio, which is higher than VKSIX's 1.02% expense ratio.

Dividends

MERFX vs. VKSIX - Dividend Comparison

MERFX's dividend yield for the trailing twelve months is around 7.29%, more than VKSIX's 0.36% yield.

PositionTTM20252024202320222021202020192018201720162015
MERFX
The Merger Fund		7.29%7.42%3.24%2.59%3.50%0.27%3.31%1.34%4.52%0.59%0.32%1.25%
VKSIX
Virtus KAR Small-Mid Cap Core Fund		0.36%0.34%0.43%0.00%0.00%1.13%0.01%0.00%1.47%0.00%0.00%0.00%

Frequently Asked Questions

MERFX and VKSIX have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VKSIX has higher volatility (4.60%) compared to MERFX (0.56%). In terms of maximum drawdown, MERFX dropped -20.82% vs VKSIX's -35.59%.

MERFX currently has the higher Sharpe Ratio (2.87 vs -0.53), 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.

Portfolio Optimizer

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