MERFX vs. VKSIX

Last updated Apr 1, 2026

Compare and contrast key facts about The Merger Fund (MERFX) and Virtus KAR Small-Mid Cap Core Fund (VKSIX).

MERFX is managed by Virtus. It was launched on Jan 30, 1989. VKSIX is managed by Virtus. It was launched on Mar 7, 2018.

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.

MERFX vs. VKSIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
MERFX The Merger Fund	0.46%	8.11%	3.27%	4.17%	0.71%	-0.19%	4.87%	5.96%	4.60%
VKSIX Virtus KAR Small-Mid Cap Core Fund	-8.94%	-4.36%	9.07%	23.61%	-23.83%	19.54%	33.45%	38.81%	-6.68%

Returns By Period

In the year-to-date period, MERFX achieves a 0.46% return, which is significantly higher than VKSIX's -8.94% 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%

VKSIX

• 1D: 0.11%
• 1M: -10.60%
• YTD: -8.94%
• 6M: -13.34%
• 1Y: -9.89%
• 3Y*: 2.82%
• 5Y*: -0.05%
• 10Y*: —

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

MERFX vs. VKSIX - Expense Ratio Comparison

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

MERFX

The Merger Fund

VKSIX

Virtus KAR Small-Mid Cap Core Fund

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: 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

VKSIX

VKSIX Risk / Return Rank: 1
VKSIX Sharpe Ratio Rank: 1
VKSIX Sortino Ratio Rank: 1
VKSIX Omega Ratio Rank: 2
VKSIX Calmar Ratio Rank: 1
VKSIX Martin Ratio Rank: 1

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.

	MERFX	VKSIX	Difference
Sharpe ratio Return per unit of total volatility	4.24	-0.51	+4.75
Sortino ratio Return per unit of downside risk	8.05	-0.64	+8.70
Omega ratio Gain probability vs. loss probability	2.09	0.92	+1.16
Calmar ratio Return relative to maximum drawdown	12.42	-0.65	+13.07
Martin ratio Return relative to average drawdown	58.81	-1.81	+60.61
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. VKSIX - Sharpe Ratio Comparison

The current MERFX Sharpe Ratio is 4.24, which is higher than the VKSIX Sharpe Ratio of -0.51. The chart below compares the historical Sharpe Ratios of MERFX and VKSIX, 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	VKSIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.24	-0.51	+4.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.90	-0.00	+0.90
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.03	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.38	+0.30

Correlation

The correlation between MERFX and VKSIX is 0.38, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

MERFX vs. VKSIX - Dividend Comparison

MERFX's dividend yield for the trailing twelve months is around 7.38%, more than VKSIX's 0.38% 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%
VKSIX Virtus KAR Small-Mid Cap Core Fund	0.38%	0.34%	0.43%	0.00%	0.00%	1.13%	0.01%	0.00%	1.47%	0.00%	0.00%	0.00%

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.

Drawdown Indicators

	MERFX	VKSIX	Difference
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 (5Y) Largest decline over 5 years	-5.95%	-32.49%	+26.54%
Max Drawdown (10Y) Largest decline over 10 years	-9.35%	—	—
Current Drawdown Current decline from peak	-0.17%	-19.70%	+19.53%
Average Drawdown Average peak-to-trough decline	-2.68%	-8.72%	+6.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.11%	6.04%	-5.93%

Volatility

MERFX vs. VKSIX - Volatility Comparison

The current volatility for The Merger Fund (MERFX) is 0.47%, while Virtus KAR Small-Mid Cap Core Fund (VKSIX) has a volatility of 4.21%. 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.

Volatility by Period

	MERFX	VKSIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.47%	4.21%	-3.74%
Volatility (6M) Calculated over the trailing 6-month period	1.00%	11.52%	-10.52%
Volatility (1Y) Calculated over the trailing 1-year period	1.53%	19.29%	-17.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.45%	19.11%	-15.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.76%	21.05%	-17.29%