MERIX vs. AEDNX

Last updated Apr 2, 2026

Compare and contrast key facts about The Merger Fund Class I (MERIX) and Water Island Event-Driven Fund (AEDNX).

MERIX is managed by Virtus Investment Partners. It was launched on Aug 1, 2013. AEDNX is managed by Arbitrage Fund. It was launched on Sep 30, 2010.

Performance

MERIX vs. AEDNX - Performance Comparison

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

MERIX vs. AEDNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MERIX The Merger Fund Class I	0.82%	8.41%	3.54%	4.51%	1.01%	0.10%	5.14%	6.32%	7.98%	2.74%
AEDNX Water Island Event-Driven Fund	0.55%	8.67%	2.26%	5.90%	-0.63%	1.18%	13.42%	4.76%	-0.15%	3.89%

Returns By Period

In the year-to-date period, MERIX achieves a 0.82% return, which is significantly higher than AEDNX's 0.55% return. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: MERIX at 4.21% and AEDNX at 4.21%.

MERIX

• 1D: 0.23%
• 1M: 0.12%
• YTD: 0.82%
• 6M: 2.12%
• 1Y: 6.84%
• 3Y*: 5.71%
• 5Y*: 3.37%
• 10Y*: 4.21%

AEDNX

• 1D: 0.78%
• 1M: -0.39%
• YTD: 0.55%
• 6M: 2.38%
• 1Y: 6.49%
• 3Y*: 5.62%
• 5Y*: 2.95%
• 10Y*: 4.21%

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

MERIX vs. AEDNX - Expense Ratio Comparison

MERIX has a 1.32% expense ratio, which is lower than AEDNX's 1.44% expense ratio.

AEDNX

Water Island Event-Driven Fund

MERIX

The Merger Fund Class I

Return for Risk

MERIX vs. AEDNX — Risk / Return Rank

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

MERIX

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

AEDNX

AEDNX Risk / Return Rank: 96
AEDNX Sharpe Ratio Rank: 95
AEDNX Sortino Ratio Rank: 96
AEDNX Omega Ratio Rank: 96
AEDNX Calmar Ratio Rank: 94
AEDNX Martin Ratio Rank: 96

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.

MERIX vs. AEDNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The Merger Fund Class I (MERIX) and Water Island Event-Driven Fund (AEDNX). 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.

	MERIX	AEDNX	Difference
Sharpe ratio Return per unit of total volatility	4.53	2.40	+2.13
Sortino ratio Return per unit of downside risk	8.87	3.47	+5.40
Omega ratio Gain probability vs. loss probability	2.19	1.61	+0.58
Calmar ratio Return relative to maximum drawdown	15.02	3.25	+11.77
Martin ratio Return relative to average drawdown	65.88	15.14	+50.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MERIX vs. AEDNX - Sharpe Ratio Comparison

The current MERIX Sharpe Ratio is 4.53, which is higher than the AEDNX Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of MERIX and AEDNX, 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

	MERIX	AEDNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.53	2.40	+2.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.93	0.73	+0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.10	0.82	+0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.95	0.63	+0.31

Correlation

The correlation between MERIX and AEDNX is 0.62, 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

MERIX vs. AEDNX - Dividend Comparison

MERIX's dividend yield for the trailing twelve months is around 7.89%, more than AEDNX's 0.94% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MERIX The Merger Fund Class I	7.89%	7.95%	3.75%	2.91%	4.75%	0.27%	3.64%	1.34%	4.85%	0.98%	0.89%	1.63%
AEDNX Water Island Event-Driven Fund	0.94%	0.95%	0.20%	0.72%	0.00%	0.00%	0.24%	0.46%	1.78%	0.62%	0.00%	2.79%

Drawdowns

MERIX vs. AEDNX - Drawdown Comparison

The maximum MERIX drawdown since its inception was -9.33%, smaller than the maximum AEDNX drawdown of -13.03%. Use the drawdown chart below to compare losses from any high point for MERIX and AEDNX.

Drawdown Indicators

	MERIX	AEDNX	Difference
Max Drawdown Largest peak-to-trough decline	-9.33%	-13.03%	+3.70%
Max Drawdown (1Y) Largest decline over 1 year	-0.47%	-2.05%	+1.58%
Max Drawdown (5Y) Largest decline over 5 years	-5.68%	-8.94%	+3.26%
Max Drawdown (10Y) Largest decline over 10 years	-9.33%	-12.24%	+2.91%
Current Drawdown Current decline from peak	0.00%	-0.46%	+0.46%
Average Drawdown Average peak-to-trough decline	-1.04%	-2.73%	+1.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.11%	0.44%	-0.33%

Volatility

MERIX vs. AEDNX - Volatility Comparison

The current volatility for The Merger Fund Class I (MERIX) is 0.47%, while Water Island Event-Driven Fund (AEDNX) has a volatility of 1.36%. This indicates that MERIX experiences smaller price fluctuations and is considered to be less risky than AEDNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MERIX	AEDNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.47%	1.36%	-0.89%
Volatility (6M) Calculated over the trailing 6-month period	0.93%	1.87%	-0.94%
Volatility (1Y) Calculated over the trailing 1-year period	1.52%	2.75%	-1.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.65%	4.04%	-0.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.86%	5.14%	-1.28%