MERIX vs. DEVDX

Last updated Jun 25, 2026

MERIX (The Merger Fund Class I) and DEVDX (Driehaus Event Driven Fund) are both Event Driven funds. At a 0.41 correlation, their price movements are largely independent. MERIX charges 1.32%/yr vs 1.66%/yr for DEVDX.

Performance

MERIX vs. DEVDX - Performance Comparison

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

Returns By Period

MERIX

• 1D: 0.06%
• 1M: 0.41%
• YTD: 1.53%
• 6M: 1.59%
• 1Y: 5.22%
• 3Y*: 6.38%
• 5Y*: 3.41%
• 10Y*: 4.29%

DEVDX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MERIX vs. DEVDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MERIX The Merger Fund Class I	1.53%	8.41%	3.54%	4.51%	1.01%	0.10%	5.14%	6.32%	7.98%	2.74%
DEVDX Driehaus Event Driven Fund	-1.35%	5.99%	3.06%	9.59%	-9.99%	7.24%	24.78%	20.49%	-4.06%	4.35%

Correlation

The correlation between MERIX and DEVDX is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (10Y) Calculated over the trailing 10-year period	0.33
Correlation (All Time) Calculated using the full available price history since Jan 2, 2014	0.41

Over the past year, the correlation between MERIX and DEVDX has dropped to 0.06 - well below their long-term average of 0.41, suggesting their price drivers have been diverging.

Return for Risk

MERIX vs. DEVDX — Risk / Return Rank

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

MERIX

MERIX Risk / Return Rank: 98
MERIX Sharpe Ratio Rank: 98
MERIX Sortino Ratio Rank: 98
MERIX Omega Ratio Rank: 97
MERIX Calmar Ratio Rank: 99
MERIX Martin Ratio Rank: 99

DEVDX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. DEVDX - Risk-Adjusted Trends Comparison

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

	MERIX	DEVDX	Difference
Sharpe ratio: Return per unit of total volatility	3.49	—	—
Sortino ratio: Return per unit of downside risk	6.52	—	—
Omega ratio: Gain probability vs. loss probability	1.85	—	—
Calmar ratio: Return relative to maximum drawdown	11.33	—	—
Martin ratio: Return relative to average drawdown	48.69	—	—

Drawdowns

Drawdown Indicators

	MERIX	DEVDX	Difference
Max Drawdown Largest peak-to-trough decline	-9.33%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-0.47%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-3.85%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-4.67%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-9.33%	—	—
Current Drawdown Current decline from peak	0.00%	—	—
Average Drawdown Average peak-to-trough decline	-1.02%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.11%	—	—

Volatility

Volatility by Period

	MERIX	DEVDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.70%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.10%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.52%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.65%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.84%	—	—

MERIX vs. DEVDX - Expense Ratio Comparison

MERIX has a 1.32% expense ratio, which is lower than DEVDX's 1.66% expense ratio.

Dividends

MERIX vs. DEVDX - Dividend Comparison

MERIX's dividend yield for the trailing twelve months is around 7.83%, less than DEVDX's 16.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DEVDX Driehaus Event Driven Fund	16.48%	14.24%	1.35%	4.48%	1.49%	12.11%	3.48%	4.09%	3.57%	0.00%	1.20%	0.66%
MERIX The Merger Fund Class I	7.83%	7.95%	3.75%	2.91%	4.75%	0.27%	3.64%	1.34%	4.85%	0.98%	0.89%	1.63%

Frequently Asked Questions

Can I hold both MERIX and DEVDX in my portfolio?

MERIX and DEVDX have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.