MERIX vs. MERFX

Last updated Jun 4, 2026

MERIX (The Merger Fund Class I) and MERFX (The Merger Fund) are both Event Driven funds. Over the past 10 years, MERIX returned 4.19%/yr vs 3.89%/yr for MERFX. With a 0.96 correlation, they move nearly in lockstep. MERIX charges 1.32%/yr vs 1.50%/yr for MERFX.

Performance

MERIX vs. MERFX - Performance Comparison

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

Returns By Period

In the year-to-date period, MERIX achieves a 1.12% return, which is significantly higher than MERFX's 0.99% return. Over the past 10 years, MERIX has outperformed MERFX with an annualized return of 4.19%, while MERFX has yielded a comparatively lower 3.89% annualized return.

MERIX

• 1D: 0.00%
• 1M: 0.23%
• YTD: 1.12%
• 6M: 1.41%
• 1Y: 4.91%
• 3Y*: 6.35%
• 5Y*: 3.16%
• 10Y*: 4.19%

MERFX

• 1D: 0.00%
• 1M: 0.23%
• YTD: 0.99%
• 6M: 1.26%
• 1Y: 4.60%
• 3Y*: 6.03%
• 5Y*: 2.86%
• 10Y*: 3.89%

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

MERIX vs. MERFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MERIX The Merger Fund Class I	1.12%	8.41%	3.54%	4.51%	1.01%	0.10%	5.14%	6.32%	7.98%	2.74%
MERFX The Merger Fund	0.99%	8.11%	3.27%	4.17%	0.71%	-0.19%	4.87%	5.96%	7.68%	2.39%

Correlation

The correlation between MERIX and MERFX is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (5Y) Calculated over the trailing 5-year period	0.95
Correlation (10Y) Calculated over the trailing 10-year period	0.95
Correlation (All Time) Calculated using the full available price history since Aug 6, 2013	0.96

The correlation between MERIX and MERFX has been stable across timeframes, ranging from 0.90 to 0.96 - a consistent structural relationship.

Return for Risk

MERIX vs. MERFX — 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: 97
MERIX Sortino Ratio Rank: 98
MERIX Omega Ratio Rank: 96
MERIX Calmar Ratio Rank: 99
MERIX Martin Ratio Rank: 99

MERFX

MERFX Risk / Return Rank: 97
MERFX Sharpe Ratio Rank: 94
MERFX Sortino Ratio Rank: 98
MERFX Omega Ratio Rank: 95
MERFX Calmar Ratio Rank: 98
MERFX Martin Ratio Rank: 99

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. MERFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The Merger Fund Class I (MERIX) and The Merger Fund (MERFX). 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	MERFX	Difference
Sharpe ratio Return per unit of total volatility	3.61	3.31	+0.30
Sortino ratio Return per unit of downside risk	6.97	6.16	+0.81
Omega ratio Gain probability vs. loss probability	1.87	1.78	+0.09
Calmar ratio Return relative to maximum drawdown	10.79	9.13	+1.66
Martin ratio Return relative to average drawdown	48.64	42.15	+6.49
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. MERFX - Sharpe Ratio Comparison

The current MERIX Sharpe Ratio is 3.61, which is comparable to the MERFX Sharpe Ratio of 3.31. The chart below compares the historical Sharpe Ratios of MERIX and MERFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MERIX	MERFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.61	3.31	+0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.87	0.84	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.09	1.04	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.94	0.68	+0.26

Drawdowns

MERIX vs. MERFX - Drawdown Comparison

The maximum MERIX drawdown since its inception was -9.33%, smaller than the maximum MERFX drawdown of -20.82%. Use the drawdown chart below to compare losses from any high point for MERIX and MERFX.

Drawdown Indicators

	MERIX	MERFX	Difference
Max Drawdown Largest peak-to-trough decline	-9.33%	-20.82%	+11.49%
Max Drawdown (1Y) Largest decline over 1 year	-0.47%	-0.52%	+0.05%
Max Drawdown (3Y) Largest decline over 3 years	-3.85%	-3.36%	-0.49%
Max Drawdown (5Y) Largest decline over 5 years	-5.68%	-5.95%	+0.27%
Max Drawdown (10Y) Largest decline over 10 years	-9.33%	-9.35%	+0.02%
Current Drawdown Current decline from peak	-0.12%	-0.11%	-0.01%
Average Drawdown Average peak-to-trough decline	-1.02%	-2.67%	+1.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.10%	0.11%	-0.01%

Volatility

MERIX vs. MERFX - Volatility Comparison

The current volatility for The Merger Fund Class I (MERIX) is 0.34%, while The Merger Fund (MERFX) has a volatility of 0.38%. This indicates that MERIX experiences smaller price fluctuations and is considered to be less risky than MERFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MERIX	MERFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.34%	0.38%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	0.89%	0.92%	-0.03%
Volatility (1Y) Calculated over the trailing 1-year period	1.40%	1.43%	-0.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.64%	3.44%	+0.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.84%	3.75%	+0.09%

MERIX vs. MERFX - Expense Ratio Comparison

MERIX has a 1.32% expense ratio, which is lower than MERFX's 1.50% expense ratio.

Dividends

MERIX vs. MERFX - Dividend Comparison

MERIX's dividend yield for the trailing twelve months is around 7.87%, more than MERFX's 7.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MERFX The Merger Fund	7.34%	7.42%	3.24%	2.59%	3.50%	0.27%	3.31%	1.34%	4.52%	0.59%	0.32%	1.25%
MERIX The Merger Fund Class I	7.87%	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 MERFX in my portfolio?

With a correlation of 0.90, MERIX and MERFX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, MERIX or MERFX?

MERFX has higher volatility (0.38%) compared to MERIX (0.34%). In terms of maximum drawdown, MERIX dropped -9.33% vs MERFX's -20.82%.

Which has better risk-adjusted returns?

MERIX currently has the higher Sharpe Ratio (3.61 vs 3.31), 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.