MERIX vs. VARBX
Compare and contrast key facts about The Merger Fund Class I (MERIX) and Vivaldi Merger Arbitrage Fund Class I (VARBX).
MERIX is managed by Virtus Investment Partners. It was launched on Aug 1, 2013. VARBX is managed by First Trust. It was launched on Oct 1, 2015.
Performance
MERIX vs. VARBX - Performance Comparison
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MERIX vs. VARBX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MERIX The Merger Fund Class I | 0.59% | 8.41% | 3.54% | 4.51% | 1.01% | 0.10% | 5.14% | 6.32% | 7.98% | 2.74% |
VARBX Vivaldi Merger Arbitrage Fund Class I | 0.76% | 6.06% | 12.64% | 3.30% | 2.38% | 5.42% | 4.00% | 4.28% | 4.11% | 2.39% |
Returns By Period
In the year-to-date period, MERIX achieves a 0.59% return, which is significantly lower than VARBX's 0.76% return. Over the past 10 years, MERIX has underperformed VARBX with an annualized return of 4.19%, while VARBX has yielded a comparatively higher 4.44% annualized return.
MERIX
- 1D
- 0.06%
- 1M
- 0.06%
- YTD
- 0.59%
- 6M
- 2.05%
- 1Y
- 6.59%
- 3Y*
- 5.63%
- 5Y*
- 3.40%
- 10Y*
- 4.19%
VARBX
- 1D
- 0.00%
- 1M
- 0.38%
- YTD
- 0.76%
- 6M
- 2.21%
- 1Y
- 5.36%
- 3Y*
- 7.33%
- 5Y*
- 5.43%
- 10Y*
- 4.44%
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MERIX vs. VARBX - Expense Ratio Comparison
MERIX has a 1.32% expense ratio, which is lower than VARBX's 1.81% expense ratio.
Return for Risk
MERIX vs. VARBX — Risk / Return Rank
MERIX
VARBX
MERIX vs. VARBX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for The Merger Fund Class I (MERIX) and Vivaldi Merger Arbitrage Fund Class I (VARBX). 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 | VARBX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 4.51 | 4.06 | +0.45 |
Sortino ratioReturn per unit of downside risk | 8.79 | 6.90 | +1.89 |
Omega ratioGain probability vs. loss probability | 2.18 | 2.36 | -0.18 |
Calmar ratioReturn relative to maximum drawdown | 14.49 | 8.40 | +6.08 |
Martin ratioReturn relative to average drawdown | 63.54 | 36.29 | +27.25 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MERIX | VARBX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.51 | 4.06 | +0.45 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.94 | 1.65 | -0.71 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.09 | 1.33 | -0.24 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.94 | 1.40 | -0.46 |
Correlation
The correlation between MERIX and VARBX is 0.43, 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. VARBX - Dividend Comparison
MERIX's dividend yield for the trailing twelve months is around 7.91%, more than VARBX's 5.99% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MERIX The Merger Fund Class I | 7.91% | 7.95% | 3.75% | 2.91% | 4.75% | 0.27% | 3.64% | 1.34% | 4.85% | 0.98% | 0.89% | 1.63% |
VARBX Vivaldi Merger Arbitrage Fund Class I | 5.99% | 6.04% | 12.59% | 4.07% | 0.75% | 8.42% | 0.81% | 5.54% | 2.15% | 1.70% | 0.06% | 0.04% |
Drawdowns
MERIX vs. VARBX - Drawdown Comparison
The maximum MERIX drawdown since its inception was -9.33%, which is greater than VARBX's maximum drawdown of -5.12%. Use the drawdown chart below to compare losses from any high point for MERIX and VARBX.
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Drawdown Indicators
| MERIX | VARBX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.33% | -5.12% | -4.21% |
Max Drawdown (1Y)Largest decline over 1 year | -0.47% | -0.64% | +0.17% |
Max Drawdown (5Y)Largest decline over 5 years | -5.68% | -1.79% | -3.89% |
Max Drawdown (10Y)Largest decline over 10 years | -9.33% | -5.12% | -4.21% |
Current DrawdownCurrent decline from peak | -0.12% | 0.00% | -0.12% |
Average DrawdownAverage peak-to-trough decline | -1.04% | -0.57% | -0.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.11% | 0.15% | -0.04% |
Volatility
MERIX vs. VARBX - Volatility Comparison
The Merger Fund Class I (MERIX) has a higher volatility of 0.44% compared to Vivaldi Merger Arbitrage Fund Class I (VARBX) at 0.32%. This indicates that MERIX's price experiences larger fluctuations and is considered to be riskier than VARBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MERIX | VARBX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.44% | 0.32% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 0.95% | 0.73% | +0.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.51% | 1.35% | +0.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.65% | 3.31% | +0.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.86% | 3.35% | +0.51% |