MERIX vs. WCEIX

Last updated Jun 4, 2026

MERIX (The Merger Fund Class I) and WCEIX (Virtus Westchester Event-Driven Fund) are both Event Driven funds. Over the past 10 years, MERIX returned 4.19%/yr vs 4.56%/yr for WCEIX. Their correlation of 0.83 suggests significant overlap in exposure. MERIX charges 1.32%/yr vs 1.63%/yr for WCEIX.

Performance

MERIX vs. WCEIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in The Merger Fund Class I (MERIX) and Virtus Westchester Event-Driven Fund (WCEIX). 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 lower than WCEIX's 1.55% return. Over the past 10 years, MERIX has underperformed WCEIX with an annualized return of 4.19%, while WCEIX has yielded a comparatively higher 4.56% 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%

WCEIX

• 1D: 0.00%
• 1M: 1.16%
• YTD: 1.55%
• 6M: 1.90%
• 1Y: 5.60%
• 3Y*: 6.36%
• 5Y*: 2.39%
• 10Y*: 4.56%

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

MERIX vs. WCEIX - 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%
WCEIX Virtus Westchester Event-Driven Fund	1.55%	7.90%	3.24%	5.86%	-2.79%	1.76%	6.53%	11.13%	5.27%	4.72%

Correlation

The correlation between MERIX and WCEIX is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jan 7, 2014	0.83

Over the past year, the correlation between MERIX and WCEIX has dropped to 0.63 - well below their long-term average of 0.83, suggesting their price drivers have been diverging.

Return for Risk

MERIX vs. WCEIX — 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

WCEIX

WCEIX Risk / Return Rank: 70
WCEIX Sharpe Ratio Rank: 51
WCEIX Sortino Ratio Rank: 67
WCEIX Omega Ratio Rank: 64
WCEIX Calmar Ratio Rank: 88
WCEIX Martin Ratio Rank: 80

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. WCEIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The Merger Fund Class I (MERIX) and Virtus Westchester Event-Driven Fund (WCEIX). 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	WCEIX	Difference
Sharpe ratio: Return per unit of total volatility	3.61	2.12	+1.49
Sortino ratio: Return per unit of downside risk	6.97	3.42	+3.55
Omega ratio: Gain probability vs. loss probability	1.87	1.45	+0.42
Calmar ratio: Return relative to maximum drawdown	10.79	4.39	+6.40
Martin ratio: Return relative to average drawdown	48.64	15.06	+33.58
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. WCEIX - Sharpe Ratio Comparison

The current MERIX Sharpe Ratio is 3.61, which is higher than the WCEIX Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of MERIX and WCEIX, 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	WCEIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.61	2.12	+1.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.87	0.47	+0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.09	0.68	+0.41
Sharpe Ratio (All Time) Calculated using the full available price history	0.94	0.61	+0.33

Drawdowns

MERIX vs. WCEIX - Drawdown Comparison

The maximum MERIX drawdown since its inception was -9.33%, smaller than the maximum WCEIX drawdown of -21.65%. Use the drawdown chart below to compare losses from any high point for MERIX and WCEIX.

Drawdown Indicators

	MERIX	WCEIX	Difference
Max Drawdown Largest peak-to-trough decline	-9.33%	-21.65%	+12.32%
Max Drawdown (1Y) Largest decline over 1 year	-0.47%	-1.35%	+0.88%
Max Drawdown (3Y) Largest decline over 3 years	-3.85%	-4.21%	+0.36%
Max Drawdown (5Y) Largest decline over 5 years	-5.68%	-11.00%	+5.32%
Max Drawdown (10Y) Largest decline over 10 years	-9.33%	-21.65%	+12.32%
Current Drawdown Current decline from peak	-0.12%	0.00%	-0.12%
Average Drawdown Average peak-to-trough decline	-1.02%	-2.97%	+1.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.10%	0.39%	-0.29%

Volatility

MERIX vs. WCEIX - Volatility Comparison

The current volatility for The Merger Fund Class I (MERIX) is 0.34%, while Virtus Westchester Event-Driven Fund (WCEIX) has a volatility of 0.99%. This indicates that MERIX experiences smaller price fluctuations and is considered to be less risky than WCEIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MERIX	WCEIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.34%	0.99%	-0.65%
Volatility (6M) Calculated over the trailing 6-month period	0.89%	1.94%	-1.05%
Volatility (1Y) Calculated over the trailing 1-year period	1.40%	2.79%	-1.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.64%	5.08%	-1.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.84%	6.73%	-2.89%

MERIX vs. WCEIX - Expense Ratio Comparison

MERIX has a 1.32% expense ratio, which is lower than WCEIX's 1.63% expense ratio.

Dividends

MERIX vs. WCEIX - Dividend Comparison

MERIX's dividend yield for the trailing twelve months is around 7.87%, less than WCEIX's 11.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
WCEIX Virtus Westchester Event-Driven Fund	11.16%	11.33%	3.88%	2.49%	0.21%	8.42%	3.18%	2.34%	5.56%	1.01%	0.87%	3.21%

Frequently Asked Questions

Can I hold both MERIX and WCEIX in my portfolio?

MERIX and WCEIX have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MERIX or WCEIX?

WCEIX has higher volatility (0.99%) compared to MERIX (0.34%). In terms of maximum drawdown, MERIX dropped -9.33% vs WCEIX's -21.65%.

Which has better risk-adjusted returns?

MERIX currently has the higher Sharpe Ratio (3.61 vs 2.12), 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.