NARAX vs. MERFX
NARAX (Virtus Newfleet Multi-Sector Short Term Bond Fund) and MERFX (The Merger Fund) are both mutual funds - NARAX is a Short-Term Bond fund managed by Virtus, while MERFX is a Event Driven fund managed by Virtus. Over the past 10 years, NARAX returned 2.81%/yr vs 3.90%/yr for MERFX. At a 0.09 correlation, their price movements are largely independent. NARAX charges 0.90%/yr vs 1.50%/yr for MERFX.
Performance
NARAX vs. MERFX - Performance Comparison
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Returns By Period
In the year-to-date period, NARAX achieves a 1.14% return, which is significantly higher than MERFX's 1.04% return. Over the past 10 years, NARAX has underperformed MERFX with an annualized return of 2.81%, while MERFX has yielded a comparatively higher 3.90% annualized return.
NARAX
- 1D
- 0.00%
- 1M
- 0.38%
- YTD
- 1.14%
- 6M
- 1.76%
- 1Y
- 4.73%
- 3Y*
- 5.56%
- 5Y*
- 2.56%
- 10Y*
- 2.81%
MERFX
- 1D
- 0.11%
- 1M
- 0.00%
- YTD
- 1.04%
- 6M
- 1.16%
- 1Y
- 4.60%
- 3Y*
- 6.01%
- 5Y*
- 2.98%
- 10Y*
- 3.90%
NARAX vs. MERFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NARAX Virtus Newfleet Multi-Sector Short Term Bond Fund | 1.14% | 6.05% | 5.23% | 6.88% | -5.99% | 0.18% | 4.30% | 6.15% | -0.77% | 3.67% |
MERFX The Merger Fund | 1.04% | 8.11% | 3.27% | 4.17% | 0.71% | -0.19% | 4.87% | 5.96% | 7.68% | 2.39% |
Correlation
The correlation between NARAX and MERFX is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Jul 1, 1992 | 0.09 |
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Return for Risk
NARAX vs. MERFX — Risk / Return Rank
NARAX
MERFX
NARAX vs. MERFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Virtus Newfleet Multi-Sector Short Term Bond Fund (NARAX) 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.
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.
| NARAX | MERFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.09 | ||
| Sortino ratioReturn per unit of downside risk | -2.11 | ||
| Omega ratioGain probability vs. loss probability | 1.56 | 1.72 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 3.12 | 9.02 | -5.90 |
| Martin ratioReturn relative to average drawdown | 13.03 | 39.94 | -26.92 |
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Drawdowns
NARAX vs. MERFX - Drawdown Comparison
The maximum NARAX drawdown since its inception was -16.20%, smaller than the maximum MERFX drawdown of -20.82%. Use the drawdown chart below to compare losses from any high point for NARAX and MERFX.
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Drawdown Indicators
| NARAX | MERFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.20% | -20.82% | +4.62% |
Max Drawdown (1Y)Largest decline over 1 year | -1.52% | -0.52% | -1.00% |
Max Drawdown (3Y)Largest decline over 3 years | -1.52% | -3.36% | +1.84% |
Max Drawdown (5Y)Largest decline over 5 years | -8.52% | -4.99% | -3.53% |
Max Drawdown (10Y)Largest decline over 10 years | -10.69% | -9.35% | -1.34% |
Current DrawdownCurrent decline from peak | -0.22% | -0.17% | -0.05% |
Average DrawdownAverage peak-to-trough decline | -1.13% | -2.66% | +1.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.36% | 0.12% | +0.24% |
Volatility
NARAX vs. MERFX - Volatility Comparison
Virtus Newfleet Multi-Sector Short Term Bond Fund (NARAX) has a higher volatility of 0.77% compared to The Merger Fund (MERFX) at 0.71%. This indicates that NARAX's price experiences larger fluctuations and is considered to be riskier than MERFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NARAX | MERFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.77% | 0.71% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 1.76% | 1.10% | +0.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.40% | 1.53% | +0.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.71% | 3.45% | -0.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.70% | 3.75% | -1.05% |
NARAX vs. MERFX - Expense Ratio Comparison
NARAX has a 0.90% expense ratio, which is lower than MERFX's 1.50% expense ratio.
Dividends
NARAX vs. MERFX - Dividend Comparison
NARAX's dividend yield for the trailing twelve months is around 4.41%, less 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% |
NARAX Virtus Newfleet Multi-Sector Short Term Bond Fund | 4.41% | 4.52% | 3.97% | 3.41% | 2.50% | 1.66% | 2.66% | 2.94% | 2.92% | 2.97% | 2.92% | 2.93% |
Frequently Asked Questions
NARAX and MERFX have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NARAX has higher volatility (0.77%) compared to MERFX (0.71%). In terms of maximum drawdown, NARAX dropped -16.20% vs MERFX's -20.82%.
MERFX currently has the higher Sharpe Ratio (3.07 vs 1.98), 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.
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