SPE vs. ARBIX

Last updated Jul 11, 2026

SPE (Special Opportunities Fund Inc.) and ARBIX (Absolute Convertible Arbitrage Fund Institutional Shares) are both Multistrategy funds. Over the past 5 years, SPE returned 9.15%/yr vs 5.41%/yr for ARBIX. At a 0.33 correlation, their price movements are largely independent. SPE charges 1.11%/yr vs 1.47%/yr for ARBIX.

Performance

SPE vs. ARBIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Special Opportunities Fund Inc. (SPE) and Absolute Convertible Arbitrage Fund Institutional Shares (ARBIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPE achieves a -2.43% return, which is significantly lower than ARBIX's 5.14% return.

SPE

• 1D: 0.07%
• 1M: 0.69%
• 6M: -4.12%
• YTD: -2.43%
• 1Y: 1.25%
• 3Y*: 18.55%
• 5Y*: 9.15%
• 10Y*: 11.27%

ARBIX

• 1D: 0.00%
• 1M: 0.34%
• 6M: 4.68%
• YTD: 5.14%
• 1Y: 9.12%
• 3Y*: 7.82%
• 5Y*: 5.41%
• 10Y*: —

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

SPE vs. ARBIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPE Special Opportunities Fund Inc.	-2.43%	14.68%	34.41%	14.12%	-18.39%	23.60%	4.86%	32.95%	-9.17%	13.45%
ARBIX Absolute Convertible Arbitrage Fund Institutional Shares	5.14%	8.29%	7.53%	5.30%	-0.53%	2.95%	9.28%	6.38%	2.07%	8,411.75%

Correlation

The correlation between SPE and ARBIX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (All Time) Calculated using the full available price history since Aug 7, 2017	0.33

The correlation between SPE and ARBIX shifts across timeframes, from 0.27 (3 years) to 0.40 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SPE vs. ARBIX — Risk / Return Rank

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

SPE

SPE Risk / Return Rank: 4
SPE Sharpe Ratio Rank: 4
SPE Sortino Ratio Rank: 4
SPE Omega Ratio Rank: 4
SPE Calmar Ratio Rank: 4
SPE Martin Ratio Rank: 4

ARBIX

ARBIX Risk / Return Rank: 100
ARBIX Sharpe Ratio Rank: 100
ARBIX Sortino Ratio Rank: 100
ARBIX Omega Ratio Rank: 99
ARBIX Calmar Ratio Rank: 99
ARBIX Martin Ratio Rank: 100

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.

SPE vs. ARBIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Special Opportunities Fund Inc. (SPE) and Absolute Convertible Arbitrage Fund Institutional Shares (ARBIX). 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.

	SPE	ARBIX	Difference
Sharpe ratio: Return per unit of total volatility	0.07	7.62	-7.54
Sortino ratio: Return per unit of downside risk	0.17	14.24	-14.07
Omega ratio: Gain probability vs. loss probability	1.02	3.74	-2.72
Calmar ratio: Return relative to maximum drawdown	0.09	18.08	-17.99
Martin ratio: Return relative to average drawdown	0.24	104.73	-104.49

SPE vs. ARBIX - Sharpe Ratio Comparison

The current SPE Sharpe Ratio is 0.07, which is lower than the ARBIX Sharpe Ratio of 7.62. The chart below compares the historical Sharpe Ratios of SPE and ARBIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SPE vs. ARBIX - Drawdown Comparison

The maximum SPE drawdown since its inception was -46.90%, which is greater than ARBIX's maximum drawdown of -4.31%. Use the drawdown chart below to compare losses from any high point for SPE and ARBIX.

Drawdown Indicators

	SPE	ARBIX	Difference
Max Drawdown Largest peak-to-trough decline	-46.90%	-4.31%	-42.59%
Max Drawdown (1Y) Largest decline over 1 year	-9.33%	-0.51%	-8.82%
Max Drawdown (3Y) Largest decline over 3 years	-13.69%	-1.77%	-11.92%
Max Drawdown (5Y) Largest decline over 5 years	-24.18%	-4.02%	-20.16%
Max Drawdown (10Y) Largest decline over 10 years	-46.90%	—	—
Current Drawdown Current decline from peak	-5.70%	0.00%	-5.70%
Average Drawdown Average peak-to-trough decline	-4.70%	-0.39%	-4.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.31%	0.09%	+3.22%

Volatility

SPE vs. ARBIX - Volatility Comparison

Special Opportunities Fund Inc. (SPE) has a higher volatility of 4.08% compared to Absolute Convertible Arbitrage Fund Institutional Shares (ARBIX) at 0.30%. This indicates that SPE's price experiences larger fluctuations and is considered to be riskier than ARBIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPE	ARBIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.08%	0.30%	+3.78%
Volatility (6M) Calculated over the trailing 6-month period	8.67%	0.94%	+7.73%
Volatility (1Y) Calculated over the trailing 1-year period	11.17%	1.21%	+9.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.65%	1.83%	+11.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.35%	734.34%	-716.99%

SPE vs. ARBIX - Expense Ratio Comparison

SPE has a 1.11% expense ratio, which is lower than ARBIX's 1.47% expense ratio.

Dividends

SPE vs. ARBIX - Dividend Comparison

SPE's dividend yield for the trailing twelve months is around 17.08%, more than ARBIX's 5.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARBIX Absolute Convertible Arbitrage Fund Institutional Shares	5.42%	5.34%	4.87%	3.62%	3.33%	3.12%	2.92%	2.83%	1.97%	0.24%	0.00%	0.00%
SPE Special Opportunities Fund Inc.	17.08%	13.73%	7.83%	8.77%	11.58%	11.64%	8.01%	6.35%	14.10%	16.53%	5.93%	9.02%

Frequently Asked Questions

Can I hold both SPE and ARBIX in my portfolio?

SPE and ARBIX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPE or ARBIX?

SPE has higher volatility (4.08%) compared to ARBIX (0.30%). In terms of maximum drawdown, SPE dropped -46.90% vs ARBIX's -4.31%.

Which has better risk-adjusted returns?

ARBIX currently has the higher Sharpe Ratio (7.62 vs 0.07), 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.