VARBX vs. DEVDX

Last updated Jun 4, 2026

VARBX (Vivaldi Merger Arbitrage Fund Class I) and DEVDX (Driehaus Event Driven Fund) are both Event Driven funds. At a 0.26 correlation, their price movements are largely independent. VARBX charges 1.81%/yr vs 1.66%/yr for DEVDX.

Performance

VARBX vs. DEVDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vivaldi Merger Arbitrage Fund Class I (VARBX) and Driehaus Event Driven Fund (DEVDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

VARBX

• 1D: 0.00%
• 1M: 0.28%
• YTD: 1.61%
• 6M: 1.97%
• 1Y: 4.21%
• 3Y*: 5.41%
• 5Y*: 4.10%
• 10Y*: 3.74%

DEVDX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

VARBX vs. DEVDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VARBX Vivaldi Merger Arbitrage Fund Class I	1.61%	6.06%	5.52%	3.30%	2.38%	5.42%	4.00%	4.28%	4.11%	2.39%
DEVDX Driehaus Event Driven Fund	-1.35%	5.99%	3.06%	9.59%	-9.99%	7.24%	24.78%	20.49%	-4.06%	4.35%

Correlation

The correlation between VARBX and DEVDX is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.20
Correlation (10Y) Calculated over the trailing 10-year period	0.25
Correlation (All Time) Calculated using the full available price history since Oct 2, 2015	0.26

The correlation between VARBX and DEVDX shifts across timeframes, from 0.10 (1 year) to 0.26 (all time), reflecting how their relationship changes across market environments.

Return for Risk

VARBX vs. DEVDX — Risk / Return Rank

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

VARBX

VARBX Risk / Return Rank: 98
VARBX Sharpe Ratio Rank: 98
VARBX Sortino Ratio Rank: 98
VARBX Omega Ratio Rank: 98
VARBX Calmar Ratio Rank: 97
VARBX Martin Ratio Rank: 98

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.

VARBX vs. DEVDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vivaldi Merger Arbitrage Fund Class I (VARBX) and Driehaus Event Driven Fund (DEVDX). 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.

	VARBX	DEVDX	Difference
Sharpe ratio: Return per unit of total volatility	3.90	—	—
Sortino ratio: Return per unit of downside risk	6.36	—	—
Omega ratio: Gain probability vs. loss probability	2.41	—	—
Calmar ratio: Return relative to maximum drawdown	6.77	—	—
Martin ratio: Return relative to average drawdown	32.25	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	VARBX	DEVDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.90	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	3.48	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.48	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.58	—	—

Drawdowns

Drawdown Indicators

	VARBX	DEVDX	Difference
Max Drawdown Largest peak-to-trough decline	-5.12%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-0.64%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-0.64%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-1.79%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-5.12%	—	—
Current Drawdown Current decline from peak	0.00%	—	—
Average Drawdown Average peak-to-trough decline	-0.56%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.13%	—	—

Volatility

Volatility by Period

	VARBX	DEVDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.25%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.67%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.12%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.18%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.54%	—	—

VARBX vs. DEVDX - Expense Ratio Comparison

VARBX has a 1.81% expense ratio, which is higher than DEVDX's 1.66% expense ratio.

Dividends

VARBX vs. DEVDX - Dividend Comparison

VARBX's dividend yield for the trailing twelve months is around 5.94%, less than DEVDX's 16.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DEVDX Driehaus Event Driven Fund	16.48%	14.24%	1.35%	4.48%	1.49%	12.11%	3.48%	4.09%	3.57%	0.00%	1.20%	0.66%
VARBX Vivaldi Merger Arbitrage Fund Class I	5.94%	6.04%	6.29%	4.07%	0.75%	8.42%	0.81%	5.54%	2.15%	1.70%	0.06%	0.04%

Frequently Asked Questions

Can I hold both VARBX and DEVDX in my portfolio?

VARBX and DEVDX have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.