VARBX vs. DODIX
Compare and contrast key facts about Vivaldi Merger Arbitrage Fund Class I (VARBX) and Dodge & Cox Income Fund (DODIX).
VARBX is managed by First Trust. It was launched on Oct 1, 2015. DODIX is managed by Dodge & Cox.
Performance
VARBX vs. DODIX - Performance Comparison
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VARBX vs. DODIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
DODIX Dodge & Cox Income Fund | -0.19% | 8.32% | 2.25% | 7.69% | -11.42% | -0.92% | 9.46% | 9.73% | -0.31% | 4.36% |
Returns By Period
In the year-to-date period, VARBX achieves a 0.76% return, which is significantly higher than DODIX's -0.19% return. Over the past 10 years, VARBX has outperformed DODIX with an annualized return of 4.44%, while DODIX has yielded a comparatively lower 3.02% annualized return.
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%
DODIX
- 1D
- 0.63%
- 1M
- -2.32%
- YTD
- -0.19%
- 6M
- 1.09%
- 1Y
- 5.10%
- 3Y*
- 4.90%
- 5Y*
- 1.40%
- 10Y*
- 3.02%
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VARBX vs. DODIX - Expense Ratio Comparison
VARBX has a 1.81% expense ratio, which is higher than DODIX's 0.41% expense ratio.
Return for Risk
VARBX vs. DODIX — Risk / Return Rank
VARBX
DODIX
VARBX vs. DODIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vivaldi Merger Arbitrage Fund Class I (VARBX) and Dodge & Cox Income Fund (DODIX). 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 | DODIX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 4.06 | 1.15 | +2.91 |
Sortino ratioReturn per unit of downside risk | 6.90 | 1.65 | +5.25 |
Omega ratioGain probability vs. loss probability | 2.36 | 1.21 | +1.15 |
Calmar ratioReturn relative to maximum drawdown | 8.40 | 2.02 | +6.38 |
Martin ratioReturn relative to average drawdown | 36.29 | 6.03 | +30.26 |
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
| VARBX | DODIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.06 | 1.15 | +2.91 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.65 | 0.25 | +1.39 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.33 | 0.69 | +0.64 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.40 | 1.47 | -0.08 |
Correlation
The correlation between VARBX and DODIX is 0.02, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
VARBX vs. DODIX - Dividend Comparison
VARBX's dividend yield for the trailing twelve months is around 5.99%, more than DODIX's 4.29% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
DODIX Dodge & Cox Income Fund | 4.29% | 4.23% | 4.24% | 3.86% | 2.19% | 3.23% | 4.66% | 3.63% | 3.43% | 3.03% | 3.25% | 3.09% |
Drawdowns
VARBX vs. DODIX - Drawdown Comparison
The maximum VARBX drawdown since its inception was -5.12%, smaller than the maximum DODIX drawdown of -16.89%. Use the drawdown chart below to compare losses from any high point for VARBX and DODIX.
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Drawdown Indicators
| VARBX | DODIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.12% | -16.89% | +11.77% |
Max Drawdown (1Y)Largest decline over 1 year | -0.64% | -2.94% | +2.30% |
Max Drawdown (5Y)Largest decline over 5 years | -1.79% | -16.89% | +15.10% |
Max Drawdown (10Y)Largest decline over 10 years | -5.12% | -16.89% | +11.77% |
Current DrawdownCurrent decline from peak | 0.00% | -2.32% | +2.32% |
Average DrawdownAverage peak-to-trough decline | -0.57% | -1.50% | +0.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.15% | 0.98% | -0.83% |
Volatility
VARBX vs. DODIX - Volatility Comparison
The current volatility for Vivaldi Merger Arbitrage Fund Class I (VARBX) is 0.32%, while Dodge & Cox Income Fund (DODIX) has a volatility of 1.85%. This indicates that VARBX experiences smaller price fluctuations and is considered to be less risky than DODIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VARBX | DODIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.32% | 1.85% | -1.53% |
Volatility (6M)Calculated over the trailing 6-month period | 0.73% | 2.80% | -2.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.35% | 4.61% | -3.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.31% | 5.52% | -2.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.35% | 4.42% | -1.07% |