VARBX vs. DODIX

Last updated Jun 3, 2026

VARBX (Vivaldi Merger Arbitrage Fund Class I) and DODIX (Dodge & Cox Income Fund) are both mutual funds - VARBX is a Event Driven fund managed by First Trust, while DODIX is a Total Bond Market fund managed by Dodge & Cox. Over the past 10 years, VARBX returned 3.74%/yr vs 2.92%/yr for DODIX. At a 0.02 correlation, their price movements are largely independent. VARBX charges 1.81%/yr vs 0.41%/yr for DODIX.

Performance

VARBX vs. DODIX - Performance Comparison

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

Returns By Period

In the year-to-date period, VARBX achieves a 1.61% return, which is significantly higher than DODIX's 0.43% return. Over the past 10 years, VARBX has outperformed DODIX with an annualized return of 3.74%, while DODIX has yielded a comparatively lower 2.92% annualized return.

VARBX

• 1D: 0.00%
• 1M: 0.28%
• YTD: 1.61%
• 6M: 1.97%
• 1Y: 4.30%
• 3Y*: 5.41%
• 5Y*: 4.12%
• 10Y*: 3.74%

DODIX

• 1D: 0.00%
• 1M: 0.08%
• YTD: 0.43%
• 6M: 0.55%
• 1Y: 6.35%
• 3Y*: 5.23%
• 5Y*: 1.25%
• 10Y*: 2.92%

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

VARBX vs. DODIX - 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%
DODIX Dodge & Cox Income Fund	0.43%	8.32%	2.25%	7.69%	-11.42%	-0.92%	9.46%	9.73%	-0.31%	4.36%

Correlation

The correlation between VARBX and DODIX is 0.07, 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	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.04
Correlation (5Y) Calculated over the trailing 5-year period	0.03
Correlation (10Y) Calculated over the trailing 10-year period	0.02
Correlation (All Time) Calculated using the full available price history since Oct 2, 2015	0.02

Return for Risk

VARBX vs. DODIX — 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

DODIX

DODIX Risk / Return Rank: 26
DODIX Sharpe Ratio Rank: 26
DODIX Sortino Ratio Rank: 27
DODIX Omega Ratio Rank: 26
DODIX Calmar Ratio Rank: 27
DODIX Martin Ratio Rank: 23

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. 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 ratio Return per unit of total volatility	4.03	1.51	+2.52
Sortino ratio Return per unit of downside risk	6.64	2.24	+4.40
Omega ratio Gain probability vs. loss probability	2.48	1.27	+1.20
Calmar ratio Return relative to maximum drawdown	7.05	2.00	+5.04
Martin ratio Return relative to average drawdown	33.61	6.16	+27.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VARBX vs. DODIX - Sharpe Ratio Comparison

The current VARBX Sharpe Ratio is 4.03, which is higher than the DODIX Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of VARBX and DODIX, 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

	VARBX	DODIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.03	1.51	+2.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	3.50	0.23	+3.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.48	0.66	+0.82
Sharpe Ratio (All Time) Calculated using the full available price history	1.58	1.47	+0.11

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.

Drawdown Indicators

	VARBX	DODIX	Difference
Max Drawdown Largest peak-to-trough decline	-5.12%	-16.89%	+11.77%
Max Drawdown (1Y) Largest decline over 1 year	-0.64%	-3.17%	+2.53%
Max Drawdown (3Y) Largest decline over 3 years	-0.64%	-5.68%	+5.04%
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 Drawdown Current decline from peak	0.00%	-1.71%	+1.71%
Average Drawdown Average peak-to-trough decline	-0.56%	-1.50%	+0.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.13%	1.03%	-0.90%

Volatility

VARBX vs. DODIX - Volatility Comparison

The current volatility for Vivaldi Merger Arbitrage Fund Class I (VARBX) is 0.25%, while Dodge & Cox Income Fund (DODIX) has a volatility of 1.44%. 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.

Volatility by Period

	VARBX	DODIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.25%	1.44%	-1.19%
Volatility (6M) Calculated over the trailing 6-month period	0.67%	3.01%	-2.34%
Volatility (1Y) Calculated over the trailing 1-year period	1.12%	4.12%	-3.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.18%	5.56%	-4.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.54%	4.45%	-1.91%

VARBX vs. DODIX - Expense Ratio Comparison

VARBX has a 1.81% expense ratio, which is higher than DODIX's 0.41% expense ratio.

Dividends

VARBX vs. DODIX - Dividend Comparison

VARBX's dividend yield for the trailing twelve months is around 5.94%, more than DODIX's 4.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DODIX Dodge & Cox Income Fund	4.26%	4.23%	4.24%	3.86%	2.19%	3.23%	4.66%	3.63%	3.43%	3.03%	3.25%	3.09%
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 DODIX in my portfolio?

VARBX and DODIX have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VARBX or DODIX?

DODIX has higher volatility (1.44%) compared to VARBX (0.25%). In terms of maximum drawdown, VARBX dropped -5.12% vs DODIX's -16.89%.

Which has better risk-adjusted returns?

VARBX currently has the higher Sharpe Ratio (4.03 vs 1.51), 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.