VARBX vs. MERIX
Compare and contrast key facts about Vivaldi Merger Arbitrage Fund Class I (VARBX) and The Merger Fund Class I (MERIX).
VARBX is managed by First Trust. It was launched on Oct 1, 2015. MERIX is managed by Virtus Investment Partners. It was launched on Aug 1, 2013.
Performance
VARBX vs. MERIX - Performance Comparison
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VARBX vs. MERIX - 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% |
MERIX The Merger Fund Class I | 0.59% | 8.41% | 3.54% | 4.51% | 1.01% | 0.10% | 5.14% | 6.32% | 7.98% | 2.74% |
Returns By Period
In the year-to-date period, VARBX achieves a 0.76% return, which is significantly higher than MERIX's 0.59% return. Over the past 10 years, VARBX has outperformed MERIX with an annualized return of 4.44%, while MERIX has yielded a comparatively lower 4.19% 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%
MERIX
- 1D
- 0.06%
- 1M
- 0.06%
- YTD
- 0.59%
- 6M
- 2.05%
- 1Y
- 6.59%
- 3Y*
- 5.63%
- 5Y*
- 3.40%
- 10Y*
- 4.19%
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VARBX vs. MERIX - Expense Ratio Comparison
VARBX has a 1.81% expense ratio, which is higher than MERIX's 1.32% expense ratio.
Return for Risk
VARBX vs. MERIX — Risk / Return Rank
VARBX
MERIX
VARBX vs. MERIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vivaldi Merger Arbitrage Fund Class I (VARBX) and The Merger Fund Class I (MERIX). 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 | MERIX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 4.06 | 4.51 | -0.45 |
Sortino ratioReturn per unit of downside risk | 6.90 | 8.79 | -1.89 |
Omega ratioGain probability vs. loss probability | 2.36 | 2.18 | +0.18 |
Calmar ratioReturn relative to maximum drawdown | 8.40 | 14.49 | -6.08 |
Martin ratioReturn relative to average drawdown | 36.29 | 63.54 | -27.25 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VARBX | MERIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.06 | 4.51 | -0.45 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.65 | 0.94 | +0.71 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.33 | 1.09 | +0.24 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.40 | 0.94 | +0.46 |
Correlation
The correlation between VARBX and MERIX is 0.43, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
VARBX vs. MERIX - Dividend Comparison
VARBX's dividend yield for the trailing twelve months is around 5.99%, less than MERIX's 7.91% 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% |
MERIX The Merger Fund Class I | 7.91% | 7.95% | 3.75% | 2.91% | 4.75% | 0.27% | 3.64% | 1.34% | 4.85% | 0.98% | 0.89% | 1.63% |
Drawdowns
VARBX vs. MERIX - Drawdown Comparison
The maximum VARBX drawdown since its inception was -5.12%, smaller than the maximum MERIX drawdown of -9.33%. Use the drawdown chart below to compare losses from any high point for VARBX and MERIX.
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Drawdown Indicators
| VARBX | MERIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.12% | -9.33% | +4.21% |
Max Drawdown (1Y)Largest decline over 1 year | -0.64% | -0.47% | -0.17% |
Max Drawdown (5Y)Largest decline over 5 years | -1.79% | -5.68% | +3.89% |
Max Drawdown (10Y)Largest decline over 10 years | -5.12% | -9.33% | +4.21% |
Current DrawdownCurrent decline from peak | 0.00% | -0.12% | +0.12% |
Average DrawdownAverage peak-to-trough decline | -0.57% | -1.04% | +0.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.15% | 0.11% | +0.04% |
Volatility
VARBX vs. MERIX - Volatility Comparison
The current volatility for Vivaldi Merger Arbitrage Fund Class I (VARBX) is 0.32%, while The Merger Fund Class I (MERIX) has a volatility of 0.44%. This indicates that VARBX experiences smaller price fluctuations and is considered to be less risky than MERIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VARBX | MERIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.32% | 0.44% | -0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 0.73% | 0.95% | -0.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.35% | 1.51% | -0.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.31% | 3.65% | -0.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.35% | 3.86% | -0.51% |