VARBX vs. MINT

Last updated Jun 3, 2026

VARBX (Vivaldi Merger Arbitrage Fund Class I) and MINT (PIMCO Enhanced Short Maturity Active ETF) are both funds - VARBX is a Event Driven fund managed by First Trust, while MINT is a Ultrashort Bond fund actively managed by PIMCO. Over the past 10 years, VARBX returned 3.74%/yr vs 2.70%/yr for MINT. At a 0.04 correlation, their price movements are largely independent. VARBX charges 1.81%/yr vs 0.36%/yr for MINT.

Performance

VARBX vs. MINT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vivaldi Merger Arbitrage Fund Class I (VARBX) and PIMCO Enhanced Short Maturity Active ETF (MINT). 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 lower than MINT's 1.81% return. Over the past 10 years, VARBX has outperformed MINT with an annualized return of 3.74%, while MINT has yielded a comparatively lower 2.70% 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%

MINT

• 1D: 0.02%
• 1M: 0.37%
• YTD: 1.81%
• 6M: 2.20%
• 1Y: 4.70%
• 3Y*: 5.41%
• 5Y*: 3.47%
• 10Y*: 2.70%

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

VARBX vs. MINT - 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%
MINT PIMCO Enhanced Short Maturity Active ETF	1.81%	4.74%	5.94%	6.26%	-1.01%	-0.03%	1.62%	3.34%	1.72%	1.86%

Correlation

The correlation between VARBX and MINT is -0.04, 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	-0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (5Y) Calculated over the trailing 5-year period	0.05
Correlation (10Y) Calculated over the trailing 10-year period	0.05
Correlation (All Time) Calculated using the full available price history since Oct 2, 2015	0.04

Return for Risk

VARBX vs. MINT — 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

MINT

MINT Risk / Return Rank: 100
MINT Sharpe Ratio Rank: 100
MINT Sortino Ratio Rank: 100
MINT Omega Ratio Rank: 100
MINT Calmar Ratio Rank: 100
MINT 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.

VARBX vs. MINT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vivaldi Merger Arbitrage Fund Class I (VARBX) and PIMCO Enhanced Short Maturity Active ETF (MINT). 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	MINT	Difference
Sharpe ratio Return per unit of total volatility	4.03	17.19	-13.16
Sortino ratio Return per unit of downside risk	6.64	65.90	-59.26
Omega ratio Gain probability vs. loss probability	2.48	20.64	-18.16
Calmar ratio Return relative to maximum drawdown	7.05	94.87	-87.82
Martin ratio Return relative to average drawdown	33.61	946.75	-913.14
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. MINT - Sharpe Ratio Comparison

The current VARBX Sharpe Ratio is 4.03, which is lower than the MINT Sharpe Ratio of 17.19. The chart below compares the historical Sharpe Ratios of VARBX and MINT, 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	MINT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.03	17.19	-13.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	3.50	6.00	-2.50
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.48	2.87	-1.39
Sharpe Ratio (All Time) Calculated using the full available price history	1.58	2.47	-0.89

Drawdowns

VARBX vs. MINT - Drawdown Comparison

The maximum VARBX drawdown since its inception was -5.12%, which is greater than MINT's maximum drawdown of -4.62%. Use the drawdown chart below to compare losses from any high point for VARBX and MINT.

Drawdown Indicators

	VARBX	MINT	Difference
Max Drawdown Largest peak-to-trough decline	-5.12%	-4.62%	-0.50%
Max Drawdown (1Y) Largest decline over 1 year	-0.64%	-0.05%	-0.59%
Max Drawdown (3Y) Largest decline over 3 years	-0.64%	-0.16%	-0.48%
Max Drawdown (5Y) Largest decline over 5 years	-1.79%	-2.42%	+0.63%
Max Drawdown (10Y) Largest decline over 10 years	-5.12%	-4.62%	-0.50%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.56%	-0.17%	-0.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.13%	0.00%	+0.13%

Volatility

VARBX vs. MINT - Volatility Comparison

Vivaldi Merger Arbitrage Fund Class I (VARBX) has a higher volatility of 0.25% compared to PIMCO Enhanced Short Maturity Active ETF (MINT) at 0.09%. This indicates that VARBX's price experiences larger fluctuations and is considered to be riskier than MINT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VARBX	MINT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.25%	0.09%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	0.67%	0.20%	+0.47%
Volatility (1Y) Calculated over the trailing 1-year period	1.12%	0.27%	+0.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.18%	0.58%	+0.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.54%	0.95%	+1.59%

VARBX vs. MINT - Expense Ratio Comparison

VARBX has a 1.81% expense ratio, which is higher than MINT's 0.36% expense ratio.

Dividends

VARBX vs. MINT - Dividend Comparison

VARBX's dividend yield for the trailing twelve months is around 5.94%, more than MINT's 4.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MINT PIMCO Enhanced Short Maturity Active ETF	4.29%	4.63%	5.22%	4.91%	1.90%	0.44%	1.15%	2.65%	2.32%	1.61%	1.35%	0.88%
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 MINT in my portfolio?

VARBX and MINT have a correlation of -0.04, 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 MINT?

VARBX has higher volatility (0.25%) compared to MINT (0.09%). In terms of maximum drawdown, VARBX dropped -5.12% vs MINT's -4.62%.

Which has better risk-adjusted returns?

MINT currently has the higher Sharpe Ratio (17.19 vs 4.03), 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.