VIISX vs. MERFX
VIISX (Virtus KAR International Small-Mid Cap Fund) and MERFX (The Merger Fund) are both mutual funds - VIISX is a Foreign Small & Mid Cap Equities fund managed by Virtus, while MERFX is a Event Driven fund managed by Virtus. Over the past 10 years, VIISX returned 7.80%/yr vs 3.98%/yr for MERFX. Their 0.32 correlation means their historical movements had little consistent relationship. VIISX charges 1.19%/yr vs 1.50%/yr for MERFX.
Performance
VIISX vs. MERFX - Performance Comparison
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Returns By Period
In the year-to-date period, VIISX achieves a 2.87% return, which is significantly higher than MERFX's 1.74% return. Over the past 10 years, VIISX has outperformed MERFX with an annualized return of 7.80%, while MERFX has yielded a comparatively lower 3.98% annualized return.
VIISX
- 1D
- -0.75%
- 1M
- 0.62%
- 6M
- -1.26%
- YTD
- 2.87%
- 1Y
- -0.49%
- 3Y*
- 8.52%
- 5Y*
- -1.10%
- 10Y*
- 7.80%
- ALL TIME*
- 8.28%
MERFX
- 1D
- 0.23%
- 1M
- 0.29%
- 6M
- 1.50%
- YTD
- 1.74%
- 1Y
- 3.98%
- 3Y*
- 5.98%
- 5Y*
- 3.74%
- 10Y*
- 3.98%
- ALL TIME*
- 4.26%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
MERFX The Merger Fund | $0.00 | $0.00 | $0.00 |
| $0.00 | $0.00 | $0.00 |
VIISX vs. MERFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VIISX Virtus KAR International Small-Mid Cap Fund | 2.87% | 14.30% | 4.06% | 22.36% | -34.42% | 5.84% | 24.38% | 27.62% | -6.81% | 28.48% |
MERFX The Merger Fund | 1.74% | 8.11% | 3.27% | 4.17% | 0.71% | -0.19% | 4.87% | 5.96% | 7.68% | 2.39% |
Correlation
The correlation between VIISX and MERFX is 0.25, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.25 |
Correlation (3Y) Balances recent behavior with more history. | 0.22 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.28 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.29 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 2013 | 0.32 |
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Return for Risk
VIISX vs. MERFX — Risk / Return Rank
VIISX
MERFX
VIISX vs. MERFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Virtus KAR International Small-Mid Cap Fund (VIISX) and The Merger Fund (MERFX). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| VIISX | MERFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.68 | ||
| Sortino ratioReturn per unit of downside risk | -4.40 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.57 | -0.57 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 7.72 | -7.78 |
| Martin ratioReturn relative to average drawdown | -0.16 | 30.15 | -30.31 |
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Drawdowns
VIISX vs. MERFX - Drawdown Comparison
The maximum VIISX drawdown since its inception was -50.31%, which is greater than MERFX's maximum drawdown of -20.82%. Use the drawdown chart below to compare losses from any high point for VIISX and MERFX.
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Drawdown Indicators
| VIISX | MERFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.31% | -20.82% | -29.49% |
Max Drawdown (1Y)Largest decline over 1 year | -13.51% | -0.52% | -12.99% |
Max Drawdown (3Y)Largest decline over 3 years | -14.94% | -3.36% | -11.58% |
Max Drawdown (5Y)Largest decline over 5 years | -50.31% | -3.56% | -46.75% |
Max Drawdown (10Y)Largest decline over 10 years | -50.31% | -9.35% | -40.96% |
Current DrawdownCurrent decline from peak | -9.43% | 0.00% | -9.43% |
Average DrawdownAverage peak-to-trough decline | -11.25% | -2.65% | -8.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.58% | 0.13% | +5.45% |
Volatility
VIISX vs. MERFX - Volatility Comparison
Virtus KAR International Small-Mid Cap Fund (VIISX) has a higher volatility of 3.82% compared to The Merger Fund (MERFX) at 0.59%. This indicates that VIISX's price experiences larger fluctuations and is considered to be riskier than MERFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VIISX | MERFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.82% | 0.59% | +3.23% |
Volatility (6M)Calculated over the trailing 6-month period | 10.87% | 1.25% | +9.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.07% | 1.54% | +11.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.28% | 3.36% | +12.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.38% | 3.75% | +11.63% |
VIISX vs. MERFX - Expense Ratio Comparison
VIISX has a 1.19% expense ratio, which is lower than MERFX's 1.50% expense ratio.
Dividends
VIISX vs. MERFX - Dividend Comparison
VIISX's dividend yield for the trailing twelve months is around 3.61%, less than MERFX's 7.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MERFX The Merger Fund | 7.29% | 7.42% | 3.24% | 2.59% | 3.50% | 0.27% | 3.31% | 1.34% | 4.52% | 0.59% | 0.32% | 1.25% |
VIISX Virtus KAR International Small-Mid Cap Fund | 3.61% | 3.72% | 1.94% | 0.00% | 0.00% | 8.43% | 1.16% | 1.98% | 1.42% | 1.82% | 2.75% | 3.43% |
Frequently Asked Questions
VIISX and MERFX have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VIISX has higher volatility (3.82%) compared to MERFX (0.59%). In terms of maximum drawdown, VIISX dropped -50.31% vs MERFX's -20.82%.
MERFX currently has the higher Sharpe Ratio (2.61 vs -0.07), 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.
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