WCEIX vs. MERIX

Last updated Jun 23, 2026

WCEIX (Virtus Westchester Event-Driven Fund) and MERIX (The Merger Fund Class I) are both Event Driven funds. Over the past 10 years, WCEIX returned 4.58%/yr vs 4.21%/yr for MERIX. Their correlation of 0.83 suggests significant overlap in exposure. WCEIX charges 1.63%/yr vs 1.32%/yr for MERIX.

Performance

WCEIX vs. MERIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus Westchester Event-Driven Fund (WCEIX) and The Merger Fund Class I (MERIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with WCEIX having a 1.26% return and MERIX slightly lower at 1.24%. Over the past 10 years, WCEIX has outperformed MERIX with an annualized return of 4.58%, while MERIX has yielded a comparatively lower 4.21% annualized return.

WCEIX

• 1D: 0.29%
• 1M: 0.19%
• YTD: 1.26%
• 6M: 1.46%
• 1Y: 5.39%
• 3Y*: 6.13%
• 5Y*: 2.40%
• 10Y*: 4.58%

MERIX

• 1D: 0.17%
• 1M: 0.12%
• YTD: 1.24%
• 6M: 1.36%
• 1Y: 4.97%
• 3Y*: 6.35%
• 5Y*: 3.29%
• 10Y*: 4.21%

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

WCEIX vs. MERIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WCEIX Virtus Westchester Event-Driven Fund	1.26%	7.90%	3.24%	5.86%	-2.79%	1.76%	6.53%	11.13%	5.27%	4.72%
MERIX The Merger Fund Class I	1.24%	8.41%	3.54%	4.51%	1.01%	0.10%	5.14%	6.32%	7.98%	2.74%

Correlation

The correlation between WCEIX and MERIX is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jan 6, 2014	0.83

The correlation between WCEIX and MERIX shifts across timeframes, from 0.65 (1 year) to 0.83 (all time), reflecting how their relationship changes across market environments.

Return for Risk

WCEIX vs. MERIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

WCEIX

WCEIX Risk / Return Rank: 62
WCEIX Sharpe Ratio Rank: 42
WCEIX Sortino Ratio Rank: 51
WCEIX Omega Ratio Rank: 53
WCEIX Calmar Ratio Rank: 87
WCEIX Martin Ratio Rank: 76

MERIX

MERIX Risk / Return Rank: 98
MERIX Sharpe Ratio Rank: 97
MERIX Sortino Ratio Rank: 98
MERIX Omega Ratio Rank: 96
MERIX Calmar Ratio Rank: 99
MERIX Martin Ratio Rank: 99

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.

WCEIX vs. MERIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus Westchester Event-Driven Fund (WCEIX) 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.

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.

	WCEIX	MERIX	Difference
Sharpe ratio: Return per unit of total volatility	1.76	3.32	-1.56
Sortino ratio: Return per unit of downside risk	2.77	6.16	-3.39
Omega ratio: Gain probability vs. loss probability	1.37	1.80	-0.43
Calmar ratio: Return relative to maximum drawdown	4.02	10.67	-6.65
Martin ratio: Return relative to average drawdown	13.34	45.87	-32.54

WCEIX vs. MERIX - Sharpe Ratio Comparison

The current WCEIX Sharpe Ratio is 1.76, which is lower than the MERIX Sharpe Ratio of 3.32. The chart below compares the historical Sharpe Ratios of WCEIX and MERIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

WCEIX vs. MERIX - Drawdown Comparison

The maximum WCEIX drawdown since its inception was -21.65%, which is greater than MERIX's maximum drawdown of -9.33%. Use the drawdown chart below to compare losses from any high point for WCEIX and MERIX.

Drawdown Indicators

	WCEIX	MERIX	Difference
Max Drawdown Largest peak-to-trough decline	-21.65%	-9.33%	-12.32%
Max Drawdown (1Y) Largest decline over 1 year	-1.35%	-0.47%	-0.88%
Max Drawdown (3Y) Largest decline over 3 years	-4.21%	-3.85%	-0.36%
Max Drawdown (5Y) Largest decline over 5 years	-9.50%	-4.72%	-4.78%
Max Drawdown (10Y) Largest decline over 10 years	-21.65%	-9.33%	-12.32%
Current Drawdown Current decline from peak	-0.29%	-0.12%	-0.17%
Average Drawdown Average peak-to-trough decline	-2.96%	-1.02%	-1.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.40%	0.11%	+0.29%

Volatility

WCEIX vs. MERIX - Volatility Comparison

Virtus Westchester Event-Driven Fund (WCEIX) has a higher volatility of 1.66% compared to The Merger Fund Class I (MERIX) at 0.70%. This indicates that WCEIX's price experiences larger fluctuations and is considered to be riskier than MERIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WCEIX	MERIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.66%	0.70%	+0.96%
Volatility (6M) Calculated over the trailing 6-month period	2.39%	1.08%	+1.31%
Volatility (1Y) Calculated over the trailing 1-year period	3.09%	1.51%	+1.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.12%	3.64%	+1.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.74%	3.84%	+2.90%

WCEIX vs. MERIX - Expense Ratio Comparison

WCEIX has a 1.63% expense ratio, which is higher than MERIX's 1.32% expense ratio.

Dividends

WCEIX vs. MERIX - Dividend Comparison

WCEIX's dividend yield for the trailing twelve months is around 11.19%, more than MERIX's 7.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MERIX The Merger Fund Class I	7.86%	7.95%	3.75%	2.91%	4.75%	0.27%	3.64%	1.34%	4.85%	0.98%	0.89%	1.63%
WCEIX Virtus Westchester Event-Driven Fund	11.19%	11.33%	3.88%	2.49%	0.21%	8.42%	3.18%	2.34%	5.56%	1.01%	0.87%	3.21%

Frequently Asked Questions

Can I hold both WCEIX and MERIX in my portfolio?

WCEIX and MERIX have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WCEIX or MERIX?

WCEIX has higher volatility (1.66%) compared to MERIX (0.70%). In terms of maximum drawdown, WCEIX dropped -21.65% vs MERIX's -9.33%.

Which has better risk-adjusted returns?

MERIX currently has the higher Sharpe Ratio (3.32 vs 1.76), 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.