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Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in AltShares Merger Arbitrage ETF, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.
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Returns By Period
AltShares Merger Arbitrage ETF (ARB) has returned 0.86% so far this year and 4.27% over the past 12 months.
AltShares Merger Arbitrage ETF
- 1D
- 0.34%
- 1M
- 0.65%
- YTD
- 0.86%
- 6M
- 1.58%
- 1Y
- 4.27%
- 3Y*
- 5.50%
- 5Y*
- 4.12%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 2.91%
- 1M
- -5.09%
- YTD
- -4.63%
- 6M
- -2.39%
- 1Y
- 16.33%
- 3Y*
- 16.69%
- 5Y*
- 10.18%
- 10Y*
- 12.16%
Monthly Returns
Based on dividend-adjusted daily data since May 7, 2020, ARB's average daily return is +0.02%, while the average monthly return is +0.34%. At this rate, your investment would double in approximately 17.0 years.
Historically, 69% of months were positive and 31% were negative. The best month was Jul 2020 with a return of +4.2%, while the worst month was May 2020 at -2.3%. The longest winning streak lasted 8 consecutive months, and the longest losing streak was 3 months.
On a daily basis, ARB closed higher 55% of trading days. The best single day was Dec 17, 2021 with a return of +3.6%, while the worst single day was Dec 20, 2021 at -3.3%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -0.07% | 0.28% | 0.65% | 0.86% | |||||||||
| 2025 | 1.39% | 0.97% | 0.19% | -0.32% | 0.65% | 0.56% | 0.98% | 0.59% | 0.17% | 0.15% | -0.10% | 0.66% | 6.05% |
| 2024 | -0.49% | 1.17% | 0.93% | -1.83% | 0.73% | 0.16% | 1.59% | 1.00% | 0.36% | 0.85% | -0.45% | 0.04% | 4.07% |
| 2023 | -0.84% | 0.18% | -0.89% | 0.98% | -0.90% | 0.35% | 0.58% | 1.68% | 0.78% | -0.04% | 0.79% | 1.14% | 3.85% |
| 2022 | 0.17% | 0.61% | 0.63% | -0.62% | -0.66% | -0.30% | 1.72% | 1.10% | -0.72% | 2.33% | -1.92% | 0.38% | 2.67% |
| 2021 | -0.27% | -0.82% | 0.88% | 1.27% | 0.90% | -0.14% | -0.64% | 0.40% | 0.04% | 0.96% | 0.00% | 0.55% | 3.16% |
Benchmark Metrics
AltShares Merger Arbitrage ETF has an annualized alpha of 2.93%, beta of 0.08, and R² of 0.10 versus S&P 500 Index. Calculated based on daily prices since May 08, 2020.
- This ETF captured 8.62% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -6.91%) — a profile typical of hedging or uncorrelated assets.
- Beta of 0.08 may look defensive, but with R² of 0.10 this ETF is largely uncorrelated with S&P 500 Index — low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R² of 0.10 means this ETF moves largely independently of S&P 500 Index — capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 2.93%
- Beta
- 0.08
- R²
- 0.10
- Upside Capture
- 8.62%
- Downside Capture
- -6.91%
Expense Ratio
ARB has an expense ratio of 0.87%, placing it in the medium range.
Return for Risk
Risk / Return Rank
ARB ranks 86 for risk / return — in the top 86% of ETFs on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for AltShares Merger Arbitrage ETF (ARB) and compare them to a chosen benchmark (S&P 500 Index).
| ARB | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.54 | 0.90 | +0.65 |
Sortino ratioReturn per unit of downside risk | 2.23 | 1.39 | +0.84 |
Omega ratioGain probability vs. loss probability | 1.30 | 1.21 | +0.09 |
Calmar ratioReturn relative to maximum drawdown | 3.50 | 1.40 | +2.10 |
Martin ratioReturn relative to average drawdown | 17.20 | 6.61 | +10.59 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Explore ARB risk-adjusted metrics in detail
Dive deeper into individual metrics with historical trends, benchmark comparisons, and performance across different time periods.
Dividends
Dividend History
AltShares Merger Arbitrage ETF provided a 0.43% dividend yield over the last twelve months, with an annual payout of $0.13 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Dividend | $0.13 | $0.13 | $0.31 | $0.00 | $1.08 | $0.00 | $0.73 |
Dividend yield | 0.43% | 0.43% | 1.12% | 0.00% | 4.18% | 0.00% | 2.87% |
Monthly Dividends
The table displays the monthly dividend distributions for AltShares Merger Arbitrage ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | |||||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.13 | $0.13 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.31 | $0.31 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.08 | $1.08 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the AltShares Merger Arbitrage ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the AltShares Merger Arbitrage ETF was 5.60%, occurring on May 22, 2023. Recovery took 77 trading sessions.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -5.6% | Nov 2, 2022 | 138 | May 22, 2023 | 77 | Sep 12, 2023 | 215 |
| -5.11% | Dec 20, 2021 | 124 | Jun 16, 2022 | 36 | Aug 9, 2022 | 160 |
| -3.61% | May 11, 2020 | 9 | May 21, 2020 | 37 | Jul 15, 2020 | 46 |
| -3.16% | Jan 11, 2021 | 22 | Feb 10, 2021 | 44 | Apr 15, 2021 | 66 |
| -2.13% | Apr 4, 2024 | 21 | May 2, 2024 | 50 | Jul 16, 2024 | 71 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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