ADME vs. ARB

Last updated Jun 4, 2026

ADME (Aptus Drawdown Managed Equity ETF) and ARB (AltShares Merger Arbitrage ETF) are both Hedge Fund funds - ADME tracks the Aptus Behavioral Momentum Index while ARB tracks the Water Island Merger Arbitrage USD Hedged Index. Both are passively managed. Over the past 5 years, ADME returned 8.23%/yr vs 3.87%/yr for ARB. At a 0.36 correlation, their price movements are largely independent. ADME charges 0.79%/yr vs 0.87%/yr for ARB.

Performance

ADME vs. ARB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Aptus Drawdown Managed Equity ETF (ADME) and AltShares Merger Arbitrage ETF (ARB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ADME achieves a 9.81% return, which is significantly higher than ARB's 1.70% return.

ADME

• 1D: -0.72%
• 1M: 4.45%
• YTD: 9.81%
• 6M: 8.93%
• 1Y: 20.89%
• 3Y*: 17.40%
• 5Y*: 8.23%
• 10Y*: —

ARB

• 1D: 0.03%
• 1M: 0.35%
• YTD: 1.70%
• 6M: 2.28%
• 1Y: 4.90%
• 3Y*: 6.40%
• 5Y*: 3.87%
• 10Y*: —

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

ADME vs. ARB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ADME Aptus Drawdown Managed Equity ETF	9.81%	10.28%	22.11%	15.42%	-21.80%	20.24%	18.73%
ARB AltShares Merger Arbitrage ETF	1.70%	6.05%	4.07%	3.85%	2.67%	3.16%	3.78%

Correlation

The correlation between ADME and ARB is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (All Time) Calculated using the full available price history since May 8, 2020	0.36

ADME vs. ARB - Sectors Allocation Comparison

Sectors	ADME	ARB
Technology	35.2%	16.3%
Financial Services	11.9%	21.4%
Communication Services	11.3%	9.9%
Consumer Cyclical	10.2%	5.6%
Healthcare	8.4%	17.4%
Industrials	8.3%	11.9%
Consumer Defensive	5.0%	6.2%
Energy	3.6%	0.6%
Utilities	2.3%	3.1%
Real Estate	2.0%	3.1%
Basic Materials	1.7%	5.3%

Return for Risk

ADME vs. ARB — Risk / Return Rank

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

ADME

ADME Risk / Return Rank: 62
ADME Sharpe Ratio Rank: 62
ADME Sortino Ratio Rank: 64
ADME Omega Ratio Rank: 60
ADME Calmar Ratio Rank: 56
ADME Martin Ratio Rank: 66

ARB

ARB Risk / Return Rank: 69
ARB Sharpe Ratio Rank: 48
ARB Sortino Ratio Rank: 57
ARB Omega Ratio Rank: 56
ARB Calmar Ratio Rank: 94
ARB Martin Ratio Rank: 90

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.

ADME vs. ARB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aptus Drawdown Managed Equity ETF (ADME) and AltShares Merger Arbitrage ETF (ARB). 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.

	ADME	ARB	Difference
Sharpe ratio: Return per unit of total volatility	2.11	1.70	+0.41
Sortino ratio: Return per unit of downside risk	3.01	2.77	+0.24
Omega ratio: Gain probability vs. loss probability	1.37	1.35	+0.02
Calmar ratio: Return relative to maximum drawdown	2.80	7.17	-4.37
Martin ratio: Return relative to average drawdown	12.23	20.90	-8.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ADME vs. ARB - Sharpe Ratio Comparison

The current ADME Sharpe Ratio is 2.11, which is comparable to the ARB Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of ADME and ARB, 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

	ADME	ARB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.11	1.70	+0.41
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	0.88	-0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.95	-0.32

Drawdowns

ADME vs. ARB - Drawdown Comparison

The maximum ADME drawdown since its inception was -27.49%, which is greater than ARB's maximum drawdown of -5.60%. Use the drawdown chart below to compare losses from any high point for ADME and ARB.

Drawdown Indicators

	ADME	ARB	Difference
Max Drawdown Largest peak-to-trough decline	-27.49%	-5.60%	-21.89%
Max Drawdown (1Y) Largest decline over 1 year	-7.49%	-0.69%	-6.80%
Max Drawdown (3Y) Largest decline over 3 years	-15.67%	-2.13%	-13.54%
Max Drawdown (5Y) Largest decline over 5 years	-23.43%	-5.60%	-17.83%
Current Drawdown Current decline from peak	-0.72%	-0.49%	-0.23%
Average Drawdown Average peak-to-trough decline	-7.92%	-0.94%	-6.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.71%	0.24%	+1.47%

Volatility

ADME vs. ARB - Volatility Comparison

Aptus Drawdown Managed Equity ETF (ADME) has a higher volatility of 2.99% compared to AltShares Merger Arbitrage ETF (ARB) at 1.28%. This indicates that ADME's price experiences larger fluctuations and is considered to be riskier than ARB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ADME	ARB	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.99%	1.28%	+1.71%
Volatility (6M) Calculated over the trailing 6-month period	7.69%	2.38%	+5.31%
Volatility (1Y) Calculated over the trailing 1-year period	9.95%	2.89%	+7.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.87%	4.40%	+8.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.40%	4.40%	+10.00%

ADME vs. ARB - Expense Ratio Comparison

ADME has a 0.79% expense ratio, which is lower than ARB's 0.87% expense ratio.

Dividends

ADME vs. ARB - Dividend Comparison

ADME's dividend yield for the trailing twelve months is around 0.37%, less than ARB's 0.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
ADME Aptus Drawdown Managed Equity ETF	0.37%	0.38%	0.47%	0.78%	0.73%	0.26%	0.41%	0.70%	0.86%	0.32%	0.69%
ARB AltShares Merger Arbitrage ETF	0.43%	0.43%	1.12%	0.00%	4.18%	0.00%	2.87%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ADME and ARB in my portfolio?

ADME and ARB have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ADME or ARB?

ADME has higher volatility (2.99%) compared to ARB (1.28%). In terms of maximum drawdown, ADME dropped -27.49% vs ARB's -5.60%.

Which ETF is better, ADME or ARB?

On 5-year performance, ADME leads with 8.23% vs 3.87% for ARB. On fees, ADME is cheaper at 0.79% per year. On volatility, ARB has been the lower-risk option at 1.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ADME or ARB?

Over the 5-year period, ADME has performed better with a 8.23% return vs 3.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ADME or ARB?

ADME is cheaper with a 0.79% expense ratio, compared with 0.87% for ARB.

Which ETF pays a higher dividend yield, ADME or ARB?

ARB has the higher dividend yield at 0.43%, compared with 0.37% for ADME.

What is the main difference between ADME and ARB?

ADME tracks Aptus Behavioral Momentum Index, while ARB tracks Water Island Merger Arbitrage USD Hedged Index. They also come from different issuers: Aptus Capital Advisors and Water Island Capital Partners LP. Their fees differ too: 0.79% for ADME and 0.87% for ARB.

Which has better risk-adjusted returns?

ADME currently has the higher Sharpe Ratio (2.11 vs 1.70), 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.