ARB vs. ADAIX
Compare and contrast key facts about AltShares Merger Arbitrage ETF (ARB) and AQR Diversified Arbitrage Fund Class I (ADAIX).
ARB is a passively managed fund by Water Island Capital Partners LP that tracks the performance of the Water Island Merger Arbitrage USD Hedged Index. It was launched on May 7, 2020. ADAIX is an actively managed fund by AQR Funds. It was launched on Jan 15, 2009.
Performance
ARB vs. ADAIX - Performance Comparison
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ARB vs. ADAIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
ARB AltShares Merger Arbitrage ETF | 0.86% | 6.05% | 4.07% | 3.85% | 2.67% | 3.16% | 3.78% |
ADAIX AQR Diversified Arbitrage Fund Class I | 0.78% | 8.03% | 3.19% | 4.51% | -3.30% | 6.27% | 29.56% |
Returns By Period
In the year-to-date period, ARB achieves a 0.86% return, which is significantly higher than ADAIX's 0.78% return.
ARB
- 1D
- 0.34%
- 1M
- 0.65%
- YTD
- 0.86%
- 6M
- 1.58%
- 1Y
- 4.27%
- 3Y*
- 5.50%
- 5Y*
- 4.12%
- 10Y*
- —
ADAIX
- 1D
- -0.15%
- 1M
- 0.08%
- YTD
- 0.78%
- 6M
- 2.60%
- 1Y
- 6.24%
- 3Y*
- 5.17%
- 5Y*
- 2.72%
- 10Y*
- 6.75%
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ARB vs. ADAIX - Expense Ratio Comparison
ARB has a 0.87% expense ratio, which is lower than ADAIX's 1.38% expense ratio.
Return for Risk
ARB vs. ADAIX — Risk / Return Rank
ARB
ADAIX
ARB vs. ADAIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AltShares Merger Arbitrage ETF (ARB) and AQR Diversified Arbitrage Fund Class I (ADAIX). 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.
| ARB | ADAIX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.54 | 4.19 | -2.65 |
Sortino ratioReturn per unit of downside risk | 2.23 | 6.86 | -4.63 |
Omega ratioGain probability vs. loss probability | 1.30 | 2.06 | -0.76 |
Calmar ratioReturn relative to maximum drawdown | 3.50 | 9.83 | -6.33 |
Martin ratioReturn relative to average drawdown | 17.20 | 37.48 | -20.28 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ARB | ADAIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.54 | 4.19 | -2.65 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.95 | 1.02 | -0.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 1.56 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.94 | 1.19 | -0.24 |
Correlation
The correlation between ARB and ADAIX is 0.37, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
ARB vs. ADAIX - Dividend Comparison
ARB's dividend yield for the trailing twelve months is around 0.43%, less than ADAIX's 2.10% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
ADAIX AQR Diversified Arbitrage Fund Class I | 2.10% | 2.12% | 1.23% | 2.74% | 0.10% | 0.65% | 1.60% | 2.11% | 6.53% | 7.17% | 7.18% | 4.93% |
Drawdowns
ARB vs. ADAIX - Drawdown Comparison
The maximum ARB drawdown since its inception was -5.60%, smaller than the maximum ADAIX drawdown of -14.75%. Use the drawdown chart below to compare losses from any high point for ARB and ADAIX.
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Drawdown Indicators
| ARB | ADAIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.60% | -14.75% | +9.15% |
Max Drawdown (1Y)Largest decline over 1 year | -1.20% | -0.64% | -0.56% |
Max Drawdown (5Y)Largest decline over 5 years | -5.60% | -7.40% | +1.80% |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.75% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.31% | +0.31% |
Average DrawdownAverage peak-to-trough decline | -0.96% | -2.85% | +1.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.26% | 0.17% | +0.09% |
Volatility
ARB vs. ADAIX - Volatility Comparison
AltShares Merger Arbitrage ETF (ARB) has a higher volatility of 0.96% compared to AQR Diversified Arbitrage Fund Class I (ADAIX) at 0.38%. This indicates that ARB's price experiences larger fluctuations and is considered to be riskier than ADAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ARB | ADAIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.96% | 0.38% | +0.58% |
Volatility (6M)Calculated over the trailing 6-month period | 2.01% | 1.11% | +0.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.79% | 1.54% | +1.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.37% | 2.69% | +1.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.41% | 4.33% | +0.08% |