ARB vs. ADAIX
ARB (AltShares Merger Arbitrage ETF) and ADAIX (AQR Diversified Arbitrage Fund Class I) are both funds - ARB is a Event Driven fund tracking the Water Island Merger Arbitrage USD Hedged Index, while ADAIX is a Multistrategy fund actively managed by AQR. ARB is passively managed, while ADAIX is actively managed. Over the past 5 years, ARB returned 4.09%/yr vs 3.11%/yr for ADAIX. Their 0.36 correlation means their historical movements had little consistent relationship. ARB charges 0.87%/yr vs 1.38%/yr for ADAIX.
Performance
ARB vs. ADAIX - Performance Comparison
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Returns By Period
In the year-to-date period, ARB achieves a 1.85% return, which is significantly lower than ADAIX's 3.12% return.
ARB
- 1D
- -0.02%
- 1M
- 0.92%
- 6M
- 1.92%
- YTD
- 1.85%
- 1Y
- 3.38%
- 3Y*
- 5.44%
- 5Y*
- 4.09%
- 10Y*
- —
- ALL TIME*
- 4.08%
ADAIX
- 1D
- 0.08%
- 1M
- -0.30%
- 6M
- 2.32%
- YTD
- 3.12%
- 1Y
- 5.81%
- 3Y*
- 5.56%
- 5Y*
- 3.11%
- 10Y*
- 6.65%
- ALL TIME*
- 4.37%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $421.91K | $575.16K | $443.27K |
ARB vs. ADAIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
ARB AltShares Merger Arbitrage ETF | 1.85% | 6.05% | 4.07% | 3.85% | 2.67% | 3.16% | 3.77% |
ADAIX AQR Diversified Arbitrage Fund Class I | 3.12% | 8.03% | 3.19% | 4.51% | -3.30% | 6.27% | 29.85% |
Correlation
The correlation between ARB and ADAIX is 0.16, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.16 |
Correlation (3Y) Balances recent behavior with more history. | 0.24 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.41 |
Correlation (All Time) Calculated using the full available price history since May 7, 2020 | 0.36 |
The correlation between ARB and ADAIX shifts across timeframes, from 0.16 (1 year) to 0.41 (5 years), reflecting how their relationship changes across market environments.
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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.
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.
| ARB | ADAIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.01 | ||
| Sortino ratioReturn per unit of downside risk | -5.18 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.96 | -0.76 |
| Calmar ratioReturn relative to maximum drawdown | 2.19 | 9.83 | -7.64 |
| Martin ratioReturn relative to average drawdown | 9.09 | 36.56 | -27.47 |
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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 | -1.54% | -0.60% | -0.94% |
Max Drawdown (3Y)Largest decline over 3 years | -2.13% | -1.78% | -0.35% |
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 | -0.84% | -0.53% | -0.31% |
Average DrawdownAverage peak-to-trough decline | -0.93% | -2.80% | +1.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.37% | 0.16% | +0.21% |
Volatility
ARB vs. ADAIX - Volatility Comparison
AltShares Merger Arbitrage ETF (ARB) has a higher volatility of 1.75% compared to AQR Diversified Arbitrage Fund Class I (ADAIX) at 0.60%. 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 | 1.75% | 0.60% | +1.15% |
Volatility (6M)Calculated over the trailing 6-month period | 3.04% | 1.15% | +1.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.42% | 1.48% | +1.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.48% | 2.60% | +1.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.42% | 4.31% | +0.11% |
ARB vs. ADAIX - Expense Ratio Comparison
ARB has a 0.87% expense ratio, which is lower than ADAIX's 1.38% expense ratio.
Dividends
ARB vs. ADAIX - Dividend Comparison
ARB's dividend yield for the trailing twelve months is around 0.42%, less than ADAIX's 2.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ADAIX AQR Diversified Arbitrage Fund Class I | 2.06% | 2.12% | 1.23% | 2.74% | 0.10% | 0.65% | 1.60% | 2.11% | 6.53% | 7.17% | 7.18% | 4.93% |
ARB AltShares Merger Arbitrage ETF | 0.42% | 0.43% | 1.12% | 0.00% | 4.18% | 0.00% | 2.87% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ARB and ADAIX have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ARB has higher volatility (1.75%) compared to ADAIX (0.60%). In terms of maximum drawdown, ARB dropped -5.60% vs ADAIX's -14.75%.
ADAIX currently has the higher Sharpe Ratio (4.00 vs 0.99), 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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