ARB vs. BTC-USD
ARB (AltShares Merger Arbitrage ETF) is Hedge Fund fund tracking the Water Island Merger Arbitrage USD Hedged Index, while BTC-USD (Bitcoin) is a cryptocurrency. Over the past 5 years, ARB returned 4.15%/yr vs 13.75%/yr for BTC-USD. At a 0.16 correlation, their price movements are largely independent.
Performance
ARB vs. BTC-USD - Performance Comparison
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Returns By Period
In the year-to-date period, ARB achieves a 2.13% return, which is significantly higher than BTC-USD's -28.58% return.
ARB
- 1D
- -0.08%
- 1M
- 0.13%
- 6M
- 2.31%
- YTD
- 2.13%
- 1Y
- 4.44%
- 3Y*
- 5.62%
- 5Y*
- 4.15%
- 10Y*
- —
BTC-USD
- 1D
- -1.96%
- 1M
- -3.01%
- 6M
- -31.47%
- YTD
- -28.58%
- 1Y
- -47.54%
- 3Y*
- 27.25%
- 5Y*
- 13.75%
- 10Y*
- 57.45%
ARB vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
ARB AltShares Merger Arbitrage ETF | 2.13% | 6.05% | 4.07% | 3.85% | 2.67% | 3.16% | 3.77% |
BTC-USD Bitcoin | -28.58% | -6.27% | 120.76% | 155.82% | -64.23% | 59.40% | 216.63% |
Correlation
The correlation between ARB and BTC-USD is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since May 7, 2020 | 0.16 |
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Return for Risk
ARB vs. BTC-USD — Risk / Return Rank
ARB
BTC-USD
ARB vs. BTC-USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AltShares Merger Arbitrage ETF (ARB) and Bitcoin (BTC-USD). 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 | BTC-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.43 | ||
| Sortino ratioReturn per unit of downside risk | +3.71 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 0.83 | +0.45 |
| Calmar ratioReturn relative to maximum drawdown | 2.89 | -0.90 | +3.79 |
| Martin ratioReturn relative to average drawdown | 13.62 | -1.46 | +15.07 |
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Drawdowns
ARB vs. BTC-USD - Drawdown Comparison
The maximum ARB drawdown since its inception was -5.60%, smaller than the maximum BTC-USD drawdown of -85.30%. Use the drawdown chart below to compare losses from any high point for ARB and BTC-USD.
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Drawdown Indicators
| ARB | BTC-USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.60% | -85.30% | +79.70% |
Max Drawdown (1Y)Largest decline over 1 year | -1.54% | -53.08% | +51.54% |
Max Drawdown (3Y)Largest decline over 3 years | -2.13% | -53.08% | +50.95% |
Max Drawdown (5Y)Largest decline over 5 years | -5.60% | -76.67% | +71.07% |
Max Drawdown (10Y)Largest decline over 10 years | — | -83.80% | — |
Current DrawdownCurrent decline from peak | -0.57% | -49.89% | +49.32% |
Average DrawdownAverage peak-to-trough decline | -0.94% | -42.55% | +41.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.33% | 28.99% | -28.66% |
Volatility
ARB vs. BTC-USD - Volatility Comparison
The current volatility for AltShares Merger Arbitrage ETF (ARB) is 1.82%, while Bitcoin (BTC-USD) has a volatility of 8.86%. This indicates that ARB experiences smaller price fluctuations and is considered to be less risky than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ARB | BTC-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.82% | 8.86% | -7.04% |
Volatility (6M)Calculated over the trailing 6-month period | 2.99% | 34.96% | -31.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.40% | 35.56% | -32.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.49% | 43.94% | -39.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.44% | 56.32% | -51.88% |
Frequently Asked Questions
ARB and BTC-USD have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTC-USD has higher volatility (8.86%) compared to ARB (1.82%). In terms of maximum drawdown, ARB dropped -5.60% vs BTC-USD's -85.30%.
ARB currently has the higher Sharpe Ratio (1.32 vs -1.11), 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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