ARB vs. GDMA
ARB (AltShares Merger Arbitrage ETF) and GDMA (Gadsden Dynamic Multi-Asset ETF) are both exchange-traded funds - ARB is a Event Driven fund tracking the Water Island Merger Arbitrage USD Hedged Index, while GDMA is a Global Allocation fund actively managed by Gadsden. ARB is passively managed, while GDMA is actively managed. Over the past 5 years, ARB returned 4.09%/yr vs 8.45%/yr for GDMA. Their 0.13 correlation means their historical movements had little consistent relationship. ARB charges 0.87%/yr vs 0.77%/yr for GDMA.
Performance
ARB vs. GDMA - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ARB achieves a 1.85% return, which is significantly lower than GDMA's 10.56% 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%
GDMA
- 1D
- 0.67%
- 1M
- 2.38%
- 6M
- 1.94%
- YTD
- 10.56%
- 1Y
- 25.16%
- 3Y*
- 16.04%
- 5Y*
- 8.45%
- 10Y*
- —
- ALL TIME*
- 9.45%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $421.91K | $575.16K | $443.27K | |
| $1.65M | $1.00M | $708.66K |
ARB vs. GDMA - 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% |
GDMA Gadsden Dynamic Multi-Asset ETF | 10.56% | 25.29% | 7.44% | 1.72% | -2.08% | 3.95% | 28.10% |
Correlation
The correlation between ARB and GDMA is 0.19, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.19 |
Correlation (3Y) Balances recent behavior with more history. | 0.20 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.08 |
Correlation (All Time) Calculated using the full available price history since May 7, 2020 | 0.13 |
The correlation between ARB and GDMA shifts across timeframes, from 0.08 (5 years) to 0.20 (3 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ARB vs. GDMA — Risk / Return Rank
ARB
GDMA
ARB vs. GDMA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AltShares Merger Arbitrage ETF (ARB) and Gadsden Dynamic Multi-Asset ETF (GDMA). 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 | GDMA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.50 | ||
| Sortino ratioReturn per unit of downside risk | -0.46 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.28 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.19 | 3.12 | -0.93 |
| Martin ratioReturn relative to average drawdown | 9.09 | 7.24 | +1.85 |
Loading charts...
Drawdowns
ARB vs. GDMA - Drawdown Comparison
The maximum ARB drawdown since its inception was -5.60%, smaller than the maximum GDMA drawdown of -16.66%. Use the drawdown chart below to compare losses from any high point for ARB and GDMA.
Loading charts...
Drawdown Indicators
| ARB | GDMA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.60% | -16.66% | +11.06% |
Max Drawdown (1Y)Largest decline over 1 year | -1.54% | -7.53% | +5.99% |
Max Drawdown (3Y)Largest decline over 3 years | -2.13% | -7.53% | +5.40% |
Max Drawdown (5Y)Largest decline over 5 years | -5.60% | -12.74% | +7.14% |
Current DrawdownCurrent decline from peak | -0.84% | -3.21% | +2.37% |
Average DrawdownAverage peak-to-trough decline | -0.93% | -3.79% | +2.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.37% | 3.24% | -2.87% |
Volatility
ARB vs. GDMA - Volatility Comparison
The current volatility for AltShares Merger Arbitrage ETF (ARB) is 1.75%, while Gadsden Dynamic Multi-Asset ETF (GDMA) has a volatility of 3.27%. This indicates that ARB experiences smaller price fluctuations and is considered to be less risky than GDMA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| ARB | GDMA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.75% | 3.27% | -1.52% |
Volatility (6M)Calculated over the trailing 6-month period | 3.04% | 13.20% | -10.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.42% | 15.80% | -12.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.48% | 10.24% | -5.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.42% | 11.39% | -6.97% |
ARB vs. GDMA - Expense Ratio Comparison
ARB has a 0.87% expense ratio, which is higher than GDMA's 0.77% expense ratio.
Dividends
ARB vs. GDMA - Dividend Comparison
ARB's dividend yield for the trailing twelve months is around 0.42%, less than GDMA's 2.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
ARB AltShares Merger Arbitrage ETF | 0.42% | 0.43% | 1.12% | 0.00% | 4.18% | 0.00% | 2.87% | 0.00% |
GDMA Gadsden Dynamic Multi-Asset ETF | 2.53% | 2.79% | 2.32% | 4.14% | 1.18% | 2.10% | 0.62% | 3.17% |
Frequently Asked Questions
ARB and GDMA have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDMA has higher volatility (3.27%) compared to ARB (1.75%). In terms of maximum drawdown, ARB dropped -5.60% vs GDMA's -16.66%.
On 5-year performance, GDMA leads with 8.45% vs 4.09% for ARB. On fees, GDMA is cheaper at 0.77% per year. On volatility, ARB has been the lower-risk option at 1.75%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GDMA has performed better with a 8.45% return vs 4.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDMA is cheaper with a 0.77% expense ratio, compared with 0.87% for ARB.
GDMA has the higher dividend yield at 2.53%, compared with 0.42% for ARB.
ARB is categorized as Event Driven, while GDMA is Global Allocation. They also come from different issuers: Water Island and Gadsden. Their fees differ too: 0.87% for ARB and 0.77% for GDMA.
GDMA currently has the higher Sharpe Ratio (1.49 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.
Find the right allocation for ARB and GDMA
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer