ARB vs. MRGR
Compare and contrast key facts about AltShares Merger Arbitrage ETF (ARB) and Proshares Merger ETF (MRGR).
ARB and MRGR are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. 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. MRGR is a passively managed fund by ProShares that tracks the performance of the S&P Merger Arbitrage Index. It was launched on Dec 11, 2012. Both ARB and MRGR are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
ARB vs. MRGR - Performance Comparison
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ARB vs. MRGR - 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% |
MRGR Proshares Merger ETF | 1.47% | 11.99% | 5.32% | 4.94% | -4.81% | 6.58% | 1.56% |
Returns By Period
In the year-to-date period, ARB achieves a 0.86% return, which is significantly lower than MRGR's 1.47% return.
ARB
- 1D
- 0.34%
- 1M
- 0.65%
- YTD
- 0.86%
- 6M
- 1.58%
- 1Y
- 4.27%
- 3Y*
- 5.50%
- 5Y*
- 4.12%
- 10Y*
- —
MRGR
- 1D
- 0.69%
- 1M
- 0.94%
- YTD
- 1.47%
- 6M
- 6.99%
- 1Y
- 11.25%
- 3Y*
- 8.39%
- 5Y*
- 4.28%
- 10Y*
- 3.36%
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ARB vs. MRGR - Expense Ratio Comparison
ARB has a 0.87% expense ratio, which is higher than MRGR's 0.75% expense ratio.
Return for Risk
ARB vs. MRGR — Risk / Return Rank
ARB
MRGR
ARB vs. MRGR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AltShares Merger Arbitrage ETF (ARB) and Proshares Merger ETF (MRGR). 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 | MRGR | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.54 | 2.63 | -1.09 |
Sortino ratioReturn per unit of downside risk | 2.23 | 4.32 | -2.09 |
Omega ratioGain probability vs. loss probability | 1.30 | 1.58 | -0.28 |
Calmar ratioReturn relative to maximum drawdown | 3.50 | 6.36 | -2.86 |
Martin ratioReturn relative to average drawdown | 17.20 | 22.50 | -5.30 |
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 | MRGR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.54 | 2.63 | -1.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.95 | 1.13 | -0.19 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.65 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.94 | 0.36 | +0.59 |
Correlation
The correlation between ARB and MRGR is 0.43, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
ARB vs. MRGR - Dividend Comparison
ARB's dividend yield for the trailing twelve months is around 0.43%, less than MRGR's 2.98% 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% |
MRGR Proshares Merger ETF | 2.98% | 3.12% | 3.21% | 2.11% | 0.61% | 0.59% | 0.00% | 0.78% | 1.39% | 0.36% | 0.74% | 0.34% |
Drawdowns
ARB vs. MRGR - Drawdown Comparison
The maximum ARB drawdown since its inception was -5.60%, smaller than the maximum MRGR drawdown of -13.23%. Use the drawdown chart below to compare losses from any high point for ARB and MRGR.
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Drawdown Indicators
| ARB | MRGR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.60% | -13.23% | +7.63% |
Max Drawdown (1Y)Largest decline over 1 year | -1.20% | -1.66% | +0.46% |
Max Drawdown (5Y)Largest decline over 5 years | -5.60% | -8.40% | +2.80% |
Max Drawdown (10Y)Largest decline over 10 years | — | -13.23% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.96% | -3.91% | +2.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.26% | 0.50% | -0.24% |
Volatility
ARB vs. MRGR - Volatility Comparison
The current volatility for AltShares Merger Arbitrage ETF (ARB) is 0.96%, while Proshares Merger ETF (MRGR) has a volatility of 1.42%. This indicates that ARB experiences smaller price fluctuations and is considered to be less risky than MRGR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ARB | MRGR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.96% | 1.42% | -0.46% |
Volatility (6M)Calculated over the trailing 6-month period | 2.01% | 3.40% | -1.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.79% | 4.30% | -1.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.37% | 3.84% | +0.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.41% | 5.19% | -0.78% |