ARB vs. QIS
ARB (AltShares Merger Arbitrage ETF) and QIS (Simplify Multi-Qis Alternative ETF) are both exchange-traded funds - ARB is a Event Driven fund tracking the Water Island Merger Arbitrage USD Hedged Index, while QIS is a Multistrategy fund actively managed by Simplify. ARB is passively managed, while QIS is actively managed. Over the past 3 years, ARB returned 5.44%/yr vs -24.55%/yr for QIS. Their 0.06 correlation means their historical movements had little consistent relationship. ARB charges 0.87%/yr vs 1.00%/yr for QIS.
Performance
ARB vs. QIS - Performance Comparison
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Returns By Period
In the year-to-date period, ARB achieves a 1.85% return, which is significantly higher than QIS's -31.94% 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%
QIS
- 1D
- 2.58%
- 1M
- 2.94%
- 6M
- -34.00%
- YTD
- -31.94%
- 1Y
- -48.32%
- 3Y*
- -24.55%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -24.05%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $421.91K | $575.16K | $443.27K | |
| $8.01K | $6.87K | $26.74K |
ARB vs. QIS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ARB AltShares Merger Arbitrage ETF | 1.85% | 6.05% | 4.07% | 4.82% |
QIS Simplify Multi-Qis Alternative ETF | -31.94% | -38.02% | 0.19% | 2.08% |
Correlation
The correlation between ARB and QIS is 0.04, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.04 |
Correlation (3Y) Balances recent behavior with more history. | 0.06 |
Correlation (All Time) Calculated using the full available price history since Jul 11, 2023 | 0.06 |
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Return for Risk
ARB vs. QIS — Risk / Return Rank
ARB
QIS
ARB vs. QIS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AltShares Merger Arbitrage ETF (ARB) and Simplify Multi-Qis Alternative ETF (QIS). 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 | QIS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.25 | ||
| Sortino ratioReturn per unit of downside risk | +3.49 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 0.77 | +0.43 |
| Calmar ratioReturn relative to maximum drawdown | 2.19 | -0.93 | +3.12 |
| Martin ratioReturn relative to average drawdown | 9.09 | -1.62 | +10.71 |
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Drawdowns
ARB vs. QIS - Drawdown Comparison
The maximum ARB drawdown since its inception was -5.60%, smaller than the maximum QIS drawdown of -62.82%. Use the drawdown chart below to compare losses from any high point for ARB and QIS.
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Drawdown Indicators
| ARB | QIS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.60% | -62.82% | +57.22% |
Max Drawdown (1Y)Largest decline over 1 year | -1.54% | -54.47% | +52.93% |
Max Drawdown (3Y)Largest decline over 3 years | -2.13% | -62.82% | +60.69% |
Max Drawdown (5Y)Largest decline over 5 years | -5.60% | — | — |
Current DrawdownCurrent decline from peak | -0.84% | -60.09% | +59.25% |
Average DrawdownAverage peak-to-trough decline | -0.93% | -16.05% | +15.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.37% | 31.13% | -30.76% |
Volatility
ARB vs. QIS - Volatility Comparison
The current volatility for AltShares Merger Arbitrage ETF (ARB) is 1.75%, while Simplify Multi-Qis Alternative ETF (QIS) has a volatility of 14.48%. This indicates that ARB experiences smaller price fluctuations and is considered to be less risky than QIS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ARB | QIS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.75% | 14.48% | -12.73% |
Volatility (6M)Calculated over the trailing 6-month period | 3.04% | 32.96% | -29.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.42% | 40.15% | -36.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.48% | 30.10% | -25.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.42% | 30.10% | -25.68% |
ARB vs. QIS - Expense Ratio Comparison
ARB has a 0.87% expense ratio, which is lower than QIS's 1.00% expense ratio.
Dividends
ARB vs. QIS - Dividend Comparison
ARB's dividend yield for the trailing twelve months is around 0.42%, less than QIS's 2.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
ARB AltShares Merger Arbitrage ETF | 0.42% | 0.43% | 1.12% | 0.00% | 4.18% | 0.00% | 2.87% |
QIS Simplify Multi-Qis Alternative ETF | 2.00% | 3.37% | 1.07% | 3.29% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ARB and QIS have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QIS has higher volatility (14.48%) compared to ARB (1.75%). In terms of maximum drawdown, ARB dropped -5.60% vs QIS's -62.82%.
On 3-year performance, ARB leads with 5.44% vs -24.55% for QIS. On fees, ARB is cheaper at 0.87% 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 3-year period, ARB has performed better with a 5.44% return vs -24.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ARB is cheaper with a 0.87% expense ratio, compared with 1.00% for QIS.
QIS has the higher dividend yield at 2.00%, compared with 0.42% for ARB.
ARB is categorized as Event Driven, while QIS is Multistrategy. They also come from different issuers: Water Island and Simplify. Their fees differ too: 0.87% for ARB and 1.00% for QIS.
ARB currently has the higher Sharpe Ratio (0.99 vs -1.26), 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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