ARB vs. ROMO
Compare and contrast key facts about AltShares Merger Arbitrage ETF (ARB) and Strategy Shares Newfound/ReSolve Robust Momentum ETF (ROMO).
ARB and ROMO 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. ROMO is a passively managed fund by Rational Capital LLC that tracks the performance of the Newfound/ReSolve Robust Equity Momentum Index. It was launched on Nov 1, 2019. Both ARB and ROMO 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. ROMO - Performance Comparison
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ARB vs. ROMO - 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% |
ROMO Strategy Shares Newfound/ReSolve Robust Momentum ETF | -0.85% | 9.29% | 20.68% | 11.05% | -18.88% | 21.41% | 16.95% |
Returns By Period
In the year-to-date period, ARB achieves a 0.86% return, which is significantly higher than ROMO's -0.85% return.
ARB
- 1D
- 0.34%
- 1M
- 0.65%
- YTD
- 0.86%
- 6M
- 1.58%
- 1Y
- 4.27%
- 3Y*
- 5.50%
- 5Y*
- 4.12%
- 10Y*
- —
ROMO
- 1D
- 2.82%
- 1M
- -8.01%
- YTD
- -0.85%
- 6M
- 1.90%
- 1Y
- 12.49%
- 3Y*
- 12.01%
- 5Y*
- 6.20%
- 10Y*
- —
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ARB vs. ROMO - Expense Ratio Comparison
ARB has a 0.87% expense ratio, which is higher than ROMO's 0.82% expense ratio.
Return for Risk
ARB vs. ROMO — Risk / Return Rank
ARB
ROMO
ARB vs. ROMO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AltShares Merger Arbitrage ETF (ARB) and Strategy Shares Newfound/ReSolve Robust Momentum ETF (ROMO). 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 | ROMO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.54 | 0.89 | +0.65 |
Sortino ratioReturn per unit of downside risk | 2.23 | 1.27 | +0.96 |
Omega ratioGain probability vs. loss probability | 1.30 | 1.18 | +0.12 |
Calmar ratioReturn relative to maximum drawdown | 3.50 | 1.10 | +2.40 |
Martin ratioReturn relative to average drawdown | 17.20 | 4.49 | +12.70 |
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 | ROMO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.54 | 0.89 | +0.65 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.95 | 0.52 | +0.42 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.94 | 0.41 | +0.53 |
Correlation
The correlation between ARB and ROMO is 0.30, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
ARB vs. ROMO - Dividend Comparison
ARB's dividend yield for the trailing twelve months is around 0.43%, less than ROMO's 8.95% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ARB AltShares Merger Arbitrage ETF | 0.43% | 0.43% | 1.12% | 0.00% | 4.18% | 0.00% | 2.87% | 0.00% |
ROMO Strategy Shares Newfound/ReSolve Robust Momentum ETF | 8.95% | 8.87% | 0.76% | 2.42% | 0.77% | 0.56% | 0.97% | 0.58% |
Drawdowns
ARB vs. ROMO - Drawdown Comparison
The maximum ARB drawdown since its inception was -5.60%, smaller than the maximum ROMO drawdown of -28.66%. Use the drawdown chart below to compare losses from any high point for ARB and ROMO.
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Drawdown Indicators
| ARB | ROMO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.60% | -28.66% | +23.06% |
Max Drawdown (1Y)Largest decline over 1 year | -1.20% | -11.16% | +9.96% |
Max Drawdown (5Y)Largest decline over 5 years | -5.60% | -20.26% | +14.66% |
Current DrawdownCurrent decline from peak | 0.00% | -8.26% | +8.26% |
Average DrawdownAverage peak-to-trough decline | -0.96% | -8.43% | +7.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.26% | 2.73% | -2.47% |
Volatility
ARB vs. ROMO - Volatility Comparison
The current volatility for AltShares Merger Arbitrage ETF (ARB) is 0.96%, while Strategy Shares Newfound/ReSolve Robust Momentum ETF (ROMO) has a volatility of 7.34%. This indicates that ARB experiences smaller price fluctuations and is considered to be less risky than ROMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ARB | ROMO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.96% | 7.34% | -6.38% |
Volatility (6M)Calculated over the trailing 6-month period | 2.01% | 10.61% | -8.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.79% | 14.16% | -11.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.37% | 11.90% | -7.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.41% | 14.43% | -10.02% |