ARB vs. RYLD
ARB (AltShares Merger Arbitrage ETF) and RYLD (Global X Russell 2000 Covered Call ETF) are both exchange-traded funds - ARB is a Event Driven fund tracking the Water Island Merger Arbitrage USD Hedged Index, while RYLD is a Derivative Income fund tracking the CBOE Russell 2000 BuyWrite Index. Both are passively managed. Over the past 5 years, ARB returned 4.09%/yr vs 3.15%/yr for RYLD. Their 0.35 correlation means their historical movements had little consistent relationship. ARB charges 0.87%/yr vs 0.60%/yr for RYLD.
Performance
ARB vs. RYLD - Performance Comparison
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Returns By Period
In the year-to-date period, ARB achieves a 1.85% return, which is significantly lower than RYLD's 12.29% 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%
RYLD
- 1D
- -0.19%
- 1M
- 1.19%
- 6M
- 10.16%
- YTD
- 12.29%
- 1Y
- 24.93%
- 3Y*
- 8.04%
- 5Y*
- 3.15%
- 10Y*
- —
- ALL TIME*
- 5.81%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $421.91K | $575.16K | $443.27K | |
| $10.07M | $9.36M | $9.08M |
ARB vs. RYLD - 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% |
RYLD Global X Russell 2000 Covered Call ETF | 12.29% | 5.65% | 10.13% | 0.27% | -13.03% | 22.13% | 35.00% |
Correlation
The correlation between ARB and RYLD is 0.39, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.39 |
Correlation (3Y) Balances recent behavior with more history. | 0.32 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.37 |
Correlation (All Time) Calculated using the full available price history since May 7, 2020 | 0.35 |
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Return for Risk
ARB vs. RYLD — Risk / Return Rank
ARB
RYLD
ARB vs. RYLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AltShares Merger Arbitrage ETF (ARB) and Global X Russell 2000 Covered Call ETF (RYLD). 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 | RYLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.18 | ||
| Sortino ratioReturn per unit of downside risk | -1.55 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.45 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | 2.19 | 3.67 | -1.48 |
| Martin ratioReturn relative to average drawdown | 9.09 | 15.02 | -5.93 |
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Drawdowns
ARB vs. RYLD - Drawdown Comparison
The maximum ARB drawdown since its inception was -5.60%, smaller than the maximum RYLD drawdown of -41.53%. Use the drawdown chart below to compare losses from any high point for ARB and RYLD.
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Drawdown Indicators
| ARB | RYLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.60% | -41.53% | +35.93% |
Max Drawdown (1Y)Largest decline over 1 year | -1.54% | -6.29% | +4.75% |
Max Drawdown (3Y)Largest decline over 3 years | -2.13% | -19.05% | +16.92% |
Max Drawdown (5Y)Largest decline over 5 years | -5.60% | -21.33% | +15.73% |
Current DrawdownCurrent decline from peak | -0.84% | -0.37% | -0.47% |
Average DrawdownAverage peak-to-trough decline | -0.93% | -8.65% | +7.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.37% | 1.54% | -1.17% |
Volatility
ARB vs. RYLD - Volatility Comparison
The current volatility for AltShares Merger Arbitrage ETF (ARB) is 1.75%, while Global X Russell 2000 Covered Call ETF (RYLD) has a volatility of 2.07%. This indicates that ARB experiences smaller price fluctuations and is considered to be less risky than RYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ARB | RYLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.75% | 2.07% | -0.32% |
Volatility (6M)Calculated over the trailing 6-month period | 3.04% | 7.73% | -4.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.42% | 10.67% | -7.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.48% | 13.97% | -9.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.42% | 17.04% | -12.62% |
ARB vs. RYLD - Expense Ratio Comparison
ARB has a 0.87% expense ratio, which is higher than RYLD's 0.60% expense ratio.
Dividends
ARB vs. RYLD - Dividend Comparison
ARB's dividend yield for the trailing twelve months is around 0.42%, less than RYLD's 11.62% 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% |
RYLD Global X Russell 2000 Covered Call ETF | 11.62% | 12.00% | 12.03% | 12.64% | 13.49% | 12.35% | 10.76% | 6.43% |
Frequently Asked Questions
ARB and RYLD have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RYLD has higher volatility (2.07%) compared to ARB (1.75%). In terms of maximum drawdown, ARB dropped -5.60% vs RYLD's -41.53%.
On 5-year performance, ARB leads with 4.09% vs 3.15% for RYLD. On fees, RYLD is cheaper at 0.60% 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, ARB has performed better with a 4.09% return vs 3.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RYLD is cheaper with a 0.60% expense ratio, compared with 0.87% for ARB.
RYLD has the higher dividend yield at 11.62%, compared with 0.42% for ARB.
ARB is categorized as Event Driven, while RYLD is Derivative Income. ARB tracks Water Island Merger Arbitrage USD Hedged Index, while RYLD tracks CBOE Russell 2000 BuyWrite Index. They also come from different issuers: Water Island and Global X. Their fees differ too: 0.87% for ARB and 0.60% for RYLD.
RYLD currently has the higher Sharpe Ratio (2.17 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.
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