ARB vs. SBIT

Last updated Aug 4, 2026

ARB (AltShares Merger Arbitrage ETF) and SBIT (Proshares Ultrashort Bitcoin ETF) are both exchange-traded funds - ARB is a Event Driven fund tracking the Water Island Merger Arbitrage USD Hedged Index, while SBIT is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index (-200%). Both are passively managed. Over the past year, ARB returned 3.39% vs 93.05% for SBIT. Their -0.18 correlation means they have often moved in opposite directions in the past. ARB charges 0.87%/yr vs 0.95%/yr for SBIT.

Performance

ARB vs. SBIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AltShares Merger Arbitrage ETF (ARB) and Proshares Ultrashort Bitcoin ETF (SBIT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ARB achieves a 1.87% return, which is significantly lower than SBIT's 35.42% return.

ARB

• 1D: 0.01%
• 1M: 0.93%
• 6M: 1.87%
• YTD: 1.87%
• 1Y: 3.39%
• 3Y*: 5.45%
• 5Y*: 4.29%
• 10Y*: —
• ALL TIME*: 4.08%

SBIT

• 1D: -2.88%
• 1M: -8.74%
• 6M: 12.84%
• YTD: 35.42%
• 1Y: 93.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -43.26%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ARB AltShares Merger Arbitrage ETF	$485.91K	$609.85K	$438.35K
SBIT Proshares Ultrashort Bitcoin ETF	$30.10M	$32.07M	$46.36M

ARB vs. SBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ARB AltShares Merger Arbitrage ETF	1.87%	6.05%	2.39%
SBIT Proshares Ultrashort Bitcoin ETF	35.42%	-25.11%	-73.74%

Correlation

The correlation between ARB and SBIT is -0.22, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.22
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	-0.19

Return for Risk

ARB vs. SBIT — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ARB

ARB Risk / Return Rank: 50
ARB Sharpe Ratio Rank: 39
ARB Sortino Ratio Rank: 39
ARB Omega Ratio Rank: 41
ARB Calmar Ratio Rank: 60
ARB Martin Ratio Rank: 71

SBIT

SBIT Risk / Return Rank: 45
SBIT Sharpe Ratio Rank: 41
SBIT Sortino Ratio Rank: 48
SBIT Omega Ratio Rank: 44
SBIT Calmar Ratio Rank: 53
SBIT Martin Ratio Rank: 40

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ARB vs. SBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AltShares Merger Arbitrage ETF (ARB) and Proshares Ultrashort Bitcoin ETF (SBIT). 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	SBIT	Difference
Sharpe ratio: Return per unit of total volatility	1.00	1.06	-0.06
Sortino ratio: Return per unit of downside risk	1.52	1.78	-0.27
Omega ratio: Gain probability vs. loss probability	1.20	1.21	-0.01
Calmar ratio: Return relative to maximum drawdown	2.21	1.95	+0.26
Martin ratio: Return relative to average drawdown	9.08	4.30	+4.78

ARB vs. SBIT - Sharpe Ratio Comparison

The current ARB Sharpe Ratio is 1.00, which is comparable to the SBIT Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of ARB and SBIT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ARB vs. SBIT - Drawdown Comparison

The maximum ARB drawdown since its inception was -5.60%, smaller than the maximum SBIT drawdown of -91.35%. Use the drawdown chart below to compare losses from any high point for ARB and SBIT.

Drawdown Indicators

	ARB	SBIT	Difference
Max Drawdown Largest peak-to-trough decline	-5.60%	-91.35%	+85.75%
Max Drawdown (1Y) Largest decline over 1 year	-1.54%	-47.94%	+46.40%
Max Drawdown (3Y) Largest decline over 3 years	-2.13%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-5.60%	—	—
Current Drawdown Current decline from peak	-0.83%	-78.51%	+77.68%
Average Drawdown Average peak-to-trough decline	-0.93%	-69.09%	+68.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.37%	21.71%	-21.34%

Volatility

ARB vs. SBIT - Volatility Comparison

The current volatility for AltShares Merger Arbitrage ETF (ARB) is 1.37%, while Proshares Ultrashort Bitcoin ETF (SBIT) has a volatility of 17.65%. This indicates that ARB experiences smaller price fluctuations and is considered to be less risky than SBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ARB	SBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.37%	17.65%	-16.28%
Volatility (6M) Calculated over the trailing 6-month period	3.04%	67.17%	-64.13%
Volatility (1Y) Calculated over the trailing 1-year period	3.42%	88.67%	-85.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.48%	96.04%	-91.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.42%	96.04%	-91.62%

ARB vs. SBIT - Expense Ratio Comparison

ARB has a 0.87% expense ratio, which is lower than SBIT's 0.95% expense ratio.

Dividends

ARB vs. SBIT - Dividend Comparison

ARB's dividend yield for the trailing twelve months is around 0.42%, less than SBIT's 5.09% 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%
SBIT Proshares Ultrashort Bitcoin ETF	5.09%	0.52%	1.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ARB and SBIT in my portfolio?

ARB and SBIT have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ARB or SBIT?

SBIT has higher volatility (17.65%) compared to ARB (1.37%). In terms of maximum drawdown, ARB dropped -5.60% vs SBIT's -91.35%.

Which ETF is better, ARB or SBIT?

On 1-year performance, SBIT leads with 93.05% vs 3.39% for ARB. On fees, ARB is cheaper at 0.87% per year. On volatility, ARB has been the lower-risk option at 1.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ARB or SBIT?

Over the 1-year period, SBIT has performed better with a 93.05% return vs 3.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ARB or SBIT?

ARB is cheaper with a 0.87% expense ratio, compared with 0.95% for SBIT.

Which ETF pays a higher dividend yield, ARB or SBIT?

SBIT has the higher dividend yield at 5.09%, compared with 0.42% for ARB.

What is the main difference between ARB and SBIT?

ARB is categorized as Event Driven, while SBIT is Cryptocurrency. ARB tracks Water Island Merger Arbitrage USD Hedged Index, while SBIT tracks Bloomberg Bitcoin Index (-200%). They also come from different issuers: Water Island and ProShares. Their fees differ too: 0.87% for ARB and 0.95% for SBIT.

Which has better risk-adjusted returns?

SBIT currently has the higher Sharpe Ratio (1.06 vs 1.00), 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.