ARCM vs. USDX

Last updated Jun 3, 2026

ARCM (Arrow Reserve Capital Management ETF) and USDX (SGI Enhanced Core ETF) are both exchange-traded funds - ARCM is a Ultrashort Bond fund actively managed by Arrow Funds, while USDX is a Intermediate Core Bond fund actively managed by Summit Global Investments. Both are actively managed. Over the past year, ARCM returned 3.73% vs 6.26% for USDX. At a 0.02 correlation, their price movements are largely independent. ARCM charges 0.50%/yr vs 0.98%/yr for USDX.

Performance

ARCM vs. USDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Arrow Reserve Capital Management ETF (ARCM) and SGI Enhanced Core ETF (USDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ARCM achieves a 1.35% return, which is significantly lower than USDX's 1.99% return.

ARCM

• 1D: -0.00%
• 1M: 0.25%
• YTD: 1.35%
• 6M: 1.64%
• 1Y: 3.73%
• 3Y*: 4.62%
• 5Y*: 3.16%
• 10Y*: —

USDX

• 1D: -0.04%
• 1M: 0.13%
• YTD: 1.99%
• 6M: 2.41%
• 1Y: 6.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ARCM vs. USDX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ARCM Arrow Reserve Capital Management ETF	1.35%	4.11%	4.28%
USDX SGI Enhanced Core ETF	1.99%	6.25%	6.87%

Correlation

The correlation between ARCM and USDX is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.03
Correlation (All Time) Calculated using the full available price history since Mar 1, 2024	0.02

Return for Risk

ARCM vs. USDX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ARCM

ARCM Risk / Return Rank: 99
ARCM Sharpe Ratio Rank: 99
ARCM Sortino Ratio Rank: 99
ARCM Omega Ratio Rank: 99
ARCM Calmar Ratio Rank: 99
ARCM Martin Ratio Rank: 99

USDX

USDX Risk / Return Rank: 95
USDX Sharpe Ratio Rank: 91
USDX Sortino Ratio Rank: 95
USDX Omega Ratio Rank: 96
USDX Calmar Ratio Rank: 93
USDX Martin Ratio Rank: 97

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ARCM vs. USDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Arrow Reserve Capital Management ETF (ARCM) and SGI Enhanced Core ETF (USDX). 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.

	ARCM	USDX	Difference
Sharpe ratio Return per unit of total volatility	8.47	3.28	+5.18
Sortino ratio Return per unit of downside risk	17.80	5.11	+12.68
Omega ratio Gain probability vs. loss probability	4.51	1.82	+2.68
Calmar ratio Return relative to maximum drawdown	29.99	6.68	+23.31
Martin ratio Return relative to average drawdown	244.68	49.28	+195.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ARCM vs. USDX - Sharpe Ratio Comparison

The current ARCM Sharpe Ratio is 8.47, which is higher than the USDX Sharpe Ratio of 3.28. The chart below compares the historical Sharpe Ratios of ARCM and USDX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ARCM	USDX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	8.47	3.28	+5.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.05	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.75	4.03	-3.28

Drawdowns

ARCM vs. USDX - Drawdown Comparison

The maximum ARCM drawdown since its inception was -4.08%, which is greater than USDX's maximum drawdown of -0.94%. Use the drawdown chart below to compare losses from any high point for ARCM and USDX.

Drawdown Indicators

	ARCM	USDX	Difference
Max Drawdown Largest peak-to-trough decline	-4.08%	-0.94%	-3.14%
Max Drawdown (1Y) Largest decline over 1 year	-0.12%	-0.94%	+0.82%
Max Drawdown (3Y) Largest decline over 3 years	-3.46%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-3.46%	—	—
Current Drawdown Current decline from peak	-0.00%	-0.45%	+0.45%
Average Drawdown Average peak-to-trough decline	-0.73%	-0.06%	-0.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.02%	0.13%	-0.11%

Volatility

ARCM vs. USDX - Volatility Comparison

The current volatility for Arrow Reserve Capital Management ETF (ARCM) is 0.11%, while SGI Enhanced Core ETF (USDX) has a volatility of 1.05%. This indicates that ARCM experiences smaller price fluctuations and is considered to be less risky than USDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ARCM	USDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.11%	1.05%	-0.94%
Volatility (6M) Calculated over the trailing 6-month period	0.32%	1.72%	-1.40%
Volatility (1Y) Calculated over the trailing 1-year period	0.44%	1.91%	-1.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.02%	1.68%	+1.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.13%	1.68%	+1.45%

ARCM vs. USDX - Expense Ratio Comparison

ARCM has a 0.50% expense ratio, which is lower than USDX's 0.98% expense ratio.

Dividends

ARCM vs. USDX - Dividend Comparison

ARCM's dividend yield for the trailing twelve months is around 3.73%, less than USDX's 5.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ARCM Arrow Reserve Capital Management ETF	3.73%	4.13%	4.87%	4.26%	0.90%	0.02%	0.84%	2.32%	1.91%	0.62%
USDX SGI Enhanced Core ETF	5.89%	5.88%	4.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ARCM and USDX in my portfolio?

ARCM and USDX have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ARCM or USDX?

USDX has higher volatility (1.05%) compared to ARCM (0.11%). In terms of maximum drawdown, ARCM dropped -4.08% vs USDX's -0.94%.

Which ETF is better, ARCM or USDX?

On 1-year performance, USDX leads with 6.26% vs 3.73% for ARCM. On fees, ARCM is cheaper at 0.50% per year. On volatility, ARCM has been the lower-risk option at 0.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ARCM or USDX?

Over the 1-year period, USDX has performed better with a 6.26% return vs 3.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ARCM or USDX?

ARCM is cheaper with a 0.50% expense ratio, compared with 0.98% for USDX.

Which ETF pays a higher dividend yield, ARCM or USDX?

USDX has the higher dividend yield at 5.89%, compared with 3.73% for ARCM.

What is the main difference between ARCM and USDX?

ARCM is categorized as Ultrashort Bond, while USDX is Intermediate Core Bond. They also come from different issuers: Arrow Funds and Summit Global Investments. Their fees differ too: 0.50% for ARCM and 0.98% for USDX.

Which has better risk-adjusted returns?

ARCM currently has the higher Sharpe Ratio (8.47 vs 3.28), 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.