CDX vs. ARB
CDX (Simplify High Yield ETF) and ARB (AltShares Merger Arbitrage ETF) are both exchange-traded funds - CDX is a High Yield Bonds fund actively managed by Simplify, while ARB is a Event Driven fund tracking the Water Island Merger Arbitrage USD Hedged Index. CDX is actively managed, while ARB is passively managed. Over the past 3 years, CDX returned 7.17%/yr vs 5.44%/yr for ARB. Their 0.19 correlation means their historical movements had little consistent relationship. CDX charges 0.25%/yr vs 0.87%/yr for ARB.
Performance
CDX vs. ARB - Performance Comparison
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Returns By Period
In the year-to-date period, CDX achieves a -3.00% return, which is significantly lower than ARB's 1.85% return.
CDX
- 1D
- 0.10%
- 1M
- -0.57%
- 6M
- -3.06%
- YTD
- -3.00%
- 1Y
- -3.26%
- 3Y*
- 7.17%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.85%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $421.91K | $575.16K | $443.27K | |
| $2.23M | $2.17M | $2.98M |
CDX vs. ARB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
CDX Simplify High Yield ETF | -3.00% | 9.51% | 7.71% | 12.74% | -8.26% |
ARB AltShares Merger Arbitrage ETF | 1.85% | 6.05% | 4.07% | 3.85% | 2.24% |
Correlation
The correlation between CDX and ARB is 0.21, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.21 |
Correlation (3Y) Balances recent behavior with more history. | 0.16 |
Correlation (All Time) Calculated using the full available price history since Feb 15, 2022 | 0.19 |
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Return for Risk
CDX vs. ARB — Risk / Return Rank
CDX
ARB
CDX vs. ARB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify High Yield ETF (CDX) and AltShares Merger Arbitrage ETF (ARB). 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.
| CDX | ARB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.53 | ||
| Sortino ratioReturn per unit of downside risk | -2.24 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 1.20 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.60 | 2.19 | -2.79 |
| Martin ratioReturn relative to average drawdown | -1.44 | 9.09 | -10.53 |
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Drawdowns
CDX vs. ARB - Drawdown Comparison
The maximum CDX drawdown since its inception was -13.24%, which is greater than ARB's maximum drawdown of -5.60%. Use the drawdown chart below to compare losses from any high point for CDX and ARB.
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Drawdown Indicators
| CDX | ARB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.24% | -5.60% | -7.64% |
Max Drawdown (1Y)Largest decline over 1 year | -5.37% | -1.54% | -3.83% |
Max Drawdown (3Y)Largest decline over 3 years | -8.97% | -2.13% | -6.84% |
Max Drawdown (5Y)Largest decline over 5 years | — | -5.60% | — |
Current DrawdownCurrent decline from peak | -7.94% | -0.84% | -7.10% |
Average DrawdownAverage peak-to-trough decline | -4.44% | -0.93% | -3.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.24% | 0.37% | +1.87% |
Volatility
CDX vs. ARB - Volatility Comparison
Simplify High Yield ETF (CDX) has a higher volatility of 2.02% compared to AltShares Merger Arbitrage ETF (ARB) at 1.75%. This indicates that CDX's price experiences larger fluctuations and is considered to be riskier than ARB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CDX | ARB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.02% | 1.75% | +0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 5.16% | 3.04% | +2.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.98% | 3.42% | +2.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.97% | 4.48% | +6.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.97% | 4.42% | +6.55% |
CDX vs. ARB - Expense Ratio Comparison
CDX has a 0.25% expense ratio, which is lower than ARB's 0.87% expense ratio.
Dividends
CDX vs. ARB - Dividend Comparison
CDX's dividend yield for the trailing twelve months is around 8.33%, more than ARB's 0.42% 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% |
CDX Simplify High Yield ETF | 8.33% | 7.18% | 12.60% | 5.26% | 7.51% | 0.00% | 0.00% |
Frequently Asked Questions
CDX and ARB have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CDX has higher volatility (2.02%) compared to ARB (1.75%). In terms of maximum drawdown, CDX dropped -13.24% vs ARB's -5.60%.
On 3-year performance, CDX leads with 7.17% vs 5.44% for ARB. On fees, CDX is cheaper at 0.25% 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, CDX has performed better with a 7.17% return vs 5.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CDX is cheaper with a 0.25% expense ratio, compared with 0.87% for ARB.
CDX has the higher dividend yield at 8.33%, compared with 0.42% for ARB.
CDX is categorized as High Yield Bonds, while ARB is Event Driven. They also come from different issuers: Simplify and Water Island. Their fees differ too: 0.25% for CDX and 0.87% for ARB.
ARB currently has the higher Sharpe Ratio (0.99 vs -0.54), 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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