CTEX vs. MARB

Last updated Jun 24, 2026

CTEX (ProShares S&P Kensho Cleantech ETF) and MARB (First Trust Merger Arbitrage ETF) are both exchange-traded funds - CTEX is a Alternative Energy Equities fund tracking the S&P Kensho Cleantech Index, while MARB is a Long-Short fund actively managed by First Trust. CTEX is passively managed, while MARB is actively managed. Over the past 3 years, CTEX returned 11.07%/yr vs 4.36%/yr for MARB. At a 0.12 correlation, their price movements are largely independent. CTEX charges 0.58%/yr vs 2.30%/yr for MARB.

Performance

CTEX vs. MARB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P Kensho Cleantech ETF (CTEX) and First Trust Merger Arbitrage ETF (MARB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CTEX achieves a 20.77% return, which is significantly higher than MARB's 1.77% return.

CTEX

• 1D: -6.36%
• 1M: -8.02%
• YTD: 20.77%
• 6M: 16.43%
• 1Y: 116.42%
• 3Y*: 11.07%
• 5Y*: —
• 10Y*: —

MARB

• 1D: 0.94%
• 1M: 0.57%
• YTD: 1.77%
• 6M: 1.89%
• 1Y: 6.71%
• 3Y*: 4.36%
• 5Y*: 2.96%
• 10Y*: —

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

CTEX vs. MARB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CTEX ProShares S&P Kensho Cleantech ETF	20.77%	67.74%	-20.38%	-10.25%	-20.38%	-6.68%
MARB First Trust Merger Arbitrage ETF	1.77%	7.02%	0.73%	2.16%	3.89%	-0.53%

Correlation

The correlation between CTEX and MARB is -0.15, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (All Time) Calculated using the full available price history since Sep 30, 2021	0.12

The correlation between CTEX and MARB shifts across timeframes, from -0.15 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CTEX vs. MARB — Risk / Return Rank

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

CTEX

CTEX Risk / Return Rank: 79
CTEX Sharpe Ratio Rank: 87
CTEX Sortino Ratio Rank: 71
CTEX Omega Ratio Rank: 69
CTEX Calmar Ratio Rank: 90
CTEX Martin Ratio Rank: 77

MARB

MARB Risk / Return Rank: 59
MARB Sharpe Ratio Rank: 38
MARB Sortino Ratio Rank: 40
MARB Omega Ratio Rank: 64
MARB Calmar Ratio Rank: 61
MARB Martin Ratio Rank: 93

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.

CTEX vs. MARB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P Kensho Cleantech ETF (CTEX) and First Trust Merger Arbitrage ETF (MARB). 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.

	CTEX	MARB	Difference
Sharpe ratio: Return per unit of total volatility	2.65	1.26	+1.39
Sortino ratio: Return per unit of downside risk	2.98	1.95	+1.02
Omega ratio: Gain probability vs. loss probability	1.38	1.35	+0.02
Calmar ratio: Return relative to maximum drawdown	5.35	2.78	+2.57
Martin ratio: Return relative to average drawdown	13.69	22.96	-9.27

CTEX vs. MARB - Sharpe Ratio Comparison

The current CTEX Sharpe Ratio is 2.65, which is higher than the MARB Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of CTEX and MARB, 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

CTEX vs. MARB - Drawdown Comparison

The maximum CTEX drawdown since its inception was -70.31%, which is greater than MARB's maximum drawdown of -11.99%. Use the drawdown chart below to compare losses from any high point for CTEX and MARB.

Drawdown Indicators

	CTEX	MARB	Difference
Max Drawdown Largest peak-to-trough decline	-70.31%	-11.99%	-58.32%
Max Drawdown (1Y) Largest decline over 1 year	-21.90%	-2.43%	-19.47%
Max Drawdown (3Y) Largest decline over 3 years	-56.83%	-3.67%	-53.16%
Max Drawdown (5Y) Largest decline over 5 years	—	-3.67%	—
Current Drawdown Current decline from peak	-17.23%	0.00%	-17.23%
Average Drawdown Average peak-to-trough decline	-41.61%	-1.39%	-40.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.53%	0.29%	+8.24%

Volatility

CTEX vs. MARB - Volatility Comparison

ProShares S&P Kensho Cleantech ETF (CTEX) has a higher volatility of 19.24% compared to First Trust Merger Arbitrage ETF (MARB) at 1.06%. This indicates that CTEX's price experiences larger fluctuations and is considered to be riskier than MARB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CTEX	MARB	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.24%	1.06%	+18.18%
Volatility (6M) Calculated over the trailing 6-month period	32.48%	2.35%	+30.13%
Volatility (1Y) Calculated over the trailing 1-year period	44.17%	5.35%	+38.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.59%	4.28%	+39.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	43.59%	5.59%	+38.00%

CTEX vs. MARB - Expense Ratio Comparison

CTEX has a 0.58% expense ratio, which is lower than MARB's 2.30% expense ratio.

Dividends

CTEX vs. MARB - Dividend Comparison

CTEX's dividend yield for the trailing twelve months is around 1.73%, less than MARB's 2.96% yield.

Position	TTM	2025	2024	2023	2022
CTEX ProShares S&P Kensho Cleantech ETF	1.73%	2.17%	0.57%	0.12%	0.00%
MARB First Trust Merger Arbitrage ETF	2.96%	3.01%	2.11%	2.20%	0.99%

Frequently Asked Questions

Can I hold both CTEX and MARB in my portfolio?

CTEX and MARB have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CTEX or MARB?

CTEX has higher volatility (19.24%) compared to MARB (1.06%). In terms of maximum drawdown, CTEX dropped -70.31% vs MARB's -11.99%.

Which ETF is better, CTEX or MARB?

On 3-year performance, CTEX leads with 11.07% vs 4.36% for MARB. On fees, CTEX is cheaper at 0.58% per year. On volatility, MARB has been the lower-risk option at 1.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CTEX or MARB?

Over the 3-year period, CTEX has performed better with a 11.07% return vs 4.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CTEX or MARB?

CTEX is cheaper with a 0.58% expense ratio, compared with 2.30% for MARB.

Which ETF pays a higher dividend yield, CTEX or MARB?

MARB has the higher dividend yield at 2.96%, compared with 1.73% for CTEX.

What is the main difference between CTEX and MARB?

CTEX is categorized as Alternative Energy Equities, while MARB is Long-Short. They also come from different issuers: ProShares and First Trust. Their fees differ too: 0.58% for CTEX and 2.30% for MARB.

Which has better risk-adjusted returns?

CTEX currently has the higher Sharpe Ratio (2.65 vs 1.26), 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.