FPRO vs. ARB

Last updated Jun 4, 2026

FPRO (Fidelity Real Estate Investment ETF) and ARB (AltShares Merger Arbitrage ETF) are both exchange-traded funds - FPRO is a REIT fund actively managed by Fidelity, while ARB is a Hedge Fund fund tracking the Water Island Merger Arbitrage USD Hedged Index. FPRO is actively managed, while ARB is passively managed. Over the past 5 years, FPRO returned 3.13%/yr vs 3.87%/yr for ARB. At a 0.30 correlation, their price movements are largely independent. FPRO charges 0.59%/yr vs 0.87%/yr for ARB.

Performance

FPRO vs. ARB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Real Estate Investment ETF (FPRO) and AltShares Merger Arbitrage ETF (ARB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FPRO achieves a 9.97% return, which is significantly higher than ARB's 1.70% return.

FPRO

• 1D: 0.12%
• 1M: -1.08%
• YTD: 9.97%
• 6M: 9.24%
• 1Y: 10.32%
• 3Y*: 9.14%
• 5Y*: 3.13%
• 10Y*: —

ARB

• 1D: 0.03%
• 1M: 0.35%
• YTD: 1.70%
• 6M: 2.28%
• 1Y: 4.90%
• 3Y*: 6.40%
• 5Y*: 3.87%
• 10Y*: —

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

FPRO vs. ARB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FPRO Fidelity Real Estate Investment ETF	9.97%	2.60%	5.63%	10.93%	-25.02%	40.13%
ARB AltShares Merger Arbitrage ETF	1.70%	6.05%	4.07%	3.85%	2.67%	3.81%

Correlation

The correlation between FPRO and ARB is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (All Time) Calculated using the full available price history since Feb 5, 2021	0.30

FPRO vs. ARB - Sectors Allocation Comparison

Sectors	FPRO	ARB
Real Estate	99.4%	3.1%
Communication Services	0.6%	9.9%
Basic Materials	-	5.3%
Consumer Cyclical	-	5.6%
Consumer Defensive	-	6.2%
Energy	-	0.6%
Financial Services	-	21.4%
Healthcare	-	17.4%
Industrials	-	11.9%
Technology	-	16.3%
Utilities	-	3.1%

Return for Risk

FPRO vs. ARB — Risk / Return Rank

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

FPRO

FPRO Risk / Return Rank: 24
FPRO Sharpe Ratio Rank: 22
FPRO Sortino Ratio Rank: 21
FPRO Omega Ratio Rank: 21
FPRO Calmar Ratio Rank: 28
FPRO Martin Ratio Rank: 27

ARB

ARB Risk / Return Rank: 69
ARB Sharpe Ratio Rank: 48
ARB Sortino Ratio Rank: 57
ARB Omega Ratio Rank: 56
ARB Calmar Ratio Rank: 94
ARB Martin Ratio Rank: 90

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.

FPRO vs. ARB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Real Estate Investment ETF (FPRO) 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.

	FPRO	ARB	Difference
Sharpe ratio: Return per unit of total volatility	0.79	1.70	-0.91
Sortino ratio: Return per unit of downside risk	1.15	2.77	-1.61
Omega ratio: Gain probability vs. loss probability	1.14	1.35	-0.20
Calmar ratio: Return relative to maximum drawdown	1.35	7.17	-5.82
Martin ratio: Return relative to average drawdown	3.88	20.90	-17.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FPRO vs. ARB - Sharpe Ratio Comparison

The current FPRO Sharpe Ratio is 0.79, which is lower than the ARB Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of FPRO and ARB, 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

	FPRO	ARB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.79	1.70	-0.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	0.88	-0.71
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.95	-0.60

Drawdowns

FPRO vs. ARB - Drawdown Comparison

The maximum FPRO drawdown since its inception was -32.81%, which is greater than ARB's maximum drawdown of -5.60%. Use the drawdown chart below to compare losses from any high point for FPRO and ARB.

Drawdown Indicators

	FPRO	ARB	Difference
Max Drawdown Largest peak-to-trough decline	-32.81%	-5.60%	-27.21%
Max Drawdown (1Y) Largest decline over 1 year	-7.67%	-0.69%	-6.98%
Max Drawdown (3Y) Largest decline over 3 years	-16.83%	-2.13%	-14.70%
Max Drawdown (5Y) Largest decline over 5 years	-32.81%	-5.60%	-27.21%
Current Drawdown Current decline from peak	-2.73%	-0.49%	-2.24%
Average Drawdown Average peak-to-trough decline	-12.66%	-0.94%	-11.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.67%	0.24%	+2.43%

Volatility

FPRO vs. ARB - Volatility Comparison

Fidelity Real Estate Investment ETF (FPRO) has a higher volatility of 3.54% compared to AltShares Merger Arbitrage ETF (ARB) at 1.28%. This indicates that FPRO'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.

Volatility by Period

	FPRO	ARB	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.54%	1.28%	+2.26%
Volatility (6M) Calculated over the trailing 6-month period	9.13%	2.38%	+6.75%
Volatility (1Y) Calculated over the trailing 1-year period	13.10%	2.89%	+10.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.62%	4.40%	+14.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.37%	4.40%	+13.97%

FPRO vs. ARB - Expense Ratio Comparison

FPRO has a 0.59% expense ratio, which is lower than ARB's 0.87% expense ratio.

Dividends

FPRO vs. ARB - Dividend Comparison

FPRO's dividend yield for the trailing twelve months is around 2.57%, more than ARB's 0.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
ARB AltShares Merger Arbitrage ETF	0.43%	0.43%	1.12%	0.00%	4.18%	0.00%	2.87%
FPRO Fidelity Real Estate Investment ETF	2.57%	2.69%	2.50%	2.83%	2.67%	1.69%	0.00%

Frequently Asked Questions

Can I hold both FPRO and ARB in my portfolio?

FPRO and ARB 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, FPRO or ARB?

FPRO has higher volatility (3.54%) compared to ARB (1.28%). In terms of maximum drawdown, FPRO dropped -32.81% vs ARB's -5.60%.

Which ETF is better, FPRO or ARB?

On 5-year performance, ARB leads with 3.87% vs 3.13% for FPRO. On fees, FPRO is cheaper at 0.59% per year. On volatility, ARB has been the lower-risk option at 1.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FPRO or ARB?

Over the 5-year period, ARB has performed better with a 3.87% return vs 3.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FPRO or ARB?

FPRO is cheaper with a 0.59% expense ratio, compared with 0.87% for ARB.

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

FPRO has the higher dividend yield at 2.57%, compared with 0.43% for ARB.

What is the main difference between FPRO and ARB?

FPRO is categorized as REIT, while ARB is Hedge Fund. They also come from different issuers: Fidelity and Water Island Capital Partners LP. Their fees differ too: 0.59% for FPRO and 0.87% for ARB.

Which has better risk-adjusted returns?

ARB currently has the higher Sharpe Ratio (1.70 vs 0.79), 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.