GDMA vs. ARB

Last updated Apr 1, 2026

Compare and contrast key facts about Gadsden Dynamic Multi-Asset ETF (GDMA) and AltShares Merger Arbitrage ETF (ARB).

GDMA and ARB are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GDMA is an actively managed fund by Gadsden. It was launched on Nov 14, 2018. ARB is a passively managed fund by Water Island Capital Partners LP that tracks the performance of the Water Island Merger Arbitrage USD Hedged Index. It was launched on May 7, 2020.

Performance

GDMA vs. ARB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gadsden Dynamic Multi-Asset ETF (GDMA) and AltShares Merger Arbitrage ETF (ARB). The values are adjusted to include any dividend payments, if applicable.

GDMA vs. ARB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GDMA Gadsden Dynamic Multi-Asset ETF	5.56%	25.29%	7.44%	1.72%	-2.08%	3.95%	27.17%
ARB AltShares Merger Arbitrage ETF	0.86%	6.05%	4.07%	3.85%	2.67%	3.16%	3.78%

Returns By Period

In the year-to-date period, GDMA achieves a 5.56% return, which is significantly higher than ARB's 0.86% return.

GDMA

• 1D: -0.16%
• 1M: -5.27%
• YTD: 5.56%
• 6M: 8.64%
• 1Y: 30.39%
• 3Y*: 14.82%
• 5Y*: 7.72%
• 10Y*: —

ARB

• 1D: 0.34%
• 1M: 0.65%
• YTD: 0.86%
• 6M: 1.58%
• 1Y: 4.27%
• 3Y*: 5.50%
• 5Y*: 4.12%
• 10Y*: —

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

GDMA vs. ARB - Expense Ratio Comparison

GDMA has a 0.77% expense ratio, which is lower than ARB's 0.87% expense ratio.

ARB

AltShares Merger Arbitrage ETF

GDMA

Gadsden Dynamic Multi-Asset ETF

Return for Risk

GDMA vs. ARB — Risk / Return Rank

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

GDMA

GDMA Risk / Return Rank: 96
GDMA Sharpe Ratio Rank: 96
GDMA Sortino Ratio Rank: 96
GDMA Omega Ratio Rank: 96
GDMA Calmar Ratio Rank: 97
GDMA Martin Ratio Rank: 94

ARB

ARB Risk / Return Rank: 87
ARB Sharpe Ratio Rank: 82
ARB Sortino Ratio Rank: 85
ARB Omega Ratio Rank: 80
ARB Calmar Ratio Rank: 93
ARB Martin Ratio Rank: 96

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.

GDMA vs. ARB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gadsden Dynamic Multi-Asset ETF (GDMA) 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.

	GDMA	ARB	Difference
Sharpe ratio Return per unit of total volatility	2.52	1.54	+0.98
Sortino ratio Return per unit of downside risk	3.29	2.23	+1.06
Omega ratio Gain probability vs. loss probability	1.48	1.30	+0.18
Calmar ratio Return relative to maximum drawdown	4.72	3.50	+1.22
Martin ratio Return relative to average drawdown	14.01	17.20	-3.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GDMA vs. ARB - Sharpe Ratio Comparison

The current GDMA Sharpe Ratio is 2.52, which is higher than the ARB Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of GDMA and ARB, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GDMA	ARB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.52	1.54	+0.98
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	0.95	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.85	0.94	-0.09

Correlation

The correlation between GDMA and ARB is 0.13, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

GDMA vs. ARB - Dividend Comparison

GDMA's dividend yield for the trailing twelve months is around 2.65%, more than ARB's 0.43% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019
GDMA Gadsden Dynamic Multi-Asset ETF	2.65%	2.79%	2.32%	4.14%	1.18%	2.10%	0.62%	3.17%
ARB AltShares Merger Arbitrage ETF	0.43%	0.43%	1.12%	0.00%	4.18%	0.00%	2.87%	0.00%

Drawdowns

GDMA vs. ARB - Drawdown Comparison

The maximum GDMA drawdown since its inception was -16.66%, which is greater than ARB's maximum drawdown of -5.60%. Use the drawdown chart below to compare losses from any high point for GDMA and ARB.

Drawdown Indicators

	GDMA	ARB	Difference
Max Drawdown Largest peak-to-trough decline	-16.66%	-5.60%	-11.06%
Max Drawdown (1Y) Largest decline over 1 year	-6.44%	-1.20%	-5.24%
Max Drawdown (5Y) Largest decline over 5 years	-12.74%	-5.60%	-7.14%
Current Drawdown Current decline from peak	-6.06%	0.00%	-6.06%
Average Drawdown Average peak-to-trough decline	-3.78%	-0.96%	-2.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.17%	0.26%	+1.91%

Volatility

GDMA vs. ARB - Volatility Comparison

Gadsden Dynamic Multi-Asset ETF (GDMA) has a higher volatility of 4.01% compared to AltShares Merger Arbitrage ETF (ARB) at 0.96%. This indicates that GDMA'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

	GDMA	ARB	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.01%	0.96%	+3.05%
Volatility (6M) Calculated over the trailing 6-month period	9.88%	2.01%	+7.87%
Volatility (1Y) Calculated over the trailing 1-year period	12.12%	2.79%	+9.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.44%	4.37%	+5.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.82%	4.41%	+6.41%