GLDI vs. MARB
GLDI (Credit Suisse X-Links Gold Shares Covered Call ETN) and MARB (First Trust Merger Arbitrage ETF) are both exchange-traded funds - GLDI is a Precious Metals fund tracking the Credit Suisse NASDAQ Gold FLOWS 103 Index, while MARB is a Long-Short fund actively managed by First Trust. GLDI is passively managed, while MARB is actively managed. Over the past 5 years, GLDI returned 11.15%/yr vs 2.64%/yr for MARB. At a 0.04 correlation, their price movements are largely independent. GLDI charges 0.65%/yr vs 2.30%/yr for MARB.
Performance
GLDI vs. MARB - Performance Comparison
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Returns By Period
In the year-to-date period, GLDI achieves a 2.06% return, which is significantly higher than MARB's 1.26% return.
GLDI
- 1D
- -0.81%
- 1M
- 0.90%
- YTD
- 2.06%
- 6M
- 4.42%
- 1Y
- 21.23%
- 3Y*
- 19.54%
- 5Y*
- 11.15%
- 10Y*
- 8.99%
MARB
- 1D
- 0.05%
- 1M
- 0.22%
- YTD
- 1.26%
- 6M
- 1.42%
- 1Y
- 6.18%
- 3Y*
- 4.29%
- 5Y*
- 2.64%
- 10Y*
- —
GLDI vs. MARB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GLDI Credit Suisse X-Links Gold Shares Covered Call ETN | 2.06% | 34.25% | 17.76% | 8.93% | -1.11% | -3.42% | 21.91% |
MARB First Trust Merger Arbitrage ETF | 1.26% | 7.02% | 0.73% | 2.16% | 3.89% | 0.26% | -2.35% |
Correlation
The correlation between GLDI and MARB is -0.12, 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 | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Feb 6, 2020 | 0.04 |
The correlation between GLDI and MARB shifts across timeframes, from -0.12 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GLDI vs. MARB — Risk / Return Rank
GLDI
MARB
GLDI vs. MARB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Credit Suisse X-Links Gold Shares Covered Call ETN (GLDI) 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.
| GLDI | MARB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.29 | ||
| Sortino ratioReturn per unit of downside risk | +0.10 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.32 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.55 | 2.56 | -1.00 |
| Martin ratioReturn relative to average drawdown | 6.07 | 20.98 | -14.91 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GLDI | MARB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.46 | 1.17 | +0.29 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.99 | 0.62 | +0.37 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.79 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.37 | 0.36 | +0.01 |
Drawdowns
GLDI vs. MARB - Drawdown Comparison
The maximum GLDI drawdown since its inception was -32.26%, which is greater than MARB's maximum drawdown of -11.99%. Use the drawdown chart below to compare losses from any high point for GLDI and MARB.
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Drawdown Indicators
| GLDI | MARB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.26% | -11.99% | -20.27% |
Max Drawdown (1Y)Largest decline over 1 year | -13.73% | -2.43% | -11.30% |
Max Drawdown (3Y)Largest decline over 3 years | -13.73% | -3.67% | -10.06% |
Max Drawdown (5Y)Largest decline over 5 years | -14.07% | -3.67% | -10.40% |
Max Drawdown (10Y)Largest decline over 10 years | -14.94% | — | — |
Current DrawdownCurrent decline from peak | -7.37% | -0.00% | -7.37% |
Average DrawdownAverage peak-to-trough decline | -14.00% | -1.40% | -12.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.50% | 0.30% | +3.20% |
Volatility
GLDI vs. MARB - Volatility Comparison
Credit Suisse X-Links Gold Shares Covered Call ETN (GLDI) has a higher volatility of 3.88% compared to First Trust Merger Arbitrage ETF (MARB) at 0.47%. This indicates that GLDI'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.
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Volatility by Period
| GLDI | MARB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.88% | 0.47% | +3.41% |
Volatility (6M)Calculated over the trailing 6-month period | 12.87% | 2.18% | +10.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.57% | 5.31% | +9.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.31% | 4.27% | +7.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.35% | 5.60% | +5.75% |
GLDI vs. MARB - Expense Ratio Comparison
GLDI has a 0.65% expense ratio, which is lower than MARB's 2.30% expense ratio.
Dividends
GLDI vs. MARB - Dividend Comparison
GLDI's dividend yield for the trailing twelve months is around 22.37%, more than MARB's 2.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLDI Credit Suisse X-Links Gold Shares Covered Call ETN | 22.37% | 16.15% | 10.45% | 10.02% | 13.73% | 10.65% | 14.25% | 7.25% | 5.33% | 7.77% | 17.26% | 10.07% |
MARB First Trust Merger Arbitrage ETF | 2.98% | 3.01% | 2.11% | 2.20% | 0.99% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GLDI and MARB have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLDI has higher volatility (3.88%) compared to MARB (0.47%). In terms of maximum drawdown, GLDI dropped -32.26% vs MARB's -11.99%.
On 5-year performance, GLDI leads with 11.15% vs 2.64% for MARB. On fees, GLDI is cheaper at 0.65% per year. On volatility, MARB has been the lower-risk option at 0.47%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GLDI has performed better with a 11.15% return vs 2.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLDI is cheaper with a 0.65% expense ratio, compared with 2.30% for MARB.
GLDI has the higher dividend yield at 22.37%, compared with 2.98% for MARB.
GLDI is categorized as Precious Metals, while MARB is Long-Short. They also come from different issuers: Credit Suisse and First Trust. Their fees differ too: 0.65% for GLDI and 2.30% for MARB.
GLDI currently has the higher Sharpe Ratio (1.46 vs 1.17), 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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