GUMI vs. MARB

Last updated Jun 24, 2026

GUMI (Goldman Sachs Ultra Short Municipal Income ETF) and MARB (First Trust Merger Arbitrage ETF) are both exchange-traded funds - GUMI is a Municipal Bonds fund actively managed by Goldman Sachs, while MARB is a Long-Short fund actively managed by First Trust. Both are actively managed. Over the past year, GUMI returned 3.15% vs 6.71% for MARB. At a correlation of -0.11, they often move in opposite directions. GUMI charges 0.16%/yr vs 2.30%/yr for MARB.

Performance

GUMI vs. MARB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Ultra Short Municipal Income ETF (GUMI) 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, GUMI achieves a 1.26% return, which is significantly lower than MARB's 1.77% return.

GUMI

• 1D: -0.01%
• 1M: 0.29%
• YTD: 1.26%
• 6M: 1.42%
• 1Y: 3.15%
• 3Y*: —
• 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)

GUMI vs. MARB - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GUMI Goldman Sachs Ultra Short Municipal Income ETF	1.26%	3.39%	1.57%
MARB First Trust Merger Arbitrage ETF	1.77%	7.02%	1.70%

Correlation

The correlation between GUMI and MARB is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.08
Correlation (All Time) Calculated using the full available price history since Jul 25, 2024	-0.11

Return for Risk

GUMI vs. MARB — Risk / Return Rank

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

GUMI

GUMI Risk / Return Rank: 95
GUMI Sharpe Ratio Rank: 91
GUMI Sortino Ratio Rank: 95
GUMI Omega Ratio Rank: 94
GUMI Calmar Ratio Rank: 96
GUMI Martin Ratio Rank: 97

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.

GUMI vs. MARB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Ultra Short Municipal Income ETF (GUMI) 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.

	GUMI	MARB	Difference
Sharpe ratio: Return per unit of total volatility	2.96	1.26	+1.70
Sortino ratio: Return per unit of downside risk	4.83	1.95	+2.88
Omega ratio: Gain probability vs. loss probability	1.65	1.35	+0.30
Calmar ratio: Return relative to maximum drawdown	8.85	2.78	+6.07
Martin ratio: Return relative to average drawdown	38.29	22.96	+15.33

GUMI vs. MARB - Sharpe Ratio Comparison

The current GUMI Sharpe Ratio is 2.96, which is higher than the MARB Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of GUMI 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

GUMI vs. MARB - Drawdown Comparison

The maximum GUMI drawdown since its inception was -0.48%, smaller than the maximum MARB drawdown of -11.99%. Use the drawdown chart below to compare losses from any high point for GUMI and MARB.

Drawdown Indicators

	GUMI	MARB	Difference
Max Drawdown Largest peak-to-trough decline	-0.48%	-11.99%	+11.51%
Max Drawdown (1Y) Largest decline over 1 year	-0.36%	-2.43%	+2.07%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.67%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-3.67%	—
Current Drawdown Current decline from peak	-0.02%	0.00%	-0.02%
Average Drawdown Average peak-to-trough decline	-0.05%	-1.39%	+1.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.08%	0.29%	-0.21%

Volatility

GUMI vs. MARB - Volatility Comparison

The current volatility for Goldman Sachs Ultra Short Municipal Income ETF (GUMI) is 0.20%, while First Trust Merger Arbitrage ETF (MARB) has a volatility of 1.06%. This indicates that GUMI experiences smaller price fluctuations and is considered to be less risky than MARB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GUMI	MARB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.20%	1.06%	-0.86%
Volatility (6M) Calculated over the trailing 6-month period	0.51%	2.35%	-1.84%
Volatility (1Y) Calculated over the trailing 1-year period	1.07%	5.35%	-4.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.98%	4.28%	-3.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.98%	5.59%	-4.61%

GUMI vs. MARB - Expense Ratio Comparison

GUMI has a 0.16% expense ratio, which is lower than MARB's 2.30% expense ratio.

Dividends

GUMI vs. MARB - Dividend Comparison

GUMI's dividend yield for the trailing twelve months is around 2.77%, less than MARB's 2.96% yield.

Position	TTM	2025	2024	2023	2022
GUMI Goldman Sachs Ultra Short Municipal Income ETF	2.77%	2.95%	1.37%	0.00%	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 GUMI and MARB in my portfolio?

GUMI and MARB have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GUMI or MARB?

MARB has higher volatility (1.06%) compared to GUMI (0.20%). In terms of maximum drawdown, GUMI dropped -0.48% vs MARB's -11.99%.

Which ETF is better, GUMI or MARB?

On 1-year performance, MARB leads with 6.71% vs 3.15% for GUMI. On fees, GUMI is cheaper at 0.16% per year. On volatility, GUMI has been the lower-risk option at 0.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GUMI or MARB?

Over the 1-year period, MARB has performed better with a 6.71% return vs 3.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GUMI or MARB?

GUMI is cheaper with a 0.16% expense ratio, compared with 2.30% for MARB.

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

MARB has the higher dividend yield at 2.96%, compared with 2.77% for GUMI.

What is the main difference between GUMI and MARB?

GUMI is categorized as Municipal Bonds, while MARB is Long-Short. They also come from different issuers: Goldman Sachs and First Trust. Their fees differ too: 0.16% for GUMI and 2.30% for MARB.

Which has better risk-adjusted returns?

GUMI currently has the higher Sharpe Ratio (2.96 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.