HDG vs. MARB
Compare and contrast key facts about ProShares Hedge Replication (HDG) and First Trust Merger Arbitrage ETF (MARB).
HDG and MARB are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HDG is a passively managed fund by ProShares that tracks the performance of the Merrill Lynch Factor Model - Exchange Series. It was launched on Jul 12, 2011. MARB is an actively managed fund by First Trust. It was launched on Feb 4, 2020.
Performance
HDG vs. MARB - Performance Comparison
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HDG vs. MARB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
HDG ProShares Hedge Replication | 0.49% | 7.18% | 5.12% | 7.14% | -8.48% | 2.97% | 6.76% |
MARB First Trust Merger Arbitrage ETF | 0.29% | 7.02% | 0.73% | 2.16% | 3.89% | 0.26% | -2.35% |
Returns By Period
In the year-to-date period, HDG achieves a 0.49% return, which is significantly higher than MARB's 0.29% return.
HDG
- 1D
- 1.28%
- 1M
- -1.94%
- YTD
- 0.49%
- 6M
- 2.17%
- 1Y
- 8.41%
- 3Y*
- 5.75%
- 5Y*
- 1.97%
- 10Y*
- 3.41%
MARB
- 1D
- -0.14%
- 1M
- -0.00%
- YTD
- 0.29%
- 6M
- 2.63%
- 1Y
- 6.85%
- 3Y*
- 3.46%
- 5Y*
- 2.72%
- 10Y*
- —
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HDG vs. MARB - Expense Ratio Comparison
HDG has a 0.95% expense ratio, which is lower than MARB's 2.30% expense ratio.
Return for Risk
HDG vs. MARB — Risk / Return Rank
HDG
MARB
HDG vs. MARB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Hedge Replication (HDG) 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.
| HDG | MARB | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.23 | 1.29 | -0.07 |
Sortino ratioReturn per unit of downside risk | 1.77 | 2.00 | -0.23 |
Omega ratioGain probability vs. loss probability | 1.26 | 1.33 | -0.07 |
Calmar ratioReturn relative to maximum drawdown | 1.70 | 3.13 | -1.43 |
Martin ratioReturn relative to average drawdown | 6.95 | 21.28 | -14.33 |
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
| HDG | MARB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.23 | 1.29 | -0.07 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.28 | 0.65 | -0.37 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.48 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.38 | 0.34 | +0.04 |
Correlation
The correlation between HDG and MARB is 0.23, 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
HDG vs. MARB - Dividend Comparison
HDG's dividend yield for the trailing twelve months is around 2.49%, less than MARB's 3.01% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HDG ProShares Hedge Replication | 2.49% | 2.55% | 3.50% | 3.48% | 0.39% | 0.00% | 0.08% | 1.09% | 0.51% | 0.00% | 0.00% | 0.00% |
MARB First Trust Merger Arbitrage ETF | 3.01% | 3.01% | 2.11% | 2.20% | 0.99% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
HDG vs. MARB - Drawdown Comparison
The maximum HDG drawdown since its inception was -15.31%, which is greater than MARB's maximum drawdown of -11.99%. Use the drawdown chart below to compare losses from any high point for HDG and MARB.
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Drawdown Indicators
| HDG | MARB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.31% | -11.99% | -3.32% |
Max Drawdown (1Y)Largest decline over 1 year | -4.85% | -2.43% | -2.42% |
Max Drawdown (5Y)Largest decline over 5 years | -15.31% | -3.67% | -11.64% |
Max Drawdown (10Y)Largest decline over 10 years | -15.31% | — | — |
Current DrawdownCurrent decline from peak | -2.74% | -0.24% | -2.50% |
Average DrawdownAverage peak-to-trough decline | -2.80% | -1.44% | -1.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.19% | 0.36% | +0.83% |
Volatility
HDG vs. MARB - Volatility Comparison
ProShares Hedge Replication (HDG) has a higher volatility of 2.61% compared to First Trust Merger Arbitrage ETF (MARB) at 1.15%. This indicates that HDG'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
| HDG | MARB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.61% | 1.15% | +1.46% |
Volatility (6M)Calculated over the trailing 6-month period | 4.43% | 3.17% | +1.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.90% | 5.36% | +1.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.15% | 4.23% | +2.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.08% | 5.64% | +1.44% |