HMEZX vs. MARB
HMEZX (NexPoint Merger Arbitrage Fund) and MARB (First Trust Merger Arbitrage ETF) are both funds - HMEZX is a Event Driven fund managed by Highland Funds, while MARB is a Long-Short fund actively managed by First Trust. Over the past 5 years, HMEZX returned 4.87%/yr vs 2.75%/yr for MARB. At a 0.20 correlation, their price movements are largely independent. HMEZX charges 1.50%/yr vs 2.30%/yr for MARB.
Performance
HMEZX vs. MARB - Performance Comparison
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Returns By Period
In the year-to-date period, HMEZX achieves a 1.63% return, which is significantly higher than MARB's 0.82% return.
HMEZX
- 1D
- 0.10%
- 1M
- -0.05%
- YTD
- 1.63%
- 6M
- 1.63%
- 1Y
- 5.28%
- 3Y*
- 6.76%
- 5Y*
- 4.87%
- 10Y*
- 5.90%
MARB
- 1D
- -0.33%
- 1M
- -0.36%
- YTD
- 0.82%
- 6M
- 1.04%
- 1Y
- 5.67%
- 3Y*
- 4.04%
- 5Y*
- 2.75%
- 10Y*
- —
HMEZX vs. MARB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
HMEZX NexPoint Merger Arbitrage Fund | 1.63% | 6.30% | 7.42% | 4.10% | 2.70% | 5.37% | 7.58% |
MARB First Trust Merger Arbitrage ETF | 0.82% | 7.02% | 0.73% | 2.16% | 3.89% | 0.26% | -2.55% |
Correlation
The correlation between HMEZX and MARB is 0.08, 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 (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2020 | 0.20 |
The correlation between HMEZX and MARB shifts across timeframes, from 0.08 (1 year) to 0.20 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HMEZX vs. MARB — Risk / Return Rank
HMEZX
MARB
HMEZX vs. MARB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for NexPoint Merger Arbitrage Fund (HMEZX) 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.
| HMEZX | MARB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.10 | ||
| Sortino ratioReturn per unit of downside risk | +5.56 | ||
| Omega ratioGain probability vs. loss probability | 2.05 | 1.30 | +0.74 |
| Calmar ratioReturn relative to maximum drawdown | 9.66 | 2.35 | +7.31 |
| Martin ratioReturn relative to average drawdown | 52.13 | 19.40 | +32.73 |
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Drawdowns
HMEZX vs. MARB - Drawdown Comparison
The maximum HMEZX drawdown since its inception was -6.86%, smaller than the maximum MARB drawdown of -11.99%. Use the drawdown chart below to compare losses from any high point for HMEZX and MARB.
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Drawdown Indicators
| HMEZX | MARB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.86% | -11.99% | +5.13% |
Max Drawdown (1Y)Largest decline over 1 year | -0.55% | -2.43% | +1.88% |
Max Drawdown (3Y)Largest decline over 3 years | -1.06% | -3.67% | +2.61% |
Max Drawdown (5Y)Largest decline over 5 years | -1.94% | -3.67% | +1.73% |
Max Drawdown (10Y)Largest decline over 10 years | -6.86% | — | — |
Current DrawdownCurrent decline from peak | -0.19% | -0.60% | +0.41% |
Average DrawdownAverage peak-to-trough decline | -0.37% | -1.39% | +1.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.10% | 0.29% | -0.19% |
Volatility
HMEZX vs. MARB - Volatility Comparison
The current volatility for NexPoint Merger Arbitrage Fund (HMEZX) is 0.40%, while First Trust Merger Arbitrage ETF (MARB) has a volatility of 0.56%. This indicates that HMEZX 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.
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Volatility by Period
| HMEZX | MARB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.40% | 0.56% | -0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 0.90% | 2.17% | -1.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.27% | 5.29% | -4.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.66% | 4.26% | -2.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.79% | 5.58% | -1.79% |
HMEZX vs. MARB - Expense Ratio Comparison
HMEZX has a 1.50% expense ratio, which is lower than MARB's 2.30% expense ratio.
Dividends
HMEZX vs. MARB - Dividend Comparison
HMEZX's dividend yield for the trailing twelve months is around 5.08%, more than MARB's 2.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
HMEZX NexPoint Merger Arbitrage Fund | 5.08% | 5.04% | 6.36% | 5.07% | 5.11% | 3.63% | 5.83% | 0.33% | 19.16% | 6.88% | 0.02% |
MARB First Trust Merger Arbitrage ETF | 2.99% | 3.01% | 2.11% | 2.20% | 0.99% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HMEZX and MARB have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MARB has higher volatility (0.56%) compared to HMEZX (0.40%). In terms of maximum drawdown, HMEZX dropped -6.86% vs MARB's -11.99%.
HMEZX currently has the higher Sharpe Ratio (4.18 vs 1.08), 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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