MARB vs. ARB

Last updated Apr 1, 2026

Compare and contrast key facts about First Trust Merger Arbitrage ETF (MARB) and AltShares Merger Arbitrage ETF (ARB).

MARB and ARB are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MARB is an actively managed fund by First Trust. It was launched on Feb 4, 2020. 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

MARB vs. ARB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Merger Arbitrage ETF (MARB) and AltShares Merger Arbitrage ETF (ARB). The values are adjusted to include any dividend payments, if applicable.

MARB vs. ARB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
MARB First Trust Merger Arbitrage ETF	0.29%	7.02%	0.73%	2.16%	3.89%	0.26%	-1.30%
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, MARB achieves a 0.29% return, which is significantly lower than ARB's 0.86% return.

MARB

• 1D: -0.14%
• 1M: -0.00%
• YTD: 0.29%
• 6M: 2.63%
• 1Y: 6.85%
• 3Y*: 3.46%
• 5Y*: 2.72%
• 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)

MARB vs. ARB - Expense Ratio Comparison

MARB has a 2.30% expense ratio, which is higher than ARB's 0.87% expense ratio.

MARB

First Trust Merger Arbitrage ETF

ARB

AltShares Merger Arbitrage ETF

Return for Risk

MARB vs. ARB — Risk / Return Rank

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

MARB

MARB Risk / Return Rank: 84
MARB Sharpe Ratio Rank: 72
MARB Sortino Ratio Rank: 78
MARB Omega Ratio Rank: 83
MARB Calmar Ratio Rank: 91
MARB Martin Ratio Rank: 97

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.

MARB vs. ARB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Merger Arbitrage ETF (MARB) 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.

	MARB	ARB	Difference
Sharpe ratio Return per unit of total volatility	1.29	1.54	-0.25
Sortino ratio Return per unit of downside risk	2.00	2.23	-0.23
Omega ratio Gain probability vs. loss probability	1.33	1.30	+0.03
Calmar ratio Return relative to maximum drawdown	3.13	3.50	-0.37
Martin ratio Return relative to average drawdown	21.28	17.20	+4.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MARB vs. ARB - Sharpe Ratio Comparison

The current MARB Sharpe Ratio is 1.29, which is comparable to the ARB Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of MARB 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

	MARB	ARB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.29	1.54	-0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	0.95	-0.30
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.94	-0.60

Correlation

The correlation between MARB and ARB is 0.34, 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

MARB vs. ARB - Dividend Comparison

MARB's dividend yield for the trailing twelve months is around 3.01%, more than ARB's 0.43% yield.

	TTM	2025	2024	2023	2022	2021	2020
MARB First Trust Merger Arbitrage ETF	3.01%	3.01%	2.11%	2.20%	0.99%	0.00%	0.00%
ARB AltShares Merger Arbitrage ETF	0.43%	0.43%	1.12%	0.00%	4.18%	0.00%	2.87%

Drawdowns

MARB vs. ARB - Drawdown Comparison

The maximum MARB drawdown since its inception was -11.99%, which is greater than ARB's maximum drawdown of -5.60%. Use the drawdown chart below to compare losses from any high point for MARB and ARB.

Drawdown Indicators

	MARB	ARB	Difference
Max Drawdown Largest peak-to-trough decline	-11.99%	-5.60%	-6.39%
Max Drawdown (1Y) Largest decline over 1 year	-2.43%	-1.20%	-1.23%
Max Drawdown (5Y) Largest decline over 5 years	-3.67%	-5.60%	+1.93%
Current Drawdown Current decline from peak	-0.24%	0.00%	-0.24%
Average Drawdown Average peak-to-trough decline	-1.44%	-0.96%	-0.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.36%	0.26%	+0.10%

Volatility

MARB vs. ARB - Volatility Comparison

First Trust Merger Arbitrage ETF (MARB) has a higher volatility of 1.15% compared to AltShares Merger Arbitrage ETF (ARB) at 0.96%. This indicates that MARB'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

	MARB	ARB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.15%	0.96%	+0.19%
Volatility (6M) Calculated over the trailing 6-month period	3.17%	2.01%	+1.16%
Volatility (1Y) Calculated over the trailing 1-year period	5.36%	2.79%	+2.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.23%	4.37%	-0.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.64%	4.41%	+1.23%