MARB vs. BIL
MARB (First Trust Merger Arbitrage ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - MARB is a Long-Short fund actively managed by First Trust, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. MARB is actively managed, while BIL is passively managed. Over the past 5 years, MARB returned 2.64%/yr vs 3.41%/yr for BIL. At a correlation of -0.01, they often move in opposite directions. MARB charges 2.30%/yr vs 0.14%/yr for BIL.
Performance
MARB vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, MARB achieves a 1.26% return, which is significantly lower than BIL's 1.49% return.
MARB
- 1D
- 0.05%
- 1M
- 0.22%
- YTD
- 1.26%
- 6M
- 1.42%
- 1Y
- 6.18%
- 3Y*
- 4.29%
- 5Y*
- 2.64%
- 10Y*
- —
BIL
- 1D
- 0.02%
- 1M
- 0.28%
- YTD
- 1.49%
- 6M
- 1.77%
- 1Y
- 3.87%
- 3Y*
- 4.64%
- 5Y*
- 3.41%
- 10Y*
- 2.18%
MARB vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
MARB First Trust Merger Arbitrage ETF | 1.26% | 7.02% | 0.73% | 2.16% | 3.89% | 0.26% | -2.35% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.49% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.25% |
Correlation
The correlation between MARB and BIL is -0.15, 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 | -0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.00 |
Correlation (All Time) Calculated using the full available price history since Feb 6, 2020 | -0.01 |
The correlation between MARB and BIL shifts across timeframes, from -0.15 (1 year) to 0.00 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
MARB vs. BIL — Risk / Return Rank
MARB
BIL
MARB vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Merger Arbitrage ETF (MARB) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). 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 | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -18.54 | ||
| Sortino ratioReturn per unit of downside risk | -172.36 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 87.91 | -86.59 |
| Calmar ratioReturn relative to maximum drawdown | 2.56 | 355.35 | -352.80 |
| Martin ratioReturn relative to average drawdown | 20.98 | 2,817.77 | -2,796.79 |
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
| MARB | BIL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.17 | 19.71 | -18.54 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.62 | 13.16 | -12.54 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 8.52 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.36 | 2.78 | -2.42 |
Drawdowns
MARB vs. BIL - Drawdown Comparison
The maximum MARB drawdown since its inception was -11.99%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for MARB and BIL.
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Drawdown Indicators
| MARB | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.99% | -0.78% | -11.21% |
Max Drawdown (1Y)Largest decline over 1 year | -2.43% | -0.01% | -2.42% |
Max Drawdown (3Y)Largest decline over 3 years | -3.67% | -0.01% | -3.66% |
Max Drawdown (5Y)Largest decline over 5 years | -3.67% | -0.10% | -3.57% |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.21% | — |
Current DrawdownCurrent decline from peak | -0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -1.40% | -0.26% | -1.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.30% | 0.00% | +0.30% |
Volatility
MARB vs. BIL - Volatility Comparison
First Trust Merger Arbitrage ETF (MARB) has a higher volatility of 0.47% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.05%. This indicates that MARB's price experiences larger fluctuations and is considered to be riskier than BIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MARB | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.47% | 0.05% | +0.42% |
Volatility (6M)Calculated over the trailing 6-month period | 2.18% | 0.13% | +2.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.31% | 0.20% | +5.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.27% | 0.26% | +4.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.60% | 0.26% | +5.34% |
MARB vs. BIL - Expense Ratio Comparison
MARB has a 2.30% expense ratio, which is higher than BIL's 0.14% expense ratio.
Dividends
MARB vs. BIL - Dividend Comparison
MARB's dividend yield for the trailing twelve months is around 2.98%, less than BIL's 3.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.86% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% |
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% |
Frequently Asked Questions
MARB and BIL have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MARB has higher volatility (0.47%) compared to BIL (0.05%). In terms of maximum drawdown, MARB dropped -11.99% vs BIL's -0.78%.
On 5-year performance, BIL leads with 3.41% vs 2.64% for MARB. On fees, BIL is cheaper at 0.14% per year. On volatility, BIL has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BIL has performed better with a 3.41% return vs 2.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BIL is cheaper with a 0.14% expense ratio, compared with 2.30% for MARB.
BIL has the higher dividend yield at 3.86%, compared with 2.98% for MARB.
MARB is categorized as Long-Short, while BIL is Government Bonds. They also come from different issuers: First Trust and State Street. Their fees differ too: 2.30% for MARB and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.71 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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