MARB vs. HFEQ
MARB (First Trust Merger Arbitrage ETF) and HFEQ (Unlimited HFEQ Equity Long/Short ETF) are both Long-Short funds. Both are actively managed. At a 0.06 correlation, their price movements are largely independent. MARB charges 2.30%/yr vs 1.00%/yr for HFEQ.
Performance
MARB vs. HFEQ - Performance Comparison
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Returns By Period
In the year-to-date period, MARB achieves a 1.77% return, which is significantly lower than HFEQ's 9.98% return.
MARB
- 1D
- 0.94%
- 1M
- 0.57%
- YTD
- 1.77%
- 6M
- 1.89%
- 1Y
- 6.71%
- 3Y*
- 4.36%
- 5Y*
- 2.96%
- 10Y*
- —
HFEQ
- 1D
- -3.97%
- 1M
- -1.18%
- YTD
- 9.98%
- 6M
- 8.55%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MARB vs. HFEQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MARB First Trust Merger Arbitrage ETF | 1.77% | 3.28% |
HFEQ Unlimited HFEQ Equity Long/Short ETF | 9.98% | 14.35% |
Correlation
The correlation between MARB and HFEQ is 0.06, 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 (All Time) Calculated using the full available price history since Jul 15, 2025 | 0.06 |
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Return for Risk
MARB vs. HFEQ — Risk / Return Rank
MARB
HFEQ
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
MARB vs. HFEQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Merger Arbitrage ETF (MARB) and Unlimited HFEQ Equity Long/Short ETF (HFEQ). 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.
| MARB | HFEQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.35 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.78 | — | — |
| Martin ratioReturn relative to average drawdown | 22.96 | — | — |
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Drawdowns
MARB vs. HFEQ - Drawdown Comparison
The maximum MARB drawdown since its inception was -11.99%, roughly equal to the maximum HFEQ drawdown of -12.46%. Use the drawdown chart below to compare losses from any high point for MARB and HFEQ.
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Drawdown Indicators
| MARB | HFEQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.99% | -12.46% | +0.47% |
Max Drawdown (1Y)Largest decline over 1 year | -2.43% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -3.67% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -3.67% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -3.97% | +3.97% |
Average DrawdownAverage peak-to-trough decline | -1.39% | -2.44% | +1.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.29% | — | — |
Volatility
MARB vs. HFEQ - Volatility Comparison
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Volatility by Period
| MARB | HFEQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.35% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 5.35% | 21.90% | -16.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.28% | 21.90% | -17.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.59% | 21.90% | -16.31% |
MARB vs. HFEQ - Expense Ratio Comparison
MARB has a 2.30% expense ratio, which is higher than HFEQ's 1.00% expense ratio.
Dividends
MARB vs. HFEQ - Dividend Comparison
MARB's dividend yield for the trailing twelve months is around 2.96%, while HFEQ has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
HFEQ Unlimited HFEQ Equity Long/Short ETF | 9.59% | 10.55% | 0.00% | 0.00% | 0.00% |
MARB First Trust Merger Arbitrage ETF | 2.96% | 3.01% | 2.11% | 2.20% | 0.99% |
Frequently Asked Questions
MARB and HFEQ have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HFEQ is cheaper at 1.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HFEQ is cheaper with a 1.00% expense ratio, compared with 2.30% for MARB.
HFEQ has the higher dividend yield at 9.59%, compared with 2.96% for MARB.
They also come from different issuers: First Trust and Unlimited. Their fees differ too: 2.30% for MARB and 1.00% for HFEQ.
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