MARB vs. HMEZX
MARB (First Trust Merger Arbitrage ETF) and HMEZX (NexPoint Merger Arbitrage Fund) are both funds - MARB is a Long-Short fund actively managed by First Trust, while HMEZX is a Event Driven fund managed by Highland Funds. Over the past 5 years, MARB returned 2.75%/yr vs 4.87%/yr for HMEZX. At a 0.20 correlation, their price movements are largely independent. MARB charges 2.30%/yr vs 1.50%/yr for HMEZX.
Performance
MARB vs. HMEZX - Performance Comparison
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Returns By Period
In the year-to-date period, MARB achieves a 0.82% return, which is significantly lower than HMEZX's 1.63% return.
MARB
- 1D
- -0.33%
- 1M
- -0.36%
- YTD
- 0.82%
- 6M
- 1.04%
- 1Y
- 5.67%
- 3Y*
- 4.04%
- 5Y*
- 2.75%
- 10Y*
- —
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 vs. HMEZX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
MARB First Trust Merger Arbitrage ETF | 0.82% | 7.02% | 0.73% | 2.16% | 3.89% | 0.26% | -2.55% |
HMEZX NexPoint Merger Arbitrage Fund | 1.63% | 6.30% | 7.42% | 4.10% | 2.70% | 5.37% | 7.58% |
Correlation
The correlation between MARB and HMEZX 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 MARB and HMEZX 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
MARB vs. HMEZX — Risk / Return Rank
MARB
HMEZX
MARB vs. HMEZX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Merger Arbitrage ETF (MARB) and NexPoint Merger Arbitrage Fund (HMEZX). 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 | HMEZX | 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 | 1.30 | 2.05 | -0.74 |
| Calmar ratioReturn relative to maximum drawdown | 2.35 | 9.66 | -7.31 |
| Martin ratioReturn relative to average drawdown | 19.40 | 52.13 | -32.73 |
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Drawdowns
MARB vs. HMEZX - Drawdown Comparison
The maximum MARB drawdown since its inception was -11.99%, which is greater than HMEZX's maximum drawdown of -6.86%. Use the drawdown chart below to compare losses from any high point for MARB and HMEZX.
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Drawdown Indicators
| MARB | HMEZX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.99% | -6.86% | -5.13% |
Max Drawdown (1Y)Largest decline over 1 year | -2.43% | -0.55% | -1.88% |
Max Drawdown (3Y)Largest decline over 3 years | -3.67% | -1.06% | -2.61% |
Max Drawdown (5Y)Largest decline over 5 years | -3.67% | -1.94% | -1.73% |
Max Drawdown (10Y)Largest decline over 10 years | — | -6.86% | — |
Current DrawdownCurrent decline from peak | -0.60% | -0.19% | -0.41% |
Average DrawdownAverage peak-to-trough decline | -1.39% | -0.37% | -1.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.29% | 0.10% | +0.19% |
Volatility
MARB vs. HMEZX - Volatility Comparison
First Trust Merger Arbitrage ETF (MARB) has a higher volatility of 0.56% compared to NexPoint Merger Arbitrage Fund (HMEZX) at 0.40%. This indicates that MARB's price experiences larger fluctuations and is considered to be riskier than HMEZX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MARB | HMEZX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.56% | 0.40% | +0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 2.17% | 0.90% | +1.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.29% | 1.27% | +4.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.26% | 1.66% | +2.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.58% | 3.79% | +1.79% |
MARB vs. HMEZX - Expense Ratio Comparison
MARB has a 2.30% expense ratio, which is higher than HMEZX's 1.50% expense ratio.
Dividends
MARB vs. HMEZX - Dividend Comparison
MARB's dividend yield for the trailing twelve months is around 2.99%, less than HMEZX's 5.08% 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
MARB and HMEZX 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, MARB dropped -11.99% vs HMEZX's -6.86%.
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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