MARB vs. NLSI

Last updated Jun 25, 2026

MARB (First Trust Merger Arbitrage ETF) and NLSI (Neos Long/Short Equity Income ETF) are both Long-Short funds. Both are actively managed. At a 0.08 correlation, their price movements are largely independent. MARB charges 2.30%/yr vs 2.89%/yr for NLSI.

Performance

MARB vs. NLSI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Merger Arbitrage ETF (MARB) and Neos Long/Short Equity Income ETF (NLSI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MARB achieves a 1.77% return, which is significantly higher than NLSI's -0.07% return.

MARB

• 1D: 0.00%
• 1M: 0.57%
• YTD: 1.77%
• 6M: 1.91%
• 1Y: 6.56%
• 3Y*: 4.36%
• 5Y*: 3.02%
• 10Y*: —

NLSI

• 1D: -0.57%
• 1M: -1.97%
• YTD: -0.07%
• 6M: -0.66%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

MARB vs. NLSI - Yearly Performance Comparison

	2026 (YTD)	2025
MARB First Trust Merger Arbitrage ETF	1.77%	0.21%
NLSI Neos Long/Short Equity Income ETF	-0.07%	2.51%

Correlation

The correlation between MARB and NLSI 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 (All Time) Calculated using the full available price history since Dec 10, 2025	0.08

Return for Risk

MARB vs. NLSI — Risk / Return Rank

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

MARB

MARB Risk / Return Rank: 60
MARB Sharpe Ratio Rank: 39
MARB Sortino Ratio Rank: 41
MARB Omega Ratio Rank: 66
MARB Calmar Ratio Rank: 62
MARB Martin Ratio Rank: 94

NLSI

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. NLSI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Merger Arbitrage ETF (MARB) and Neos Long/Short Equity Income ETF (NLSI). 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	NLSI	Difference
Sharpe ratio: Return per unit of total volatility	1.23	—	—
Sortino ratio: Return per unit of downside risk	1.91	—	—
Omega ratio: Gain probability vs. loss probability	1.35	—	—
Calmar ratio: Return relative to maximum drawdown	2.71	—	—
Martin ratio: Return relative to average drawdown	22.44	—	—

Drawdowns

MARB vs. NLSI - Drawdown Comparison

The maximum MARB drawdown since its inception was -11.99%, smaller than the maximum NLSI drawdown of -13.82%. Use the drawdown chart below to compare losses from any high point for MARB and NLSI.

Drawdown Indicators

	MARB	NLSI	Difference
Max Drawdown Largest peak-to-trough decline	-11.99%	-13.82%	+1.83%
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 Drawdown Current decline from peak	0.00%	-7.86%	+7.86%
Average Drawdown Average peak-to-trough decline	-1.39%	-6.05%	+4.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.29%	—	—

Volatility

Volatility by Period

	MARB	NLSI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.04%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.35%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	5.35%	19.85%	-14.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.28%	19.85%	-15.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.59%	19.85%	-14.26%

MARB vs. NLSI - Expense Ratio Comparison

MARB has a 2.30% expense ratio, which is lower than NLSI's 2.89% expense ratio.

Dividends

MARB vs. NLSI - Dividend Comparison

MARB's dividend yield for the trailing twelve months is around 2.96%, more than NLSI's 2.59% yield.

Position	TTM	2025	2024	2023	2022
MARB First Trust Merger Arbitrage ETF	2.96%	3.01%	2.11%	2.20%	0.99%
NLSI Neos Long/Short Equity Income ETF	2.59%	0.46%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MARB and NLSI in my portfolio?

MARB and NLSI 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.

Which ETF is better, MARB or NLSI?

On fees, MARB is cheaper at 2.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MARB or NLSI?

MARB is cheaper with a 2.30% expense ratio, compared with 2.89% for NLSI.

Which ETF pays a higher dividend yield, MARB or NLSI?

MARB has the higher dividend yield at 2.96%, compared with 2.59% for NLSI.

What is the main difference between MARB and NLSI?

They also come from different issuers: First Trust and Neos. Their fees differ too: 2.30% for MARB and 2.89% for NLSI.