MARB vs. SPY
MARB (First Trust Merger Arbitrage ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - MARB is a Long-Short fund actively managed by First Trust, while SPY is a S&P 500 fund tracking the S&P 500 Index. MARB is actively managed, while SPY is passively managed. Over the past 5 years, MARB returned 2.75%/yr vs 13.51%/yr for SPY. At a 0.24 correlation, their price movements are largely independent. MARB charges 2.30%/yr vs 0.09%/yr for SPY.
Performance
MARB vs. SPY - 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 SPY's 9.74% return.
MARB
- 1D
- -0.33%
- 1M
- -0.36%
- YTD
- 0.82%
- 6M
- 1.04%
- 1Y
- 5.67%
- 3Y*
- 4.04%
- 5Y*
- 2.75%
- 10Y*
- —
SPY
- 1D
- -0.31%
- 1M
- 0.09%
- YTD
- 9.74%
- 6M
- 9.27%
- 1Y
- 26.65%
- 3Y*
- 21.27%
- 5Y*
- 13.51%
- 10Y*
- 15.70%
MARB vs. SPY - 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% |
SPY State Street SPDR S&P 500 ETF | 9.74% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 15.74% |
Correlation
The correlation between MARB and SPY is 0.07, 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 | 0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2020 | 0.24 |
The correlation between MARB and SPY shifts across timeframes, from 0.07 (1 year) to 0.24 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MARB vs. SPY — Risk / Return Rank
MARB
SPY
MARB vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Merger Arbitrage ETF (MARB) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.08 | ||
| Sortino ratioReturn per unit of downside risk | -1.25 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.39 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.35 | 3.01 | -0.67 |
| Martin ratioReturn relative to average drawdown | 19.40 | 13.54 | +5.86 |
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Drawdowns
MARB vs. SPY - Drawdown Comparison
The maximum MARB drawdown since its inception was -11.99%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for MARB and SPY.
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Drawdown Indicators
| MARB | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.99% | -55.19% | +43.20% |
Max Drawdown (1Y)Largest decline over 1 year | -2.43% | -8.88% | +6.45% |
Max Drawdown (3Y)Largest decline over 3 years | -3.67% | -18.76% | +15.09% |
Max Drawdown (5Y)Largest decline over 5 years | -3.67% | -24.50% | +20.83% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -0.60% | -1.75% | +1.15% |
Average DrawdownAverage peak-to-trough decline | -1.39% | -9.04% | +7.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.29% | 1.97% | -1.68% |
Volatility
MARB vs. SPY - Volatility Comparison
The current volatility for First Trust Merger Arbitrage ETF (MARB) is 0.56%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that MARB experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MARB | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.56% | 4.64% | -4.08% |
Volatility (6M)Calculated over the trailing 6-month period | 2.17% | 9.75% | -7.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.29% | 12.43% | -7.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.26% | 17.14% | -12.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.58% | 17.99% | -12.41% |
MARB vs. SPY - Expense Ratio Comparison
MARB has a 2.30% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
MARB vs. SPY - Dividend Comparison
MARB's dividend yield for the trailing twelve months is around 2.99%, more than SPY's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
SPY State Street SPDR S&P 500 ETF | 1.01% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
MARB and SPY have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPY has higher volatility (4.64%) compared to MARB (0.56%). In terms of maximum drawdown, MARB dropped -11.99% vs SPY's -55.19%.
On 5-year performance, SPY leads with 13.51% vs 2.75% for MARB. On fees, SPY is cheaper at 0.09% per year. On volatility, MARB has been the lower-risk option at 0.56%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPY has performed better with a 13.51% return vs 2.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 2.30% for MARB.
MARB has the higher dividend yield at 2.99%, compared with 1.01% for SPY.
MARB is categorized as Long-Short, while SPY is S&P 500. They also come from different issuers: First Trust and State Street. Their fees differ too: 2.30% for MARB and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (2.16 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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