MRGR vs. ARB
Compare and contrast key facts about Proshares Merger ETF (MRGR) and AltShares Merger Arbitrage ETF (ARB).
MRGR and ARB are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MRGR is a passively managed fund by ProShares that tracks the performance of the S&P Merger Arbitrage Index. It was launched on Dec 11, 2012. ARB is a passively managed fund by Water Island Capital Partners LP that tracks the performance of the Water Island Merger Arbitrage USD Hedged Index. It was launched on May 7, 2020. Both MRGR and ARB are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
MRGR vs. ARB - Performance Comparison
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MRGR vs. ARB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
MRGR Proshares Merger ETF | 1.17% | 11.99% | 5.32% | 4.94% | -4.81% | 6.58% | 1.56% |
ARB AltShares Merger Arbitrage ETF | 0.91% | 6.05% | 4.07% | 3.85% | 2.67% | 3.16% | 3.78% |
Returns By Period
In the year-to-date period, MRGR achieves a 1.17% return, which is significantly higher than ARB's 0.91% return.
MRGR
- 1D
- -0.29%
- 1M
- 0.22%
- YTD
- 1.17%
- 6M
- 6.51%
- 1Y
- 11.07%
- 3Y*
- 8.29%
- 5Y*
- 4.22%
- 10Y*
- 3.33%
ARB
- 1D
- 0.05%
- 1M
- 0.56%
- YTD
- 0.91%
- 6M
- 1.52%
- 1Y
- 4.55%
- 3Y*
- 5.52%
- 5Y*
- 4.13%
- 10Y*
- —
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MRGR vs. ARB - Expense Ratio Comparison
MRGR has a 0.75% expense ratio, which is lower than ARB's 0.87% expense ratio.
Return for Risk
MRGR vs. ARB — Risk / Return Rank
MRGR
ARB
MRGR vs. ARB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Proshares Merger ETF (MRGR) and AltShares Merger Arbitrage ETF (ARB). 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.
| MRGR | ARB | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.58 | 1.64 | +0.93 |
Sortino ratioReturn per unit of downside risk | 4.23 | 2.38 | +1.84 |
Omega ratioGain probability vs. loss probability | 1.57 | 1.33 | +0.24 |
Calmar ratioReturn relative to maximum drawdown | 6.59 | 3.59 | +3.00 |
Martin ratioReturn relative to average drawdown | 22.39 | 17.51 | +4.88 |
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
| MRGR | ARB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.58 | 1.64 | +0.93 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.11 | 0.95 | +0.17 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.64 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.35 | 0.95 | -0.59 |
Correlation
The correlation between MRGR and ARB is 0.43, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
MRGR vs. ARB - Dividend Comparison
MRGR's dividend yield for the trailing twelve months is around 2.99%, more than ARB's 0.43% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MRGR Proshares Merger ETF | 2.99% | 3.12% | 3.21% | 2.11% | 0.61% | 0.59% | 0.00% | 0.78% | 1.39% | 0.36% | 0.74% | 0.34% |
ARB AltShares Merger Arbitrage ETF | 0.43% | 0.43% | 1.12% | 0.00% | 4.18% | 0.00% | 2.87% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
MRGR vs. ARB - Drawdown Comparison
The maximum MRGR drawdown since its inception was -13.23%, which is greater than ARB's maximum drawdown of -5.60%. Use the drawdown chart below to compare losses from any high point for MRGR and ARB.
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Drawdown Indicators
| MRGR | ARB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.23% | -5.60% | -7.63% |
Max Drawdown (1Y)Largest decline over 1 year | -1.66% | -1.20% | -0.46% |
Max Drawdown (5Y)Largest decline over 5 years | -8.40% | -5.60% | -2.80% |
Max Drawdown (10Y)Largest decline over 10 years | -13.23% | — | — |
Current DrawdownCurrent decline from peak | -0.29% | 0.00% | -0.29% |
Average DrawdownAverage peak-to-trough decline | -3.91% | -0.96% | -2.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.49% | 0.25% | +0.24% |
Volatility
MRGR vs. ARB - Volatility Comparison
Proshares Merger ETF (MRGR) has a higher volatility of 1.45% compared to AltShares Merger Arbitrage ETF (ARB) at 0.86%. This indicates that MRGR's price experiences larger fluctuations and is considered to be riskier than ARB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MRGR | ARB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.45% | 0.86% | +0.59% |
Volatility (6M)Calculated over the trailing 6-month period | 3.39% | 2.01% | +1.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.32% | 2.79% | +1.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.81% | 4.37% | -0.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.19% | 4.41% | +0.78% |