SHUS vs. ARB

Last updated Jun 4, 2026

SHUS (Syntax Stratified U.S. Total Market Hedged ETF) and ARB (AltShares Merger Arbitrage ETF) are both Hedge Fund funds. SHUS is actively managed, while ARB is passively managed. Over the past year, SHUS returned 17.10% vs 4.90% for ARB. At a 0.32 correlation, their price movements are largely independent. SHUS charges 0.65%/yr vs 0.87%/yr for ARB.

Performance

SHUS vs. ARB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Syntax Stratified U.S. Total Market Hedged ETF (SHUS) and AltShares Merger Arbitrage ETF (ARB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SHUS achieves a 8.58% return, which is significantly higher than ARB's 1.70% return.

SHUS

• 1D: -0.31%
• 1M: 3.21%
• YTD: 8.58%
• 6M: 8.70%
• 1Y: 17.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ARB

• 1D: 0.03%
• 1M: 0.35%
• YTD: 1.70%
• 6M: 2.28%
• 1Y: 4.90%
• 3Y*: 6.40%
• 5Y*: 3.87%
• 10Y*: —

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

SHUS vs. ARB - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SHUS Syntax Stratified U.S. Total Market Hedged ETF	8.58%	10.89%	-2.65%
ARB AltShares Merger Arbitrage ETF	1.70%	6.05%	0.43%

Correlation

The correlation between SHUS and ARB is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (All Time) Calculated using the full available price history since Oct 1, 2024	0.32

SHUS vs. ARB - Sectors Allocation Comparison

Sectors	SHUS	ARB
Technology	17.8%	16.3%
Consumer Cyclical	13.0%	5.6%
Consumer Defensive	12.1%	6.2%
Healthcare	11.8%	17.4%
Industrials	10.5%	11.9%
Financial Services	10.4%	21.4%
Energy	6.4%	0.6%
Communication Services	6.2%	9.9%
Utilities	5.9%	3.1%
Real Estate	3.4%	3.1%
Basic Materials	2.6%	5.3%

Return for Risk

SHUS vs. ARB — Risk / Return Rank

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

SHUS

SHUS Risk / Return Rank: 51
SHUS Sharpe Ratio Rank: 51
SHUS Sortino Ratio Rank: 54
SHUS Omega Ratio Rank: 48
SHUS Calmar Ratio Rank: 50
SHUS Martin Ratio Rank: 52

ARB

ARB Risk / Return Rank: 69
ARB Sharpe Ratio Rank: 48
ARB Sortino Ratio Rank: 57
ARB Omega Ratio Rank: 56
ARB Calmar Ratio Rank: 94
ARB Martin Ratio Rank: 90

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.

SHUS vs. ARB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Syntax Stratified U.S. Total Market Hedged ETF (SHUS) 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.

	SHUS	ARB	Difference
Sharpe ratio: Return per unit of total volatility	1.72	1.70	+0.02
Sortino ratio: Return per unit of downside risk	2.54	2.77	-0.23
Omega ratio: Gain probability vs. loss probability	1.30	1.35	-0.04
Calmar ratio: Return relative to maximum drawdown	2.47	7.17	-4.70
Martin ratio: Return relative to average drawdown	8.81	20.90	-12.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SHUS vs. ARB - Sharpe Ratio Comparison

The current SHUS Sharpe Ratio is 1.72, which is comparable to the ARB Sharpe Ratio of 1.70. The chart below compares the historical Sharpe Ratios of SHUS and ARB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SHUS	ARB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.72	1.70	+0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.88	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	0.95	-0.15

Drawdowns

SHUS vs. ARB - Drawdown Comparison

The maximum SHUS drawdown since its inception was -14.09%, which is greater than ARB's maximum drawdown of -5.60%. Use the drawdown chart below to compare losses from any high point for SHUS and ARB.

Drawdown Indicators

	SHUS	ARB	Difference
Max Drawdown Largest peak-to-trough decline	-14.09%	-5.60%	-8.49%
Max Drawdown (1Y) Largest decline over 1 year	-6.95%	-0.69%	-6.26%
Max Drawdown (3Y) Largest decline over 3 years	—	-2.13%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-5.60%	—
Current Drawdown Current decline from peak	-0.31%	-0.49%	+0.18%
Average Drawdown Average peak-to-trough decline	-2.65%	-0.94%	-1.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.94%	0.24%	+1.70%

Volatility

SHUS vs. ARB - Volatility Comparison

Syntax Stratified U.S. Total Market Hedged ETF (SHUS) has a higher volatility of 2.31% compared to AltShares Merger Arbitrage ETF (ARB) at 1.28%. This indicates that SHUS'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.

Volatility by Period

	SHUS	ARB	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.31%	1.28%	+1.03%
Volatility (6M) Calculated over the trailing 6-month period	7.06%	2.38%	+4.68%
Volatility (1Y) Calculated over the trailing 1-year period	10.01%	2.89%	+7.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.61%	4.40%	+8.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.61%	4.40%	+8.21%

SHUS vs. ARB - Expense Ratio Comparison

SHUS has a 0.65% expense ratio, which is lower than ARB's 0.87% expense ratio.

Dividends

SHUS vs. ARB - Dividend Comparison

SHUS's dividend yield for the trailing twelve months is around 1.27%, more than ARB's 0.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
ARB AltShares Merger Arbitrage ETF	0.43%	0.43%	1.12%	0.00%	4.18%	0.00%	2.87%
SHUS Syntax Stratified U.S. Total Market Hedged ETF	1.27%	1.37%	0.26%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SHUS and ARB in my portfolio?

SHUS and ARB have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SHUS or ARB?

SHUS has higher volatility (2.31%) compared to ARB (1.28%). In terms of maximum drawdown, SHUS dropped -14.09% vs ARB's -5.60%.

Which ETF is better, SHUS or ARB?

On 1-year performance, SHUS leads with 17.10% vs 4.90% for ARB. On fees, SHUS is cheaper at 0.65% per year. On volatility, ARB has been the lower-risk option at 1.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SHUS or ARB?

Over the 1-year period, SHUS has performed better with a 17.10% return vs 4.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SHUS or ARB?

SHUS is cheaper with a 0.65% expense ratio, compared with 0.87% for ARB.

Which ETF pays a higher dividend yield, SHUS or ARB?

SHUS has the higher dividend yield at 1.27%, compared with 0.43% for ARB.

What is the main difference between SHUS and ARB?

They also come from different issuers: Syntax Advisors and Water Island Capital Partners LP. Their fees differ too: 0.65% for SHUS and 0.87% for ARB.

Which has better risk-adjusted returns?

SHUS currently has the higher Sharpe Ratio (1.72 vs 1.70), 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.