VRIG vs. ARB
VRIG (Invesco Variable Rate Investment Grade ETF) and ARB (AltShares Merger Arbitrage ETF) are both exchange-traded funds - VRIG is a Ultrashort Bond fund actively managed by Invesco, while ARB is a Event Driven fund tracking the Water Island Merger Arbitrage USD Hedged Index. VRIG is actively managed, while ARB is passively managed. Over the past 5 years, VRIG returned 4.55%/yr vs 4.09%/yr for ARB. Their 0.06 correlation means their historical movements had little consistent relationship. VRIG charges 0.30%/yr vs 0.87%/yr for ARB.
Performance
VRIG vs. ARB - Performance Comparison
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Returns By Period
In the year-to-date period, VRIG achieves a 2.56% return, which is significantly higher than ARB's 1.85% return.
VRIG
- 1D
- 0.06%
- 1M
- 0.39%
- 6M
- 2.07%
- YTD
- 2.56%
- 1Y
- 4.70%
- 3Y*
- 5.80%
- 5Y*
- 4.55%
- 10Y*
- —
- ALL TIME*
- 3.45%
ARB
- 1D
- -0.02%
- 1M
- 0.92%
- 6M
- 1.92%
- YTD
- 1.85%
- 1Y
- 3.38%
- 3Y*
- 5.44%
- 5Y*
- 4.09%
- 10Y*
- —
- ALL TIME*
- 4.08%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $421.91K | $575.16K | $443.27K | |
| $11.75M | $12.32M | $13.13M |
VRIG vs. ARB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
VRIG Invesco Variable Rate Investment Grade ETF | 2.56% | 5.05% | 6.81% | 7.37% | 0.99% | 1.06% | 5.73% |
ARB AltShares Merger Arbitrage ETF | 1.85% | 6.05% | 4.07% | 3.85% | 2.67% | 3.16% | 3.77% |
Correlation
The correlation between VRIG and ARB is -0.09, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.09 |
Correlation (3Y) Balances recent behavior with more history. | 0.02 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.06 |
Correlation (All Time) Calculated using the full available price history since May 7, 2020 | 0.06 |
The correlation between VRIG and ARB shifts across timeframes, from -0.09 (1 year) to 0.06 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
VRIG vs. ARB — Risk / Return Rank
VRIG
ARB
VRIG vs. ARB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Variable Rate Investment Grade ETF (VRIG) 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.
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.
| VRIG | ARB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +8.79 | ||
| Sortino ratioReturn per unit of downside risk | +21.75 | ||
| Omega ratioGain probability vs. loss probability | 5.09 | 1.20 | +3.89 |
| Calmar ratioReturn relative to maximum drawdown | 59.55 | 2.19 | +57.36 |
| Martin ratioReturn relative to average drawdown | 296.70 | 9.09 | +287.61 |
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Drawdowns
VRIG vs. ARB - Drawdown Comparison
The maximum VRIG drawdown since its inception was -13.04%, which is greater than ARB's maximum drawdown of -5.60%. Use the drawdown chart below to compare losses from any high point for VRIG and ARB.
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Drawdown Indicators
| VRIG | ARB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.04% | -5.60% | -7.44% |
Max Drawdown (1Y)Largest decline over 1 year | -0.08% | -1.54% | +1.46% |
Max Drawdown (3Y)Largest decline over 3 years | -0.78% | -2.13% | +1.35% |
Max Drawdown (5Y)Largest decline over 5 years | -2.28% | -5.60% | +3.32% |
Current DrawdownCurrent decline from peak | 0.00% | -0.84% | +0.84% |
Average DrawdownAverage peak-to-trough decline | -0.26% | -0.93% | +0.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.02% | 0.37% | -0.35% |
Volatility
VRIG vs. ARB - Volatility Comparison
The current volatility for Invesco Variable Rate Investment Grade ETF (VRIG) is 0.13%, while AltShares Merger Arbitrage ETF (ARB) has a volatility of 1.75%. This indicates that VRIG experiences smaller price fluctuations and is considered to be less risky 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
| VRIG | ARB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.13% | 1.75% | -1.62% |
Volatility (6M)Calculated over the trailing 6-month period | 0.36% | 3.04% | -2.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.49% | 3.42% | -2.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.29% | 4.48% | -3.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.77% | 4.42% | -0.65% |
VRIG vs. ARB - Expense Ratio Comparison
VRIG has a 0.30% expense ratio, which is lower than ARB's 0.87% expense ratio.
Dividends
VRIG vs. ARB - Dividend Comparison
VRIG's dividend yield for the trailing twelve months is around 4.65%, more than ARB's 0.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
ARB AltShares Merger Arbitrage ETF | 0.42% | 0.43% | 1.12% | 0.00% | 4.18% | 0.00% | 2.87% | 0.00% | 0.00% | 0.00% | 0.00% |
VRIG Invesco Variable Rate Investment Grade ETF | 4.65% | 4.99% | 6.09% | 5.97% | 2.39% | 0.78% | 1.57% | 3.12% | 2.89% | 2.31% | 0.60% |
Frequently Asked Questions
VRIG and ARB have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ARB has higher volatility (1.75%) compared to VRIG (0.13%). In terms of maximum drawdown, VRIG dropped -13.04% vs ARB's -5.60%.
On 5-year performance, VRIG leads with 4.55% vs 4.09% for ARB. On fees, VRIG is cheaper at 0.30% per year. On volatility, VRIG has been the lower-risk option at 0.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, VRIG has performed better with a 4.55% return vs 4.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VRIG is cheaper with a 0.30% expense ratio, compared with 0.87% for ARB.
VRIG has the higher dividend yield at 4.65%, compared with 0.42% for ARB.
VRIG is categorized as Ultrashort Bond, while ARB is Event Driven. They also come from different issuers: Invesco and Water Island. Their fees differ too: 0.30% for VRIG and 0.87% for ARB.
VRIG currently has the higher Sharpe Ratio (9.78 vs 0.99), 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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