Data as of .
ARB vs MRGR: which moved less with stocks?
Over the year to Sep 18, 2026, MRGR moved less with the S&P 500 than ARB: correlation −0.02 against +0.04.
ETFIQ Diversifier Score: MRGR scores higher
How much does it diversify a stock portfolio?
A percentile among the 63 alternatives ETFs with a full year. It is a position in a set, not a rating, and neither end of it is a recommendation. All alternatives ETFs ranked by it · How it is computed
One strategy, two funds
ARB and MRGR both run a event driven strategy. Over the same 52 weeks to Sep 18, 2026, ARB’s weekly returns had a correlation of +0.04 with the S&P 500 and MRGR’s −0.02. In the 22 weeks the index fell, by 1.24% a week on average, ARB averaged +0.05% and MRGR +0.19%. Over the same weeks, ARB finished 0.6 percentage points behind cash and MRGR finished 4.7 points ahead of cash.
Performance, window by window
| Window | Total return | vs the S&P 500 | ||
|---|---|---|---|---|
| ARB | MRGR | ARB | MRGR | |
| 3 months | +0.7% | −0.6% | −1.6 pts | −2.8 pts |
| 6 months | +1.7% | +0.7% | −16.3 pts | −17.4 pts |
| 1 year | +3.1% | +8.1% | −13.5 pts | −8.5 pts |
| 3 years | +15.5% | +22.7% | −62.9 pts | −55.7 pts |
| Since launch | +29.1% | +33.0% | −160.5 pts | −546.5 pts |
| ARB AltShares Merger Arbitrage ETF Event driven fund: trades on company events, most often buying a company that has agreed to be taken over and holding it until the deal closes | MRGR ProShares Merger ETF Event driven fund: trades on company events, most often buying a company that has agreed to be taken over and holding it until the deal closes | |
|---|---|---|
| Issuer | AltShares | ProShares |
| Strategy | Event driven | Event driven |
| Correlation with the S&P 500 | +0.04 | −0.02 |
| Beta to the S&P 500 | +0.01 | −0.01 |
| Down-week capture | −4.0% | −15.6% |
| Average week when the S&P 500 fell | +0.05% | +0.19% |
| The S&P 500 in those weeks | −1.24% | −1.24% |
| Total return, same 52 weeks | +3.0% | +8.3% |
| Against T-bills, percentage points | −0.6 pts | +4.7 pts |
| Expense ratio | 0.76% | 0.75% |
| Listed | May 7, 2020 | Dec 13, 2012 |
| Net assets | $103m | $16m |
ARB in plain words
ARB is an event driven fund. ETFIQ measures what every alternatives fund is sold on: whether it moves differently from the stock market. Over the year to Sep 18, 2026, its weekly returns had a correlation of +0.04 with the S&P 500’s and a beta of +0.01, so for each 1% the index moved it moved about 0.01% the same way. The S&P 500 fell in 22 of those 52 weeks, by 1.24% on average. In the same weeks ARB rose 0.05% on average, a down-week capture of −4.0%. Over the same 52 weeks ARB returned +3.0% and a Treasury bill fund +3.6%, so it finished 0.6 percentage points behind cash.
MRGR in plain words
MRGR is an event driven fund. Over the year to Sep 18, 2026, its weekly returns had a correlation of −0.02 with the S&P 500’s and a beta of −0.01, so for each 1% the index moved it moved about 0.01% the other way. In the same weeks MRGR rose 0.19% on average, a down-week capture of −15.6%. Over the same 52 weeks MRGR returned +8.3% and a Treasury bill fund +3.6%, so it finished 4.7 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, ARB or MRGR?
- Over the 52 weeks to Sep 18, 2026, ARB’s weekly returns had a correlation of +0.04 with the S&P 500 and MRGR’s −0.02, so MRGR moved less with the index.
- Which did better when the S&P 500 fell, ARB or MRGR?
- In the 22 weeks the S&P 500 fell, by 1.24% a week on average, ARB averaged +0.05% and MRGR +0.19%, so MRGR returned more in those weeks.
- Which earned more than cash, ARB or MRGR?
- Over the same weeks, ARB finished 0.6 percentage points behind cash and MRGR finished 4.7 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
- Which is cheaper, ARB or MRGR?
- ARB charges 0.76% a year and MRGR charges 0.75%, so MRGR is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, ARB against MRGR, data as of Sep 18, 2026. https://etfiq.com/compare/alternatives/arb-vs-mrgr Free to use with attribution; the underlying files are at Open data.