- ISIN
- US45409B8000
- CUSIP
- 45409B800
- Issuer
- New York Life
- Inception Date
- Nov 17, 2009
- Region
- Developed Markets (Broad)
- Category
- Event Driven
- Leveraged
- 1x (No leverage)
- Index Tracked
- IQ Merger Arbitrage Index
- Distribution Policy
- Accumulating
- Asset Class
- Alternatives
- Assets Under Management
- $251M
Highlights
- Avg. Volume (1M)
- 42K
- Avg. Volume Value (1M)
- $1.54M
Share Price Chart
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Performance
MNA Performance Chart
IQ Merger Arbitrage ETF (MNA) is up 1.9% since the beginning of the year. MNA is currently trading at $36 per share. Investors who bought $1,000 worth of MNA shares 5 years ago would now be looking at an investment worth $1,110.
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Returns By Period
IQ Merger Arbitrage ETF (MNA) has returned 1.86% so far this year and 2.89% over the past 12 months. Over the last ten years, MNA has returned 2.86% per year, falling short of the S&P 500 Index benchmark, which averaged 13.10% annually.
IQ Merger Arbitrage ETF
- 1D
- 0.25%
- 1M
- -0.07%
- 6M
- 0.45%
- YTD
- 1.86%
- 1Y
- 2.89%
- 3Y*
- 5.79%
- 5Y*
- 2.11%
- 10Y*
- 2.86%
- ALL TIME*
- 2.68%
Benchmark (S&P 500 Index)
- 1D
- 1.66%
- 1M
- -0.82%
- 6M
- 6.72%
- YTD
- 8.65%
- 1Y
- 16.89%
- 3Y*
- 17.46%
- 5Y*
- 11.09%
- 10Y*
- 13.10%
- ALL TIME*
- 8.07%
MNA Monthly Returns History
Based on dividend-adjusted daily data since Nov 17, 2009, MNA's average daily return is +0.01%, while the average monthly return is +0.23%. At this rate, an investment would double in approximately 25.1 years.
Historically, 60% of months were positive and 40% were negative. The best month was Apr 2020 with a return of +4.2%, while the worst month was Mar 2020 at -8.6%. The longest winning streak lasted 11 consecutive months, and the longest losing streak was 6 months.
On a daily basis, MNA closed higher 50% of trading days. The best single day was Mar 17, 2020 with a return of +5.2%, while the worst single day was Mar 18, 2020 at -7.4%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 1.06% | 0.33% | 0.17% | 0.21% | -0.45% | 0.61% | -0.07% | 1.86% | |||||
| 2025 | 1.33% | 0.85% | 1.83% | 0.73% | 1.01% | 1.06% | 0.26% | 1.24% | 0.28% | -0.28% | 0.15% | -0.18% | 8.59% |
| 2024 | -0.76% | 0.51% | 0.48% | -1.78% | 0.91% | 1.28% | 1.93% | 1.61% | 0.46% | -0.15% | 0.00% | 0.40% | 4.93% |
| 2023 | -0.47% | -0.98% | 1.15% | 0.28% | -1.89% | 0.26% | -0.13% | 0.83% | 0.54% | -0.38% | -0.92% | 1.95% | 0.18% |
| 2022 | -1.86% | 0.76% | 0.16% | -0.50% | -0.60% | -1.99% | 1.87% | 0.76% | -1.54% | 1.09% | -0.41% | 0.73% | -1.61% |
| 2021 | -0.54% | -1.42% | 0.83% | 2.09% | -0.48% | 0.12% | -0.84% | -1.17% | 0.09% | -0.06% | -1.64% | -0.22% | -3.24% |
Benchmark Metrics
IQ Merger Arbitrage ETF has an annualized alpha of 0.40%, beta of 0.20, and R2 of 0.21 versus S&P 500 Index. Calculated based on daily prices since November 17, 2009.
- This ETF participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (12.61%) than losses (10.20%) - typical of diversified or defensive assets.
- Beta of 0.20 may look defensive, but with R2 of 0.21 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.21 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 0.40%
- Beta
- 0.20
- R²
- 0.21
- Upside Capture
- 12.61%
- Downside Capture
- 10.20%
Expense Ratio
MNA has an expense ratio of 0.77%, placing it in the medium range.
Return for Risk
Risk / Return Rank
MNA ranks 37 for risk / return — above 37% of ETFs peers on PortfoliosLab. Its historical combined result is below the peer median.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for IQ Merger Arbitrage ETF (MNA) and compare them to S&P 500 Index.
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.
| MNA | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.71 | ||
| Sortino ratioReturn per unit of downside risk | -0.94 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.24 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.08 | 1.86 | +0.22 |
| Martin ratioReturn relative to average drawdown | 4.97 | 7.90 | -2.93 |
Dividends
Dividend History
IQ Merger Arbitrage ETF provided a 0.00% dividend yield over the last twelve months, with an annual payout of $0.00 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.00 | $0.00 | $0.00 | $0.38 | $0.00 | $0.00 | $0.77 | $0.00 | $0.00 | $0.00 | $0.06 | $0.25 |
Dividend yield | 0.00% | 0.00% | 0.00% | 1.20% | 0.00% | 0.00% | 2.30% | 0.00% | 0.00% | 0.00% | 0.21% | 0.87% |
Monthly Dividends
The table displays the monthly dividend distributions for IQ Merger Arbitrage ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.38 | $0.38 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the IQ Merger Arbitrage ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the IQ Merger Arbitrage ETF was 16.68%, occurring on Mar 18, 2020. Recovery took 135 trading sessions.
The current IQ Merger Arbitrage ETF drawdown is 0.53%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-16.68%Mar 2020 | 1mo 21d | 6mo 15d | 8mo 6dJan 2020 - Sep 2020 | COVID crash2020 |
-11.94%Aug 2011 | 1y 3mo | 1y 11mo | 3y 2moApr 2010 - Jul 2013 | — |
-10.74%Jun 2022 | 1y 1mo | 2y 7mo | 3y 8moApr 2021 - Jan 2025 | Bear market2022 |
-5.78%Oct 2015 | 4mo 20d | 4mo 9d | 8mo 29dJun 2015 - Mar 2016 | — |
-4.83%Apr 2018 | 2mo 10d | 6mo 13d | 8mo 23dJan 2018 - Oct 2018 | — |
Drawdown Indicators
| MNA | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.68% | -56.78% | +40.10% |
Max Drawdown (1Y)Largest decline over 1 year | -1.40% | -9.10% | +7.70% |
Max Drawdown (3Y)Largest decline over 3 years | -3.01% | -18.90% | +15.89% |
Max Drawdown (5Y)Largest decline over 5 years | -9.54% | -25.43% | +15.89% |
Max Drawdown (10Y)Largest decline over 10 years | -16.68% | -33.92% | +17.24% |
Current DrawdownCurrent decline from peak | -0.53% | -2.26% | +1.73% |
Average DrawdownAverage peak-to-trough decline | -2.81% | -10.70% | +7.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.58% | 2.14% | -1.56% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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