IQ Merger Arbitrage ETF (MNA)

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IQ Merger Arbitrage ETF (MNA) is up 1.5% 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 $1,100.

IQ Merger Arbitrage ETF (MNA) has returned 1.53% so far this year and 4.12% over the past 12 months. Over the last ten years, MNA has returned 2.75% per year, falling short of the S&P 500 Index benchmark, which averaged 13.54% annually.

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%.

IQ Merger Arbitrage ETF has an annualized alpha of 0.38%, 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 (10.37%) - 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.

MNA has an expense ratio of 0.77%, placing it in the medium range.

MNA ranks 34 for risk / return — below 34% of ETFs on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.

IQ Merger Arbitrage ETF provided a 0.00% dividend yield over the last twelve months, with an annual payout of $0.00 per share.

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.

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.

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 0.79%.

The chart below shows the rolling one-month volatility.