ADME vs. MRGR

Last updated Jun 4, 2026

ADME (Aptus Drawdown Managed Equity ETF) and MRGR (Proshares Merger ETF) are both Hedge Fund funds - ADME tracks the Aptus Behavioral Momentum Index while MRGR tracks the S&P Merger Arbitrage Index. Both are passively managed. Over the past 5 years, ADME returned 8.23%/yr vs 3.99%/yr for MRGR. At a 0.22 correlation, their price movements are largely independent. ADME charges 0.79%/yr vs 0.75%/yr for MRGR.

Performance

ADME vs. MRGR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Aptus Drawdown Managed Equity ETF (ADME) and Proshares Merger ETF (MRGR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ADME achieves a 9.81% return, which is significantly higher than MRGR's 1.83% return.

ADME

• 1D: -0.72%
• 1M: 4.45%
• YTD: 9.81%
• 6M: 8.93%
• 1Y: 20.89%
• 3Y*: 17.40%
• 5Y*: 8.23%
• 10Y*: —

MRGR

• 1D: -0.33%
• 1M: 0.80%
• YTD: 1.83%
• 6M: 1.48%
• 1Y: 11.14%
• 3Y*: 8.65%
• 5Y*: 3.99%
• 10Y*: 3.47%

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

ADME vs. MRGR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ADME Aptus Drawdown Managed Equity ETF	9.81%	10.28%	22.11%	15.42%	-21.80%	20.24%	18.21%	9.31%	-6.05%	17.58%
MRGR Proshares Merger ETF	1.83%	11.99%	5.32%	4.94%	-4.81%	6.58%	1.99%	4.31%	3.42%	2.08%

Correlation

The correlation between ADME and MRGR is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (All Time) Calculated using the full available price history since Jun 10, 2016	0.22

The correlation between ADME and MRGR shifts across timeframes, from 0.14 (1 year) to 0.30 (5 years), reflecting how their relationship changes across market environments.

ADME vs. MRGR - Sectors Allocation Comparison

Sectors	ADME	MRGR
Technology	35.2%	5.1%
Financial Services	11.9%	12.7%
Communication Services	11.3%	4.9%
Consumer Cyclical	10.2%	4.9%
Healthcare	8.4%	22.7%
Industrials	8.3%	17.6%
Consumer Defensive	5.0%	2.7%
Energy	3.6%	5.6%
Utilities	2.3%	5.4%
Real Estate	2.0%	12.6%
Basic Materials	1.7%	5.8%

Return for Risk

ADME vs. MRGR — Risk / Return Rank

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

ADME

ADME Risk / Return Rank: 62
ADME Sharpe Ratio Rank: 62
ADME Sortino Ratio Rank: 64
ADME Omega Ratio Rank: 60
ADME Calmar Ratio Rank: 56
ADME Martin Ratio Rank: 66

MRGR

MRGR Risk / Return Rank: 90
MRGR Sharpe Ratio Rank: 82
MRGR Sortino Ratio Rank: 93
MRGR Omega Ratio Rank: 88
MRGR Calmar Ratio Rank: 95
MRGR Martin Ratio Rank: 92

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.

ADME vs. MRGR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aptus Drawdown Managed Equity ETF (ADME) and Proshares Merger ETF (MRGR). 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.

	ADME	MRGR	Difference
Sharpe ratio: Return per unit of total volatility	2.11	2.72	-0.61
Sortino ratio: Return per unit of downside risk	3.01	4.63	-1.63
Omega ratio: Gain probability vs. loss probability	1.37	1.56	-0.18
Calmar ratio: Return relative to maximum drawdown	2.80	8.65	-5.84
Martin ratio: Return relative to average drawdown	12.23	23.71	-11.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ADME vs. MRGR - Sharpe Ratio Comparison

The current ADME Sharpe Ratio is 2.11, which is comparable to the MRGR Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of ADME and MRGR, 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

	ADME	MRGR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.11	2.72	-0.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	1.05	-0.41
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.68	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.36	+0.27

Drawdowns

ADME vs. MRGR - Drawdown Comparison

The maximum ADME drawdown since its inception was -27.49%, which is greater than MRGR's maximum drawdown of -13.23%. Use the drawdown chart below to compare losses from any high point for ADME and MRGR.

Drawdown Indicators

	ADME	MRGR	Difference
Max Drawdown Largest peak-to-trough decline	-27.49%	-13.23%	-14.26%
Max Drawdown (1Y) Largest decline over 1 year	-7.49%	-1.29%	-6.20%
Max Drawdown (3Y) Largest decline over 3 years	-15.67%	-2.10%	-13.57%
Max Drawdown (5Y) Largest decline over 5 years	-23.43%	-8.40%	-15.03%
Max Drawdown (10Y) Largest decline over 10 years	—	-13.23%	—
Current Drawdown Current decline from peak	-0.72%	-0.33%	-0.39%
Average Drawdown Average peak-to-trough decline	-7.92%	-3.86%	-4.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.71%	0.47%	+1.24%

Volatility

ADME vs. MRGR - Volatility Comparison

Aptus Drawdown Managed Equity ETF (ADME) has a higher volatility of 2.99% compared to Proshares Merger ETF (MRGR) at 1.08%. This indicates that ADME's price experiences larger fluctuations and is considered to be riskier than MRGR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ADME	MRGR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.99%	1.08%	+1.91%
Volatility (6M) Calculated over the trailing 6-month period	7.69%	2.95%	+4.74%
Volatility (1Y) Calculated over the trailing 1-year period	9.95%	4.11%	+5.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.87%	3.82%	+9.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.40%	5.15%	+9.25%

ADME vs. MRGR - Expense Ratio Comparison

ADME has a 0.79% expense ratio, which is higher than MRGR's 0.75% expense ratio.

Dividends

ADME vs. MRGR - Dividend Comparison

ADME's dividend yield for the trailing twelve months is around 0.37%, less than MRGR's 2.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ADME Aptus Drawdown Managed Equity ETF	0.37%	0.38%	0.47%	0.78%	0.73%	0.26%	0.41%	0.70%	0.86%	0.32%	0.69%	0.00%
MRGR Proshares Merger ETF	2.97%	3.12%	3.21%	2.11%	0.61%	0.59%	0.00%	0.78%	1.39%	0.36%	0.74%	0.34%

Frequently Asked Questions

Can I hold both ADME and MRGR in my portfolio?

ADME and MRGR have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ADME or MRGR?

ADME has higher volatility (2.99%) compared to MRGR (1.08%). In terms of maximum drawdown, ADME dropped -27.49% vs MRGR's -13.23%.

Which ETF is better, ADME or MRGR?

On 5-year performance, ADME leads with 8.23% vs 3.99% for MRGR. On fees, MRGR is cheaper at 0.75% per year. On volatility, MRGR has been the lower-risk option at 1.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ADME or MRGR?

Over the 5-year period, ADME has performed better with a 8.23% return vs 3.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ADME or MRGR?

MRGR is cheaper with a 0.75% expense ratio, compared with 0.79% for ADME.

Which ETF pays a higher dividend yield, ADME or MRGR?

MRGR has the higher dividend yield at 2.97%, compared with 0.37% for ADME.

What is the main difference between ADME and MRGR?

ADME tracks Aptus Behavioral Momentum Index, while MRGR tracks S&P Merger Arbitrage Index. They also come from different issuers: Aptus Capital Advisors and ProShares. Their fees differ too: 0.79% for ADME and 0.75% for MRGR.

Which has better risk-adjusted returns?

MRGR currently has the higher Sharpe Ratio (2.72 vs 2.11), 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.