BKMI vs. MRGR

Last updated Jun 24, 2026

BKMI (BNY Mellon Municipal Intermediate ETF) and MRGR (Proshares Merger ETF) are both exchange-traded funds - BKMI is a Municipal Bonds fund actively managed by BNY Mellon, while MRGR is a Hedge Fund fund tracking the S&P Merger Arbitrage Index. BKMI is actively managed, while MRGR is passively managed. At a 0.06 correlation, their price movements are largely independent. BKMI charges 0.35%/yr vs 0.75%/yr for MRGR.

Performance

BKMI vs. MRGR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon Municipal Intermediate ETF (BKMI) and Proshares Merger ETF (MRGR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BKMI

• 1D: -0.08%
• 1M: 0.97%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MRGR

• 1D: 0.28%
• 1M: 0.51%
• YTD: 2.38%
• 6M: 2.11%
• 1Y: 11.18%
• 3Y*: 8.71%
• 5Y*: 4.15%
• 10Y*: 3.59%

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

BKMI vs. MRGR - Yearly Performance Comparison

	2026 (YTD)
BKMI BNY Mellon Municipal Intermediate ETF	0.29%
MRGR Proshares Merger ETF	1.65%

Correlation

The correlation between BKMI and MRGR is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 12, 2026	0.06

Return for Risk

BKMI vs. MRGR — Risk / Return Rank

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

BKMI

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

MRGR

MRGR Risk / Return Rank: 92
MRGR Sharpe Ratio Rank: 87
MRGR Sortino Ratio Rank: 94
MRGR Omega Ratio Rank: 89
MRGR Calmar Ratio Rank: 96
MRGR Martin Ratio Rank: 93

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.

BKMI vs. MRGR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Municipal Intermediate ETF (BKMI) 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.

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.

	BKMI	MRGR	Difference
Sharpe ratio: Return per unit of total volatility	—	2.65	—
Sortino ratio: Return per unit of downside risk	—	4.50	—
Omega ratio: Gain probability vs. loss probability	—	1.53	—
Calmar ratio: Return relative to maximum drawdown	—	8.67	—
Martin ratio: Return relative to average drawdown	—	23.70	—

Drawdowns

BKMI vs. MRGR - Drawdown Comparison

The maximum BKMI drawdown since its inception was -2.99%, smaller than the maximum MRGR drawdown of -13.23%. Use the drawdown chart below to compare losses from any high point for BKMI and MRGR.

Drawdown Indicators

	BKMI	MRGR	Difference
Max Drawdown Largest peak-to-trough decline	-2.99%	-13.23%	+10.24%
Max Drawdown (1Y) Largest decline over 1 year	—	-1.29%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-2.10%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-8.40%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-13.23%	—
Current Drawdown Current decline from peak	-1.19%	-0.05%	-1.14%
Average Drawdown Average peak-to-trough decline	-1.16%	-3.85%	+2.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.47%	—

Volatility

Volatility by Period

	BKMI	MRGR	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.27%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.93%	—
Volatility (1Y) Calculated over the trailing 1-year period	2.82%	4.23%	-1.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.82%	3.84%	-1.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.82%	5.16%	-2.34%

BKMI vs. MRGR - Expense Ratio Comparison

BKMI has a 0.35% expense ratio, which is lower than MRGR's 0.75% expense ratio.

Dividends

BKMI vs. MRGR - Dividend Comparison

BKMI's dividend yield for the trailing twelve months is around 0.98%, less than MRGR's 2.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BKMI BNY Mellon Municipal Intermediate ETF	0.98%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MRGR Proshares Merger ETF	2.95%	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 BKMI and MRGR in my portfolio?

BKMI and MRGR have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BKMI or MRGR?

On fees, BKMI is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BKMI or MRGR?

BKMI is cheaper with a 0.35% expense ratio, compared with 0.75% for MRGR.

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

MRGR has the higher dividend yield at 2.95%, compared with 0.98% for BKMI.

What is the main difference between BKMI and MRGR?

BKMI is categorized as Municipal Bonds, while MRGR is Hedge Fund. They also come from different issuers: BNY Mellon and ProShares. Their fees differ too: 0.35% for BKMI and 0.75% for MRGR.