DBEF vs. MRGR

Last updated Jun 4, 2026

DBEF (Xtrackers MSCI EAFE Hedged Equity ETF) and MRGR (Proshares Merger ETF) are both Hedge Fund funds - DBEF tracks the MSCI EAFE US Dollar Hedged Index while MRGR tracks the S&P Merger Arbitrage Index. Both are passively managed. Over the past 10 years, DBEF returned 12.12%/yr vs 3.47%/yr for MRGR. At a 0.20 correlation, their price movements are largely independent. DBEF charges 0.36%/yr vs 0.75%/yr for MRGR.

Performance

DBEF vs. MRGR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Xtrackers MSCI EAFE Hedged Equity ETF (DBEF) 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, DBEF achieves a 10.25% return, which is significantly higher than MRGR's 1.83% return. Over the past 10 years, DBEF has outperformed MRGR with an annualized return of 12.12%, while MRGR has yielded a comparatively lower 3.47% annualized return.

DBEF

• 1D: -0.47%
• 1M: 4.76%
• YTD: 10.25%
• 6M: 12.54%
• 1Y: 24.51%
• 3Y*: 17.72%
• 5Y*: 13.11%
• 10Y*: 12.12%

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)

DBEF vs. MRGR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DBEF Xtrackers MSCI EAFE Hedged Equity ETF	10.25%	23.16%	13.40%	20.15%	-5.13%	19.60%	2.03%	24.94%	-9.52%	16.74%
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 DBEF and MRGR is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (10Y) Calculated over the trailing 10-year period	0.26
Correlation (All Time) Calculated using the full available price history since Dec 14, 2012	0.20

DBEF vs. MRGR - Sectors Allocation Comparison

Sectors	DBEF	MRGR
Financial Services	24.6%	12.7%
Industrials	19.9%	17.6%
Healthcare	10.5%	22.7%
Technology	10.3%	5.1%
Consumer Cyclical	7.5%	4.9%
Consumer Defensive	6.8%	2.7%
Basic Materials	5.9%	5.8%
Communication Services	4.5%	4.9%
Energy	4.1%	5.6%
Utilities	3.9%	5.4%
Real Estate	1.9%	12.6%

Return for Risk

DBEF vs. MRGR — Risk / Return Rank

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

DBEF

DBEF Risk / Return Rank: 57
DBEF Sharpe Ratio Rank: 57
DBEF Sortino Ratio Rank: 58
DBEF Omega Ratio Rank: 59
DBEF Calmar Ratio Rank: 52
DBEF Martin Ratio Rank: 60

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.

DBEF vs. MRGR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Xtrackers MSCI EAFE Hedged Equity ETF (DBEF) 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.

	DBEF	MRGR	Difference
Sharpe ratio: Return per unit of total volatility	1.99	2.72	-0.73
Sortino ratio: Return per unit of downside risk	2.80	4.63	-1.83
Omega ratio: Gain probability vs. loss probability	1.37	1.56	-0.19
Calmar ratio: Return relative to maximum drawdown	2.62	8.65	-6.03
Martin ratio: Return relative to average drawdown	11.01	23.71	-12.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DBEF vs. MRGR - Sharpe Ratio Comparison

The current DBEF Sharpe Ratio is 1.99, which is comparable to the MRGR Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of DBEF 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

	DBEF	MRGR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.99	2.72	-0.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.96	1.05	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.77	0.68	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.36	+0.19

Drawdowns

DBEF vs. MRGR - Drawdown Comparison

The maximum DBEF drawdown since its inception was -32.46%, which is greater than MRGR's maximum drawdown of -13.23%. Use the drawdown chart below to compare losses from any high point for DBEF and MRGR.

Drawdown Indicators

	DBEF	MRGR	Difference
Max Drawdown Largest peak-to-trough decline	-32.46%	-13.23%	-19.23%
Max Drawdown (1Y) Largest decline over 1 year	-9.41%	-1.29%	-8.12%
Max Drawdown (3Y) Largest decline over 3 years	-14.62%	-2.10%	-12.52%
Max Drawdown (5Y) Largest decline over 5 years	-14.95%	-8.40%	-6.55%
Max Drawdown (10Y) Largest decline over 10 years	-32.46%	-13.23%	-19.23%
Current Drawdown Current decline from peak	-0.47%	-0.33%	-0.14%
Average Drawdown Average peak-to-trough decline	-4.74%	-3.86%	-0.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.23%	0.47%	+1.76%

Volatility

DBEF vs. MRGR - Volatility Comparison

Xtrackers MSCI EAFE Hedged Equity ETF (DBEF) has a higher volatility of 3.99% compared to Proshares Merger ETF (MRGR) at 1.08%. This indicates that DBEF'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

	DBEF	MRGR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.99%	1.08%	+2.91%
Volatility (6M) Calculated over the trailing 6-month period	10.14%	2.95%	+7.19%
Volatility (1Y) Calculated over the trailing 1-year period	12.37%	4.11%	+8.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.74%	3.82%	+9.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.79%	5.15%	+10.64%

DBEF vs. MRGR - Expense Ratio Comparison

DBEF has a 0.36% expense ratio, which is lower than MRGR's 0.75% expense ratio.

Dividends

DBEF vs. MRGR - Dividend Comparison

DBEF's dividend yield for the trailing twelve months is around 5.03%, more than MRGR's 2.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DBEF Xtrackers MSCI EAFE Hedged Equity ETF	5.03%	5.55%	1.29%	4.46%	15.85%	2.28%	2.41%	3.03%	3.22%	2.98%	2.55%	3.70%
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 DBEF and MRGR in my portfolio?

DBEF and MRGR have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DBEF or MRGR?

DBEF has higher volatility (3.99%) compared to MRGR (1.08%). In terms of maximum drawdown, DBEF dropped -32.46% vs MRGR's -13.23%.

Which ETF is better, DBEF or MRGR?

On 10-year performance, DBEF leads with 12.12% vs 3.47% for MRGR. On fees, DBEF is cheaper at 0.36% 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, DBEF or MRGR?

Over the 10-year period, DBEF has performed better with a 12.12% return vs 3.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBEF or MRGR?

DBEF is cheaper with a 0.36% expense ratio, compared with 0.75% for MRGR.

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

DBEF has the higher dividend yield at 5.03%, compared with 2.97% for MRGR.

What is the main difference between DBEF and MRGR?

DBEF tracks MSCI EAFE US Dollar Hedged Index, while MRGR tracks S&P Merger Arbitrage Index. They also come from different issuers: DWS and ProShares. Their fees differ too: 0.36% for DBEF and 0.75% for MRGR.

Which has better risk-adjusted returns?

MRGR currently has the higher Sharpe Ratio (2.72 vs 1.99), 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.