DFND vs. MRGR

Last updated Jun 4, 2026

DFND (Siren DIVCON Dividend Defender ETF) and MRGR (Proshares Merger ETF) are both exchange-traded funds - DFND is a Large Cap Blend Equities fund tracking the Siren DIVCON Dividend Defender Index, while MRGR is a Hedge Fund fund tracking the S&P Merger Arbitrage Index. Both are passively managed. Over the past 10 years, DFND returned 7.16%/yr vs 3.47%/yr for MRGR. At a 0.16 correlation, their price movements are largely independent. DFND charges 1.50%/yr vs 0.75%/yr for MRGR.

Performance

DFND vs. MRGR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Siren DIVCON Dividend Defender ETF (DFND) and Proshares Merger ETF (MRGR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

Over the past 10 years, DFND has outperformed MRGR with an annualized return of 7.16%, while MRGR has yielded a comparatively lower 3.47% annualized return.

DFND

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: -1.09%
• 1Y: 0.20%
• 3Y*: 7.91%
• 5Y*: 4.54%
• 10Y*: 7.16%

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)

DFND vs. MRGR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFND Siren DIVCON Dividend Defender ETF	0.00%	10.37%	8.48%	12.13%	-19.59%	14.80%	16.12%	19.53%	-1.83%	16.33%
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 DFND and MRGR is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.14
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (10Y) Calculated over the trailing 10-year period	0.16
Correlation (All Time) Calculated using the full available price history since Jan 15, 2016	0.16

The correlation between DFND and MRGR shifts across timeframes, from -0.14 (1 year) to 0.16 (all time), reflecting how their relationship changes across market environments.

DFND vs. MRGR - Sectors Allocation Comparison

Sectors	DFND	MRGR
Technology	24.8%	5.1%
Financial Services	18.2%	12.7%
Industrials	17.1%	17.6%
Healthcare	10.7%	22.7%
Basic Materials	4.3%	5.8%
Consumer Defensive	4.2%	2.7%
Consumer Cyclical	3.5%	4.9%
Real Estate	2.0%	12.6%
Energy	1.7%	5.6%
Communication Services	0.8%	4.9%
Utilities	-	5.4%

Return for Risk

DFND vs. MRGR — Risk / Return Rank

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

DFND

DFND Risk / Return Rank: 9
DFND Sharpe Ratio Rank: 9
DFND Sortino Ratio Rank: 8
DFND Omega Ratio Rank: 8
DFND Calmar Ratio Rank: 9
DFND Martin Ratio Rank: 9

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.

DFND vs. MRGR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Siren DIVCON Dividend Defender ETF (DFND) 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.

	DFND	MRGR	Difference
Sharpe ratio: Return per unit of total volatility	0.02	2.72	-2.70
Sortino ratio: Return per unit of downside risk	0.11	4.63	-4.52
Omega ratio: Gain probability vs. loss probability	1.02	1.56	-0.54
Calmar ratio: Return relative to maximum drawdown	0.07	8.65	-8.58
Martin ratio: Return relative to average drawdown	0.13	23.71	-23.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFND vs. MRGR - Sharpe Ratio Comparison

The current DFND Sharpe Ratio is 0.02, which is lower than the MRGR Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of DFND 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

	DFND	MRGR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.02	2.72	-2.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	1.05	-0.84
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	0.68	-0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.36	0.00

Drawdowns

DFND vs. MRGR - Drawdown Comparison

The maximum DFND drawdown since its inception was -22.65%, which is greater than MRGR's maximum drawdown of -13.23%. Use the drawdown chart below to compare losses from any high point for DFND and MRGR.

Drawdown Indicators

	DFND	MRGR	Difference
Max Drawdown Largest peak-to-trough decline	-22.65%	-13.23%	-9.42%
Max Drawdown (1Y) Largest decline over 1 year	-3.44%	-1.29%	-2.15%
Max Drawdown (3Y) Largest decline over 3 years	-12.56%	-2.10%	-10.46%
Max Drawdown (5Y) Largest decline over 5 years	-22.65%	-8.40%	-14.25%
Max Drawdown (10Y) Largest decline over 10 years	-22.65%	-13.23%	-9.42%
Current Drawdown Current decline from peak	-3.69%	-0.33%	-3.36%
Average Drawdown Average peak-to-trough decline	-5.70%	-3.86%	-1.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.70%	0.47%	+3.23%

Volatility

DFND vs. MRGR - Volatility Comparison

The current volatility for Siren DIVCON Dividend Defender ETF (DFND) is 0.00%, while Proshares Merger ETF (MRGR) has a volatility of 1.08%. This indicates that DFND experiences smaller price fluctuations and is considered to be less risky than MRGR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFND	MRGR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	1.08%	-1.08%
Volatility (6M) Calculated over the trailing 6-month period	6.16%	2.95%	+3.21%
Volatility (1Y) Calculated over the trailing 1-year period	10.92%	4.11%	+6.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.46%	3.82%	+18.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.09%	5.15%	+13.94%

DFND vs. MRGR - Expense Ratio Comparison

DFND has a 1.50% expense ratio, which is higher than MRGR's 0.75% expense ratio.

Dividends

DFND vs. MRGR - Dividend Comparison

DFND's dividend yield for the trailing twelve months is around 0.62%, less than MRGR's 2.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFND Siren DIVCON Dividend Defender ETF	0.62%	1.10%	1.64%	1.84%	0.29%	0.00%	0.00%	0.77%	0.53%	0.02%	0.00%	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 DFND and MRGR in my portfolio?

DFND 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, DFND or MRGR?

MRGR has higher volatility (1.08%) compared to DFND (0.00%). In terms of maximum drawdown, DFND dropped -22.65% vs MRGR's -13.23%.

Which ETF is better, DFND or MRGR?

On 10-year performance, DFND leads with 7.16% vs 3.47% for MRGR. On fees, MRGR is cheaper at 0.75% per year. On volatility, DFND has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFND or MRGR?

Over the 10-year period, DFND has performed better with a 7.16% return vs 3.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFND or MRGR?

MRGR is cheaper with a 0.75% expense ratio, compared with 1.50% for DFND.

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

MRGR has the higher dividend yield at 2.97%, compared with 0.62% for DFND.

What is the main difference between DFND and MRGR?

DFND is categorized as Large Cap Blend Equities, while MRGR is Hedge Fund. DFND tracks Siren DIVCON Dividend Defender Index, while MRGR tracks S&P Merger Arbitrage Index. They also come from different issuers: SRN Advisors and ProShares. Their fees differ too: 1.50% for DFND and 0.75% for MRGR.

Which has better risk-adjusted returns?

MRGR currently has the higher Sharpe Ratio (2.72 vs 0.02), 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.