ENDW vs. MNA

Last updated Aug 2, 2026

ENDW (Cambria Endowment Style ETF) and MNA (IQ Merger Arbitrage ETF) are both exchange-traded funds - ENDW is a Global Allocation fund actively managed by Cambria, while MNA is a Event Driven fund tracking the IQ Merger Arbitrage Index. ENDW is actively managed, while MNA is passively managed. Over the past year, ENDW returned 23.92% vs 3.17% for MNA. Their 0.40 correlation means their historical movements had little consistent relationship. ENDW charges 0.29%/yr vs 0.77%/yr for MNA.

Performance

ENDW vs. MNA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cambria Endowment Style ETF (ENDW) and IQ Merger Arbitrage ETF (MNA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ENDW achieves a 11.70% return, which is significantly higher than MNA's 2.05% return.

ENDW

• 1D: -0.02%
• 1M: 2.13%
• 6M: 7.33%
• YTD: 11.70%
• 1Y: 23.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 32.47%

MNA

• 1D: 0.19%
• 1M: 0.25%
• 6M: 0.98%
• YTD: 2.05%
• 1Y: 3.17%
• 3Y*: 6.06%
• 5Y*: 2.15%
• 10Y*: 2.93%
• ALL TIME*: 2.69%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ENDW Cambria Endowment Style ETF	$325.14K	$520.31K	$391.83K
MNA IQ Merger Arbitrage ETF	$556.09K	$1.51M	$1.03M

ENDW vs. MNA - Yearly Performance Comparison

	2026 (YTD)	2025
ENDW Cambria Endowment Style ETF	11.70%	29.25%
MNA IQ Merger Arbitrage ETF	2.05%	4.04%

Correlation

The correlation between ENDW and MNA is 0.43, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.43
Correlation (All Time) Calculated using the full available price history since Apr 10, 2025	0.40

Return for Risk

ENDW vs. MNA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ENDW

ENDW Risk / Return Rank: 88
ENDW Sharpe Ratio Rank: 89
ENDW Sortino Ratio Rank: 87
ENDW Omega Ratio Rank: 88
ENDW Calmar Ratio Rank: 88
ENDW Martin Ratio Rank: 89

MNA

MNA Risk / Return Rank: 40
MNA Sharpe Ratio Rank: 29
MNA Sortino Ratio Rank: 27
MNA Omega Ratio Rank: 27
MNA Calmar Ratio Rank: 68
MNA Martin Ratio Rank: 49

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ENDW vs. MNA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cambria Endowment Style ETF (ENDW) and IQ Merger Arbitrage ETF (MNA). 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.

	ENDW	MNA	Difference
Sharpe ratio: Return per unit of total volatility	2.18	0.70	+1.48
Sortino ratio: Return per unit of downside risk	2.95	1.04	+1.92
Omega ratio: Gain probability vs. loss probability	1.39	1.13	+0.27
Calmar ratio: Return relative to maximum drawdown	3.54	2.36	+1.17
Martin ratio: Return relative to average drawdown	13.68	5.65	+8.03

ENDW vs. MNA - Sharpe Ratio Comparison

The current ENDW Sharpe Ratio is 2.18, which is higher than the MNA Sharpe Ratio of 0.70. The chart below compares the historical Sharpe Ratios of ENDW and MNA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ENDW vs. MNA - Drawdown Comparison

The maximum ENDW drawdown since its inception was -6.44%, smaller than the maximum MNA drawdown of -16.68%. Use the drawdown chart below to compare losses from any high point for ENDW and MNA.

Drawdown Indicators

	ENDW	MNA	Difference
Max Drawdown Largest peak-to-trough decline	-6.44%	-16.68%	+10.24%
Max Drawdown (1Y) Largest decline over 1 year	-6.44%	-1.40%	-5.04%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.01%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-9.46%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-16.68%	—
Current Drawdown Current decline from peak	-0.14%	-0.35%	+0.21%
Average Drawdown Average peak-to-trough decline	-0.86%	-2.81%	+1.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.66%	0.58%	+1.08%

Volatility

ENDW vs. MNA - Volatility Comparison

Cambria Endowment Style ETF (ENDW) has a higher volatility of 2.46% compared to IQ Merger Arbitrage ETF (MNA) at 1.56%. This indicates that ENDW's price experiences larger fluctuations and is considered to be riskier than MNA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ENDW	MNA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.46%	1.56%	+0.90%
Volatility (6M) Calculated over the trailing 6-month period	8.14%	3.63%	+4.51%
Volatility (1Y) Calculated over the trailing 1-year period	10.48%	4.74%	+5.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.02%	4.98%	+6.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.02%	6.52%	+4.50%

ENDW vs. MNA - Expense Ratio Comparison

ENDW has a 0.29% expense ratio, which is lower than MNA's 0.77% expense ratio.

Dividends

ENDW vs. MNA - Dividend Comparison

ENDW's dividend yield for the trailing twelve months is around 2.44%, while MNA has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ENDW Cambria Endowment Style ETF	2.44%	1.91%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MNA IQ Merger Arbitrage ETF	0.00%	0.00%	0.00%	1.20%	0.00%	0.00%	2.30%	0.00%	0.00%	0.00%	0.21%	0.87%

Frequently Asked Questions

Can I hold both ENDW and MNA in my portfolio?

ENDW and MNA have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ENDW or MNA?

ENDW has higher volatility (2.46%) compared to MNA (1.56%). In terms of maximum drawdown, ENDW dropped -6.44% vs MNA's -16.68%.

Which ETF is better, ENDW or MNA?

On 1-year performance, ENDW leads with 23.92% vs 3.17% for MNA. On fees, ENDW is cheaper at 0.29% per year. On volatility, MNA has been the lower-risk option at 1.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ENDW or MNA?

Over the 1-year period, ENDW has performed better with a 23.92% return vs 3.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ENDW or MNA?

ENDW is cheaper with a 0.29% expense ratio, compared with 0.77% for MNA.

Which ETF pays a higher dividend yield, ENDW or MNA?

ENDW has the higher dividend yield at 2.44%, compared with 0.00% for MNA.

What is the main difference between ENDW and MNA?

ENDW is categorized as Global Allocation, while MNA is Event Driven. They also come from different issuers: Cambria and New York Life. Their fees differ too: 0.29% for ENDW and 0.77% for MNA.

Which has better risk-adjusted returns?

ENDW currently has the higher Sharpe Ratio (2.18 vs 0.70), 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.