EQWL vs. MRGR

Last updated Jun 5, 2026

EQWL (Invesco S&P 100 Equal Weight ETF) and MRGR (Proshares Merger ETF) are both exchange-traded funds - EQWL is a Large Cap Blend Equities fund tracking the S&P 100 Equal Weight Index, while MRGR is a Hedge Fund fund tracking the S&P Merger Arbitrage Index. Both are passively managed. Over the past 10 years, EQWL returned 14.47%/yr vs 3.50%/yr for MRGR. At a 0.22 correlation, their price movements are largely independent. EQWL charges 0.25%/yr vs 0.75%/yr for MRGR.

Performance

EQWL vs. MRGR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 100 Equal Weight ETF (EQWL) 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, EQWL achieves a 9.48% return, which is significantly higher than MRGR's 2.10% return. Over the past 10 years, EQWL has outperformed MRGR with an annualized return of 14.47%, while MRGR has yielded a comparatively lower 3.50% annualized return.

EQWL

• 1D: 0.68%
• 1M: 4.61%
• YTD: 9.48%
• 6M: 10.19%
• 1Y: 22.95%
• 3Y*: 20.06%
• 5Y*: 11.94%
• 10Y*: 14.47%

MRGR

• 1D: 0.26%
• 1M: 0.69%
• YTD: 2.10%
• 6M: 1.84%
• 1Y: 11.47%
• 3Y*: 8.69%
• 5Y*: 4.04%
• 10Y*: 3.50%

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

EQWL vs. MRGR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EQWL Invesco S&P 100 Equal Weight ETF	9.48%	17.61%	19.11%	19.48%	-11.46%	28.29%	13.94%	29.54%	-6.30%	24.41%
MRGR Proshares Merger ETF	2.10%	11.99%	5.32%	4.94%	-4.81%	6.58%	1.99%	4.31%	3.42%	2.08%

Correlation

The correlation between EQWL and MRGR is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (10Y) Calculated over the trailing 10-year period	0.27
Correlation (All Time) Calculated using the full available price history since Dec 14, 2012	0.22

The correlation between EQWL and MRGR shifts across timeframes, from 0.22 (all time) to 0.34 (5 years), reflecting how their relationship changes across market environments.

EQWL vs. MRGR - Sectors Allocation Comparison

Sectors	EQWL	MRGR
Technology	22.8%	5.1%
Financial Services	15.6%	12.7%
Healthcare	14.0%	22.7%
Industrials	13.7%	17.6%
Consumer Defensive	8.9%	2.7%
Consumer Cyclical	8.5%	4.9%
Communication Services	7.6%	4.9%
Energy	3.0%	5.6%
Utilities	3.0%	5.4%
Real Estate	2.0%	12.6%
Basic Materials	1.0%	5.8%

Return for Risk

EQWL vs. MRGR — Risk / Return Rank

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

EQWL

EQWL Risk / Return Rank: 67
EQWL Sharpe Ratio Rank: 69
EQWL Sortino Ratio Rank: 70
EQWL Omega Ratio Rank: 66
EQWL Calmar Ratio Rank: 61
EQWL Martin Ratio Rank: 69

MRGR

MRGR Risk / Return Rank: 92
MRGR Sharpe Ratio Rank: 86
MRGR Sortino Ratio Rank: 94
MRGR Omega Ratio Rank: 90
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.

EQWL vs. MRGR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 100 Equal Weight ETF (EQWL) 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.

	EQWL	MRGR	Difference
Sharpe ratio: Return per unit of total volatility	2.22	2.80	-0.58
Sortino ratio: Return per unit of downside risk	3.12	4.76	-1.64
Omega ratio: Gain probability vs. loss probability	1.39	1.57	-0.18
Calmar ratio: Return relative to maximum drawdown	2.97	8.90	-5.93
Martin ratio: Return relative to average drawdown	12.52	24.41	-11.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EQWL vs. MRGR - Sharpe Ratio Comparison

The current EQWL Sharpe Ratio is 2.22, which is comparable to the MRGR Sharpe Ratio of 2.80. The chart below compares the historical Sharpe Ratios of EQWL 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

	EQWL	MRGR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	2.80	-0.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	1.06	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.86	0.68	+0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.36	+0.23

Drawdowns

EQWL vs. MRGR - Drawdown Comparison

The maximum EQWL drawdown since its inception was -49.36%, which is greater than MRGR's maximum drawdown of -13.23%. Use the drawdown chart below to compare losses from any high point for EQWL and MRGR.

Drawdown Indicators

	EQWL	MRGR	Difference
Max Drawdown Largest peak-to-trough decline	-49.36%	-13.23%	-36.13%
Max Drawdown (1Y) Largest decline over 1 year	-7.76%	-1.29%	-6.47%
Max Drawdown (3Y) Largest decline over 3 years	-14.95%	-2.10%	-12.85%
Max Drawdown (5Y) Largest decline over 5 years	-22.99%	-8.40%	-14.59%
Max Drawdown (10Y) Largest decline over 10 years	-34.30%	-13.23%	-21.07%
Current Drawdown Current decline from peak	0.00%	-0.07%	+0.07%
Average Drawdown Average peak-to-trough decline	-6.70%	-3.86%	-2.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.84%	0.47%	+1.37%

Volatility

EQWL vs. MRGR - Volatility Comparison

Invesco S&P 100 Equal Weight ETF (EQWL) has a higher volatility of 2.61% compared to Proshares Merger ETF (MRGR) at 1.04%. This indicates that EQWL'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

	EQWL	MRGR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.61%	1.04%	+1.57%
Volatility (6M) Calculated over the trailing 6-month period	7.69%	2.96%	+4.73%
Volatility (1Y) Calculated over the trailing 1-year period	10.37%	4.12%	+6.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.98%	3.82%	+11.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.79%	5.15%	+11.64%

EQWL vs. MRGR - Expense Ratio Comparison

EQWL has a 0.25% expense ratio, which is lower than MRGR's 0.75% expense ratio.

Dividends

EQWL vs. MRGR - Dividend Comparison

EQWL's dividend yield for the trailing twelve months is around 1.53%, less than MRGR's 2.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EQWL Invesco S&P 100 Equal Weight ETF	1.53%	1.67%	1.86%	1.97%	2.12%	1.65%	2.01%	2.04%	2.23%	1.27%	2.01%	2.03%
MRGR Proshares Merger ETF	2.96%	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 EQWL and MRGR in my portfolio?

EQWL and MRGR have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EQWL or MRGR?

EQWL has higher volatility (2.61%) compared to MRGR (1.04%). In terms of maximum drawdown, EQWL dropped -49.36% vs MRGR's -13.23%.

Which ETF is better, EQWL or MRGR?

On 10-year performance, EQWL leads with 14.47% vs 3.50% for MRGR. On fees, EQWL is cheaper at 0.25% per year. On volatility, MRGR has been the lower-risk option at 1.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EQWL or MRGR?

Over the 10-year period, EQWL has performed better with a 14.47% return vs 3.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EQWL or MRGR?

EQWL is cheaper with a 0.25% expense ratio, compared with 0.75% for MRGR.

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

MRGR has the higher dividend yield at 2.96%, compared with 1.53% for EQWL.

What is the main difference between EQWL and MRGR?

EQWL is categorized as Large Cap Blend Equities, while MRGR is Hedge Fund. EQWL tracks S&P 100 Equal Weight Index, while MRGR tracks S&P Merger Arbitrage Index. They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.25% for EQWL and 0.75% for MRGR.

Which has better risk-adjusted returns?

MRGR currently has the higher Sharpe Ratio (2.80 vs 2.22), 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.