EQWL vs. MRGR
Compare and contrast key facts about Invesco S&P 100 Equal Weight ETF (EQWL) and Proshares Merger ETF (MRGR).
EQWL and MRGR are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. EQWL is a passively managed fund by Invesco that tracks the performance of the S&P 100 Equal Weighted. It was launched on Dec 1, 2006. MRGR is a passively managed fund by ProShares that tracks the performance of the S&P Merger Arbitrage Index. It was launched on Dec 11, 2012. Both EQWL and MRGR are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
EQWL vs. MRGR - Performance Comparison
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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 | -1.85% | 17.61% | 19.11% | 19.48% | -11.46% | 28.29% | 13.94% | 29.54% | -6.30% | 24.41% |
MRGR Proshares Merger ETF | 1.17% | 11.99% | 5.32% | 4.94% | -4.81% | 6.58% | 1.99% | 4.31% | 3.42% | 2.08% |
Returns By Period
In the year-to-date period, EQWL achieves a -1.85% return, which is significantly lower than MRGR's 1.17% return. Over the past 10 years, EQWL has outperformed MRGR with an annualized return of 13.61%, while MRGR has yielded a comparatively lower 3.33% annualized return.
EQWL
- 1D
- 0.17%
- 1M
- -5.04%
- YTD
- -1.85%
- 6M
- 1.17%
- 1Y
- 14.11%
- 3Y*
- 16.14%
- 5Y*
- 10.98%
- 10Y*
- 13.61%
MRGR
- 1D
- -0.29%
- 1M
- 0.22%
- YTD
- 1.17%
- 6M
- 6.51%
- 1Y
- 11.07%
- 3Y*
- 8.29%
- 5Y*
- 4.22%
- 10Y*
- 3.33%
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EQWL vs. MRGR - Expense Ratio Comparison
EQWL has a 0.25% expense ratio, which is lower than MRGR's 0.75% expense ratio.
Return for Risk
EQWL vs. MRGR — Risk / Return Rank
EQWL
MRGR
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 ratioReturn per unit of total volatility | 0.88 | 2.58 | -1.70 |
Sortino ratioReturn per unit of downside risk | 1.32 | 4.23 | -2.90 |
Omega ratioGain probability vs. loss probability | 1.20 | 1.57 | -0.37 |
Calmar ratioReturn relative to maximum drawdown | 1.21 | 6.59 | -5.38 |
Martin ratioReturn relative to average drawdown | 5.55 | 22.39 | -16.84 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EQWL | MRGR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.88 | 2.58 | -1.70 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.74 | 1.11 | -0.38 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.81 | 0.64 | +0.17 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.56 | 0.35 | +0.21 |
Correlation
The correlation between EQWL and MRGR is 0.22, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
EQWL vs. MRGR - Dividend Comparison
EQWL's dividend yield for the trailing twelve months is around 1.70%, less than MRGR's 2.99% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EQWL Invesco S&P 100 Equal Weight ETF | 1.70% | 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 | 2.99% | 3.12% | 3.21% | 2.11% | 0.61% | 0.59% | 0.00% | 0.78% | 1.39% | 0.36% | 0.74% | 0.34% |
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.
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Drawdown Indicators
| EQWL | MRGR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.36% | -13.23% | -36.13% |
Max Drawdown (1Y)Largest decline over 1 year | -11.47% | -1.66% | -9.81% |
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 DrawdownCurrent decline from peak | -5.51% | -0.29% | -5.22% |
Average DrawdownAverage peak-to-trough decline | -6.75% | -3.91% | -2.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.51% | 0.49% | +2.02% |
Volatility
EQWL vs. MRGR - Volatility Comparison
Invesco S&P 100 Equal Weight ETF (EQWL) has a higher volatility of 4.15% compared to Proshares Merger ETF (MRGR) at 1.45%. 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.
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Volatility by Period
| EQWL | MRGR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.15% | 1.45% | +2.70% |
Volatility (6M)Calculated over the trailing 6-month period | 7.86% | 3.39% | +4.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.12% | 4.32% | +11.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.98% | 3.81% | +11.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.78% | 5.19% | +11.59% |