FLOT vs. MNA
FLOT (iShares Floating Rate Bond ETF) and MNA (IQ Merger Arbitrage ETF) are both exchange-traded funds - FLOT is a Ultrashort Bond fund tracking the Bloomberg US Floating Rate Note < 5 Years Index, while MNA is a Hedge Fund fund tracking the IQ Merger Arbitrage Index. Both are passively managed. Over the past 10 years, FLOT returned 3.03%/yr vs 2.74%/yr for MNA. At a 0.06 correlation, their price movements are largely independent. FLOT charges 0.15%/yr vs 0.77%/yr for MNA.
Performance
FLOT vs. MNA - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with FLOT having a 1.87% return and MNA slightly lower at 1.79%. Over the past 10 years, FLOT has outperformed MNA with an annualized return of 3.03%, while MNA has yielded a comparatively lower 2.74% annualized return.
FLOT
- 1D
- 0.00%
- 1M
- 0.41%
- YTD
- 1.87%
- 6M
- 2.15%
- 1Y
- 4.85%
- 3Y*
- 5.60%
- 5Y*
- 4.20%
- 10Y*
- 3.03%
MNA
- 1D
- -0.08%
- 1M
- -0.14%
- YTD
- 1.79%
- 6M
- 1.97%
- 1Y
- 4.47%
- 3Y*
- 5.95%
- 5Y*
- 1.83%
- 10Y*
- 2.74%
FLOT vs. MNA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FLOT iShares Floating Rate Bond ETF | 1.87% | 4.91% | 6.53% | 6.43% | 1.28% | 0.45% | 0.87% | 3.97% | 1.48% | 1.65% |
MNA IQ Merger Arbitrage ETF | 1.79% | 8.59% | 4.93% | 0.18% | -1.61% | -3.24% | 2.72% | 4.70% | 2.13% | 5.97% |
Correlation
The correlation between FLOT and MNA is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.18 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Jun 20, 2011 | 0.06 |
The correlation between FLOT and MNA shifts across timeframes, from 0.06 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FLOT vs. MNA — Risk / Return Rank
FLOT
MNA
FLOT vs. MNA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Floating Rate Bond ETF (FLOT) 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.
| FLOT | MNA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +5.59 | ||
| Sortino ratioReturn per unit of downside risk | +10.38 | ||
| Omega ratioGain probability vs. loss probability | 3.22 | 1.17 | +2.05 |
| Calmar ratioReturn relative to maximum drawdown | 11.27 | 3.22 | +8.06 |
| Martin ratioReturn relative to average drawdown | 104.83 | 7.99 | +96.83 |
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
| FLOT | MNA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 6.54 | 0.95 | +5.59 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 2.38 | 0.37 | +2.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.73 | 0.42 | +0.31 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.66 | 0.36 | +0.30 |
Drawdowns
FLOT vs. MNA - Drawdown Comparison
The maximum FLOT drawdown since its inception was -13.54%, smaller than the maximum MNA drawdown of -16.68%. Use the drawdown chart below to compare losses from any high point for FLOT and MNA.
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Drawdown Indicators
| FLOT | MNA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.54% | -16.68% | +3.14% |
Max Drawdown (1Y)Largest decline over 1 year | -0.43% | -1.40% | +0.97% |
Max Drawdown (3Y)Largest decline over 3 years | -1.57% | -3.01% | +1.44% |
Max Drawdown (5Y)Largest decline over 5 years | -2.36% | -10.45% | +8.09% |
Max Drawdown (10Y)Largest decline over 10 years | -13.54% | -16.68% | +3.14% |
Current DrawdownCurrent decline from peak | -0.02% | -0.55% | +0.53% |
Average DrawdownAverage peak-to-trough decline | -0.21% | -2.83% | +2.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.05% | 0.56% | -0.51% |
Volatility
FLOT vs. MNA - Volatility Comparison
The current volatility for iShares Floating Rate Bond ETF (FLOT) is 0.20%, while IQ Merger Arbitrage ETF (MNA) has a volatility of 1.66%. This indicates that FLOT experiences smaller price fluctuations and is considered to be less risky than MNA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FLOT | MNA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.20% | 1.66% | -1.46% |
Volatility (6M)Calculated over the trailing 6-month period | 0.62% | 3.59% | -2.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.75% | 4.75% | -4.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.77% | 4.98% | -3.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.15% | 6.55% | -2.40% |
FLOT vs. MNA - Expense Ratio Comparison
FLOT has a 0.15% expense ratio, which is lower than MNA's 0.77% expense ratio.
Dividends
FLOT vs. MNA - Dividend Comparison
FLOT's dividend yield for the trailing twelve months is around 4.54%, while MNA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FLOT iShares Floating Rate Bond ETF | 4.54% | 4.84% | 5.82% | 5.66% | 2.06% | 0.43% | 1.25% | 2.78% | 2.41% | 1.46% | 0.97% | 0.53% |
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
FLOT and MNA have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MNA has higher volatility (1.66%) compared to FLOT (0.20%). In terms of maximum drawdown, FLOT dropped -13.54% vs MNA's -16.68%.
On 10-year performance, FLOT leads with 3.03% vs 2.74% for MNA. On fees, FLOT is cheaper at 0.15% per year. On volatility, FLOT has been the lower-risk option at 0.20%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FLOT has performed better with a 3.03% return vs 2.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLOT is cheaper with a 0.15% expense ratio, compared with 0.77% for MNA.
FLOT has the higher dividend yield at 4.54%, compared with 0.00% for MNA.
FLOT is categorized as Ultrashort Bond, while MNA is Hedge Fund. FLOT tracks Bloomberg US Floating Rate Note < 5 Years Index, while MNA tracks IQ Merger Arbitrage Index. They also come from different issuers: iShares and New York Life. Their fees differ too: 0.15% for FLOT and 0.77% for MNA.
FLOT currently has the higher Sharpe Ratio (6.54 vs 0.95), 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.
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