FMF vs. MNA
FMF (First Trust Managed Futures Strategy Fund) and MNA (IQ Merger Arbitrage ETF) are both Hedge Fund funds. FMF is actively managed, while MNA is passively managed. Over the past 10 years, FMF returned 3.17%/yr vs 2.67%/yr for MNA. At a 0.04 correlation, their price movements are largely independent. FMF charges 0.95%/yr vs 0.77%/yr for MNA.
Performance
FMF vs. MNA - Performance Comparison
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Returns By Period
In the year-to-date period, FMF achieves a 10.96% return, which is significantly higher than MNA's 1.26% return. Over the past 10 years, FMF has outperformed MNA with an annualized return of 3.17%, while MNA has yielded a comparatively lower 2.67% annualized return.
FMF
- 1D
- 0.33%
- 1M
- 1.08%
- YTD
- 10.96%
- 6M
- 11.47%
- 1Y
- 22.22%
- 3Y*
- 6.78%
- 5Y*
- 4.62%
- 10Y*
- 3.17%
MNA
- 1D
- -0.18%
- 1M
- -0.11%
- YTD
- 1.26%
- 6M
- 1.17%
- 1Y
- 3.69%
- 3Y*
- 5.62%
- 5Y*
- 1.74%
- 10Y*
- 2.67%
FMF vs. MNA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FMF First Trust Managed Futures Strategy Fund | 10.96% | 4.54% | 8.17% | -0.18% | 5.24% | 3.57% | 5.69% | -5.16% | -2.64% | 1.70% |
MNA IQ Merger Arbitrage ETF | 1.26% | 8.59% | 4.93% | 0.18% | -1.61% | -3.24% | 2.72% | 4.70% | 2.13% | 5.97% |
Correlation
The correlation between FMF and MNA is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Aug 5, 2013 | 0.04 |
The correlation between FMF and MNA shifts across timeframes, from 0.04 (all time) to 0.15 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FMF vs. MNA — Risk / Return Rank
FMF
MNA
FMF vs. MNA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Managed Futures Strategy Fund (FMF) 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.
| FMF | MNA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.53 | ||
| Sortino ratioReturn per unit of downside risk | +2.14 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.14 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 6.52 | 2.65 | +3.87 |
| Martin ratioReturn relative to average drawdown | 18.49 | 6.64 | +11.84 |
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
| FMF | MNA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.31 | 0.78 | +1.53 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.43 | 0.35 | +0.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.27 | 0.41 | -0.14 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.17 | 0.36 | -0.18 |
Drawdowns
FMF vs. MNA - Drawdown Comparison
The maximum FMF drawdown since its inception was -22.21%, which is greater than MNA's maximum drawdown of -16.68%. Use the drawdown chart below to compare losses from any high point for FMF and MNA.
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Drawdown Indicators
| FMF | MNA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.21% | -16.68% | -5.53% |
Max Drawdown (1Y)Largest decline over 1 year | -3.42% | -1.40% | -2.02% |
Max Drawdown (3Y)Largest decline over 3 years | -7.25% | -3.01% | -4.24% |
Max Drawdown (5Y)Largest decline over 5 years | -14.98% | -10.45% | -4.53% |
Max Drawdown (10Y)Largest decline over 10 years | -16.89% | -16.68% | -0.21% |
Current DrawdownCurrent decline from peak | -0.07% | -1.06% | +0.99% |
Average DrawdownAverage peak-to-trough decline | -9.86% | -2.83% | -7.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.20% | 0.56% | +0.64% |
Volatility
FMF vs. MNA - Volatility Comparison
First Trust Managed Futures Strategy Fund (FMF) and IQ Merger Arbitrage ETF (MNA) have volatilities of 1.89% and 1.85%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FMF | MNA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.89% | 1.85% | +0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 7.11% | 3.56% | +3.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.66% | 4.74% | +4.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.74% | 4.99% | +5.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.72% | 6.55% | +5.17% |
FMF vs. MNA - Expense Ratio Comparison
FMF has a 0.95% expense ratio, which is higher than MNA's 0.77% expense ratio.
Dividends
FMF vs. MNA - Dividend Comparison
FMF's dividend yield for the trailing twelve months is around 4.96%, while MNA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FMF First Trust Managed Futures Strategy Fund | 4.96% | 5.60% | 4.85% | 3.09% | 0.41% | 3.29% | 0.02% | 1.05% | 1.56% | 0.82% | 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
FMF and MNA have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FMF has higher volatility (1.89%) compared to MNA (1.85%). In terms of maximum drawdown, FMF dropped -22.21% vs MNA's -16.68%.
On 10-year performance, FMF leads with 3.17% vs 2.67% for MNA. On fees, MNA is cheaper at 0.77% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FMF has performed better with a 3.17% return vs 2.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MNA is cheaper with a 0.77% expense ratio, compared with 0.95% for FMF.
FMF has the higher dividend yield at 4.96%, compared with 0.00% for MNA.
They also come from different issuers: First Trust and New York Life. Their fees differ too: 0.95% for FMF and 0.77% for MNA.
FMF currently has the higher Sharpe Ratio (2.31 vs 0.78), 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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