GII vs. MNA

Last updated Jun 9, 2026

GII (SPDR S&P Global Infrastructure ETF) and MNA (IQ Merger Arbitrage ETF) are both exchange-traded funds - GII is a Utilities Equities fund tracking the S&P Global Infrastructure, while MNA is a Hedge Fund fund tracking the IQ Merger Arbitrage Index. Both are passively managed. Over the past 10 years, GII returned 8.22%/yr vs 2.74%/yr for MNA. At a 0.32 correlation, their price movements are largely independent. GII charges 0.40%/yr vs 0.77%/yr for MNA.

Performance

GII vs. MNA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Global Infrastructure ETF (GII) 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, GII achieves a 6.75% return, which is significantly higher than MNA's 1.79% return. Over the past 10 years, GII has outperformed MNA with an annualized return of 8.22%, while MNA has yielded a comparatively lower 2.74% annualized return.

GII

• 1D: -0.87%
• 1M: -2.02%
• YTD: 6.75%
• 6M: 7.80%
• 1Y: 13.78%
• 3Y*: 15.30%
• 5Y*: 9.70%
• 10Y*: 8.22%

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%

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

GII vs. MNA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GII SPDR S&P Global Infrastructure ETF	6.75%	21.79%	14.30%	5.90%	-0.54%	11.39%	-6.81%	26.32%	-10.08%	19.07%
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 GII and MNA is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.43
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since Nov 18, 2009	0.32

The correlation between GII and MNA shifts across timeframes, from 0.32 (all time) to 0.43 (5 years), reflecting how their relationship changes across market environments.

GII vs. MNA - Sectors Allocation Comparison

Sectors	GII	MNA
Industrials	27.6%	22.3%
Utilities	26.3%	15.3%
Energy	20.7%	-
Financial Services	4.7%	11.4%
Technology	2.6%	8.3%
Communication Services	0.3%	9.2%
Real Estate	0.1%	5.1%
Basic Materials	-	10.3%
Consumer Cyclical	-	2.4%
Consumer Defensive	-	4.4%
Healthcare	-	11.3%

Return for Risk

GII vs. MNA — Risk / Return Rank

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

GII

GII Risk / Return Rank: 43
GII Sharpe Ratio Rank: 40
GII Sortino Ratio Rank: 39
GII Omega Ratio Rank: 39
GII Calmar Ratio Rank: 52
GII Martin Ratio Rank: 46

MNA

MNA Risk / Return Rank: 41
MNA Sharpe Ratio Rank: 29
MNA Sortino Ratio Rank: 28
MNA Omega Ratio Rank: 28
MNA Calmar Ratio Rank: 71
MNA Martin Ratio Rank: 52

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.

GII vs. MNA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Global Infrastructure ETF (GII) 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.

	GII	MNA	Difference
Sharpe ratio: Return per unit of total volatility	1.28	0.95	+0.34
Sortino ratio: Return per unit of downside risk	1.83	1.41	+0.42
Omega ratio: Gain probability vs. loss probability	1.23	1.17	+0.06
Calmar ratio: Return relative to maximum drawdown	2.33	3.22	-0.89
Martin ratio: Return relative to average drawdown	7.00	7.99	-0.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GII vs. MNA - Sharpe Ratio Comparison

The current GII Sharpe Ratio is 1.28, which is higher than the MNA Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of GII 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.

Sharpe Ratios by Period

	GII	MNA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.28	0.95	+0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	0.37	+0.32
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.42	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.36	-0.08

Drawdowns

GII vs. MNA - Drawdown Comparison

The maximum GII drawdown since its inception was -50.98%, which is greater than MNA's maximum drawdown of -16.68%. Use the drawdown chart below to compare losses from any high point for GII and MNA.

Drawdown Indicators

	GII	MNA	Difference
Max Drawdown Largest peak-to-trough decline	-50.98%	-16.68%	-34.30%
Max Drawdown (1Y) Largest decline over 1 year	-5.94%	-1.40%	-4.54%
Max Drawdown (3Y) Largest decline over 3 years	-14.31%	-3.01%	-11.30%
Max Drawdown (5Y) Largest decline over 5 years	-20.67%	-10.45%	-10.22%
Max Drawdown (10Y) Largest decline over 10 years	-42.84%	-16.68%	-26.16%
Current Drawdown Current decline from peak	-5.42%	-0.55%	-4.87%
Average Drawdown Average peak-to-trough decline	-11.51%	-2.83%	-8.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	0.56%	+1.41%

Volatility

GII vs. MNA - Volatility Comparison

SPDR S&P Global Infrastructure ETF (GII) has a higher volatility of 3.74% compared to IQ Merger Arbitrage ETF (MNA) at 1.66%. This indicates that GII'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

	GII	MNA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.74%	1.66%	+2.08%
Volatility (6M) Calculated over the trailing 6-month period	8.87%	3.59%	+5.28%
Volatility (1Y) Calculated over the trailing 1-year period	10.81%	4.75%	+6.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.11%	4.98%	+9.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.15%	6.55%	+10.60%

GII vs. MNA - Expense Ratio Comparison

GII has a 0.40% expense ratio, which is lower than MNA's 0.77% expense ratio.

Dividends

GII vs. MNA - Dividend Comparison

GII's dividend yield for the trailing twelve months is around 2.74%, while MNA has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GII SPDR S&P Global Infrastructure ETF	2.74%	3.17%	3.23%	3.70%	3.07%	2.37%	2.66%	3.39%	3.31%	3.38%	3.11%	3.54%
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 GII and MNA in my portfolio?

GII and MNA have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GII or MNA?

GII has higher volatility (3.74%) compared to MNA (1.66%). In terms of maximum drawdown, GII dropped -50.98% vs MNA's -16.68%.

Which ETF is better, GII or MNA?

On 10-year performance, GII leads with 8.22% vs 2.74% for MNA. On fees, GII is cheaper at 0.40% per year. On volatility, MNA has been the lower-risk option at 1.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GII or MNA?

Over the 10-year period, GII has performed better with a 8.22% return vs 2.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GII or MNA?

GII is cheaper with a 0.40% expense ratio, compared with 0.77% for MNA.

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

GII has the higher dividend yield at 2.74%, compared with 0.00% for MNA.

What is the main difference between GII and MNA?

GII is categorized as Utilities Equities, while MNA is Hedge Fund. GII tracks S&P Global Infrastructure, while MNA tracks IQ Merger Arbitrage Index. They also come from different issuers: State Street and New York Life. Their fees differ too: 0.40% for GII and 0.77% for MNA.

Which has better risk-adjusted returns?

GII currently has the higher Sharpe Ratio (1.28 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.