HDG vs. MRGR
Compare and contrast key facts about ProShares Hedge Replication (HDG) and Proshares Merger ETF (MRGR).
HDG and MRGR are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HDG is a passively managed fund by ProShares that tracks the performance of the Merrill Lynch Factor Model - Exchange Series. It was launched on Jul 12, 2011. 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 HDG 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
HDG vs. MRGR - Performance Comparison
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HDG vs. MRGR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HDG ProShares Hedge Replication | 0.49% | 7.18% | 5.12% | 7.14% | -8.48% | 2.97% | 7.45% | 9.58% | -4.52% | 5.59% |
MRGR Proshares Merger ETF | 1.47% | 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, HDG achieves a 0.49% return, which is significantly lower than MRGR's 1.47% return. Both investments have delivered pretty close results over the past 10 years, with HDG having a 3.41% annualized return and MRGR not far behind at 3.36%.
HDG
- 1D
- 1.28%
- 1M
- -1.94%
- YTD
- 0.49%
- 6M
- 2.17%
- 1Y
- 8.41%
- 3Y*
- 5.75%
- 5Y*
- 1.97%
- 10Y*
- 3.41%
MRGR
- 1D
- 0.69%
- 1M
- 0.94%
- YTD
- 1.47%
- 6M
- 6.99%
- 1Y
- 11.25%
- 3Y*
- 8.39%
- 5Y*
- 4.28%
- 10Y*
- 3.36%
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HDG vs. MRGR - Expense Ratio Comparison
HDG has a 0.95% expense ratio, which is higher than MRGR's 0.75% expense ratio.
Return for Risk
HDG vs. MRGR — Risk / Return Rank
HDG
MRGR
HDG vs. MRGR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Hedge Replication (HDG) 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.
| HDG | MRGR | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.23 | 2.63 | -1.40 |
Sortino ratioReturn per unit of downside risk | 1.77 | 4.32 | -2.55 |
Omega ratioGain probability vs. loss probability | 1.26 | 1.58 | -0.32 |
Calmar ratioReturn relative to maximum drawdown | 1.70 | 6.36 | -4.66 |
Martin ratioReturn relative to average drawdown | 6.95 | 22.50 | -15.55 |
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
| HDG | MRGR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.23 | 2.63 | -1.40 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.28 | 1.13 | -0.86 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.48 | 0.65 | -0.17 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.38 | 0.36 | +0.02 |
Correlation
The correlation between HDG and MRGR is 0.20, 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
HDG vs. MRGR - Dividend Comparison
HDG's dividend yield for the trailing twelve months is around 2.49%, less than MRGR's 2.98% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HDG ProShares Hedge Replication | 2.49% | 2.55% | 3.50% | 3.48% | 0.39% | 0.00% | 0.08% | 1.09% | 0.51% | 0.00% | 0.00% | 0.00% |
MRGR Proshares Merger ETF | 2.98% | 3.12% | 3.21% | 2.11% | 0.61% | 0.59% | 0.00% | 0.78% | 1.39% | 0.36% | 0.74% | 0.34% |
Drawdowns
HDG vs. MRGR - Drawdown Comparison
The maximum HDG drawdown since its inception was -15.31%, which is greater than MRGR's maximum drawdown of -13.23%. Use the drawdown chart below to compare losses from any high point for HDG and MRGR.
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Drawdown Indicators
| HDG | MRGR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.31% | -13.23% | -2.08% |
Max Drawdown (1Y)Largest decline over 1 year | -4.85% | -1.66% | -3.19% |
Max Drawdown (5Y)Largest decline over 5 years | -15.31% | -8.40% | -6.91% |
Max Drawdown (10Y)Largest decline over 10 years | -15.31% | -13.23% | -2.08% |
Current DrawdownCurrent decline from peak | -2.74% | 0.00% | -2.74% |
Average DrawdownAverage peak-to-trough decline | -2.80% | -3.91% | +1.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.19% | 0.50% | +0.69% |
Volatility
HDG vs. MRGR - Volatility Comparison
ProShares Hedge Replication (HDG) has a higher volatility of 2.61% compared to Proshares Merger ETF (MRGR) at 1.42%. This indicates that HDG'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
| HDG | MRGR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.61% | 1.42% | +1.19% |
Volatility (6M)Calculated over the trailing 6-month period | 4.43% | 3.40% | +1.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.90% | 4.30% | +2.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.15% | 3.84% | +3.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.08% | 5.19% | +1.89% |