IALT vs. MNA
IALT (iShares Systematic Alternatives Active ETF) and MNA (IQ Merger Arbitrage ETF) are both exchange-traded funds - IALT is a Multistrategy fund actively managed by iShares, while MNA is a Hedge Fund fund tracking the IQ Merger Arbitrage Index. IALT is actively managed, while MNA is passively managed. At a 0.32 correlation, their price movements are largely independent. IALT charges 0.99%/yr vs 0.77%/yr for MNA.
Performance
IALT vs. MNA - Performance Comparison
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Returns By Period
In the year-to-date period, IALT achieves a 12.39% return, which is significantly higher than MNA's 1.73% return.
IALT
- 1D
- 0.18%
- 1M
- 0.94%
- YTD
- 12.39%
- 6M
- 12.32%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MNA
- 1D
- 0.20%
- 1M
- -0.16%
- YTD
- 1.73%
- 6M
- 1.42%
- 1Y
- 4.33%
- 3Y*
- 5.85%
- 5Y*
- 2.01%
- 10Y*
- 2.91%
IALT vs. MNA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IALT iShares Systematic Alternatives Active ETF | 12.39% | 0.83% |
MNA IQ Merger Arbitrage ETF | 1.73% | -0.11% |
Correlation
The correlation between IALT and MNA is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Dec 10, 2025 | 0.32 |
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Return for Risk
IALT vs. MNA — Risk / Return Rank
IALT
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
MNA
IALT vs. MNA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Systematic Alternatives Active ETF (IALT) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| IALT | MNA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.17 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 3.11 | — |
| Martin ratioReturn relative to average drawdown | — | 7.60 | — |
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Drawdowns
IALT vs. MNA - Drawdown Comparison
The maximum IALT drawdown since its inception was -2.27%, smaller than the maximum MNA drawdown of -16.68%. Use the drawdown chart below to compare losses from any high point for IALT and MNA.
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Drawdown Indicators
| IALT | MNA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.27% | -16.68% | +14.41% |
Max Drawdown (1Y)Largest decline over 1 year | — | -1.40% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -3.01% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -10.24% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -16.68% | — |
Current DrawdownCurrent decline from peak | -0.74% | -0.60% | -0.14% |
Average DrawdownAverage peak-to-trough decline | -0.38% | -2.83% | +2.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.57% | — |
Volatility
IALT vs. MNA - Volatility Comparison
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Volatility by Period
| IALT | MNA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 1.36% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 3.52% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 7.81% | 4.76% | +3.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.81% | 4.97% | +2.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.81% | 6.55% | +1.26% |
IALT vs. MNA - Expense Ratio Comparison
IALT has a 0.99% expense ratio, which is higher than MNA's 0.77% expense ratio.
Dividends
IALT vs. MNA - Dividend Comparison
IALT's dividend yield for the trailing twelve months is around 0.40%, while MNA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IALT iShares Systematic Alternatives Active ETF | 0.40% | 0.14% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 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
IALT and MNA have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, MNA is cheaper at 0.77% per year. The better choice depends on whether you care most about return, fees, risk, or income.
MNA is cheaper with a 0.77% expense ratio, compared with 0.99% for IALT.
IALT has the higher dividend yield at 0.40%, compared with 0.00% for MNA.
IALT is categorized as Multistrategy, while MNA is Hedge Fund. They also come from different issuers: iShares and New York Life. Their fees differ too: 0.99% for IALT and 0.77% for MNA.
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