IQSI vs. MNA

Last updated Jun 4, 2026

IQSI (IQ Candriam ESG International Equity ETF) and MNA (IQ Merger Arbitrage ETF) are both exchange-traded funds - IQSI is a Foreign Large Cap Equities fund tracking the IQ Candriam ESG International Equity Index, while MNA is a Hedge Fund fund tracking the IQ Merger Arbitrage Index. Both are passively managed. Over the past 5 years, IQSI returned 7.66%/yr vs 1.74%/yr for MNA. At a 0.42 correlation, their price movements are largely independent. IQSI charges 0.15%/yr vs 0.77%/yr for MNA.

Performance

IQSI vs. MNA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in IQ Candriam ESG International Equity ETF (IQSI) 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, IQSI achieves a 9.26% return, which is significantly higher than MNA's 1.26% return.

IQSI

• 1D: -0.28%
• 1M: 4.63%
• YTD: 9.26%
• 6M: 11.32%
• 1Y: 19.37%
• 3Y*: 15.29%
• 5Y*: 7.66%
• 10Y*: —

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%

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

IQSI vs. MNA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
IQSI IQ Candriam ESG International Equity ETF	9.26%	26.95%	4.84%	16.21%	-14.76%	12.70%	10.36%	0.27%
MNA IQ Merger Arbitrage ETF	1.26%	8.59%	4.93%	0.18%	-1.61%	-3.24%	2.72%	0.18%

Correlation

The correlation between IQSI and MNA is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (All Time) Calculated using the full available price history since Dec 18, 2019	0.42

IQSI vs. MNA - Sectors Allocation Comparison

Sectors	IQSI	MNA
Financial Services	22.2%	11.4%
Industrials	16.8%	22.3%
Technology	15.9%	8.3%
Healthcare	13.2%	11.3%
Consumer Cyclical	7.6%	2.4%
Consumer Defensive	6.0%	4.4%
Basic Materials	5.6%	10.3%
Communication Services	4.1%	9.2%
Utilities	4.0%	15.3%
Real Estate	2.3%	5.1%
Energy	0.9%	-

Return for Risk

IQSI vs. MNA — Risk / Return Rank

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

IQSI

IQSI Risk / Return Rank: 35
IQSI Sharpe Ratio Rank: 35
IQSI Sortino Ratio Rank: 35
IQSI Omega Ratio Rank: 34
IQSI Calmar Ratio Rank: 33
IQSI Martin Ratio Rank: 38

MNA

MNA Risk / Return Rank: 32
MNA Sharpe Ratio Rank: 22
MNA Sortino Ratio Rank: 21
MNA Omega Ratio Rank: 21
MNA Calmar Ratio Rank: 53
MNA Martin Ratio Rank: 41

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.

IQSI vs. MNA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IQ Candriam ESG International Equity ETF (IQSI) 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.

	IQSI	MNA	Difference
Sharpe ratio: Return per unit of total volatility	1.28	0.78	+0.50
Sortino ratio: Return per unit of downside risk	1.86	1.17	+0.69
Omega ratio: Gain probability vs. loss probability	1.23	1.14	+0.09
Calmar ratio: Return relative to maximum drawdown	1.62	2.65	-1.03
Martin ratio: Return relative to average drawdown	5.94	6.64	-0.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IQSI vs. MNA - Sharpe Ratio Comparison

The current IQSI Sharpe Ratio is 1.28, which is higher than the MNA Sharpe Ratio of 0.78. The chart below compares the historical Sharpe Ratios of IQSI 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

	IQSI	MNA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.28	0.78	+0.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.35	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.41	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.36	+0.15

Drawdowns

IQSI vs. MNA - Drawdown Comparison

The maximum IQSI drawdown since its inception was -31.90%, which is greater than MNA's maximum drawdown of -16.68%. Use the drawdown chart below to compare losses from any high point for IQSI and MNA.

Drawdown Indicators

	IQSI	MNA	Difference
Max Drawdown Largest peak-to-trough decline	-31.90%	-16.68%	-15.22%
Max Drawdown (1Y) Largest decline over 1 year	-12.00%	-1.40%	-10.60%
Max Drawdown (3Y) Largest decline over 3 years	-14.02%	-3.01%	-11.01%
Max Drawdown (5Y) Largest decline over 5 years	-29.86%	-10.45%	-19.41%
Max Drawdown (10Y) Largest decline over 10 years	—	-16.68%	—
Current Drawdown Current decline from peak	-1.14%	-1.06%	-0.08%
Average Drawdown Average peak-to-trough decline	-6.50%	-2.83%	-3.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.27%	0.56%	+2.71%

Volatility

IQSI vs. MNA - Volatility Comparison

IQ Candriam ESG International Equity ETF (IQSI) has a higher volatility of 4.89% compared to IQ Merger Arbitrage ETF (MNA) at 1.85%. This indicates that IQSI'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

	IQSI	MNA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.89%	1.85%	+3.04%
Volatility (6M) Calculated over the trailing 6-month period	12.58%	3.56%	+9.02%
Volatility (1Y) Calculated over the trailing 1-year period	15.22%	4.74%	+10.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.32%	4.99%	+11.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.00%	6.55%	+12.45%

IQSI vs. MNA - Expense Ratio Comparison

IQSI has a 0.15% expense ratio, which is lower than MNA's 0.77% expense ratio.

Dividends

IQSI vs. MNA - Dividend Comparison

IQSI's dividend yield for the trailing twelve months is around 2.50%, while MNA has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IQSI IQ Candriam ESG International Equity ETF	2.50%	2.75%	2.79%	2.98%	2.89%	2.75%	1.65%	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

Can I hold both IQSI and MNA in my portfolio?

IQSI and MNA have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IQSI or MNA?

IQSI has higher volatility (4.89%) compared to MNA (1.85%). In terms of maximum drawdown, IQSI dropped -31.90% vs MNA's -16.68%.

Which ETF is better, IQSI or MNA?

On 5-year performance, IQSI leads with 7.66% vs 1.74% for MNA. On fees, IQSI is cheaper at 0.15% per year. On volatility, MNA has been the lower-risk option at 1.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IQSI or MNA?

Over the 5-year period, IQSI has performed better with a 7.66% return vs 1.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IQSI or MNA?

IQSI is cheaper with a 0.15% expense ratio, compared with 0.77% for MNA.

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

IQSI has the higher dividend yield at 2.50%, compared with 0.00% for MNA.

What is the main difference between IQSI and MNA?

IQSI is categorized as Foreign Large Cap Equities, while MNA is Hedge Fund. IQSI tracks IQ Candriam ESG International Equity Index, while MNA tracks IQ Merger Arbitrage Index. Their fees differ too: 0.15% for IQSI and 0.77% for MNA.

Which has better risk-adjusted returns?

IQSI currently has the higher Sharpe Ratio (1.28 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.