IQSI vs. MNA
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 Event Driven fund tracking the IQ Merger Arbitrage Index. Both are passively managed. Over the past 5 years, IQSI returned 8.09%/yr vs 2.29%/yr for MNA. Their 0.41 correlation means their historical movements had little consistent relationship. IQSI charges 0.15%/yr vs 0.77%/yr for MNA.
Performance
IQSI vs. MNA - Performance Comparison
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Returns By Period
In the year-to-date period, IQSI achieves a 11.22% return, which is significantly higher than MNA's 2.21% return.
IQSI
- 1D
- 0.31%
- 1M
- 0.32%
- 6M
- 5.61%
- YTD
- 11.22%
- 1Y
- 22.43%
- 3Y*
- 15.55%
- 5Y*
- 8.09%
- 10Y*
- —
- ALL TIME*
- 9.55%
MNA
- 1D
- 0.16%
- 1M
- 0.41%
- 6M
- 1.39%
- YTD
- 2.21%
- 1Y
- 3.33%
- 3Y*
- 5.91%
- 5Y*
- 2.29%
- 10Y*
- 2.98%
- ALL TIME*
- 2.70%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $66.39K | $361.19K | $950.83K | |
| $589.19K | $1.51M | $1.04M |
IQSI vs. MNA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
IQSI IQ Candriam ESG International Equity ETF | 11.22% | 26.95% | 4.84% | 16.21% | -14.76% | 12.70% | 10.36% | 0.38% |
MNA IQ Merger Arbitrage ETF | 2.21% | 8.59% | 4.93% | 0.18% | -1.61% | -3.24% | 2.72% | 0.30% |
Correlation
The correlation between IQSI and MNA is 0.37, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.37 |
Correlation (3Y) Balances recent behavior with more history. | 0.41 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.45 |
Correlation (All Time) Calculated using the full available price history since Dec 17, 2019 | 0.41 |
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Return for Risk
IQSI vs. MNA — Risk / Return Rank
IQSI
MNA
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.
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.
| IQSI | MNA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.72 | ||
| Sortino ratioReturn per unit of downside risk | +0.98 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.13 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.88 | 2.40 | -0.52 |
| Martin ratioReturn relative to average drawdown | 6.90 | 5.72 | +1.17 |
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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.
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Drawdown Indicators
| IQSI | MNA | Difference | |
|---|---|---|---|
Max DrawdownLargest 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% | -9.46% | -20.40% |
Max Drawdown (10Y)Largest decline over 10 years | — | -16.68% | — |
Current DrawdownCurrent decline from peak | -0.65% | -0.19% | -0.46% |
Average DrawdownAverage peak-to-trough decline | -6.37% | -2.81% | -3.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.26% | 0.58% | +2.68% |
Volatility
IQSI vs. MNA - Volatility Comparison
IQ Candriam ESG International Equity ETF (IQSI) has a higher volatility of 4.38% compared to IQ Merger Arbitrage ETF (MNA) at 1.55%. 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.
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Volatility by Period
| IQSI | MNA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.38% | 1.55% | +2.83% |
Volatility (6M)Calculated over the trailing 6-month period | 13.61% | 3.62% | +9.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.83% | 4.75% | +11.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.43% | 4.98% | +11.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.94% | 6.52% | +12.42% |
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 2.69%, 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 | 2.69% | 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
IQSI and MNA have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IQSI has higher volatility (4.38%) compared to MNA (1.55%). In terms of maximum drawdown, IQSI dropped -31.90% vs MNA's -16.68%.
On 5-year performance, IQSI leads with 8.09% vs 2.29% for MNA. On fees, IQSI is cheaper at 0.15% per year. On volatility, MNA has been the lower-risk option at 1.55%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IQSI has performed better with a 8.09% return vs 2.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IQSI is cheaper with a 0.15% expense ratio, compared with 0.77% for MNA.
IQSI has the higher dividend yield at 2.69%, compared with 0.00% for MNA.
IQSI is categorized as Foreign Large Cap Equities, while MNA is Event Driven. 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.
IQSI currently has the higher Sharpe Ratio (1.43 vs 0.71), 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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