IWFG vs. MNA
Compare and contrast key facts about NYLI Winslow Focused Large Cap Growth ETF (IWFG) and IQ Merger Arbitrage ETF (MNA).
IWFG and MNA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IWFG is an actively managed fund by New York Life. It was launched on Jun 23, 2022. MNA is a passively managed fund by New York Life that tracks the performance of the IQ Merger Arbitrage Index. It was launched on Nov 17, 2009.
Performance
IWFG vs. MNA - Performance Comparison
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IWFG vs. MNA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
IWFG NYLI Winslow Focused Large Cap Growth ETF | -12.12% | 14.33% | 37.56% | 38.40% | 3.75% |
MNA IQ Merger Arbitrage ETF | 0.89% | 8.59% | 4.93% | 0.18% | 2.79% |
Returns By Period
In the year-to-date period, IWFG achieves a -12.12% return, which is significantly lower than MNA's 0.89% return.
IWFG
- 1D
- 1.14%
- 1M
- -5.23%
- YTD
- -12.12%
- 6M
- -12.26%
- 1Y
- 9.20%
- 3Y*
- 19.97%
- 5Y*
- —
- 10Y*
- —
MNA
- 1D
- -0.66%
- 1M
- -0.52%
- YTD
- 0.89%
- 6M
- 0.67%
- 1Y
- 5.14%
- 3Y*
- 4.93%
- 5Y*
- 2.06%
- 10Y*
- 2.66%
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IWFG vs. MNA - Expense Ratio Comparison
IWFG has a 0.46% expense ratio, which is lower than MNA's 0.77% expense ratio.
Return for Risk
IWFG vs. MNA — Risk / Return Rank
IWFG
MNA
IWFG vs. MNA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for NYLI Winslow Focused Large Cap Growth ETF (IWFG) 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.
| IWFG | MNA | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.41 | 1.02 | -0.62 |
Sortino ratioReturn per unit of downside risk | 0.75 | 1.56 | -0.81 |
Omega ratioGain probability vs. loss probability | 1.10 | 1.20 | -0.10 |
Calmar ratioReturn relative to maximum drawdown | 0.50 | 2.39 | -1.89 |
Martin ratioReturn relative to average drawdown | 1.59 | 9.41 | -7.82 |
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
| IWFG | MNA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.41 | 1.02 | -0.62 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.42 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.41 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.97 | 0.36 | +0.61 |
Correlation
The correlation between IWFG and MNA is 0.33, 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
IWFG vs. MNA - Dividend Comparison
Neither IWFG nor MNA has paid dividends to shareholders.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWFG NYLI Winslow Focused Large Cap Growth ETF | 0.00% | 0.00% | 5.44% | 1.01% | 0.05% | 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% |
Drawdowns
IWFG vs. MNA - Drawdown Comparison
The maximum IWFG drawdown since its inception was -21.97%, which is greater than MNA's maximum drawdown of -16.68%. Use the drawdown chart below to compare losses from any high point for IWFG and MNA.
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Drawdown Indicators
| IWFG | MNA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.97% | -16.68% | -5.29% |
Max Drawdown (1Y)Largest decline over 1 year | -20.20% | -2.21% | -17.99% |
Max Drawdown (5Y)Largest decline over 5 years | — | -10.74% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -16.68% | — |
Current DrawdownCurrent decline from peak | -16.31% | -1.12% | -15.19% |
Average DrawdownAverage peak-to-trough decline | -4.02% | -2.86% | -1.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.33% | 0.56% | +5.77% |
Volatility
IWFG vs. MNA - Volatility Comparison
NYLI Winslow Focused Large Cap Growth ETF (IWFG) has a higher volatility of 7.13% compared to IQ Merger Arbitrage ETF (MNA) at 1.81%. This indicates that IWFG'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
| IWFG | MNA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.13% | 1.81% | +5.32% |
Volatility (6M)Calculated over the trailing 6-month period | 13.31% | 3.06% | +10.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.78% | 5.04% | +17.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.69% | 4.98% | +15.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.69% | 6.55% | +14.14% |