MNA vs. BGLD
MNA (IQ Merger Arbitrage ETF) and BGLD (FT Vest Gold Strategy Quarterly Buffer ETF) are both exchange-traded funds - MNA is a Hedge Fund fund tracking the IQ Merger Arbitrage Index, while BGLD is a Defined Outcome fund actively managed by FT Vest. MNA is passively managed, while BGLD is actively managed. Over the past 5 years, MNA returned 1.74%/yr vs 11.20%/yr for BGLD. At a 0.14 correlation, their price movements are largely independent. MNA charges 0.77%/yr vs 0.91%/yr for BGLD.
Performance
MNA vs. BGLD - Performance Comparison
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Returns By Period
In the year-to-date period, MNA achieves a 1.26% return, which is significantly higher than BGLD's 0.32% return.
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%
BGLD
- 1D
- -0.52%
- 1M
- 0.80%
- YTD
- 0.32%
- 6M
- 1.34%
- 1Y
- 12.93%
- 3Y*
- 19.37%
- 5Y*
- 11.20%
- 10Y*
- —
MNA vs. BGLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MNA IQ Merger Arbitrage ETF | 1.26% | 8.59% | 4.93% | 0.18% | -1.61% | -3.41% |
BGLD FT Vest Gold Strategy Quarterly Buffer ETF | 0.32% | 33.03% | 21.80% | 13.24% | -2.42% | -5.57% |
Correlation
The correlation between MNA and BGLD is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Jan 22, 2021 | 0.14 |
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Return for Risk
MNA vs. BGLD — Risk / Return Rank
MNA
BGLD
MNA vs. BGLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for IQ Merger Arbitrage ETF (MNA) and FT Vest Gold Strategy Quarterly Buffer ETF (BGLD). 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.
| MNA | BGLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.31 | ||
| Sortino ratioReturn per unit of downside risk | -0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.21 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.65 | 1.17 | +1.48 |
| Martin ratioReturn relative to average drawdown | 6.64 | 3.72 | +2.92 |
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
| MNA | BGLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.78 | 1.09 | -0.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.35 | 1.13 | -0.78 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.41 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.36 | 1.05 | -0.70 |
Drawdowns
MNA vs. BGLD - Drawdown Comparison
The maximum MNA drawdown since its inception was -16.68%, roughly equal to the maximum BGLD drawdown of -16.19%. Use the drawdown chart below to compare losses from any high point for MNA and BGLD.
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Drawdown Indicators
| MNA | BGLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.68% | -16.19% | -0.49% |
Max Drawdown (1Y)Largest decline over 1 year | -1.40% | -11.11% | +9.71% |
Max Drawdown (3Y)Largest decline over 3 years | -3.01% | -11.11% | +8.10% |
Max Drawdown (5Y)Largest decline over 5 years | -10.45% | -15.52% | +5.07% |
Max Drawdown (10Y)Largest decline over 10 years | -16.68% | — | — |
Current DrawdownCurrent decline from peak | -1.06% | -7.22% | +6.16% |
Average DrawdownAverage peak-to-trough decline | -2.83% | -3.64% | +0.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.56% | 3.49% | -2.93% |
Volatility
MNA vs. BGLD - Volatility Comparison
The current volatility for IQ Merger Arbitrage ETF (MNA) is 1.85%, while FT Vest Gold Strategy Quarterly Buffer ETF (BGLD) has a volatility of 2.20%. This indicates that MNA experiences smaller price fluctuations and is considered to be less risky than BGLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MNA | BGLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.85% | 2.20% | -0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 3.56% | 10.04% | -6.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.74% | 11.90% | -7.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.99% | 9.97% | -4.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.55% | 9.89% | -3.34% |
MNA vs. BGLD - Expense Ratio Comparison
MNA has a 0.77% expense ratio, which is lower than BGLD's 0.91% expense ratio.
Dividends
MNA vs. BGLD - Dividend Comparison
MNA has not paid dividends to shareholders, while BGLD's dividend yield for the trailing twelve months is around 44.18%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BGLD FT Vest Gold Strategy Quarterly Buffer ETF | 44.18% | 44.32% | 25.04% | 10.49% | 0.40% | 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
MNA and BGLD have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BGLD has higher volatility (2.20%) compared to MNA (1.85%). In terms of maximum drawdown, MNA dropped -16.68% vs BGLD's -16.19%.
On 5-year performance, BGLD leads with 11.20% vs 1.74% for MNA. On fees, MNA is cheaper at 0.77% 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.
Over the 5-year period, BGLD has performed better with a 11.20% return vs 1.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MNA is cheaper with a 0.77% expense ratio, compared with 0.91% for BGLD.
BGLD has the higher dividend yield at 44.18%, compared with 0.00% for MNA.
MNA is categorized as Hedge Fund, while BGLD is Defined Outcome. They also come from different issuers: New York Life and FT Vest. Their fees differ too: 0.77% for MNA and 0.91% for BGLD.
BGLD currently has the higher Sharpe Ratio (1.09 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.
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