MNA vs. ENDW

Last updated Apr 1, 2026

Compare and contrast key facts about IQ Merger Arbitrage ETF (MNA) and Cambria Endowment Style ETF (ENDW).

MNA and ENDW are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. 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. ENDW is an actively managed fund by Cambria. It was launched on Apr 9, 2025.

Performance

MNA vs. ENDW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in IQ Merger Arbitrage ETF (MNA) and Cambria Endowment Style ETF (ENDW). The values are adjusted to include any dividend payments, if applicable.

MNA vs. ENDW - Yearly Performance Comparison

	2026 (YTD)	2025
MNA IQ Merger Arbitrage ETF	1.56%	3.92%
ENDW Cambria Endowment Style ETF	3.42%	30.77%

Returns By Period

In the year-to-date period, MNA achieves a 1.56% return, which is significantly lower than ENDW's 3.42% return.

MNA

• 1D: 0.44%
• 1M: 0.17%
• YTD: 1.56%
• 6M: 1.25%
• 1Y: 5.98%
• 3Y*: 5.16%
• 5Y*: 2.20%
• 10Y*: 2.73%

ENDW

• 1D: 1.81%
• 1M: -4.20%
• YTD: 3.42%
• 6M: 7.27%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MNA vs. ENDW - Expense Ratio Comparison

MNA has a 0.77% expense ratio, which is higher than ENDW's 0.29% expense ratio.

MNA

IQ Merger Arbitrage ETF

ENDW

Cambria Endowment Style ETF

Return for Risk

MNA vs. ENDW — Risk / Return Rank

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

MNA

MNA Risk / Return Rank: 77
MNA Sharpe Ratio Rank: 70
MNA Sortino Ratio Rank: 74
MNA Omega Ratio Rank: 65
MNA Calmar Ratio Rank: 88
MNA Martin Ratio Rank: 88

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.

MNA vs. ENDW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IQ Merger Arbitrage ETF (MNA) and Cambria Endowment Style ETF (ENDW). 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	ENDW	Difference
Sharpe ratio Return per unit of total volatility	1.20	—	—
Sortino ratio Return per unit of downside risk	1.83	—	—
Omega ratio Gain probability vs. loss probability	1.23	—	—
Calmar ratio Return relative to maximum drawdown	2.69	—	—
Martin ratio Return relative to average drawdown	10.69	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	MNA	ENDW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.20	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	3.24	-2.88

Correlation

The correlation between MNA and ENDW is 0.45, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

MNA vs. ENDW - Dividend Comparison

MNA has not paid dividends to shareholders, while ENDW's dividend yield for the trailing twelve months is around 2.34%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
ENDW Cambria Endowment Style ETF	2.34%	1.91%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

MNA vs. ENDW - Drawdown Comparison

The maximum MNA drawdown since its inception was -16.68%, which is greater than ENDW's maximum drawdown of -6.44%. Use the drawdown chart below to compare losses from any high point for MNA and ENDW.

Drawdown Indicators

	MNA	ENDW	Difference
Max Drawdown Largest peak-to-trough decline	-16.68%	-6.44%	-10.24%
Max Drawdown (1Y) Largest decline over 1 year	-2.21%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-10.74%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-16.68%	—	—
Current Drawdown Current decline from peak	-0.47%	-4.36%	+3.89%
Average Drawdown Average peak-to-trough decline	-2.86%	-0.82%	-2.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.56%	—	—

Volatility

Volatility by Period

	MNA	ENDW	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.70%	—	—
Volatility (6M) Calculated over the trailing 6-month period	3.01%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	5.00%	11.36%	-6.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.97%	11.36%	-6.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.55%	11.36%	-4.81%