MNA vs. GDMA
Compare and contrast key facts about IQ Merger Arbitrage ETF (MNA) and Gadsden Dynamic Multi-Asset ETF (GDMA).
MNA and GDMA 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. GDMA is an actively managed fund by Gadsden. It was launched on Nov 14, 2018.
Performance
MNA vs. GDMA - Performance Comparison
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MNA vs. GDMA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
MNA IQ Merger Arbitrage ETF | 1.56% | 8.59% | 4.93% | 0.18% | -1.61% | -3.24% | 2.72% | 4.70% | -0.97% |
GDMA Gadsden Dynamic Multi-Asset ETF | 5.56% | 25.29% | 7.44% | 1.72% | -2.08% | 3.95% | 21.08% | 11.59% | -3.93% |
Returns By Period
In the year-to-date period, MNA achieves a 1.56% return, which is significantly lower than GDMA's 5.56% 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%
GDMA
- 1D
- -0.16%
- 1M
- -5.27%
- YTD
- 5.56%
- 6M
- 8.64%
- 1Y
- 30.39%
- 3Y*
- 14.82%
- 5Y*
- 7.72%
- 10Y*
- —
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MNA vs. GDMA - Expense Ratio Comparison
Both MNA and GDMA have an expense ratio of 0.77%.
Return for Risk
MNA vs. GDMA — Risk / Return Rank
MNA
GDMA
MNA vs. GDMA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for IQ Merger Arbitrage ETF (MNA) and Gadsden Dynamic Multi-Asset ETF (GDMA). 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 | GDMA | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.20 | 2.52 | -1.32 |
Sortino ratioReturn per unit of downside risk | 1.83 | 3.29 | -1.45 |
Omega ratioGain probability vs. loss probability | 1.23 | 1.48 | -0.25 |
Calmar ratioReturn relative to maximum drawdown | 2.69 | 4.72 | -2.03 |
Martin ratioReturn relative to average drawdown | 10.69 | 14.01 | -3.32 |
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 | GDMA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.20 | 2.52 | -1.32 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.44 | 0.82 | -0.38 |
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 | 0.85 | -0.49 |
Correlation
The correlation between MNA and GDMA is 0.20, 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
MNA vs. GDMA - Dividend Comparison
MNA has not paid dividends to shareholders, while GDMA's dividend yield for the trailing twelve months is around 2.65%.
| 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% |
GDMA Gadsden Dynamic Multi-Asset ETF | 2.65% | 2.79% | 2.32% | 4.14% | 1.18% | 2.10% | 0.62% | 3.17% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
MNA vs. GDMA - Drawdown Comparison
The maximum MNA drawdown since its inception was -16.68%, roughly equal to the maximum GDMA drawdown of -16.66%. Use the drawdown chart below to compare losses from any high point for MNA and GDMA.
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Drawdown Indicators
| MNA | GDMA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.68% | -16.66% | -0.02% |
Max Drawdown (1Y)Largest decline over 1 year | -2.21% | -6.44% | +4.23% |
Max Drawdown (5Y)Largest decline over 5 years | -10.74% | -12.74% | +2.00% |
Max Drawdown (10Y)Largest decline over 10 years | -16.68% | — | — |
Current DrawdownCurrent decline from peak | -0.47% | -6.06% | +5.59% |
Average DrawdownAverage peak-to-trough decline | -2.86% | -3.78% | +0.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.56% | 2.17% | -1.61% |
Volatility
MNA vs. GDMA - Volatility Comparison
The current volatility for IQ Merger Arbitrage ETF (MNA) is 1.70%, while Gadsden Dynamic Multi-Asset ETF (GDMA) has a volatility of 4.01%. This indicates that MNA experiences smaller price fluctuations and is considered to be less risky than GDMA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MNA | GDMA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.70% | 4.01% | -2.31% |
Volatility (6M)Calculated over the trailing 6-month period | 3.01% | 9.88% | -6.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.00% | 12.12% | -7.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.97% | 9.44% | -4.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.55% | 10.82% | -4.27% |