MNA vs. HFGM

Last updated Jun 21, 2026

MNA (IQ Merger Arbitrage ETF) and HFGM (Unlimited HFGM Global Macro ETF) are both exchange-traded funds - MNA is a Hedge Fund fund tracking the IQ Merger Arbitrage Index, while HFGM is a Macro Trading fund actively managed by Unlimited. MNA is passively managed, while HFGM is actively managed. Over the past year, MNA returned 4.12% vs 33.58% for HFGM. At a 0.32 correlation, their price movements are largely independent. MNA charges 0.77%/yr vs 0.95%/yr for HFGM.

Performance

MNA vs. HFGM - Performance Comparison

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

Returns By Period

In the year-to-date period, MNA achieves a 1.53% return, which is significantly lower than HFGM's 9.67% return.

MNA

• 1D: 0.09%
• 1M: -0.50%
• YTD: 1.53%
• 6M: 1.05%
• 1Y: 4.12%
• 3Y*: 5.71%
• 5Y*: 1.93%
• 10Y*: 2.75%

HFGM

• 1D: 0.44%
• 1M: -6.39%
• YTD: 9.67%
• 6M: 9.92%
• 1Y: 33.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MNA vs. HFGM - Yearly Performance Comparison

	2026 (YTD)	2025
MNA IQ Merger Arbitrage ETF	1.53%	3.62%
HFGM Unlimited HFGM Global Macro ETF	9.67%	26.88%

Correlation

The correlation between MNA and HFGM is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (All Time) Calculated using the full available price history since Apr 15, 2025	0.32

Return for Risk

MNA vs. HFGM — Risk / Return Rank

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

MNA

MNA Risk / Return Rank: 35
MNA Sharpe Ratio Rank: 24
MNA Sortino Ratio Rank: 23
MNA Omega Ratio Rank: 22
MNA Calmar Ratio Rank: 60
MNA Martin Ratio Rank: 44

HFGM

HFGM Risk / Return Rank: 47
HFGM Sharpe Ratio Rank: 43
HFGM Sortino Ratio Rank: 41
HFGM Omega Ratio Rank: 41
HFGM Calmar Ratio Rank: 64
HFGM Martin Ratio Rank: 48

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. HFGM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IQ Merger Arbitrage ETF (MNA) and Unlimited HFGM Global Macro ETF (HFGM). 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.

	MNA	HFGM	Difference
Sharpe ratio: Return per unit of total volatility	0.83	1.46	-0.63
Sortino ratio: Return per unit of downside risk	1.23	2.00	-0.77
Omega ratio: Gain probability vs. loss probability	1.15	1.26	-0.11
Calmar ratio: Return relative to maximum drawdown	2.81	3.04	-0.22
Martin ratio: Return relative to average drawdown	6.89	7.59	-0.70

MNA vs. HFGM - Sharpe Ratio Comparison

The current MNA Sharpe Ratio is 0.83, which is lower than the HFGM Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of MNA and HFGM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MNA vs. HFGM - Drawdown Comparison

The maximum MNA drawdown since its inception was -16.68%, which is greater than HFGM's maximum drawdown of -10.97%. Use the drawdown chart below to compare losses from any high point for MNA and HFGM.

Drawdown Indicators

	MNA	HFGM	Difference
Max Drawdown Largest peak-to-trough decline	-16.68%	-10.97%	-5.71%
Max Drawdown (1Y) Largest decline over 1 year	-1.40%	-10.97%	+9.57%
Max Drawdown (3Y) Largest decline over 3 years	-3.01%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-10.24%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-16.68%	—	—
Current Drawdown Current decline from peak	-0.79%	-9.63%	+8.84%
Average Drawdown Average peak-to-trough decline	-2.83%	-2.91%	+0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.57%	4.38%	-3.81%

Volatility

MNA vs. HFGM - Volatility Comparison

The current volatility for IQ Merger Arbitrage ETF (MNA) is 1.34%, while Unlimited HFGM Global Macro ETF (HFGM) has a volatility of 5.15%. This indicates that MNA experiences smaller price fluctuations and is considered to be less risky than HFGM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MNA	HFGM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.34%	5.15%	-3.81%
Volatility (6M) Calculated over the trailing 6-month period	3.52%	17.78%	-14.26%
Volatility (1Y) Calculated over the trailing 1-year period	4.76%	22.85%	-18.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.98%	21.68%	-16.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.55%	21.68%	-15.13%

MNA vs. HFGM - Expense Ratio Comparison

MNA has a 0.77% expense ratio, which is lower than HFGM's 0.95% expense ratio.

Dividends

MNA vs. HFGM - Dividend Comparison

MNA has not paid dividends to shareholders, while HFGM's dividend yield for the trailing twelve months is around 10.24%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HFGM Unlimited HFGM Global Macro ETF	10.24%	11.23%	0.00%	0.00%	0.00%	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

Can I hold both MNA and HFGM in my portfolio?

MNA and HFGM have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MNA or HFGM?

HFGM has higher volatility (5.15%) compared to MNA (1.34%). In terms of maximum drawdown, MNA dropped -16.68% vs HFGM's -10.97%.

Which ETF is better, MNA or HFGM?

On 1-year performance, HFGM leads with 33.58% vs 4.12% for MNA. On fees, MNA is cheaper at 0.77% per year. On volatility, MNA has been the lower-risk option at 1.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MNA or HFGM?

Over the 1-year period, HFGM has performed better with a 33.58% return vs 4.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MNA or HFGM?

MNA is cheaper with a 0.77% expense ratio, compared with 0.95% for HFGM.

Which ETF pays a higher dividend yield, MNA or HFGM?

HFGM has the higher dividend yield at 10.24%, compared with 0.00% for MNA.

What is the main difference between MNA and HFGM?

MNA is categorized as Hedge Fund, while HFGM is Macro Trading. They also come from different issuers: New York Life and Unlimited. Their fees differ too: 0.77% for MNA and 0.95% for HFGM.

Which has better risk-adjusted returns?

HFGM currently has the higher Sharpe Ratio (1.46 vs 0.83), 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.