MNA vs. HYGI

Last updated Jun 9, 2026

MNA (IQ Merger Arbitrage ETF) and HYGI (iShares Inflation Hedged High Yield Bond ETF) are both exchange-traded funds - MNA is a Hedge Fund fund tracking the IQ Merger Arbitrage Index, while HYGI is a Inflation-Protected Bonds fund tracking the BlackRock Inflation Hedged High Yield Bond Index - Benchmark TR Gross. Both are passively managed. At a 0.36 correlation, their price movements are largely independent. MNA charges 0.77%/yr vs 0.52%/yr for HYGI.

Performance

MNA vs. HYGI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in IQ Merger Arbitrage ETF (MNA) and iShares Inflation Hedged High Yield Bond ETF (HYGI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MNA

• 1D: -0.08%
• 1M: -0.14%
• YTD: 1.79%
• 6M: 1.97%
• 1Y: 4.47%
• 3Y*: 5.95%
• 5Y*: 1.83%
• 10Y*: 2.74%

HYGI

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MNA vs. HYGI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
MNA IQ Merger Arbitrage ETF	1.79%	8.59%	4.93%	0.18%	2.26%
HYGI iShares Inflation Hedged High Yield Bond ETF	0.00%	6.20%	9.16%	11.71%	0.65%

Correlation

The correlation between MNA and HYGI is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (All Time) Calculated using the full available price history since Jun 27, 2022	0.36

The correlation between MNA and HYGI shifts across timeframes, from 0.21 (1 year) to 0.36 (all time), reflecting how their relationship changes across market environments.

MNA vs. HYGI - Sectors Allocation Comparison

Sectors	MNA	HYGI
Industrials	22.3%	-
Utilities	15.3%	99.6%
Financial Services	11.4%	-
Healthcare	11.3%	-
Basic Materials	10.3%	-
Communication Services	9.2%	-
Technology	8.3%	-
Real Estate	5.1%	0.4%
Consumer Defensive	4.4%	-
Consumer Cyclical	2.4%	-
Energy	-	-

Return for Risk

MNA vs. HYGI — Risk / Return Rank

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

MNA

MNA Risk / Return Rank: 41
MNA Sharpe Ratio Rank: 29
MNA Sortino Ratio Rank: 28
MNA Omega Ratio Rank: 28
MNA Calmar Ratio Rank: 71
MNA Martin Ratio Rank: 52

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. HYGI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IQ Merger Arbitrage ETF (MNA) and iShares Inflation Hedged High Yield Bond ETF (HYGI). 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	HYGI	Difference
Sharpe ratio: Return per unit of total volatility	0.95	—	—
Sortino ratio: Return per unit of downside risk	1.41	—	—
Omega ratio: Gain probability vs. loss probability	1.17	—	—
Calmar ratio: Return relative to maximum drawdown	3.22	—	—
Martin ratio: Return relative to average drawdown	7.99	—	—
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	HYGI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.95	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	—	—
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	—	—

Drawdowns

Drawdown Indicators

	MNA	HYGI	Difference
Max Drawdown Largest peak-to-trough decline	-16.68%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-1.40%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-3.01%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-10.45%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-16.68%	—	—
Current Drawdown Current decline from peak	-0.55%	—	—
Average Drawdown Average peak-to-trough decline	-2.83%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.56%	—	—

Volatility

Volatility by Period

	MNA	HYGI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.66%	—	—
Volatility (6M) Calculated over the trailing 6-month period	3.59%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	4.75%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.98%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.55%	—	—

MNA vs. HYGI - Expense Ratio Comparison

MNA has a 0.77% expense ratio, which is higher than HYGI's 0.52% expense ratio.

Dividends

MNA vs. HYGI - Dividend Comparison

Neither MNA nor HYGI has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYGI iShares Inflation Hedged High Yield Bond ETF	0.97%	3.41%	6.08%	6.22%	3.19%	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 HYGI in my portfolio?

MNA and HYGI have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MNA or HYGI?

On fees, HYGI is cheaper at 0.52% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MNA or HYGI?

HYGI is cheaper with a 0.52% expense ratio, compared with 0.77% for MNA.

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

HYGI has the higher dividend yield at 0.97%, compared with 0.00% for MNA.

What is the main difference between MNA and HYGI?

MNA is categorized as Hedge Fund, while HYGI is Inflation-Protected Bonds. MNA tracks IQ Merger Arbitrage Index, while HYGI tracks BlackRock Inflation Hedged High Yield Bond Index - Benchmark TR Gross. They also come from different issuers: New York Life and iShares. Their fees differ too: 0.77% for MNA and 0.52% for HYGI.