MNA vs. IALT

Last updated Jun 24, 2026

MNA (IQ Merger Arbitrage ETF) and IALT (iShares Systematic Alternatives Active ETF) are both exchange-traded funds - MNA is a Hedge Fund fund tracking the IQ Merger Arbitrage Index, while IALT is a Multistrategy fund actively managed by iShares. MNA is passively managed, while IALT is actively managed. At a 0.31 correlation, their price movements are largely independent. MNA charges 0.77%/yr vs 0.99%/yr for IALT.

Performance

MNA vs. IALT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in IQ Merger Arbitrage ETF (MNA) and iShares Systematic Alternatives Active ETF (IALT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MNA achieves a 1.84% return, which is significantly lower than IALT's 12.03% return.

MNA

• 1D: 0.10%
• 1M: -0.06%
• YTD: 1.84%
• 6M: 1.56%
• 1Y: 4.44%
• 3Y*: 5.89%
• 5Y*: 2.05%
• 10Y*: 2.92%

IALT

• 1D: -0.32%
• 1M: 0.62%
• YTD: 12.03%
• 6M: 12.02%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MNA vs. IALT - Yearly Performance Comparison

	2026 (YTD)	2025
MNA IQ Merger Arbitrage ETF	1.84%	-0.11%
IALT iShares Systematic Alternatives Active ETF	12.03%	0.83%

Correlation

The correlation between MNA and IALT is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 10, 2025	0.31

Return for Risk

MNA vs. IALT — Risk / Return Rank

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

MNA

MNA Risk / Return Rank: 39
MNA Sharpe Ratio Rank: 27
MNA Sortino Ratio Rank: 26
MNA Omega Ratio Rank: 26
MNA Calmar Ratio Rank: 68
MNA Martin Ratio Rank: 49

IALT

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. IALT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IQ Merger Arbitrage ETF (MNA) and iShares Systematic Alternatives Active ETF (IALT). 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	IALT	Difference
Sharpe ratio: Return per unit of total volatility	0.94	—	—
Sortino ratio: Return per unit of downside risk	1.39	—	—
Omega ratio: Gain probability vs. loss probability	1.17	—	—
Calmar ratio: Return relative to maximum drawdown	3.19	—	—
Martin ratio: Return relative to average drawdown	7.78	—	—

Drawdowns

MNA vs. IALT - Drawdown Comparison

The maximum MNA drawdown since its inception was -16.68%, which is greater than IALT's maximum drawdown of -2.27%. Use the drawdown chart below to compare losses from any high point for MNA and IALT.

Drawdown Indicators

	MNA	IALT	Difference
Max Drawdown Largest peak-to-trough decline	-16.68%	-2.27%	-14.41%
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	-10.24%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-16.68%	—	—
Current Drawdown Current decline from peak	-0.50%	-1.05%	+0.55%
Average Drawdown Average peak-to-trough decline	-2.83%	-0.39%	-2.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.57%	—	—

Volatility

Volatility by Period

	MNA	IALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.36%	—	—
Volatility (6M) Calculated over the trailing 6-month period	3.52%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	4.75%	7.80%	-3.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.97%	7.80%	-2.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.53%	7.80%	-1.27%

MNA vs. IALT - Expense Ratio Comparison

MNA has a 0.77% expense ratio, which is lower than IALT's 0.99% expense ratio.

Dividends

MNA vs. IALT - Dividend Comparison

MNA has not paid dividends to shareholders, while IALT's dividend yield for the trailing twelve months is around 0.40%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IALT iShares Systematic Alternatives Active ETF	0.40%	0.14%	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 IALT in my portfolio?

MNA and IALT have a correlation of 0.31, 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 IALT?

On fees, MNA is cheaper at 0.77% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MNA or IALT?

MNA is cheaper with a 0.77% expense ratio, compared with 0.99% for IALT.

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

IALT has the higher dividend yield at 0.40%, compared with 0.00% for MNA.

What is the main difference between MNA and IALT?

MNA is categorized as Hedge Fund, while IALT is Multistrategy. They also come from different issuers: New York Life and iShares. Their fees differ too: 0.77% for MNA and 0.99% for IALT.