MNA vs. JAAA
MNA (IQ Merger Arbitrage ETF) and JAAA (Janus Henderson AAA CLO ETF) are both exchange-traded funds - MNA is a Hedge Fund fund tracking the IQ Merger Arbitrage Index, while JAAA is a CLO fund actively managed by Janus Henderson. MNA is passively managed, while JAAA is actively managed. Over the past 5 years, MNA returned 1.83%/yr vs 4.80%/yr for JAAA. At a 0.05 correlation, their price movements are largely independent. MNA charges 0.77%/yr vs 0.20%/yr for JAAA.
Performance
MNA vs. JAAA - Performance Comparison
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Returns By Period
In the year-to-date period, MNA achieves a 1.79% return, which is significantly lower than JAAA's 1.95% return.
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%
JAAA
- 1D
- 0.02%
- 1M
- 0.35%
- YTD
- 1.95%
- 6M
- 2.57%
- 1Y
- 5.12%
- 3Y*
- 6.67%
- 5Y*
- 4.80%
- 10Y*
- —
MNA vs. JAAA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
MNA IQ Merger Arbitrage ETF | 1.79% | 8.59% | 4.93% | 0.18% | -1.61% | -3.24% | 0.03% |
JAAA Janus Henderson AAA CLO ETF | 1.95% | 5.16% | 7.43% | 8.59% | 0.49% | 1.39% | 0.79% |
Correlation
The correlation between MNA and JAAA 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 | 0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2020 | 0.05 |
The correlation between MNA and JAAA shifts across timeframes, from 0.05 (5 years) to 0.21 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
MNA vs. JAAA — Risk / Return Rank
MNA
JAAA
MNA vs. JAAA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for IQ Merger Arbitrage ETF (MNA) and Janus Henderson AAA CLO ETF (JAAA). 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 | JAAA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.20 | ||
| Sortino ratioReturn per unit of downside risk | -8.90 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 2.77 | -1.59 |
| Calmar ratioReturn relative to maximum drawdown | 3.22 | 13.24 | -10.02 |
| Martin ratioReturn relative to average drawdown | 7.99 | 71.21 | -63.22 |
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 | JAAA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.95 | 6.15 | -5.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.37 | 2.88 | -2.51 |
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 | 2.78 | -2.42 |
Drawdowns
MNA vs. JAAA - Drawdown Comparison
The maximum MNA drawdown since its inception was -16.68%, which is greater than JAAA's maximum drawdown of -2.64%. Use the drawdown chart below to compare losses from any high point for MNA and JAAA.
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Drawdown Indicators
| MNA | JAAA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.68% | -2.64% | -14.04% |
Max Drawdown (1Y)Largest decline over 1 year | -1.40% | -0.39% | -1.01% |
Max Drawdown (3Y)Largest decline over 3 years | -3.01% | -1.46% | -1.55% |
Max Drawdown (5Y)Largest decline over 5 years | -10.45% | -2.64% | -7.81% |
Max Drawdown (10Y)Largest decline over 10 years | -16.68% | — | — |
Current DrawdownCurrent decline from peak | -0.55% | 0.00% | -0.55% |
Average DrawdownAverage peak-to-trough decline | -2.83% | -0.25% | -2.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.56% | 0.07% | +0.49% |
Volatility
MNA vs. JAAA - Volatility Comparison
IQ Merger Arbitrage ETF (MNA) has a higher volatility of 1.66% compared to Janus Henderson AAA CLO ETF (JAAA) at 0.13%. This indicates that MNA's price experiences larger fluctuations and is considered to be riskier than JAAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MNA | JAAA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.66% | 0.13% | +1.53% |
Volatility (6M)Calculated over the trailing 6-month period | 3.59% | 0.64% | +2.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.75% | 0.84% | +3.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.98% | 1.68% | +3.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.55% | 1.64% | +4.91% |
MNA vs. JAAA - Expense Ratio Comparison
MNA has a 0.77% expense ratio, which is higher than JAAA's 0.20% expense ratio.
Dividends
MNA vs. JAAA - Dividend Comparison
MNA has not paid dividends to shareholders, while JAAA's dividend yield for the trailing twelve months is around 4.99%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
JAAA Janus Henderson AAA CLO ETF | 4.99% | 5.30% | 6.35% | 6.11% | 2.74% | 1.21% | 0.26% | 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
MNA and JAAA 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.
MNA has higher volatility (1.66%) compared to JAAA (0.13%). In terms of maximum drawdown, MNA dropped -16.68% vs JAAA's -2.64%.
On 5-year performance, JAAA leads with 4.80% vs 1.83% for MNA. On fees, JAAA is cheaper at 0.20% per year. On volatility, JAAA has been the lower-risk option at 0.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, JAAA has performed better with a 4.80% return vs 1.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JAAA is cheaper with a 0.20% expense ratio, compared with 0.77% for MNA.
JAAA has the higher dividend yield at 4.99%, compared with 0.00% for MNA.
MNA is categorized as Hedge Fund, while JAAA is CLO. They also come from different issuers: New York Life and Janus Henderson. Their fees differ too: 0.77% for MNA and 0.20% for JAAA.
JAAA currently has the higher Sharpe Ratio (6.15 vs 0.95), 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.
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