MNA vs. MRGR

Last updated Jun 4, 2026

MNA (IQ Merger Arbitrage ETF) and MRGR (Proshares Merger ETF) are both Hedge Fund funds - MNA tracks the IQ Merger Arbitrage Index while MRGR tracks the S&P Merger Arbitrage Index. Both are passively managed. Over the past 10 years, MNA returned 2.67%/yr vs 3.47%/yr for MRGR. At a 0.24 correlation, their price movements are largely independent. MNA charges 0.77%/yr vs 0.75%/yr for MRGR.

Performance

MNA vs. MRGR - Performance Comparison

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

Returns By Period

In the year-to-date period, MNA achieves a 1.26% return, which is significantly lower than MRGR's 1.83% return. Over the past 10 years, MNA has underperformed MRGR with an annualized return of 2.67%, while MRGR has yielded a comparatively higher 3.47% annualized return.

MNA

• 1D: -0.18%
• 1M: -0.11%
• YTD: 1.26%
• 6M: 1.17%
• 1Y: 3.69%
• 3Y*: 5.62%
• 5Y*: 1.74%
• 10Y*: 2.67%

MRGR

• 1D: -0.33%
• 1M: 0.80%
• YTD: 1.83%
• 6M: 1.48%
• 1Y: 11.14%
• 3Y*: 8.65%
• 5Y*: 3.99%
• 10Y*: 3.47%

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

MNA vs. MRGR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MNA IQ Merger Arbitrage ETF	1.26%	8.59%	4.93%	0.18%	-1.61%	-3.24%	2.72%	4.70%	2.13%	5.97%
MRGR Proshares Merger ETF	1.83%	11.99%	5.32%	4.94%	-4.81%	6.58%	1.99%	4.31%	3.42%	2.08%

Correlation

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

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (10Y) Calculated over the trailing 10-year period	0.30
Correlation (All Time) Calculated using the full available price history since Dec 14, 2012	0.24

The correlation between MNA and MRGR shifts across timeframes, from 0.24 (all time) to 0.39 (5 years), reflecting how their relationship changes across market environments.

MNA vs. MRGR - Sectors Allocation Comparison

Sectors	MNA	MRGR
Industrials	22.3%	17.6%
Utilities	15.3%	5.4%
Financial Services	11.4%	12.7%
Healthcare	11.3%	22.7%
Basic Materials	10.3%	5.8%
Communication Services	9.2%	4.9%
Technology	8.3%	5.1%
Real Estate	5.1%	12.6%
Consumer Defensive	4.4%	2.7%
Consumer Cyclical	2.4%	4.9%
Energy	-	5.6%

Return for Risk

MNA vs. MRGR — Risk / Return Rank

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

MNA

MNA Risk / Return Rank: 32
MNA Sharpe Ratio Rank: 22
MNA Sortino Ratio Rank: 21
MNA Omega Ratio Rank: 21
MNA Calmar Ratio Rank: 53
MNA Martin Ratio Rank: 41

MRGR

MRGR Risk / Return Rank: 90
MRGR Sharpe Ratio Rank: 82
MRGR Sortino Ratio Rank: 93
MRGR Omega Ratio Rank: 88
MRGR Calmar Ratio Rank: 95
MRGR Martin Ratio Rank: 92

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. MRGR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IQ Merger Arbitrage ETF (MNA) and Proshares Merger ETF (MRGR). 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	MRGR	Difference
Sharpe ratio: Return per unit of total volatility	0.78	2.72	-1.94
Sortino ratio: Return per unit of downside risk	1.17	4.63	-3.47
Omega ratio: Gain probability vs. loss probability	1.14	1.56	-0.41
Calmar ratio: Return relative to maximum drawdown	2.65	8.65	-5.99
Martin ratio: Return relative to average drawdown	6.64	23.71	-17.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MNA vs. MRGR - Sharpe Ratio Comparison

The current MNA Sharpe Ratio is 0.78, which is lower than the MRGR Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of MNA and MRGR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MNA	MRGR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.78	2.72	-1.94
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	1.05	-0.70
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	0.68	-0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.36	0.00

Drawdowns

MNA vs. MRGR - Drawdown Comparison

The maximum MNA drawdown since its inception was -16.68%, which is greater than MRGR's maximum drawdown of -13.23%. Use the drawdown chart below to compare losses from any high point for MNA and MRGR.

Drawdown Indicators

	MNA	MRGR	Difference
Max Drawdown Largest peak-to-trough decline	-16.68%	-13.23%	-3.45%
Max Drawdown (1Y) Largest decline over 1 year	-1.40%	-1.29%	-0.11%
Max Drawdown (3Y) Largest decline over 3 years	-3.01%	-2.10%	-0.91%
Max Drawdown (5Y) Largest decline over 5 years	-10.45%	-8.40%	-2.05%
Max Drawdown (10Y) Largest decline over 10 years	-16.68%	-13.23%	-3.45%
Current Drawdown Current decline from peak	-1.06%	-0.33%	-0.73%
Average Drawdown Average peak-to-trough decline	-2.83%	-3.86%	+1.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.56%	0.47%	+0.09%

Volatility

MNA vs. MRGR - Volatility Comparison

IQ Merger Arbitrage ETF (MNA) has a higher volatility of 1.85% compared to Proshares Merger ETF (MRGR) at 1.08%. This indicates that MNA's price experiences larger fluctuations and is considered to be riskier than MRGR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MNA	MRGR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.85%	1.08%	+0.77%
Volatility (6M) Calculated over the trailing 6-month period	3.56%	2.95%	+0.61%
Volatility (1Y) Calculated over the trailing 1-year period	4.74%	4.11%	+0.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.99%	3.82%	+1.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.55%	5.15%	+1.40%

MNA vs. MRGR - Expense Ratio Comparison

MNA has a 0.77% expense ratio, which is higher than MRGR's 0.75% expense ratio.

Dividends

MNA vs. MRGR - Dividend Comparison

MNA has not paid dividends to shareholders, while MRGR's dividend yield for the trailing twelve months is around 2.97%.

Position	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%
MRGR Proshares Merger ETF	2.97%	3.12%	3.21%	2.11%	0.61%	0.59%	0.00%	0.78%	1.39%	0.36%	0.74%	0.34%

Frequently Asked Questions

Can I hold both MNA and MRGR in my portfolio?

MNA and MRGR 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 is riskier, MNA or MRGR?

MNA has higher volatility (1.85%) compared to MRGR (1.08%). In terms of maximum drawdown, MNA dropped -16.68% vs MRGR's -13.23%.

Which ETF is better, MNA or MRGR?

On 10-year performance, MRGR leads with 3.47% vs 2.67% for MNA. On fees, MRGR is cheaper at 0.75% per year. On volatility, MRGR has been the lower-risk option at 1.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MNA or MRGR?

Over the 10-year period, MRGR has performed better with a 3.47% return vs 2.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MNA or MRGR?

MRGR is cheaper with a 0.75% expense ratio, compared with 0.77% for MNA.

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

MRGR has the higher dividend yield at 2.97%, compared with 0.00% for MNA.

What is the main difference between MNA and MRGR?

MNA tracks IQ Merger Arbitrage Index, while MRGR tracks S&P Merger Arbitrage Index. They also come from different issuers: New York Life and ProShares. Their fees differ too: 0.77% for MNA and 0.75% for MRGR.

Which has better risk-adjusted returns?

MRGR currently has the higher Sharpe Ratio (2.72 vs 0.78), 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.