MNA vs. SPY
MNA (IQ Merger Arbitrage ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - MNA is a Hedge Fund fund tracking the IQ Merger Arbitrage Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, MNA returned 2.81%/yr vs 15.58%/yr for SPY. At a 0.37 correlation, their price movements are largely independent. MNA charges 0.77%/yr vs 0.09%/yr for SPY.
Performance
MNA vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, MNA achieves a 1.82% return, which is significantly lower than SPY's 10.33% return. Over the past 10 years, MNA has underperformed SPY with an annualized return of 2.81%, while SPY has yielded a comparatively higher 15.58% annualized return.
MNA
- 1D
- -0.08%
- 1M
- 0.36%
- YTD
- 1.82%
- 6M
- 1.21%
- 1Y
- 3.91%
- 3Y*
- 5.81%
- 5Y*
- 1.95%
- 10Y*
- 2.81%
SPY
- 1D
- -0.60%
- 1M
- 1.51%
- YTD
- 10.33%
- 6M
- 11.16%
- 1Y
- 25.93%
- 3Y*
- 20.91%
- 5Y*
- 13.74%
- 10Y*
- 15.58%
MNA vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MNA IQ Merger Arbitrage ETF | 1.82% | 8.59% | 4.93% | 0.18% | -1.61% | -3.24% | 2.72% | 4.70% | 2.13% | 5.97% |
SPY State Street SPDR S&P 500 ETF | 10.33% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between MNA and SPY is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.32 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.37 |
Correlation (All Time) Calculated using the full available price history since Nov 17, 2009 | 0.37 |
The correlation between MNA and SPY shifts across timeframes, from 0.32 (3 years) to 0.42 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
MNA vs. SPY — Risk / Return Rank
MNA
SPY
MNA vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for IQ Merger Arbitrage ETF (MNA) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.28 | ||
| Sortino ratioReturn per unit of downside risk | -1.63 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.38 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 2.81 | 2.93 | -0.12 |
| Martin ratioReturn relative to average drawdown | 6.93 | 13.24 | -6.32 |
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Drawdowns
MNA vs. SPY - Drawdown Comparison
The maximum MNA drawdown since its inception was -16.68%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for MNA and SPY.
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Drawdown Indicators
| MNA | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.68% | -55.19% | +38.51% |
Max Drawdown (1Y)Largest decline over 1 year | -1.40% | -8.88% | +7.48% |
Max Drawdown (3Y)Largest decline over 3 years | -3.01% | -18.76% | +15.75% |
Max Drawdown (5Y)Largest decline over 5 years | -10.24% | -24.50% | +14.26% |
Max Drawdown (10Y)Largest decline over 10 years | -16.68% | -33.72% | +17.04% |
Current DrawdownCurrent decline from peak | -0.52% | -1.22% | +0.70% |
Average DrawdownAverage peak-to-trough decline | -2.83% | -9.04% | +6.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.57% | 1.97% | -1.40% |
Volatility
MNA vs. SPY - Volatility Comparison
The current volatility for IQ Merger Arbitrage ETF (MNA) is 1.36%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.48%. This indicates that MNA experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MNA | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.36% | 4.48% | -3.12% |
Volatility (6M)Calculated over the trailing 6-month period | 3.50% | 9.68% | -6.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.75% | 12.36% | -7.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.98% | 17.14% | -12.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.55% | 17.98% | -11.43% |
MNA vs. SPY - Expense Ratio Comparison
MNA has a 0.77% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
MNA vs. SPY - Dividend Comparison
MNA has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 0.98%.
| 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% |
SPY State Street SPDR S&P 500 ETF | 0.98% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
MNA and SPY have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPY has higher volatility (4.48%) compared to MNA (1.36%). In terms of maximum drawdown, MNA dropped -16.68% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.58% vs 2.81% for MNA. On fees, SPY is cheaper at 0.09% per year. On volatility, MNA has been the lower-risk option at 1.36%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPY has performed better with a 15.58% return vs 2.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.77% for MNA.
SPY has the higher dividend yield at 0.98%, compared with 0.00% for MNA.
MNA is categorized as Hedge Fund, while SPY is S&P 500. MNA tracks IQ Merger Arbitrage Index, while SPY tracks S&P 500 Index. They also come from different issuers: New York Life and State Street. Their fees differ too: 0.77% for MNA and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (2.11 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.
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