MNA vs. VCIT
MNA (IQ Merger Arbitrage ETF) and VCIT (Vanguard Intermediate-Term Corporate Bond ETF) are both exchange-traded funds - MNA is a Hedge Fund fund tracking the IQ Merger Arbitrage Index, while VCIT is a Corporate Bonds fund tracking the Bloomberg U.S. 5-10 Year Corporate Bond Index. Both are passively managed. Over the past 10 years, MNA returned 2.74%/yr vs 2.85%/yr for VCIT. At a 0.01 correlation, their price movements are largely independent. MNA charges 0.77%/yr vs 0.03%/yr for VCIT.
Performance
MNA vs. VCIT - Performance Comparison
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Returns By Period
In the year-to-date period, MNA achieves a 1.79% return, which is significantly higher than VCIT's -0.26% return. Both investments have delivered pretty close results over the past 10 years, with MNA having a 2.74% annualized return and VCIT not far ahead at 2.85%.
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%
VCIT
- 1D
- -0.01%
- 1M
- -0.79%
- YTD
- -0.26%
- 6M
- 0.06%
- 1Y
- 5.98%
- 3Y*
- 6.04%
- 5Y*
- 1.04%
- 10Y*
- 2.85%
MNA vs. VCIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MNA IQ Merger Arbitrage ETF | 1.79% | 8.59% | 4.93% | 0.18% | -1.61% | -3.24% | 2.72% | 4.70% | 2.13% | 5.97% |
VCIT Vanguard Intermediate-Term Corporate Bond ETF | -0.26% | 9.34% | 3.20% | 8.98% | -13.98% | -1.77% | 9.46% | 14.10% | -1.74% | 5.31% |
Correlation
The correlation between MNA and VCIT is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Nov 24, 2009 | 0.01 |
Over the past year, MNA and VCIT have become more correlated (0.35) than their long-term average of 0.01, meaning their price movements have been converging.
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Return for Risk
MNA vs. VCIT — Risk / Return Rank
MNA
VCIT
MNA vs. VCIT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for IQ Merger Arbitrage ETF (MNA) and Vanguard Intermediate-Term Corporate Bond ETF (VCIT). 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 | VCIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.53 | ||
| Sortino ratioReturn per unit of downside risk | -0.77 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.26 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 3.22 | 2.03 | +1.19 |
| Martin ratioReturn relative to average drawdown | 7.99 | 6.67 | +1.33 |
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 | VCIT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.95 | 1.48 | -0.53 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.37 | 0.16 | +0.21 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.42 | 0.46 | -0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.36 | 0.75 | -0.39 |
Drawdowns
MNA vs. VCIT - Drawdown Comparison
The maximum MNA drawdown since its inception was -16.68%, smaller than the maximum VCIT drawdown of -20.56%. Use the drawdown chart below to compare losses from any high point for MNA and VCIT.
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Drawdown Indicators
| MNA | VCIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.68% | -20.56% | +3.88% |
Max Drawdown (1Y)Largest decline over 1 year | -1.40% | -2.96% | +1.56% |
Max Drawdown (3Y)Largest decline over 3 years | -3.01% | -6.11% | +3.10% |
Max Drawdown (5Y)Largest decline over 5 years | -10.45% | -20.56% | +10.11% |
Max Drawdown (10Y)Largest decline over 10 years | -16.68% | -20.56% | +3.88% |
Current DrawdownCurrent decline from peak | -0.55% | -1.79% | +1.24% |
Average DrawdownAverage peak-to-trough decline | -2.83% | -3.16% | +0.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.56% | 0.90% | -0.34% |
Volatility
MNA vs. VCIT - Volatility Comparison
IQ Merger Arbitrage ETF (MNA) has a higher volatility of 1.66% compared to Vanguard Intermediate-Term Corporate Bond ETF (VCIT) at 1.39%. This indicates that MNA's price experiences larger fluctuations and is considered to be riskier than VCIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MNA | VCIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.66% | 1.39% | +0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 3.59% | 3.10% | +0.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.75% | 4.07% | +0.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.98% | 6.61% | -1.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.55% | 6.28% | +0.27% |
MNA vs. VCIT - Expense Ratio Comparison
MNA has a 0.77% expense ratio, which is higher than VCIT's 0.03% expense ratio.
Dividends
MNA vs. VCIT - Dividend Comparison
MNA has not paid dividends to shareholders, while VCIT's dividend yield for the trailing twelve months is around 4.82%.
| 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% |
VCIT Vanguard Intermediate-Term Corporate Bond ETF | 4.82% | 4.62% | 4.43% | 3.72% | 3.03% | 2.87% | 2.78% | 3.37% | 3.61% | 3.21% | 3.29% | 3.34% |
Frequently Asked Questions
MNA and VCIT have a correlation of 0.35, 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 VCIT (1.39%). In terms of maximum drawdown, MNA dropped -16.68% vs VCIT's -20.56%.
On 10-year performance, VCIT leads with 2.85% vs 2.74% for MNA. On fees, VCIT is cheaper at 0.03% per year. On volatility, VCIT has been the lower-risk option at 1.39%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VCIT has performed better with a 2.85% return vs 2.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VCIT is cheaper with a 0.03% expense ratio, compared with 0.77% for MNA.
VCIT has the higher dividend yield at 4.82%, compared with 0.00% for MNA.
MNA is categorized as Hedge Fund, while VCIT is Corporate Bonds. MNA tracks IQ Merger Arbitrage Index, while VCIT tracks Bloomberg U.S. 5-10 Year Corporate Bond Index. They also come from different issuers: New York Life and Vanguard. Their fees differ too: 0.77% for MNA and 0.03% for VCIT.
VCIT currently has the higher Sharpe Ratio (1.48 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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