MNA vs. VTIP
MNA (IQ Merger Arbitrage ETF) and VTIP (Vanguard Short-Term Inflation-Protected Securities ETF) are both exchange-traded funds - MNA is a Hedge Fund fund tracking the IQ Merger Arbitrage Index, while VTIP is a Inflation-Protected Bonds fund tracking the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index. Both are passively managed. Over the past 10 years, MNA returned 2.74%/yr vs 3.08%/yr for VTIP. At a 0.03 correlation, their price movements are largely independent. MNA charges 0.77%/yr vs 0.03%/yr for VTIP.
Performance
MNA vs. VTIP - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with MNA having a 1.79% return and VTIP slightly lower at 1.76%. Over the past 10 years, MNA has underperformed VTIP with an annualized return of 2.74%, while VTIP has yielded a comparatively higher 3.08% annualized 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%
VTIP
- 1D
- 0.00%
- 1M
- -0.18%
- YTD
- 1.76%
- 6M
- 1.89%
- 1Y
- 4.64%
- 3Y*
- 5.17%
- 5Y*
- 3.37%
- 10Y*
- 3.08%
MNA vs. VTIP - 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% |
VTIP Vanguard Short-Term Inflation-Protected Securities ETF | 1.76% | 6.07% | 4.74% | 4.62% | -2.94% | 5.36% | 4.95% | 4.86% | 0.56% | 0.82% |
Correlation
The correlation between MNA and VTIP is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Oct 17, 2012 | 0.03 |
The correlation between MNA and VTIP shifts across timeframes, from 0.03 (all time) to 0.14 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
MNA vs. VTIP — Risk / Return Rank
MNA
VTIP
MNA vs. VTIP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for IQ Merger Arbitrage ETF (MNA) and Vanguard Short-Term Inflation-Protected Securities ETF (VTIP). 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 | VTIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.17 | ||
| Sortino ratioReturn per unit of downside risk | -3.91 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.66 | -0.49 |
| Calmar ratioReturn relative to maximum drawdown | 3.22 | 6.66 | -3.44 |
| Martin ratioReturn relative to average drawdown | 7.99 | 26.11 | -18.11 |
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 | VTIP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.95 | 3.12 | -2.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.37 | 1.22 | -0.85 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.42 | 1.13 | -0.71 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.36 | 0.89 | -0.53 |
Drawdowns
MNA vs. VTIP - Drawdown Comparison
The maximum MNA drawdown since its inception was -16.68%, which is greater than VTIP's maximum drawdown of -6.27%. Use the drawdown chart below to compare losses from any high point for MNA and VTIP.
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Drawdown Indicators
| MNA | VTIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.68% | -6.27% | -10.41% |
Max Drawdown (1Y)Largest decline over 1 year | -1.40% | -0.70% | -0.70% |
Max Drawdown (3Y)Largest decline over 3 years | -3.01% | -0.98% | -2.03% |
Max Drawdown (5Y)Largest decline over 5 years | -10.45% | -5.50% | -4.95% |
Max Drawdown (10Y)Largest decline over 10 years | -16.68% | -6.27% | -10.41% |
Current DrawdownCurrent decline from peak | -0.55% | -0.30% | -0.25% |
Average DrawdownAverage peak-to-trough decline | -2.83% | -1.04% | -1.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.56% | 0.18% | +0.38% |
Volatility
MNA vs. VTIP - Volatility Comparison
IQ Merger Arbitrage ETF (MNA) has a higher volatility of 1.66% compared to Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) at 0.45%. This indicates that MNA's price experiences larger fluctuations and is considered to be riskier than VTIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MNA | VTIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.66% | 0.45% | +1.21% |
Volatility (6M)Calculated over the trailing 6-month period | 3.59% | 1.05% | +2.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.75% | 1.50% | +3.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.98% | 2.78% | +2.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.55% | 2.74% | +3.81% |
MNA vs. VTIP - Expense Ratio Comparison
MNA has a 0.77% expense ratio, which is higher than VTIP's 0.03% expense ratio.
Dividends
MNA vs. VTIP - Dividend Comparison
MNA has not paid dividends to shareholders, while VTIP's dividend yield for the trailing twelve months is around 3.59%.
| 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% |
VTIP Vanguard Short-Term Inflation-Protected Securities ETF | 3.59% | 3.81% | 2.70% | 2.86% | 6.84% | 4.68% | 1.20% | 1.95% | 2.45% | 1.52% | 0.76% | 0.00% |
Frequently Asked Questions
MNA and VTIP have a correlation of 0.14, 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 VTIP (0.45%). In terms of maximum drawdown, MNA dropped -16.68% vs VTIP's -6.27%.
On 10-year performance, VTIP leads with 3.08% vs 2.74% for MNA. On fees, VTIP is cheaper at 0.03% per year. On volatility, VTIP has been the lower-risk option at 0.45%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VTIP has performed better with a 3.08% return vs 2.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VTIP is cheaper with a 0.03% expense ratio, compared with 0.77% for MNA.
VTIP has the higher dividend yield at 3.59%, compared with 0.00% for MNA.
MNA is categorized as Hedge Fund, while VTIP is Inflation-Protected Bonds. MNA tracks IQ Merger Arbitrage Index, while VTIP tracks Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index. They also come from different issuers: New York Life and Vanguard. Their fees differ too: 0.77% for MNA and 0.03% for VTIP.
VTIP currently has the higher Sharpe Ratio (3.12 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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