MRGR vs. ACLO

Last updated Jun 24, 2026

MRGR (Proshares Merger ETF) and ACLO (TCW AAA CLO ETF) are both exchange-traded funds - MRGR is a Hedge Fund fund tracking the S&P Merger Arbitrage Index, while ACLO is a CLO fund actively managed by TCW. MRGR is passively managed, while ACLO is actively managed. Over the past year, MRGR returned 11.18% vs 5.27% for ACLO. At a 0.00 correlation, their price movements are largely independent. MRGR charges 0.75%/yr vs 0.20%/yr for ACLO.

Performance

MRGR vs. ACLO - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with MRGR having a 2.38% return and ACLO slightly higher at 2.44%.

MRGR

• 1D: 0.28%
• 1M: 0.51%
• YTD: 2.38%
• 6M: 2.11%
• 1Y: 11.18%
• 3Y*: 8.71%
• 5Y*: 4.15%
• 10Y*: 3.59%

ACLO

• 1D: 0.03%
• 1M: 0.44%
• YTD: 2.44%
• 6M: 2.55%
• 1Y: 5.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MRGR vs. ACLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MRGR Proshares Merger ETF	2.38%	11.99%	0.52%
ACLO TCW AAA CLO ETF	2.44%	5.32%	0.81%

Correlation

The correlation between MRGR and ACLO is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.07
Correlation (All Time) Calculated using the full available price history since Nov 18, 2024	0.00

Return for Risk

MRGR vs. ACLO — Risk / Return Rank

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

MRGR

MRGR Risk / Return Rank: 92
MRGR Sharpe Ratio Rank: 87
MRGR Sortino Ratio Rank: 94
MRGR Omega Ratio Rank: 89
MRGR Calmar Ratio Rank: 96
MRGR Martin Ratio Rank: 93

ACLO

ACLO Risk / Return Rank: 99
ACLO Sharpe Ratio Rank: 99
ACLO Sortino Ratio Rank: 99
ACLO Omega Ratio Rank: 99
ACLO Calmar Ratio Rank: 99
ACLO Martin Ratio Rank: 99

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.

MRGR vs. ACLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Merger ETF (MRGR) and TCW AAA CLO ETF (ACLO). 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.

	MRGR	ACLO	Difference
Sharpe ratio: Return per unit of total volatility	2.65	7.28	-4.63
Sortino ratio: Return per unit of downside risk	4.50	15.06	-10.56
Omega ratio: Gain probability vs. loss probability	1.53	3.42	-1.90
Calmar ratio: Return relative to maximum drawdown	8.67	19.77	-11.09
Martin ratio: Return relative to average drawdown	23.70	164.39	-140.69

MRGR vs. ACLO - Sharpe Ratio Comparison

The current MRGR Sharpe Ratio is 2.65, which is lower than the ACLO Sharpe Ratio of 7.28. The chart below compares the historical Sharpe Ratios of MRGR and ACLO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MRGR vs. ACLO - Drawdown Comparison

The maximum MRGR drawdown since its inception was -13.23%, which is greater than ACLO's maximum drawdown of -1.01%. Use the drawdown chart below to compare losses from any high point for MRGR and ACLO.

Drawdown Indicators

	MRGR	ACLO	Difference
Max Drawdown Largest peak-to-trough decline	-13.23%	-1.01%	-12.22%
Max Drawdown (1Y) Largest decline over 1 year	-1.29%	-0.27%	-1.02%
Max Drawdown (3Y) Largest decline over 3 years	-2.10%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-8.40%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-13.23%	—	—
Current Drawdown Current decline from peak	-0.05%	0.00%	-0.05%
Average Drawdown Average peak-to-trough decline	-3.85%	-0.04%	-3.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.47%	0.03%	+0.44%

Volatility

MRGR vs. ACLO - Volatility Comparison

Proshares Merger ETF (MRGR) has a higher volatility of 1.27% compared to TCW AAA CLO ETF (ACLO) at 0.19%. This indicates that MRGR's price experiences larger fluctuations and is considered to be riskier than ACLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MRGR	ACLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.27%	0.19%	+1.08%
Volatility (6M) Calculated over the trailing 6-month period	2.93%	0.58%	+2.35%
Volatility (1Y) Calculated over the trailing 1-year period	4.23%	0.73%	+3.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.84%	1.07%	+2.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.16%	1.07%	+4.09%

MRGR vs. ACLO - Expense Ratio Comparison

MRGR has a 0.75% expense ratio, which is higher than ACLO's 0.20% expense ratio.

Dividends

MRGR vs. ACLO - Dividend Comparison

MRGR's dividend yield for the trailing twelve months is around 2.95%, less than ACLO's 4.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACLO TCW AAA CLO ETF	4.90%	4.87%	0.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MRGR Proshares Merger ETF	2.95%	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 MRGR and ACLO in my portfolio?

MRGR and ACLO have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MRGR or ACLO?

MRGR has higher volatility (1.27%) compared to ACLO (0.19%). In terms of maximum drawdown, MRGR dropped -13.23% vs ACLO's -1.01%.

Which ETF is better, MRGR or ACLO?

On 1-year performance, MRGR leads with 11.18% vs 5.27% for ACLO. On fees, ACLO is cheaper at 0.20% per year. On volatility, ACLO has been the lower-risk option at 0.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MRGR or ACLO?

Over the 1-year period, MRGR has performed better with a 11.18% return vs 5.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MRGR or ACLO?

ACLO is cheaper with a 0.20% expense ratio, compared with 0.75% for MRGR.

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

ACLO has the higher dividend yield at 4.90%, compared with 2.95% for MRGR.

What is the main difference between MRGR and ACLO?

MRGR is categorized as Hedge Fund, while ACLO is CLO. They also come from different issuers: ProShares and TCW. Their fees differ too: 0.75% for MRGR and 0.20% for ACLO.

Which has better risk-adjusted returns?

ACLO currently has the higher Sharpe Ratio (7.28 vs 2.65), 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.