MRGR vs. BITO
Compare and contrast key facts about Proshares Merger ETF (MRGR) and ProShares Bitcoin Strategy ETF (BITO).
MRGR and BITO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MRGR is a passively managed fund by ProShares that tracks the performance of the S&P Merger Arbitrage Index. It was launched on Dec 11, 2012. BITO is an actively managed fund by ProShares. It was launched on Oct 19, 2021.
Performance
MRGR vs. BITO - Performance Comparison
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MRGR vs. BITO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MRGR Proshares Merger ETF | 1.17% | 11.99% | 5.32% | 4.94% | -4.81% | 0.64% |
BITO ProShares Bitcoin Strategy ETF | -22.79% | -11.19% | 104.45% | 137.33% | -63.91% | -31.09% |
Returns By Period
In the year-to-date period, MRGR achieves a 1.17% return, which is significantly higher than BITO's -22.79% return.
MRGR
- 1D
- -0.29%
- 1M
- 0.22%
- YTD
- 1.17%
- 6M
- 6.51%
- 1Y
- 11.07%
- 3Y*
- 8.29%
- 5Y*
- 4.22%
- 10Y*
- 3.33%
BITO
- 1D
- 0.60%
- 1M
- -1.72%
- YTD
- -22.79%
- 6M
- -43.10%
- 1Y
- -23.27%
- 3Y*
- 24.87%
- 5Y*
- —
- 10Y*
- —
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MRGR vs. BITO - Expense Ratio Comparison
MRGR has a 0.75% expense ratio, which is lower than BITO's 0.95% expense ratio.
Return for Risk
MRGR vs. BITO — Risk / Return Rank
MRGR
BITO
MRGR vs. BITO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Proshares Merger ETF (MRGR) and ProShares Bitcoin Strategy ETF (BITO). 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.
| MRGR | BITO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.58 | -0.52 | +3.09 |
Sortino ratioReturn per unit of downside risk | 4.23 | -0.50 | +4.72 |
Omega ratioGain probability vs. loss probability | 1.57 | 0.94 | +0.62 |
Calmar ratioReturn relative to maximum drawdown | 6.59 | -0.42 | +7.01 |
Martin ratioReturn relative to average drawdown | 22.39 | -0.89 | +23.28 |
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
| MRGR | BITO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.58 | -0.52 | +3.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.11 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.64 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.35 | -0.08 | +0.43 |
Correlation
The correlation between MRGR and BITO is 0.14, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
MRGR vs. BITO - Dividend Comparison
MRGR's dividend yield for the trailing twelve months is around 2.99%, less than BITO's 80.47% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MRGR Proshares Merger ETF | 2.99% | 3.12% | 3.21% | 2.11% | 0.61% | 0.59% | 0.00% | 0.78% | 1.39% | 0.36% | 0.74% | 0.34% |
BITO ProShares Bitcoin Strategy ETF | 80.47% | 78.29% | 61.59% | 15.14% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
MRGR vs. BITO - Drawdown Comparison
The maximum MRGR drawdown since its inception was -13.23%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for MRGR and BITO.
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Drawdown Indicators
| MRGR | BITO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.23% | -77.86% | +64.63% |
Max Drawdown (1Y)Largest decline over 1 year | -1.66% | -50.05% | +48.39% |
Max Drawdown (5Y)Largest decline over 5 years | -8.40% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -13.23% | — | — |
Current DrawdownCurrent decline from peak | -0.29% | -46.75% | +46.46% |
Average DrawdownAverage peak-to-trough decline | -3.91% | -36.57% | +32.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.49% | 23.73% | -23.24% |
Volatility
MRGR vs. BITO - Volatility Comparison
The current volatility for Proshares Merger ETF (MRGR) is 1.45%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 12.84%. This indicates that MRGR experiences smaller price fluctuations and is considered to be less risky than BITO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MRGR | BITO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.45% | 12.84% | -11.39% |
Volatility (6M)Calculated over the trailing 6-month period | 3.39% | 36.71% | -33.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.32% | 45.32% | -41.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.81% | 55.77% | -51.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.19% | 55.77% | -50.58% |