MRGR vs. BITO

Last updated Jun 4, 2026

MRGR (Proshares Merger ETF) and BITO (ProShares Bitcoin Strategy ETF) are both exchange-traded funds - MRGR is a Hedge Fund fund tracking the S&P Merger Arbitrage Index, while BITO is a Cryptocurrency fund actively managed by ProShares. MRGR is passively managed, while BITO is actively managed. Over the past 3 years, MRGR returned 8.65%/yr vs 25.27%/yr for BITO. At a 0.14 correlation, their price movements are largely independent. MRGR charges 0.75%/yr vs 0.95%/yr for BITO.

Performance

MRGR vs. BITO - Performance Comparison

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

Returns By Period

In the year-to-date period, MRGR achieves a 1.83% return, which is significantly higher than BITO's -26.37% return.

MRGR

• 1D: -0.33%
• 1M: 0.80%
• YTD: 1.83%
• 6M: 1.48%
• 1Y: 11.14%
• 3Y*: 8.65%
• 5Y*: 3.99%
• 10Y*: 3.47%

BITO

• 1D: -2.94%
• 1M: -18.61%
• YTD: -26.37%
• 6M: -30.81%
• 1Y: -41.01%
• 3Y*: 25.27%
• 5Y*: —
• 10Y*: —

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

MRGR vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MRGR Proshares Merger ETF	1.83%	11.99%	5.32%	4.94%	-4.81%	0.64%
BITO ProShares Bitcoin Strategy ETF	-26.37%	-11.19%	104.45%	137.33%	-63.91%	-31.09%

Correlation

The correlation between MRGR and BITO is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (All Time) Calculated using the full available price history since Oct 20, 2021	0.14

MRGR vs. BITO - Sectors Allocation Comparison

Sectors	MRGR	BITO
Healthcare	22.7%	-
Industrials	17.6%	-
Financial Services	12.7%	68.5%
Real Estate	12.6%	-
Basic Materials	5.8%	-
Energy	5.6%	-
Utilities	5.4%	-
Technology	5.1%	-
Communication Services	4.9%	-
Consumer Cyclical	4.9%	-
Consumer Defensive	2.7%	-

Return for Risk

MRGR vs. BITO — Risk / Return Rank

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

MRGR

MRGR Risk / Return Rank: 90
MRGR Sharpe Ratio Rank: 82
MRGR Sortino Ratio Rank: 93
MRGR Omega Ratio Rank: 88
MRGR Calmar Ratio Rank: 95
MRGR Martin Ratio Rank: 92

BITO

BITO Risk / Return Rank: 2
BITO Sharpe Ratio Rank: 2
BITO Sortino Ratio Rank: 2
BITO Omega Ratio Rank: 2
BITO Calmar Ratio Rank: 2
BITO Martin Ratio Rank: 2

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. 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 ratio: Return per unit of total volatility	2.72	-0.95	+3.67
Sortino ratio: Return per unit of downside risk	4.63	-1.35	+5.98
Omega ratio: Gain probability vs. loss probability	1.56	0.85	+0.71
Calmar ratio: Return relative to maximum drawdown	8.65	-0.82	+9.47
Martin ratio: Return relative to average drawdown	23.71	-1.41	+25.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MRGR vs. BITO - Sharpe Ratio Comparison

The current MRGR Sharpe Ratio is 2.72, which is higher than the BITO Sharpe Ratio of -0.95. The chart below compares the historical Sharpe Ratios of MRGR and BITO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MRGR	BITO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.72	-0.95	+3.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.05	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	-0.09	+0.45

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.

Drawdown Indicators

	MRGR	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-13.23%	-77.86%	+64.63%
Max Drawdown (1Y) Largest decline over 1 year	-1.29%	-50.05%	+48.76%
Max Drawdown (3Y) Largest decline over 3 years	-2.10%	-50.05%	+47.95%
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	-0.33%	-49.22%	+48.89%
Average Drawdown Average peak-to-trough decline	-3.86%	-36.73%	+32.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.47%	29.09%	-28.62%

Volatility

MRGR vs. BITO - Volatility Comparison

The current volatility for Proshares Merger ETF (MRGR) is 1.08%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 9.43%. 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.

Volatility by Period

	MRGR	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.08%	9.43%	-8.35%
Volatility (6M) Calculated over the trailing 6-month period	2.95%	34.26%	-31.31%
Volatility (1Y) Calculated over the trailing 1-year period	4.11%	43.57%	-39.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.82%	55.11%	-51.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.15%	55.11%	-49.96%

MRGR vs. BITO - Expense Ratio Comparison

MRGR has a 0.75% expense ratio, which is lower than BITO's 0.95% expense ratio.

Dividends

MRGR vs. BITO - Dividend Comparison

MRGR's dividend yield for the trailing twelve months is around 2.97%, less than BITO's 67.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BITO ProShares Bitcoin Strategy ETF	67.63%	78.29%	61.59%	15.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MRGR Proshares Merger ETF	2.97%	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 BITO in my portfolio?

MRGR and BITO have a correlation of 0.11, 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 BITO?

BITO has higher volatility (9.43%) compared to MRGR (1.08%). In terms of maximum drawdown, MRGR dropped -13.23% vs BITO's -77.86%.

Which ETF is better, MRGR or BITO?

On 3-year performance, BITO leads with 25.27% vs 8.65% for MRGR. On fees, MRGR is cheaper at 0.75% per year. On volatility, MRGR has been the lower-risk option at 1.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MRGR or BITO?

Over the 3-year period, BITO has performed better with a 25.27% return vs 8.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MRGR or BITO?

MRGR is cheaper with a 0.75% expense ratio, compared with 0.95% for BITO.

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

BITO has the higher dividend yield at 67.63%, compared with 2.97% for MRGR.

What is the main difference between MRGR and BITO?

MRGR is categorized as Hedge Fund, while BITO is Cryptocurrency. Their fees differ too: 0.75% for MRGR and 0.95% for BITO.

Which has better risk-adjusted returns?

MRGR currently has the higher Sharpe Ratio (2.72 vs -0.94), 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.