MRGR vs. BOXX
MRGR (Proshares Merger ETF) and BOXX (Alpha Architect 1-3 Month Box ETF) are both exchange-traded funds - MRGR is a Hedge Fund fund tracking the S&P Merger Arbitrage Index, while BOXX is a Ultrashort Bond fund tracking the Solactive 1-3 Month US T-Bill Index. Both are passively managed. Over the past 3 years, MRGR returned 8.69%/yr vs 4.75%/yr for BOXX. At a correlation of -0.01, they often move in opposite directions. MRGR charges 0.75%/yr vs 0.19%/yr for BOXX.
Performance
MRGR vs. BOXX - Performance Comparison
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Returns By Period
In the year-to-date period, MRGR achieves a 2.10% return, which is significantly higher than BOXX's 1.59% return.
MRGR
- 1D
- 0.26%
- 1M
- 0.69%
- YTD
- 2.10%
- 6M
- 1.84%
- 1Y
- 11.47%
- 3Y*
- 8.69%
- 5Y*
- 4.04%
- 10Y*
- 3.50%
BOXX
- 1D
- 0.01%
- 1M
- 0.29%
- YTD
- 1.59%
- 6M
- 1.98%
- 1Y
- 4.09%
- 3Y*
- 4.75%
- 5Y*
- —
- 10Y*
- —
MRGR vs. BOXX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
MRGR Proshares Merger ETF | 2.10% | 11.99% | 5.32% | 4.94% | 0.10% |
BOXX Alpha Architect 1-3 Month Box ETF | 1.59% | 4.37% | 5.16% | 5.04% | 0.07% |
Correlation
The correlation between MRGR and BOXX is -0.10, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Dec 29, 2022 | -0.01 |
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Return for Risk
MRGR vs. BOXX — Risk / Return Rank
MRGR
BOXX
MRGR vs. BOXX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Proshares Merger ETF (MRGR) and Alpha Architect 1-3 Month Box ETF (BOXX). 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 | BOXX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -10.01 | ||
| Sortino ratioReturn per unit of downside risk | -33.19 | ||
| Omega ratioGain probability vs. loss probability | 1.57 | 9.96 | -8.39 |
| Calmar ratioReturn relative to maximum drawdown | 8.90 | 59.63 | -50.73 |
| Martin ratioReturn relative to average drawdown | 24.41 | 530.59 | -506.18 |
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 | BOXX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.80 | 12.81 | -10.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.06 | — | — |
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 | 12.91 | -12.55 |
Drawdowns
MRGR vs. BOXX - Drawdown Comparison
The maximum MRGR drawdown since its inception was -13.23%, which is greater than BOXX's maximum drawdown of -0.12%. Use the drawdown chart below to compare losses from any high point for MRGR and BOXX.
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Drawdown Indicators
| MRGR | BOXX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.23% | -0.12% | -13.11% |
Max Drawdown (1Y)Largest decline over 1 year | -1.29% | -0.07% | -1.22% |
Max Drawdown (3Y)Largest decline over 3 years | -2.10% | -0.12% | -1.98% |
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 | -0.07% | 0.00% | -0.07% |
Average DrawdownAverage peak-to-trough decline | -3.86% | -0.00% | -3.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.47% | 0.01% | +0.46% |
Volatility
MRGR vs. BOXX - Volatility Comparison
Proshares Merger ETF (MRGR) has a higher volatility of 1.04% compared to Alpha Architect 1-3 Month Box ETF (BOXX) at 0.09%. This indicates that MRGR's price experiences larger fluctuations and is considered to be riskier than BOXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MRGR | BOXX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.04% | 0.09% | +0.95% |
Volatility (6M)Calculated over the trailing 6-month period | 2.96% | 0.25% | +2.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.12% | 0.32% | +3.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.82% | 0.37% | +3.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.15% | 0.37% | +4.78% |
MRGR vs. BOXX - Expense Ratio Comparison
MRGR has a 0.75% expense ratio, which is higher than BOXX's 0.19% expense ratio.
Dividends
MRGR vs. BOXX - Dividend Comparison
MRGR's dividend yield for the trailing twelve months is around 2.96%, while BOXX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BOXX Alpha Architect 1-3 Month Box ETF | 0.00% | 0.00% | 0.26% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
MRGR Proshares Merger ETF | 2.96% | 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
MRGR and BOXX have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MRGR has higher volatility (1.04%) compared to BOXX (0.09%). In terms of maximum drawdown, MRGR dropped -13.23% vs BOXX's -0.12%.
On 3-year performance, MRGR leads with 8.69% vs 4.75% for BOXX. On fees, BOXX is cheaper at 0.19% per year. On volatility, BOXX has been the lower-risk option at 0.09%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, MRGR has performed better with a 8.69% return vs 4.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BOXX is cheaper with a 0.19% expense ratio, compared with 0.75% for MRGR.
MRGR has the higher dividend yield at 2.96%, compared with 0.00% for BOXX.
MRGR is categorized as Hedge Fund, while BOXX is Ultrashort Bond. MRGR tracks S&P Merger Arbitrage Index, while BOXX tracks Solactive 1-3 Month US T-Bill Index. They also come from different issuers: ProShares and Alpha Architect. Their fees differ too: 0.75% for MRGR and 0.19% for BOXX.
BOXX currently has the higher Sharpe Ratio (12.81 vs 2.80), 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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