MRGR vs. FFUT

Last updated Jun 24, 2026

MRGR (Proshares Merger ETF) and FFUT (Fidelity Managed Futures ETF) are both exchange-traded funds - MRGR is a Hedge Fund fund tracking the S&P Merger Arbitrage Index, while FFUT is a Systematic Trend fund actively managed by Fidelity. MRGR is passively managed, while FFUT is actively managed. Over the past year, MRGR returned 11.18% vs 18.72% for FFUT. At a correlation of -0.09, they often move in opposite directions. MRGR charges 0.75%/yr vs 0.80%/yr for FFUT.

Performance

MRGR vs. FFUT - Performance Comparison

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

Returns By Period

In the year-to-date period, MRGR achieves a 2.38% return, which is significantly lower than FFUT's 8.83% return.

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%

FFUT

• 1D: -0.36%
• 1M: -2.69%
• YTD: 8.83%
• 6M: 9.28%
• 1Y: 18.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MRGR vs. FFUT - Yearly Performance Comparison

	2026 (YTD)	2025
MRGR Proshares Merger ETF	2.38%	9.19%
FFUT Fidelity Managed Futures ETF	8.83%	8.58%

Correlation

The correlation between MRGR and FFUT is -0.10, 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	-0.10
Correlation (All Time) Calculated using the full available price history since Jun 5, 2025	-0.09

Return for Risk

MRGR vs. FFUT — 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

FFUT

FFUT Risk / Return Rank: 64
FFUT Sharpe Ratio Rank: 51
FFUT Sortino Ratio Rank: 51
FFUT Omega Ratio Rank: 54
FFUT Calmar Ratio Rank: 84
FFUT Martin Ratio Rank: 79

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. FFUT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Merger ETF (MRGR) and Fidelity Managed Futures ETF (FFUT). 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	FFUT	Difference
Sharpe ratio: Return per unit of total volatility	2.65	1.68	+0.98
Sortino ratio: Return per unit of downside risk	4.50	2.40	+2.11
Omega ratio: Gain probability vs. loss probability	1.53	1.32	+0.20
Calmar ratio: Return relative to maximum drawdown	8.67	4.35	+4.33
Martin ratio: Return relative to average drawdown	23.70	14.55	+9.15

MRGR vs. FFUT - Sharpe Ratio Comparison

The current MRGR Sharpe Ratio is 2.65, which is higher than the FFUT Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of MRGR and FFUT, 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. FFUT - Drawdown Comparison

The maximum MRGR drawdown since its inception was -13.23%, which is greater than FFUT's maximum drawdown of -4.33%. Use the drawdown chart below to compare losses from any high point for MRGR and FFUT.

Drawdown Indicators

	MRGR	FFUT	Difference
Max Drawdown Largest peak-to-trough decline	-13.23%	-4.33%	-8.90%
Max Drawdown (1Y) Largest decline over 1 year	-1.29%	-4.33%	+3.04%
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%	-4.33%	+4.28%
Average Drawdown Average peak-to-trough decline	-3.85%	-0.96%	-2.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.47%	1.29%	-0.82%

Volatility

MRGR vs. FFUT - Volatility Comparison

The current volatility for Proshares Merger ETF (MRGR) is 1.27%, while Fidelity Managed Futures ETF (FFUT) has a volatility of 2.93%. This indicates that MRGR experiences smaller price fluctuations and is considered to be less risky than FFUT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MRGR	FFUT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.27%	2.93%	-1.66%
Volatility (6M) Calculated over the trailing 6-month period	2.93%	8.97%	-6.04%
Volatility (1Y) Calculated over the trailing 1-year period	4.23%	11.22%	-6.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.84%	11.02%	-7.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.16%	11.02%	-5.86%

MRGR vs. FFUT - Expense Ratio Comparison

MRGR has a 0.75% expense ratio, which is lower than FFUT's 0.80% expense ratio.

Dividends

MRGR vs. FFUT - Dividend Comparison

MRGR's dividend yield for the trailing twelve months is around 2.95%, more than FFUT's 1.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFUT Fidelity Managed Futures ETF	1.92%	2.09%	0.00%	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 FFUT in my portfolio?

MRGR and FFUT 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.

Which is riskier, MRGR or FFUT?

FFUT has higher volatility (2.93%) compared to MRGR (1.27%). In terms of maximum drawdown, MRGR dropped -13.23% vs FFUT's -4.33%.

Which ETF is better, MRGR or FFUT?

On 1-year performance, FFUT leads with 18.72% vs 11.18% for MRGR. On fees, MRGR is cheaper at 0.75% per year. On volatility, MRGR has been the lower-risk option at 1.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MRGR or FFUT?

Over the 1-year period, FFUT has performed better with a 18.72% return vs 11.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MRGR or FFUT?

MRGR is cheaper with a 0.75% expense ratio, compared with 0.80% for FFUT.

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

MRGR has the higher dividend yield at 2.95%, compared with 1.92% for FFUT.

What is the main difference between MRGR and FFUT?

MRGR is categorized as Hedge Fund, while FFUT is Systematic Trend. They also come from different issuers: ProShares and Fidelity. Their fees differ too: 0.75% for MRGR and 0.80% for FFUT.

Which has better risk-adjusted returns?

MRGR currently has the higher Sharpe Ratio (2.65 vs 1.68), 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.