MRGR vs. FMF
Compare and contrast key facts about Proshares Merger ETF (MRGR) and First Trust Managed Futures Strategy Fund (FMF).
MRGR and FMF 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. FMF is an actively managed fund by First Trust. It was launched on Aug 1, 2013.
Performance
MRGR vs. FMF - Performance Comparison
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MRGR vs. FMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MRGR Proshares Merger ETF | 1.17% | 11.99% | 5.32% | 4.94% | -4.81% | 6.58% | 1.99% | 4.31% | 3.42% | 2.08% |
FMF First Trust Managed Futures Strategy Fund | 8.34% | 4.54% | 8.17% | -0.18% | 5.24% | 3.57% | 5.69% | -5.16% | -2.64% | 1.70% |
Returns By Period
In the year-to-date period, MRGR achieves a 1.17% return, which is significantly lower than FMF's 8.34% return. Over the past 10 years, MRGR has outperformed FMF with an annualized return of 3.33%, while FMF has yielded a comparatively lower 2.64% annualized 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%
FMF
- 1D
- 0.32%
- 1M
- 0.62%
- YTD
- 8.34%
- 6M
- 8.62%
- 1Y
- 15.95%
- 3Y*
- 7.16%
- 5Y*
- 4.92%
- 10Y*
- 2.64%
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MRGR vs. FMF - Expense Ratio Comparison
MRGR has a 0.75% expense ratio, which is lower than FMF's 0.95% expense ratio.
Return for Risk
MRGR vs. FMF — Risk / Return Rank
MRGR
FMF
MRGR vs. FMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Proshares Merger ETF (MRGR) and First Trust Managed Futures Strategy Fund (FMF). 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 | FMF | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.58 | 1.61 | +0.97 |
Sortino ratioReturn per unit of downside risk | 4.23 | 2.30 | +1.92 |
Omega ratioGain probability vs. loss probability | 1.57 | 1.28 | +0.28 |
Calmar ratioReturn relative to maximum drawdown | 6.59 | 4.67 | +1.92 |
Martin ratioReturn relative to average drawdown | 22.39 | 9.47 | +12.92 |
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 | FMF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.58 | 1.61 | +0.97 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.11 | 0.46 | +0.66 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.64 | 0.22 | +0.42 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.35 | 0.16 | +0.20 |
Correlation
The correlation between MRGR and FMF is 0.04, 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. FMF - Dividend Comparison
MRGR's dividend yield for the trailing twelve months is around 2.99%, less than FMF's 5.08% 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% |
FMF First Trust Managed Futures Strategy Fund | 5.08% | 5.60% | 4.85% | 3.09% | 0.41% | 3.29% | 0.02% | 1.05% | 1.56% | 0.82% | 0.00% | 0.00% |
Drawdowns
MRGR vs. FMF - Drawdown Comparison
The maximum MRGR drawdown since its inception was -13.23%, smaller than the maximum FMF drawdown of -22.21%. Use the drawdown chart below to compare losses from any high point for MRGR and FMF.
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Drawdown Indicators
| MRGR | FMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.23% | -22.21% | +8.98% |
Max Drawdown (1Y)Largest decline over 1 year | -1.66% | -3.47% | +1.81% |
Max Drawdown (5Y)Largest decline over 5 years | -8.40% | -14.98% | +6.58% |
Max Drawdown (10Y)Largest decline over 10 years | -13.23% | -16.89% | +3.66% |
Current DrawdownCurrent decline from peak | -0.29% | -0.35% | +0.06% |
Average DrawdownAverage peak-to-trough decline | -3.91% | -9.99% | +6.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.49% | 1.71% | -1.22% |
Volatility
MRGR vs. FMF - Volatility Comparison
The current volatility for Proshares Merger ETF (MRGR) is 1.45%, while First Trust Managed Futures Strategy Fund (FMF) has a volatility of 3.52%. This indicates that MRGR experiences smaller price fluctuations and is considered to be less risky than FMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MRGR | FMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.45% | 3.52% | -2.07% |
Volatility (6M)Calculated over the trailing 6-month period | 3.39% | 7.40% | -4.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.32% | 9.94% | -5.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.81% | 10.76% | -6.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.19% | 11.83% | -6.64% |