MRGR vs. FMF
MRGR (Proshares Merger ETF) and FMF (First Trust Managed Futures Strategy Fund) are both Hedge Fund funds. MRGR is passively managed, while FMF is actively managed. Over the past 10 years, MRGR returned 3.47%/yr vs 3.17%/yr for FMF. At a 0.03 correlation, their price movements are largely independent. MRGR charges 0.75%/yr vs 0.95%/yr for FMF.
Performance
MRGR vs. FMF - Performance Comparison
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Returns By Period
In the year-to-date period, MRGR achieves a 1.83% return, which is significantly lower than FMF's 10.96% return. Over the past 10 years, MRGR has outperformed FMF with an annualized return of 3.47%, while FMF has yielded a comparatively lower 3.17% annualized 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%
FMF
- 1D
- 0.33%
- 1M
- 1.08%
- YTD
- 10.96%
- 6M
- 11.47%
- 1Y
- 22.22%
- 3Y*
- 6.78%
- 5Y*
- 4.62%
- 10Y*
- 3.17%
MRGR vs. FMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MRGR Proshares Merger ETF | 1.83% | 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 | 10.96% | 4.54% | 8.17% | -0.18% | 5.24% | 3.57% | 5.69% | -5.16% | -2.64% | 1.70% |
Correlation
The correlation between MRGR and FMF is -0.02, 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 | -0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Aug 5, 2013 | 0.03 |
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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 | +0.41 | ||
| Sortino ratioReturn per unit of downside risk | +1.33 | ||
| Omega ratioGain probability vs. loss probability | 1.56 | 1.42 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 8.65 | 6.52 | +2.12 |
| Martin ratioReturn relative to average drawdown | 23.71 | 18.49 | +5.22 |
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 | 2.72 | 2.31 | +0.41 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.05 | 0.43 | +0.62 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.68 | 0.27 | +0.40 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.36 | 0.17 | +0.19 |
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 | -1.29% | -3.42% | +2.13% |
Max Drawdown (3Y)Largest decline over 3 years | -2.10% | -7.25% | +5.15% |
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 | -0.33% | -0.07% | -0.26% |
Average DrawdownAverage peak-to-trough decline | -3.86% | -9.86% | +6.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.47% | 1.20% | -0.73% |
Volatility
MRGR vs. FMF - Volatility Comparison
The current volatility for Proshares Merger ETF (MRGR) is 1.08%, while First Trust Managed Futures Strategy Fund (FMF) has a volatility of 1.89%. 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 | 1.08% | 1.89% | -0.81% |
Volatility (6M)Calculated over the trailing 6-month period | 2.95% | 7.11% | -4.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.11% | 9.66% | -5.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.82% | 10.74% | -6.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.15% | 11.72% | -6.57% |
MRGR vs. FMF - Expense Ratio Comparison
MRGR has a 0.75% expense ratio, which is lower than FMF's 0.95% expense ratio.
Dividends
MRGR vs. FMF - Dividend Comparison
MRGR's dividend yield for the trailing twelve months is around 2.97%, less than FMF's 4.96% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FMF First Trust Managed Futures Strategy Fund | 4.96% | 5.60% | 4.85% | 3.09% | 0.41% | 3.29% | 0.02% | 1.05% | 1.56% | 0.82% | 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
MRGR and FMF have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FMF has higher volatility (1.89%) compared to MRGR (1.08%). In terms of maximum drawdown, MRGR dropped -13.23% vs FMF's -22.21%.
On 10-year performance, MRGR leads with 3.47% vs 3.17% for FMF. 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.
Over the 10-year period, MRGR has performed better with a 3.47% return vs 3.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MRGR is cheaper with a 0.75% expense ratio, compared with 0.95% for FMF.
FMF has the higher dividend yield at 4.96%, compared with 2.97% for MRGR.
They also come from different issuers: ProShares and First Trust. Their fees differ too: 0.75% for MRGR and 0.95% for FMF.
MRGR currently has the higher Sharpe Ratio (2.72 vs 2.31), 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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