MRGR vs. HDG
Compare and contrast key facts about Proshares Merger ETF (MRGR) and ProShares Hedge Replication (HDG).
MRGR and HDG 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. HDG is a passively managed fund by ProShares that tracks the performance of the Merrill Lynch Factor Model - Exchange Series. It was launched on Jul 12, 2011. Both MRGR and HDG are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
MRGR vs. HDG - Performance Comparison
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MRGR vs. HDG - 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% |
HDG ProShares Hedge Replication | 0.79% | 7.18% | 5.12% | 7.14% | -8.48% | 2.97% | 7.45% | 9.58% | -4.52% | 5.59% |
Returns By Period
In the year-to-date period, MRGR achieves a 1.17% return, which is significantly higher than HDG's 0.79% return. Both investments have delivered pretty close results over the past 10 years, with MRGR having a 3.33% annualized return and HDG not far ahead at 3.45%.
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%
HDG
- 1D
- 0.31%
- 1M
- -1.59%
- YTD
- 0.79%
- 6M
- 2.49%
- 1Y
- 8.76%
- 3Y*
- 5.86%
- 5Y*
- 2.03%
- 10Y*
- 3.45%
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MRGR vs. HDG - Expense Ratio Comparison
MRGR has a 0.75% expense ratio, which is lower than HDG's 0.95% expense ratio.
Return for Risk
MRGR vs. HDG — Risk / Return Rank
MRGR
HDG
MRGR vs. HDG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Proshares Merger ETF (MRGR) and ProShares Hedge Replication (HDG). 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 | HDG | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.58 | 1.27 | +1.30 |
Sortino ratioReturn per unit of downside risk | 4.23 | 1.83 | +2.39 |
Omega ratioGain probability vs. loss probability | 1.57 | 1.27 | +0.30 |
Calmar ratioReturn relative to maximum drawdown | 6.59 | 1.80 | +4.79 |
Martin ratioReturn relative to average drawdown | 22.39 | 7.31 | +15.08 |
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 | HDG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.58 | 1.27 | +1.30 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.11 | 0.29 | +0.83 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.64 | 0.49 | +0.16 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.35 | 0.38 | -0.03 |
Correlation
The correlation between MRGR and HDG is 0.20, 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. HDG - Dividend Comparison
MRGR's dividend yield for the trailing twelve months is around 2.99%, more than HDG's 2.48% 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% |
HDG ProShares Hedge Replication | 2.48% | 2.55% | 3.50% | 3.48% | 0.39% | 0.00% | 0.08% | 1.09% | 0.51% | 0.00% | 0.00% | 0.00% |
Drawdowns
MRGR vs. HDG - Drawdown Comparison
The maximum MRGR drawdown since its inception was -13.23%, smaller than the maximum HDG drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for MRGR and HDG.
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Drawdown Indicators
| MRGR | HDG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.23% | -15.31% | +2.08% |
Max Drawdown (1Y)Largest decline over 1 year | -1.66% | -4.85% | +3.19% |
Max Drawdown (5Y)Largest decline over 5 years | -8.40% | -15.31% | +6.91% |
Max Drawdown (10Y)Largest decline over 10 years | -13.23% | -15.31% | +2.08% |
Current DrawdownCurrent decline from peak | -0.29% | -2.44% | +2.15% |
Average DrawdownAverage peak-to-trough decline | -3.91% | -2.80% | -1.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.49% | 1.20% | -0.71% |
Volatility
MRGR vs. HDG - Volatility Comparison
The current volatility for Proshares Merger ETF (MRGR) is 1.45%, while ProShares Hedge Replication (HDG) has a volatility of 2.50%. This indicates that MRGR experiences smaller price fluctuations and is considered to be less risky than HDG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MRGR | HDG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.45% | 2.50% | -1.05% |
Volatility (6M)Calculated over the trailing 6-month period | 3.39% | 4.44% | -1.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.32% | 6.90% | -2.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.81% | 7.15% | -3.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.19% | 7.08% | -1.89% |