MRGR vs. IBMN
MRGR (Proshares Merger ETF) and IBMN (iShares iBonds Dec 2025 Term Muni Bond ETF) are both exchange-traded funds - MRGR is a Hedge Fund fund tracking the S&P Merger Arbitrage Index, while IBMN is a Municipal Bonds fund tracking the S&P AMT-Free Municipal Series Dec 2025 Index. Both are passively managed. Over the past 5 years, MRGR returned 3.99%/yr vs 0.47%/yr for IBMN. At a 0.02 correlation, their price movements are largely independent. MRGR charges 0.75%/yr vs 0.18%/yr for IBMN.
Performance
MRGR vs. IBMN - Performance Comparison
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Returns By Period
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%
IBMN
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- 0.00%
- 6M
- 0.00%
- 1Y
- 1.20%
- 3Y*
- 2.44%
- 5Y*
- 0.47%
- 10Y*
- —
MRGR vs. IBMN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
MRGR Proshares Merger ETF | 1.83% | 11.99% | 5.32% | 4.94% | -4.81% | 6.58% | 1.99% | 4.31% | 0.79% |
IBMN iShares iBonds Dec 2025 Term Muni Bond ETF | 0.00% | 2.49% | 2.33% | 2.42% | -4.43% | -0.41% | 4.83% | 6.87% | 2.91% |
Correlation
The correlation between MRGR and IBMN is -0.06, 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 | -0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since Nov 16, 2018 | 0.02 |
The correlation between MRGR and IBMN shifts across timeframes, from -0.06 (1 year) to 0.04 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
MRGR vs. IBMN — Risk / Return Rank
MRGR
IBMN
MRGR vs. IBMN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Proshares Merger ETF (MRGR) and iShares iBonds Dec 2025 Term Muni Bond ETF (IBMN). 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 | IBMN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.60 | ||
| Sortino ratioReturn per unit of downside risk | +1.12 | ||
| Omega ratioGain probability vs. loss probability | 1.56 | 1.66 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 8.65 | 6.02 | +2.63 |
| Martin ratioReturn relative to average drawdown | 23.71 | 24.21 | -0.50 |
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 | IBMN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.72 | 2.12 | +0.60 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.05 | 0.28 | +0.77 |
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 | 0.58 | -0.23 |
Drawdowns
MRGR vs. IBMN - Drawdown Comparison
The maximum MRGR drawdown since its inception was -13.23%, which is greater than IBMN's maximum drawdown of -12.40%. Use the drawdown chart below to compare losses from any high point for MRGR and IBMN.
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Drawdown Indicators
| MRGR | IBMN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.23% | -12.40% | -0.83% |
Max Drawdown (1Y)Largest decline over 1 year | -1.29% | -0.25% | -1.04% |
Max Drawdown (3Y)Largest decline over 3 years | -2.10% | -1.10% | -1.00% |
Max Drawdown (5Y)Largest decline over 5 years | -8.40% | -7.36% | -1.04% |
Max Drawdown (10Y)Largest decline over 10 years | -13.23% | — | — |
Current DrawdownCurrent decline from peak | -0.33% | -0.05% | -0.28% |
Average DrawdownAverage peak-to-trough decline | -3.86% | -1.81% | -2.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.47% | 0.10% | +0.37% |
Volatility
MRGR vs. IBMN - Volatility Comparison
Proshares Merger ETF (MRGR) has a higher volatility of 1.08% compared to iShares iBonds Dec 2025 Term Muni Bond ETF (IBMN) at 0.00%. This indicates that MRGR's price experiences larger fluctuations and is considered to be riskier than IBMN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MRGR | IBMN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.08% | 0.00% | +1.08% |
Volatility (6M)Calculated over the trailing 6-month period | 2.95% | 0.50% | +2.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.11% | 0.71% | +3.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.82% | 1.80% | +2.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.15% | 3.89% | +1.26% |
MRGR vs. IBMN - Expense Ratio Comparison
MRGR has a 0.75% expense ratio, which is higher than IBMN's 0.18% expense ratio.
Dividends
MRGR vs. IBMN - Dividend Comparison
MRGR's dividend yield for the trailing twelve months is around 2.97%, more than IBMN's 1.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBMN iShares iBonds Dec 2025 Term Muni Bond ETF | 1.14% | 2.03% | 2.03% | 1.72% | 0.97% | 0.70% | 1.11% | 1.65% | 0.23% | 0.00% | 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 IBMN have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MRGR has higher volatility (1.08%) compared to IBMN (0.00%). In terms of maximum drawdown, MRGR dropped -13.23% vs IBMN's -12.40%.
On 5-year performance, MRGR leads with 3.99% vs 0.47% for IBMN. On fees, IBMN is cheaper at 0.18% per year. On volatility, IBMN has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, MRGR has performed better with a 3.99% return vs 0.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBMN is cheaper with a 0.18% expense ratio, compared with 0.75% for MRGR.
MRGR has the higher dividend yield at 2.97%, compared with 1.14% for IBMN.
MRGR is categorized as Hedge Fund, while IBMN is Municipal Bonds. MRGR tracks S&P Merger Arbitrage Index, while IBMN tracks S&P AMT-Free Municipal Series Dec 2025 Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.75% for MRGR and 0.18% for IBMN.
MRGR currently has the higher Sharpe Ratio (2.72 vs 2.12), 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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