MRGR vs. IQQQ

Last updated Jun 26, 2026

MRGR (Proshares Merger ETF) and IQQQ (ProShares Nasdaq-100 High Income ETF) are both exchange-traded funds - MRGR is a Hedge Fund fund tracking the S&P Merger Arbitrage Index, while IQQQ is a Nasdaq-100 fund tracking the Nasdaq-100 Daily Covered Call Index. Both are passively managed. Over the past year, MRGR returned 11.49% vs 29.47% for IQQQ. At a 0.16 correlation, their price movements are largely independent. MRGR charges 0.75%/yr vs 0.55%/yr for IQQQ.

Performance

MRGR vs. IQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares Merger ETF (MRGR) and ProShares Nasdaq-100 High Income ETF (IQQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MRGR achieves a 2.51% return, which is significantly lower than IQQQ's 13.95% return.

MRGR

• 1D: 0.09%
• 1M: 0.42%
• YTD: 2.51%
• 6M: 2.38%
• 1Y: 11.49%
• 3Y*: 8.76%
• 5Y*: 4.22%
• 10Y*: 3.60%

IQQQ

• 1D: 0.87%
• 1M: -2.10%
• YTD: 13.95%
• 6M: 12.28%
• 1Y: 29.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MRGR vs. IQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MRGR Proshares Merger ETF	2.51%	11.99%	4.79%
IQQQ ProShares Nasdaq-100 High Income ETF	13.95%	17.11%	14.82%

Correlation

The correlation between MRGR and IQQQ is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (All Time) Calculated using the full available price history since Mar 20, 2024	0.16

Return for Risk

MRGR vs. IQQQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MRGR

MRGR Risk / Return Rank: 94
MRGR Sharpe Ratio Rank: 91
MRGR Sortino Ratio Rank: 95
MRGR Omega Ratio Rank: 92
MRGR Calmar Ratio Rank: 97
MRGR Martin Ratio Rank: 95

IQQQ

IQQQ Risk / Return Rank: 58
IQQQ Sharpe Ratio Rank: 61
IQQQ Sortino Ratio Rank: 54
IQQQ Omega Ratio Rank: 56
IQQQ Calmar Ratio Rank: 62
IQQQ Martin Ratio Rank: 59

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. IQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Merger ETF (MRGR) and ProShares Nasdaq-100 High Income ETF (IQQQ). 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	IQQQ	Difference
Sharpe ratio: Return per unit of total volatility	2.73	1.74	+0.99
Sortino ratio: Return per unit of downside risk	4.62	2.28	+2.34
Omega ratio: Gain probability vs. loss probability	1.54	1.30	+0.24
Calmar ratio: Return relative to maximum drawdown	8.92	2.66	+6.26
Martin ratio: Return relative to average drawdown	24.38	9.05	+15.33

MRGR vs. IQQQ - Sharpe Ratio Comparison

The current MRGR Sharpe Ratio is 2.73, which is higher than the IQQQ Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of MRGR and IQQQ, 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. IQQQ - Drawdown Comparison

The maximum MRGR drawdown since its inception was -13.23%, smaller than the maximum IQQQ drawdown of -20.41%. Use the drawdown chart below to compare losses from any high point for MRGR and IQQQ.

Drawdown Indicators

	MRGR	IQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-13.23%	-20.41%	+7.18%
Max Drawdown (1Y) Largest decline over 1 year	-1.29%	-11.13%	+9.84%
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	0.00%	-4.31%	+4.31%
Average Drawdown Average peak-to-trough decline	-3.84%	-3.63%	-0.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.47%	3.27%	-2.80%

Volatility

MRGR vs. IQQQ - Volatility Comparison

The current volatility for Proshares Merger ETF (MRGR) is 1.25%, while ProShares Nasdaq-100 High Income ETF (IQQQ) has a volatility of 8.20%. This indicates that MRGR experiences smaller price fluctuations and is considered to be less risky than IQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MRGR	IQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.25%	8.20%	-6.95%
Volatility (6M) Calculated over the trailing 6-month period	2.92%	13.57%	-10.65%
Volatility (1Y) Calculated over the trailing 1-year period	4.23%	17.00%	-12.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.84%	19.06%	-15.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.16%	19.06%	-13.90%

MRGR vs. IQQQ - Expense Ratio Comparison

MRGR has a 0.75% expense ratio, which is higher than IQQQ's 0.55% expense ratio.

Dividends

MRGR vs. IQQQ - Dividend Comparison

MRGR's dividend yield for the trailing twelve months is around 2.96%, less than IQQQ's 4.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IQQQ ProShares Nasdaq-100 High Income ETF	4.61%	10.34%	7.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MRGR Proshares Merger ETF	2.96%	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 IQQQ in my portfolio?

MRGR and IQQQ have a correlation of 0.15, 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 IQQQ?

IQQQ has higher volatility (8.20%) compared to MRGR (1.25%). In terms of maximum drawdown, MRGR dropped -13.23% vs IQQQ's -20.41%.

Which ETF is better, MRGR or IQQQ?

On 1-year performance, IQQQ leads with 29.47% vs 11.49% for MRGR. On fees, IQQQ is cheaper at 0.55% per year. On volatility, MRGR has been the lower-risk option at 1.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MRGR or IQQQ?

Over the 1-year period, IQQQ has performed better with a 29.47% return vs 11.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MRGR or IQQQ?

IQQQ is cheaper with a 0.55% expense ratio, compared with 0.75% for MRGR.

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

IQQQ has the higher dividend yield at 4.61%, compared with 2.96% for MRGR.

What is the main difference between MRGR and IQQQ?

MRGR is categorized as Hedge Fund, while IQQQ is Nasdaq-100. MRGR tracks S&P Merger Arbitrage Index, while IQQQ tracks Nasdaq-100 Daily Covered Call Index. Their fees differ too: 0.75% for MRGR and 0.55% for IQQQ.

Which has better risk-adjusted returns?

MRGR currently has the higher Sharpe Ratio (2.73 vs 1.74), 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.