MRGR vs. MMKT

Last updated Jun 4, 2026

MRGR (Proshares Merger ETF) and MMKT (Texas Capital Government Money Market ETF) are both exchange-traded funds - MRGR is a Hedge Fund fund tracking the S&P Merger Arbitrage Index, while MMKT is a Money Market fund actively managed by Texas Capital. MRGR is passively managed, while MMKT is actively managed. Over the past year, MRGR returned 11.14% vs 3.81% for MMKT. At a correlation of -0.09, they often move in opposite directions. MRGR charges 0.75%/yr vs 0.20%/yr for MMKT.

Performance

MRGR vs. MMKT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares Merger ETF (MRGR) and Texas Capital Government Money Market ETF (MMKT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MRGR achieves a 1.83% return, which is significantly higher than MMKT's 1.44% 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%

MMKT

• 1D: 0.01%
• 1M: 0.28%
• YTD: 1.44%
• 6M: 1.76%
• 1Y: 3.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MRGR vs. MMKT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MRGR Proshares Merger ETF	1.83%	11.99%	0.72%
MMKT Texas Capital Government Money Market ETF	1.44%	4.13%	1.21%

Correlation

The correlation between MRGR and MMKT is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.14
Correlation (All Time) Calculated using the full available price history since Sep 26, 2024	-0.09

Return for Risk

MRGR vs. MMKT — Risk / Return Rank

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

MRGR

MRGR Risk / Return Rank: 90
MRGR Sharpe Ratio Rank: 82
MRGR Sortino Ratio Rank: 93
MRGR Omega Ratio Rank: 88
MRGR Calmar Ratio Rank: 95
MRGR Martin Ratio Rank: 92

MMKT

MMKT Risk / Return Rank: 100
MMKT Sharpe Ratio Rank: 100
MMKT Sortino Ratio Rank: 100
MMKT Omega Ratio Rank: 100
MMKT Calmar Ratio Rank: 100
MMKT Martin Ratio Rank: 100

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. MMKT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Merger ETF (MRGR) and Texas Capital Government Money Market ETF (MMKT). 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	MMKT	Difference
Sharpe ratio: Return per unit of total volatility	2.72	16.49	-13.76
Sortino ratio: Return per unit of downside risk	4.63	62.61	-57.97
Omega ratio: Gain probability vs. loss probability	1.56	15.14	-13.59
Calmar ratio: Return relative to maximum drawdown	8.65	153.44	-144.79
Martin ratio: Return relative to average drawdown	23.71	910.67	-886.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MRGR vs. MMKT - Sharpe Ratio Comparison

The current MRGR Sharpe Ratio is 2.72, which is lower than the MMKT Sharpe Ratio of 16.49. The chart below compares the historical Sharpe Ratios of MRGR and MMKT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MRGR	MMKT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.72	16.49	-13.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.05	—	—
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	17.60	-17.24

Drawdowns

MRGR vs. MMKT - Drawdown Comparison

The maximum MRGR drawdown since its inception was -13.23%, which is greater than MMKT's maximum drawdown of -0.04%. Use the drawdown chart below to compare losses from any high point for MRGR and MMKT.

Drawdown Indicators

	MRGR	MMKT	Difference
Max Drawdown Largest peak-to-trough decline	-13.23%	-0.04%	-13.19%
Max Drawdown (1Y) Largest decline over 1 year	-1.29%	-0.02%	-1.27%
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	-0.33%	0.00%	-0.33%
Average Drawdown Average peak-to-trough decline	-3.86%	-0.00%	-3.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.47%	0.00%	+0.47%

Volatility

MRGR vs. MMKT - Volatility Comparison

Proshares Merger ETF (MRGR) has a higher volatility of 1.08% compared to Texas Capital Government Money Market ETF (MMKT) at 0.05%. This indicates that MRGR's price experiences larger fluctuations and is considered to be riskier than MMKT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MRGR	MMKT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.08%	0.05%	+1.03%
Volatility (6M) Calculated over the trailing 6-month period	2.95%	0.13%	+2.82%
Volatility (1Y) Calculated over the trailing 1-year period	4.11%	0.23%	+3.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.82%	0.23%	+3.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.15%	0.23%	+4.92%

MRGR vs. MMKT - Expense Ratio Comparison

MRGR has a 0.75% expense ratio, which is higher than MMKT's 0.20% expense ratio.

Dividends

MRGR vs. MMKT - Dividend Comparison

MRGR's dividend yield for the trailing twelve months is around 2.97%, less than MMKT's 3.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MMKT Texas Capital Government Money Market ETF	3.73%	3.98%	1.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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

Can I hold both MRGR and MMKT in my portfolio?

MRGR and MMKT have a correlation of -0.14, 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 MMKT?

MRGR has higher volatility (1.08%) compared to MMKT (0.05%). In terms of maximum drawdown, MRGR dropped -13.23% vs MMKT's -0.04%.

Which ETF is better, MRGR or MMKT?

On 1-year performance, MRGR leads with 11.14% vs 3.81% for MMKT. On fees, MMKT is cheaper at 0.20% per year. On volatility, MMKT has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MRGR or MMKT?

Over the 1-year period, MRGR has performed better with a 11.14% return vs 3.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MRGR or MMKT?

MMKT is cheaper with a 0.20% expense ratio, compared with 0.75% for MRGR.

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

MMKT has the higher dividend yield at 3.73%, compared with 2.97% for MRGR.

What is the main difference between MRGR and MMKT?

MRGR is categorized as Hedge Fund, while MMKT is Money Market. They also come from different issuers: ProShares and Texas Capital. Their fees differ too: 0.75% for MRGR and 0.20% for MMKT.

Which has better risk-adjusted returns?

MMKT currently has the higher Sharpe Ratio (16.49 vs 2.72), 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.