MRGR vs. NOBL
MRGR (Proshares Merger ETF) and NOBL (ProShares S&P 500 Dividend Aristocrats ETF) are both exchange-traded funds - MRGR is a Hedge Fund fund tracking the S&P Merger Arbitrage Index, while NOBL is a Dividend fund tracking the S&P 500 Dividend Aristocrats Index. Both are passively managed. Over the past 10 years, MRGR returned 3.59%/yr vs 9.97%/yr for NOBL. At a 0.22 correlation, their price movements are largely independent. MRGR charges 0.75%/yr vs 0.35%/yr for NOBL.
Performance
MRGR vs. NOBL - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MRGR achieves a 2.38% return, which is significantly lower than NOBL's 6.48% return. Over the past 10 years, MRGR has underperformed NOBL with an annualized return of 3.59%, while NOBL has yielded a comparatively higher 9.97% annualized return.
MRGR
- 1D
- 0.28%
- 1M
- 0.51%
- YTD
- 2.38%
- 6M
- 2.11%
- 1Y
- 11.18%
- 3Y*
- 8.71%
- 5Y*
- 4.15%
- 10Y*
- 3.59%
NOBL
- 1D
- 0.68%
- 1M
- 2.27%
- YTD
- 6.48%
- 6M
- 5.98%
- 1Y
- 12.52%
- 3Y*
- 8.50%
- 5Y*
- 6.18%
- 10Y*
- 9.97%
MRGR vs. NOBL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MRGR Proshares Merger ETF | 2.38% | 11.99% | 5.32% | 4.94% | -4.81% | 6.58% | 1.99% | 4.31% | 3.42% | 2.08% |
NOBL ProShares S&P 500 Dividend Aristocrats ETF | 6.48% | 6.84% | 6.72% | 8.09% | -6.52% | 25.46% | 8.35% | 27.39% | -3.26% | 21.02% |
Correlation
The correlation between MRGR and NOBL is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.25 |
Correlation (All Time) Calculated using the full available price history since Oct 10, 2013 | 0.22 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
MRGR vs. NOBL — Risk / Return Rank
MRGR
NOBL
MRGR vs. NOBL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Proshares Merger ETF (MRGR) and ProShares S&P 500 Dividend Aristocrats ETF (NOBL). 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 | NOBL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.56 | ||
| Sortino ratioReturn per unit of downside risk | +2.83 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.19 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 8.67 | 1.38 | +7.29 |
| Martin ratioReturn relative to average drawdown | 23.70 | 3.50 | +20.20 |
Loading charts...
Drawdowns
MRGR vs. NOBL - Drawdown Comparison
The maximum MRGR drawdown since its inception was -13.23%, smaller than the maximum NOBL drawdown of -35.43%. Use the drawdown chart below to compare losses from any high point for MRGR and NOBL.
Loading charts...
Drawdown Indicators
| MRGR | NOBL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.23% | -35.43% | +22.20% |
Max Drawdown (1Y)Largest decline over 1 year | -1.29% | -9.11% | +7.82% |
Max Drawdown (3Y)Largest decline over 3 years | -2.10% | -15.36% | +13.26% |
Max Drawdown (5Y)Largest decline over 5 years | -8.40% | -17.92% | +9.52% |
Max Drawdown (10Y)Largest decline over 10 years | -13.23% | -35.43% | +22.20% |
Current DrawdownCurrent decline from peak | -0.05% | -3.29% | +3.24% |
Average DrawdownAverage peak-to-trough decline | -3.85% | -3.48% | -0.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.47% | 3.58% | -3.11% |
Volatility
MRGR vs. NOBL - Volatility Comparison
The current volatility for Proshares Merger ETF (MRGR) is 1.27%, while ProShares S&P 500 Dividend Aristocrats ETF (NOBL) has a volatility of 3.31%. This indicates that MRGR experiences smaller price fluctuations and is considered to be less risky than NOBL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| MRGR | NOBL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.27% | 3.31% | -2.04% |
Volatility (6M)Calculated over the trailing 6-month period | 2.93% | 8.22% | -5.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.23% | 11.52% | -7.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.84% | 14.38% | -10.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.16% | 16.60% | -11.44% |
MRGR vs. NOBL - Expense Ratio Comparison
MRGR has a 0.75% expense ratio, which is higher than NOBL's 0.35% expense ratio.
Dividends
MRGR vs. NOBL - Dividend Comparison
MRGR's dividend yield for the trailing twelve months is around 2.95%, more than NOBL's 2.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MRGR Proshares Merger ETF | 2.95% | 3.12% | 3.21% | 2.11% | 0.61% | 0.59% | 0.00% | 0.78% | 1.39% | 0.36% | 0.74% | 0.34% |
NOBL ProShares S&P 500 Dividend Aristocrats ETF | 2.06% | 2.14% | 2.05% | 2.09% | 1.94% | 1.89% | 2.14% | 1.89% | 2.37% | 1.74% | 2.13% | 2.02% |
Frequently Asked Questions
MRGR and NOBL have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NOBL has higher volatility (3.31%) compared to MRGR (1.27%). In terms of maximum drawdown, MRGR dropped -13.23% vs NOBL's -35.43%.
On 10-year performance, NOBL leads with 9.97% vs 3.59% for MRGR. On fees, NOBL is cheaper at 0.35% per year. On volatility, MRGR has been the lower-risk option at 1.27%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, NOBL has performed better with a 9.97% return vs 3.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NOBL is cheaper with a 0.35% expense ratio, compared with 0.75% for MRGR.
MRGR has the higher dividend yield at 2.95%, compared with 2.06% for NOBL.
MRGR is categorized as Hedge Fund, while NOBL is Dividend. MRGR tracks S&P Merger Arbitrage Index, while NOBL tracks S&P 500 Dividend Aristocrats Index. Their fees differ too: 0.75% for MRGR and 0.35% for NOBL.
MRGR currently has the higher Sharpe Ratio (2.65 vs 1.10), 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.
Find the right allocation for MRGR and NOBL
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer