MRGR vs. PEX
MRGR (Proshares Merger ETF) and PEX (ProShares Global Listed Private Equity ETF) are both exchange-traded funds - MRGR is a Event Driven fund tracking the S&P Merger Arbitrage Index, while PEX is a Financials Equities fund tracking the LPX Direct Listed Private Equity Index. Both are passively managed. Over the past 10 years, MRGR returned 3.72%/yr vs 4.91%/yr for PEX. Their 0.21 correlation means their historical movements had little consistent relationship. MRGR charges 0.75%/yr vs 3.13%/yr for PEX.
Performance
MRGR vs. PEX - Performance Comparison
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Returns By Period
In the year-to-date period, MRGR achieves a 2.68% return, which is significantly higher than PEX's -6.82% return. Over the past 10 years, MRGR has underperformed PEX with an annualized return of 3.72%, while PEX has yielded a comparatively higher 4.91% annualized return.
MRGR
- 1D
- 0.09%
- 1M
- 0.00%
- 6M
- 1.79%
- YTD
- 2.68%
- 1Y
- 10.28%
- 3Y*
- 8.57%
- 5Y*
- 4.36%
- 10Y*
- 3.72%
- ALL TIME*
- 2.18%
PEX
- 1D
- 0.15%
- 1M
- 3.38%
- 6M
- -7.02%
- YTD
- -6.82%
- 1Y
- -10.44%
- 3Y*
- 4.37%
- 5Y*
- -0.25%
- 10Y*
- 4.91%
- ALL TIME*
- 5.23%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $51.38K | $39.66K | $57.10K | |
| $46.71K | $56.13K | $56.35K |
MRGR vs. PEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MRGR Proshares Merger ETF | 2.68% | 11.99% | 5.32% | 4.94% | -4.81% | 6.58% | 1.99% | 4.31% | 3.42% | 2.08% |
PEX ProShares Global Listed Private Equity ETF | -6.82% | 0.21% | 13.05% | 23.11% | -25.98% | 28.34% | -1.14% | 25.53% | -13.31% | 14.33% |
Correlation
The correlation between MRGR and PEX is 0.21, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.21 |
Correlation (3Y) Balances recent behavior with more history. | 0.23 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.30 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.25 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2013 | 0.21 |
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Return for Risk
MRGR vs. PEX — Risk / Return Rank
MRGR
PEX
MRGR vs. PEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Proshares Merger ETF (MRGR) and ProShares Global Listed Private Equity ETF (PEX). 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 | PEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.17 | ||
| Sortino ratioReturn per unit of downside risk | +5.09 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 0.90 | +0.59 |
| Calmar ratioReturn relative to maximum drawdown | 8.07 | -0.53 | +8.60 |
| Martin ratioReturn relative to average drawdown | 21.89 | -1.04 | +22.93 |
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Drawdowns
MRGR vs. PEX - Drawdown Comparison
The maximum MRGR drawdown since its inception was -13.23%, smaller than the maximum PEX drawdown of -49.17%. Use the drawdown chart below to compare losses from any high point for MRGR and PEX.
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Drawdown Indicators
| MRGR | PEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.23% | -49.17% | +35.94% |
Max Drawdown (1Y)Largest decline over 1 year | -1.29% | -21.09% | +19.80% |
Max Drawdown (3Y)Largest decline over 3 years | -2.10% | -24.72% | +22.62% |
Max Drawdown (5Y)Largest decline over 5 years | -8.40% | -36.58% | +28.18% |
Max Drawdown (10Y)Largest decline over 10 years | -13.23% | -49.17% | +35.94% |
Current DrawdownCurrent decline from peak | -0.11% | -15.79% | +15.68% |
Average DrawdownAverage peak-to-trough decline | -3.82% | -8.34% | +4.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.48% | 10.79% | -10.31% |
Volatility
MRGR vs. PEX - Volatility Comparison
The current volatility for Proshares Merger ETF (MRGR) is 0.54%, while ProShares Global Listed Private Equity ETF (PEX) has a volatility of 3.74%. This indicates that MRGR experiences smaller price fluctuations and is considered to be less risky than PEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MRGR | PEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.54% | 3.74% | -3.20% |
Volatility (6M)Calculated over the trailing 6-month period | 2.75% | 13.32% | -10.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.24% | 15.89% | -11.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.79% | 17.99% | -14.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.14% | 19.26% | -14.12% |
MRGR vs. PEX - Expense Ratio Comparison
MRGR has a 0.75% expense ratio, which is lower than PEX's 3.13% expense ratio.
Dividends
MRGR vs. PEX - Dividend Comparison
MRGR's dividend yield for the trailing twelve months is around 2.96%, less than PEX's 8.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
PEX ProShares Global Listed Private Equity ETF | 8.52% | 12.80% | 14.11% | 13.02% | 1.77% | 13.64% | 5.52% | 7.94% | 4.72% | 24.26% | 3.24% | 12.50% |
Frequently Asked Questions
MRGR and PEX have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PEX has higher volatility (3.74%) compared to MRGR (0.54%). In terms of maximum drawdown, MRGR dropped -13.23% vs PEX's -49.17%.
On 10-year performance, PEX leads with 4.91% vs 3.72% for MRGR. On fees, MRGR is cheaper at 0.75% per year. On volatility, MRGR has been the lower-risk option at 0.54%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PEX has performed better with a 4.91% return vs 3.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MRGR is cheaper with a 0.75% expense ratio, compared with 3.13% for PEX.
PEX has the higher dividend yield at 8.52%, compared with 2.96% for MRGR.
MRGR is categorized as Event Driven, while PEX is Financials Equities. MRGR tracks S&P Merger Arbitrage Index, while PEX tracks LPX Direct Listed Private Equity Index. Their fees differ too: 0.75% for MRGR and 3.13% for PEX.
MRGR currently has the higher Sharpe Ratio (2.47 vs -0.71), 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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