MRGR vs. PEX
MRGR (Proshares Merger ETF) and PEX (ProShares Global Listed Private Equity ETF) are both exchange-traded funds - MRGR is a Hedge Fund 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 3.59%/yr vs 4.62%/yr for PEX. At a 0.21 correlation, their price movements are largely independent. 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 2.38% return, which is significantly higher than PEX's -13.80% return. Over the past 10 years, MRGR has underperformed PEX with an annualized return of 3.59%, while PEX has yielded a comparatively higher 4.62% 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%
PEX
- 1D
- -0.80%
- 1M
- -2.04%
- YTD
- -13.80%
- 6M
- -12.61%
- 1Y
- -14.73%
- 3Y*
- 3.70%
- 5Y*
- -1.24%
- 10Y*
- 4.62%
MRGR vs. PEX - 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% |
PEX ProShares Global Listed Private Equity ETF | -13.80% | 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 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.30 |
Correlation (10Y) Calculated over the trailing 10-year period | 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 | +3.58 | ||
| Sortino ratioReturn per unit of downside risk | +5.73 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 0.86 | +0.67 |
| Calmar ratioReturn relative to maximum drawdown | 8.67 | -0.60 | +9.27 |
| Martin ratioReturn relative to average drawdown | 23.70 | -1.13 | +24.83 |
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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% | -24.72% | +23.43% |
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 | -0.05% | -22.09% | +22.04% |
Average DrawdownAverage peak-to-trough decline | -3.85% | -8.26% | +4.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.47% | 13.06% | -12.59% |
Volatility
MRGR vs. PEX - Volatility Comparison
The current volatility for Proshares Merger ETF (MRGR) is 1.27%, while ProShares Global Listed Private Equity ETF (PEX) has a volatility of 5.26%. 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 | 1.27% | 5.26% | -3.99% |
Volatility (6M)Calculated over the trailing 6-month period | 2.93% | 13.47% | -10.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.23% | 15.93% | -11.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.84% | 17.99% | -14.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.16% | 19.30% | -14.14% |
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 2.95%, less than PEX's 13.01% 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% |
PEX ProShares Global Listed Private Equity ETF | 13.01% | 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 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PEX has higher volatility (5.26%) compared to MRGR (1.27%). In terms of maximum drawdown, MRGR dropped -13.23% vs PEX's -49.17%.
On 10-year performance, PEX leads with 4.62% vs 3.59% for MRGR. On fees, MRGR is cheaper at 0.75% 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, PEX has performed better with a 4.62% return vs 3.59%. 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 13.01%, compared with 2.95% for MRGR.
MRGR is categorized as Hedge Fund, 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 (2.65 vs -0.93), 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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