MRGR vs. PRWAX
Compare and contrast key facts about Proshares Merger ETF (MRGR) and T. Rowe Price All-Cap Opportunities Fund (PRWAX).
MRGR is a passively managed fund by ProShares that tracks the performance of the S&P Merger Arbitrage Index. It was launched on Dec 11, 2012. PRWAX is managed by T. Rowe Price. It was launched on Sep 30, 1985.
Performance
MRGR vs. PRWAX - Performance Comparison
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MRGR vs. PRWAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MRGR Proshares Merger ETF | 1.17% | 11.99% | 5.32% | 4.94% | -4.81% | 6.58% | 1.99% | 4.31% | 3.42% | 2.08% |
PRWAX T. Rowe Price All-Cap Opportunities Fund | -9.59% | 26.78% | 25.24% | 29.02% | -21.37% | 20.63% | 44.73% | 35.08% | 1.26% | 34.51% |
Returns By Period
In the year-to-date period, MRGR achieves a 1.17% return, which is significantly higher than PRWAX's -9.59% return. Over the past 10 years, MRGR has underperformed PRWAX with an annualized return of 3.33%, while PRWAX has yielded a comparatively higher 17.31% annualized return.
MRGR
- 1D
- -0.29%
- 1M
- 0.22%
- YTD
- 1.17%
- 6M
- 6.51%
- 1Y
- 11.07%
- 3Y*
- 8.29%
- 5Y*
- 4.22%
- 10Y*
- 3.33%
PRWAX
- 1D
- 3.16%
- 1M
- -6.00%
- YTD
- -9.59%
- 6M
- -0.70%
- 1Y
- 19.69%
- 3Y*
- 20.03%
- 5Y*
- 10.67%
- 10Y*
- 17.31%
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MRGR vs. PRWAX - Expense Ratio Comparison
MRGR has a 0.75% expense ratio, which is lower than PRWAX's 0.76% expense ratio.
Return for Risk
MRGR vs. PRWAX — Risk / Return Rank
MRGR
PRWAX
MRGR vs. PRWAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Proshares Merger ETF (MRGR) and T. Rowe Price All-Cap Opportunities Fund (PRWAX). 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 | PRWAX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.58 | 1.03 | +1.55 |
Sortino ratioReturn per unit of downside risk | 4.23 | 1.66 | +2.56 |
Omega ratioGain probability vs. loss probability | 1.57 | 1.24 | +0.33 |
Calmar ratioReturn relative to maximum drawdown | 6.59 | 1.28 | +5.31 |
Martin ratioReturn relative to average drawdown | 22.39 | 4.75 | +17.64 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MRGR | PRWAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.58 | 1.03 | +1.55 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.11 | 0.60 | +0.52 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.64 | 0.92 | -0.28 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.35 | 0.60 | -0.24 |
Correlation
The correlation between MRGR and PRWAX is 0.21, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
MRGR vs. PRWAX - Dividend Comparison
MRGR's dividend yield for the trailing twelve months is around 2.99%, less than PRWAX's 18.43% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MRGR Proshares Merger ETF | 2.99% | 3.12% | 3.21% | 2.11% | 0.61% | 0.59% | 0.00% | 0.78% | 1.39% | 0.36% | 0.74% | 0.34% |
PRWAX T. Rowe Price All-Cap Opportunities Fund | 18.43% | 16.66% | 9.22% | 5.10% | 3.11% | 20.51% | 15.44% | 7.01% | 12.58% | 12.30% | 6.19% | 8.84% |
Drawdowns
MRGR vs. PRWAX - Drawdown Comparison
The maximum MRGR drawdown since its inception was -13.23%, smaller than the maximum PRWAX drawdown of -55.06%. Use the drawdown chart below to compare losses from any high point for MRGR and PRWAX.
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Drawdown Indicators
| MRGR | PRWAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.23% | -55.06% | +41.83% |
Max Drawdown (1Y)Largest decline over 1 year | -1.66% | -14.05% | +12.39% |
Max Drawdown (5Y)Largest decline over 5 years | -8.40% | -29.38% | +20.98% |
Max Drawdown (10Y)Largest decline over 10 years | -13.23% | -30.50% | +17.27% |
Current DrawdownCurrent decline from peak | -0.29% | -11.33% | +11.04% |
Average DrawdownAverage peak-to-trough decline | -3.91% | -9.92% | +6.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.49% | 3.79% | -3.30% |
Volatility
MRGR vs. PRWAX - Volatility Comparison
The current volatility for Proshares Merger ETF (MRGR) is 1.45%, while T. Rowe Price All-Cap Opportunities Fund (PRWAX) has a volatility of 6.07%. This indicates that MRGR experiences smaller price fluctuations and is considered to be less risky than PRWAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MRGR | PRWAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.45% | 6.07% | -4.62% |
Volatility (6M)Calculated over the trailing 6-month period | 3.39% | 12.83% | -9.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.32% | 19.62% | -15.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.81% | 17.93% | -14.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.19% | 18.84% | -13.65% |