MRGR vs. QLD

Last updated Jun 4, 2026

MRGR (Proshares Merger ETF) and QLD (ProShares Ultra QQQ) are both exchange-traded funds - MRGR is a Hedge Fund fund tracking the S&P Merger Arbitrage Index, while QLD is a Leveraged Equities fund tracking the NASDAQ-100 Index (200%). Both are passively managed. Over the past 10 years, MRGR returned 3.47%/yr vs 36.10%/yr for QLD. At a 0.19 correlation, their price movements are largely independent. MRGR charges 0.75%/yr vs 0.95%/yr for QLD.

Performance

MRGR vs. QLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares Merger ETF (MRGR) and ProShares Ultra QQQ (QLD). 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 lower than QLD's 42.06% return. Over the past 10 years, MRGR has underperformed QLD with an annualized return of 3.47%, while QLD has yielded a comparatively higher 36.10% annualized 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%

QLD

• 1D: -0.53%
• 1M: 21.54%
• YTD: 42.06%
• 6M: 37.45%
• 1Y: 85.49%
• 3Y*: 50.15%
• 5Y*: 25.75%
• 10Y*: 36.10%

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

MRGR vs. QLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MRGR Proshares Merger ETF	1.83%	11.99%	5.32%	4.94%	-4.81%	6.58%	1.99%	4.31%	3.42%	2.08%
QLD ProShares Ultra QQQ	42.06%	30.36%	42.82%	117.72%	-60.52%	54.67%	88.90%	81.69%	-8.31%	70.34%

Correlation

The correlation between MRGR and QLD is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.27
Correlation (10Y) Calculated over the trailing 10-year period	0.24
Correlation (All Time) Calculated using the full available price history since Dec 14, 2012	0.19

The correlation between MRGR and QLD shifts across timeframes, from 0.13 (1 year) to 0.27 (5 years), reflecting how their relationship changes across market environments.

MRGR vs. QLD - Sectors Allocation Comparison

Sectors	MRGR	QLD
Healthcare	22.7%	4.2%
Industrials	17.6%	2.8%
Financial Services	12.7%	0.2%
Real Estate	12.6%	0.1%
Basic Materials	5.8%	1.1%
Energy	5.6%	0.6%
Utilities	5.4%	1.4%
Technology	5.1%	53.8%
Communication Services	4.9%	15.8%
Consumer Cyclical	4.9%	12.3%
Consumer Defensive	2.7%	7.7%

Return for Risk

MRGR vs. QLD — 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

QLD

QLD Risk / Return Rank: 69
QLD Sharpe Ratio Rank: 81
QLD Sortino Ratio Rank: 67
QLD Omega Ratio Rank: 67
QLD Calmar Ratio Rank: 67
QLD Martin Ratio Rank: 64

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. QLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Merger ETF (MRGR) and ProShares Ultra QQQ (QLD). 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	QLD	Difference
Sharpe ratio: Return per unit of total volatility	2.72	2.70	+0.02
Sortino ratio: Return per unit of downside risk	4.63	3.16	+1.47
Omega ratio: Gain probability vs. loss probability	1.56	1.41	+0.14
Calmar ratio: Return relative to maximum drawdown	8.65	3.42	+5.23
Martin ratio: Return relative to average drawdown	23.71	11.92	+11.79
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. QLD - Sharpe Ratio Comparison

The current MRGR Sharpe Ratio is 2.72, which is comparable to the QLD Sharpe Ratio of 2.70. The chart below compares the historical Sharpe Ratios of MRGR and QLD, 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	QLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.72	2.70	+0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.05	0.58	+0.47
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	0.81	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.60	-0.24

Drawdowns

MRGR vs. QLD - Drawdown Comparison

The maximum MRGR drawdown since its inception was -13.23%, smaller than the maximum QLD drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for MRGR and QLD.

Drawdown Indicators

	MRGR	QLD	Difference
Max Drawdown Largest peak-to-trough decline	-13.23%	-83.13%	+69.90%
Max Drawdown (1Y) Largest decline over 1 year	-1.29%	-25.13%	+23.84%
Max Drawdown (3Y) Largest decline over 3 years	-2.10%	-42.29%	+40.19%
Max Drawdown (5Y) Largest decline over 5 years	-8.40%	-63.68%	+55.28%
Max Drawdown (10Y) Largest decline over 10 years	-13.23%	-63.68%	+50.45%
Current Drawdown Current decline from peak	-0.33%	-0.53%	+0.20%
Average Drawdown Average peak-to-trough decline	-3.86%	-18.17%	+14.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.47%	7.20%	-6.73%

Volatility

MRGR vs. QLD - Volatility Comparison

The current volatility for Proshares Merger ETF (MRGR) is 1.08%, while ProShares Ultra QQQ (QLD) has a volatility of 8.90%. This indicates that MRGR experiences smaller price fluctuations and is considered to be less risky than QLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MRGR	QLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.08%	8.90%	-7.82%
Volatility (6M) Calculated over the trailing 6-month period	2.95%	24.08%	-21.13%
Volatility (1Y) Calculated over the trailing 1-year period	4.11%	31.85%	-27.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.82%	44.74%	-40.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.15%	44.56%	-39.41%

MRGR vs. QLD - Expense Ratio Comparison

MRGR has a 0.75% expense ratio, which is lower than QLD's 0.95% expense ratio.

Dividends

MRGR vs. QLD - Dividend Comparison

MRGR's dividend yield for the trailing twelve months is around 2.97%, more than QLD's 0.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
QLD ProShares Ultra QQQ	0.12%	0.17%	0.25%	0.33%	0.31%	0.00%	0.00%	0.13%	0.06%	0.02%	0.21%	0.11%

Frequently Asked Questions

Can I hold both MRGR and QLD in my portfolio?

MRGR and QLD have a correlation of 0.13, 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 QLD?

QLD has higher volatility (8.90%) compared to MRGR (1.08%). In terms of maximum drawdown, MRGR dropped -13.23% vs QLD's -83.13%.

Which ETF is better, MRGR or QLD?

On 10-year performance, QLD leads with 36.10% vs 3.47% for MRGR. On fees, MRGR is cheaper at 0.75% per year. On volatility, MRGR has been the lower-risk option at 1.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MRGR or QLD?

Over the 10-year period, QLD has performed better with a 36.10% return vs 3.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MRGR or QLD?

MRGR is cheaper with a 0.75% expense ratio, compared with 0.95% for QLD.

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

MRGR has the higher dividend yield at 2.97%, compared with 0.12% for QLD.

What is the main difference between MRGR and QLD?

MRGR is categorized as Hedge Fund, while QLD is Leveraged Equities. MRGR tracks S&P Merger Arbitrage Index, while QLD tracks NASDAQ-100 Index (200%). Their fees differ too: 0.75% for MRGR and 0.95% for QLD.

Which has better risk-adjusted returns?

MRGR currently has the higher Sharpe Ratio (2.72 vs 2.70), 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.