MRGR vs. QLD
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 3.59%/yr vs 36.27%/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
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Returns By Period
In the year-to-date period, MRGR achieves a 2.38% return, which is significantly lower than QLD's 29.58% return. Over the past 10 years, MRGR has underperformed QLD with an annualized return of 3.59%, while QLD has yielded a comparatively higher 36.27% 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%
QLD
- 1D
- -6.61%
- 1M
- -2.02%
- YTD
- 29.58%
- 6M
- 26.13%
- 1Y
- 66.80%
- 3Y*
- 43.61%
- 5Y*
- 21.41%
- 10Y*
- 36.27%
MRGR vs. QLD - 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% |
QLD ProShares Ultra QQQ | 29.58% | 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 13, 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.
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Return for Risk
MRGR vs. QLD — Risk / Return Rank
MRGR
QLD
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.
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 | QLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.77 | ||
| Sortino ratioReturn per unit of downside risk | +2.17 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.31 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 8.67 | 2.67 | +6.00 |
| Martin ratioReturn relative to average drawdown | 23.70 | 9.05 | +14.65 |
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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.
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Drawdown Indicators
| MRGR | QLD | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -0.05% | -9.26% | +9.21% |
Average DrawdownAverage peak-to-trough decline | -3.85% | -18.14% | +14.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.47% | 7.40% | -6.93% |
Volatility
MRGR vs. QLD - Volatility Comparison
The current volatility for Proshares Merger ETF (MRGR) is 1.27%, while ProShares Ultra QQQ (QLD) has a volatility of 18.22%. 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.
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Volatility by Period
| MRGR | QLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.27% | 18.22% | -16.95% |
Volatility (6M)Calculated over the trailing 6-month period | 2.93% | 28.95% | -26.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.23% | 35.77% | -31.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.84% | 45.34% | -41.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.16% | 44.80% | -39.64% |
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 2.95%, more than QLD's 0.13% 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% |
QLD ProShares Ultra QQQ | 0.13% | 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
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.
QLD has higher volatility (18.22%) compared to MRGR (1.27%). In terms of maximum drawdown, MRGR dropped -13.23% vs QLD's -83.13%.
On 10-year performance, QLD leads with 36.27% 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, QLD has performed better with a 36.27% 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 0.95% for QLD.
MRGR has the higher dividend yield at 2.95%, compared with 0.13% for 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.
MRGR currently has the higher Sharpe Ratio (2.65 vs 1.88), 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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