MRGR vs. RSBA

Last updated Aug 2, 2026

MRGR (Proshares Merger ETF) and RSBA (Return Stacked Bonds & Merger Arbitrage ETF) are both exchange-traded funds - MRGR is a Event Driven fund tracking the S&P Merger Arbitrage Index, while RSBA is a Leveraged Bonds fund actively managed by Return Stacked. MRGR is passively managed, while RSBA is actively managed. Over the past year, MRGR returned 10.28% vs 1.14% for RSBA. Their 0.21 correlation means their historical movements had little consistent relationship. MRGR charges 0.75%/yr vs 0.96%/yr for RSBA.

Performance

MRGR vs. RSBA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares Merger ETF (MRGR) and Return Stacked Bonds & Merger Arbitrage ETF (RSBA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MRGR achieves a 2.68% return, which is significantly higher than RSBA's -0.94% 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%

RSBA

• 1D: -0.53%
• 1M: -1.93%
• 6M: -1.22%
• YTD: -0.94%
• 1Y: 1.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.04%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MRGR Proshares Merger ETF	$51.38K	$39.66K	$57.10K
RSBA Return Stacked Bonds & Merger Arbitrage ETF	$248.34K	$334.74K	$422.31K

MRGR vs. RSBA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MRGR Proshares Merger ETF	2.68%	11.99%	0.63%
RSBA Return Stacked Bonds & Merger Arbitrage ETF	-0.94%	7.73%	-0.11%

Correlation

The correlation between MRGR and RSBA is 0.26, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.26
Correlation (All Time) Calculated using the full available price history since Dec 18, 2024	0.21

Return for Risk

MRGR vs. RSBA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MRGR

MRGR Risk / Return Rank: 95
MRGR Sharpe Ratio Rank: 93
MRGR Sortino Ratio Rank: 95
MRGR Omega Ratio Rank: 93
MRGR Calmar Ratio Rank: 97
MRGR Martin Ratio Rank: 96

RSBA

RSBA Risk / Return Rank: 22
RSBA Sharpe Ratio Rank: 21
RSBA Sortino Ratio Rank: 20
RSBA Omega Ratio Rank: 19
RSBA Calmar Ratio Rank: 24
RSBA Martin Ratio Rank: 25

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MRGR vs. RSBA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Merger ETF (MRGR) and Return Stacked Bonds & Merger Arbitrage ETF (RSBA). 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	RSBA	Difference
Sharpe ratio: Return per unit of total volatility	2.47	0.45	+2.02
Sortino ratio: Return per unit of downside risk	4.19	0.67	+3.52
Omega ratio: Gain probability vs. loss probability	1.49	1.08	+0.41
Calmar ratio: Return relative to maximum drawdown	8.07	0.75	+7.33
Martin ratio: Return relative to average drawdown	21.89	1.89	+20.00

MRGR vs. RSBA - Sharpe Ratio Comparison

The current MRGR Sharpe Ratio is 2.47, which is higher than the RSBA Sharpe Ratio of 0.45. The chart below compares the historical Sharpe Ratios of MRGR and RSBA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MRGR vs. RSBA - Drawdown Comparison

The maximum MRGR drawdown since its inception was -13.23%, which is greater than RSBA's maximum drawdown of -2.83%. Use the drawdown chart below to compare losses from any high point for MRGR and RSBA.

Drawdown Indicators

	MRGR	RSBA	Difference
Max Drawdown Largest peak-to-trough decline	-13.23%	-2.83%	-10.40%
Max Drawdown (1Y) Largest decline over 1 year	-1.29%	-2.74%	+1.45%
Max Drawdown (3Y) Largest decline over 3 years	-2.10%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-8.40%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-13.23%	—	—
Current Drawdown Current decline from peak	-0.11%	-2.25%	+2.14%
Average Drawdown Average peak-to-trough decline	-3.82%	-0.83%	-2.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	1.08%	-0.60%

Volatility

MRGR vs. RSBA - Volatility Comparison

The current volatility for Proshares Merger ETF (MRGR) is 0.54%, while Return Stacked Bonds & Merger Arbitrage ETF (RSBA) has a volatility of 1.36%. This indicates that MRGR experiences smaller price fluctuations and is considered to be less risky than RSBA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MRGR	RSBA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.54%	1.36%	-0.82%
Volatility (6M) Calculated over the trailing 6-month period	2.75%	3.60%	-0.85%
Volatility (1Y) Calculated over the trailing 1-year period	4.24%	4.57%	-0.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.79%	5.05%	-1.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.14%	5.05%	+0.09%

MRGR vs. RSBA - Expense Ratio Comparison

MRGR has a 0.75% expense ratio, which is lower than RSBA's 0.96% expense ratio.

Dividends

MRGR vs. RSBA - Dividend Comparison

MRGR's dividend yield for the trailing twelve months is around 2.96%, less than RSBA's 3.40% 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%
RSBA Return Stacked Bonds & Merger Arbitrage ETF	3.40%	3.37%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MRGR and RSBA in my portfolio?

MRGR and RSBA have a correlation of 0.26, 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 RSBA?

RSBA has higher volatility (1.36%) compared to MRGR (0.54%). In terms of maximum drawdown, MRGR dropped -13.23% vs RSBA's -2.83%.

Which ETF is better, MRGR or RSBA?

On 1-year performance, MRGR leads with 10.28% vs 1.14% for RSBA. 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.

Which ETF has performed better, MRGR or RSBA?

Over the 1-year period, MRGR has performed better with a 10.28% return vs 1.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MRGR or RSBA?

MRGR is cheaper with a 0.75% expense ratio, compared with 0.96% for RSBA.

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

RSBA has the higher dividend yield at 3.40%, compared with 2.96% for MRGR.

What is the main difference between MRGR and RSBA?

MRGR is categorized as Event Driven, while RSBA is Leveraged Bonds. They also come from different issuers: ProShares and Return Stacked. Their fees differ too: 0.75% for MRGR and 0.96% for RSBA.

Which has better risk-adjusted returns?

MRGR currently has the higher Sharpe Ratio (2.47 vs 0.45), 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.