MRGR vs. RYLD

Last updated Jun 4, 2026

MRGR (Proshares Merger ETF) and RYLD (Global X Russell 2000 Covered Call ETF) are both Hedge Fund funds - MRGR tracks the S&P Merger Arbitrage Index while RYLD tracks the CBOE Russell 2000 BuyWrite Index. Both are passively managed. Over the past 5 years, MRGR returned 3.99%/yr vs 2.69%/yr for RYLD. At a 0.29 correlation, their price movements are largely independent. MRGR charges 0.75%/yr vs 0.60%/yr for RYLD.

Performance

MRGR vs. RYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares Merger ETF (MRGR) and Global X Russell 2000 Covered Call ETF (RYLD). 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 RYLD's 8.33% 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%

RYLD

• 1D: -0.19%
• 1M: 2.78%
• YTD: 8.33%
• 6M: 9.14%
• 1Y: 21.47%
• 3Y*: 7.45%
• 5Y*: 2.69%
• 10Y*: —

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

MRGR vs. RYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
MRGR Proshares Merger ETF	1.83%	11.99%	5.32%	4.94%	-4.81%	6.58%	1.99%	3.63%
RYLD Global X Russell 2000 Covered Call ETF	8.33%	5.65%	10.13%	0.27%	-13.03%	22.13%	-0.44%	8.92%

Correlation

The correlation between MRGR and RYLD is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (All Time) Calculated using the full available price history since Apr 23, 2019	0.29

MRGR vs. RYLD - Sectors Allocation Comparison

Sectors	MRGR	RYLD
Healthcare	22.7%	16.5%
Industrials	17.6%	17.5%
Financial Services	12.7%	104.9%
Real Estate	12.6%	6.2%
Basic Materials	5.8%	4.8%
Energy	5.6%	6.2%
Utilities	5.4%	2.9%
Technology	5.1%	16.8%
Communication Services	4.9%	2.5%
Consumer Cyclical	4.9%	8.4%
Consumer Defensive	2.7%	2.4%

Return for Risk

MRGR vs. RYLD — 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

RYLD

RYLD Risk / Return Rank: 66
RYLD Sharpe Ratio Rank: 59
RYLD Sortino Ratio Rank: 59
RYLD Omega Ratio Rank: 69
RYLD Calmar Ratio Rank: 68
RYLD Martin Ratio Rank: 73

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. RYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Merger ETF (MRGR) and Global X Russell 2000 Covered Call ETF (RYLD). 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	RYLD	Difference
Sharpe ratio: Return per unit of total volatility	2.72	2.03	+0.69
Sortino ratio: Return per unit of downside risk	4.63	2.86	+1.78
Omega ratio: Gain probability vs. loss probability	1.56	1.42	+0.13
Calmar ratio: Return relative to maximum drawdown	8.65	3.43	+5.22
Martin ratio: Return relative to average drawdown	23.71	13.86	+9.85
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. RYLD - Sharpe Ratio Comparison

The current MRGR Sharpe Ratio is 2.72, which is higher than the RYLD Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of MRGR and RYLD, 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	RYLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.72	2.03	+0.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.05	0.19	+0.85
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.32	+0.04

Drawdowns

MRGR vs. RYLD - Drawdown Comparison

The maximum MRGR drawdown since its inception was -13.23%, smaller than the maximum RYLD drawdown of -41.53%. Use the drawdown chart below to compare losses from any high point for MRGR and RYLD.

Drawdown Indicators

	MRGR	RYLD	Difference
Max Drawdown Largest peak-to-trough decline	-13.23%	-41.53%	+28.30%
Max Drawdown (1Y) Largest decline over 1 year	-1.29%	-6.29%	+5.00%
Max Drawdown (3Y) Largest decline over 3 years	-2.10%	-19.05%	+16.95%
Max Drawdown (5Y) Largest decline over 5 years	-8.40%	-21.33%	+12.93%
Max Drawdown (10Y) Largest decline over 10 years	-13.23%	—	—
Current Drawdown Current decline from peak	-0.33%	-0.19%	-0.14%
Average Drawdown Average peak-to-trough decline	-3.86%	-8.84%	+4.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.47%	1.55%	-1.08%

Volatility

MRGR vs. RYLD - Volatility Comparison

The current volatility for Proshares Merger ETF (MRGR) is 1.08%, while Global X Russell 2000 Covered Call ETF (RYLD) has a volatility of 2.02%. This indicates that MRGR experiences smaller price fluctuations and is considered to be less risky than RYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MRGR	RYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.08%	2.02%	-0.94%
Volatility (6M) Calculated over the trailing 6-month period	2.95%	7.60%	-4.65%
Volatility (1Y) Calculated over the trailing 1-year period	4.11%	10.67%	-6.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.82%	14.03%	-10.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.15%	17.20%	-12.05%

MRGR vs. RYLD - Expense Ratio Comparison

MRGR has a 0.75% expense ratio, which is higher than RYLD's 0.60% expense ratio.

Dividends

MRGR vs. RYLD - Dividend Comparison

MRGR's dividend yield for the trailing twelve months is around 2.97%, less than RYLD's 11.65% 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%
RYLD Global X Russell 2000 Covered Call ETF	11.65%	12.00%	12.03%	12.64%	13.49%	12.35%	10.76%	6.43%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MRGR and RYLD in my portfolio?

MRGR and RYLD have a correlation of 0.25, 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 RYLD?

RYLD has higher volatility (2.02%) compared to MRGR (1.08%). In terms of maximum drawdown, MRGR dropped -13.23% vs RYLD's -41.53%.

Which ETF is better, MRGR or RYLD?

On 5-year performance, MRGR leads with 3.99% vs 2.69% for RYLD. On fees, RYLD is cheaper at 0.60% 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 RYLD?

Over the 5-year period, MRGR has performed better with a 3.99% return vs 2.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MRGR or RYLD?

RYLD is cheaper with a 0.60% expense ratio, compared with 0.75% for MRGR.

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

RYLD has the higher dividend yield at 11.65%, compared with 2.97% for MRGR.

What is the main difference between MRGR and RYLD?

MRGR tracks S&P Merger Arbitrage Index, while RYLD tracks CBOE Russell 2000 BuyWrite Index. They also come from different issuers: ProShares and Global X. Their fees differ too: 0.75% for MRGR and 0.60% for RYLD.

Which has better risk-adjusted returns?

MRGR currently has the higher Sharpe Ratio (2.72 vs 2.03), 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.