MRGR vs. SPY
MRGR (Proshares Merger ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - MRGR is a Hedge Fund fund tracking the S&P Merger Arbitrage Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, MRGR returned 3.59%/yr vs 15.53%/yr for SPY. At a 0.22 correlation, their price movements are largely independent. MRGR charges 0.75%/yr vs 0.09%/yr for SPY.
Performance
MRGR vs. SPY - 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 SPY's 8.15% return. Over the past 10 years, MRGR has underperformed SPY with an annualized return of 3.59%, while SPY has yielded a comparatively higher 15.53% 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%
SPY
- 1D
- -1.45%
- 1M
- -1.36%
- YTD
- 8.15%
- 6M
- 7.20%
- 1Y
- 23.59%
- 3Y*
- 20.68%
- 5Y*
- 13.05%
- 10Y*
- 15.53%
MRGR vs. SPY - 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% |
SPY State Street SPDR S&P 500 ETF | 8.15% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between MRGR and SPY is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Dec 13, 2012 | 0.22 |
The correlation between MRGR and SPY shifts across timeframes, from 0.21 (1 year) to 0.32 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
MRGR vs. SPY — Risk / Return Rank
MRGR
SPY
MRGR vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Proshares Merger ETF (MRGR) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.75 | ||
| Sortino ratioReturn per unit of downside risk | +1.92 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.34 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 8.67 | 2.67 | +6.01 |
| Martin ratioReturn relative to average drawdown | 23.70 | 11.92 | +11.78 |
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Drawdowns
MRGR vs. SPY - Drawdown Comparison
The maximum MRGR drawdown since its inception was -13.23%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for MRGR and SPY.
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Drawdown Indicators
| MRGR | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.23% | -55.19% | +41.96% |
Max Drawdown (1Y)Largest decline over 1 year | -1.29% | -8.88% | +7.59% |
Max Drawdown (3Y)Largest decline over 3 years | -2.10% | -18.76% | +16.66% |
Max Drawdown (5Y)Largest decline over 5 years | -8.40% | -24.50% | +16.10% |
Max Drawdown (10Y)Largest decline over 10 years | -13.23% | -33.72% | +20.49% |
Current DrawdownCurrent decline from peak | -0.05% | -3.17% | +3.12% |
Average DrawdownAverage peak-to-trough decline | -3.85% | -9.04% | +5.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.47% | 1.98% | -1.51% |
Volatility
MRGR vs. SPY - Volatility Comparison
The current volatility for Proshares Merger ETF (MRGR) is 1.27%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.87%. This indicates that MRGR experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MRGR | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.27% | 4.87% | -3.60% |
Volatility (6M)Calculated over the trailing 6-month period | 2.93% | 9.85% | -6.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.23% | 12.50% | -8.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.84% | 17.15% | -13.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.16% | 17.95% | -12.79% |
MRGR vs. SPY - Expense Ratio Comparison
MRGR has a 0.75% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
MRGR vs. SPY - Dividend Comparison
MRGR's dividend yield for the trailing twelve months is around 2.95%, more than SPY's 1.03% 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% |
SPY State Street SPDR S&P 500 ETF | 1.03% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
MRGR and SPY have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPY has higher volatility (4.87%) compared to MRGR (1.27%). In terms of maximum drawdown, MRGR dropped -13.23% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.53% vs 3.59% for MRGR. On fees, SPY is cheaper at 0.09% 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, SPY has performed better with a 15.53% return vs 3.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.75% for MRGR.
MRGR has the higher dividend yield at 2.95%, compared with 1.03% for SPY.
MRGR is categorized as Hedge Fund, while SPY is S&P 500. MRGR tracks S&P Merger Arbitrage Index, while SPY tracks S&P 500 Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.75% for MRGR and 0.09% for SPY.
MRGR currently has the higher Sharpe Ratio (2.65 vs 1.90), 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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