MRGR vs. SQQQ
MRGR (Proshares Merger ETF) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - MRGR is a Hedge Fund fund tracking the S&P Merger Arbitrage Index, while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, MRGR returned 3.60%/yr vs -56.54%/yr for SQQQ. At a correlation of -0.19, they often move in opposite directions. MRGR charges 0.75%/yr vs 0.95%/yr for SQQQ.
Performance
MRGR vs. SQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, MRGR achieves a 2.51% return, which is significantly higher than SQQQ's -40.98% return. Over the past 10 years, MRGR has outperformed SQQQ with an annualized return of 3.60%, while SQQQ has yielded a comparatively lower -56.54% annualized return.
MRGR
- 1D
- 0.09%
- 1M
- 0.42%
- YTD
- 2.51%
- 6M
- 2.38%
- 1Y
- 11.49%
- 3Y*
- 8.76%
- 5Y*
- 4.22%
- 10Y*
- 3.60%
SQQQ
- 1D
- -2.42%
- 1M
- 2.09%
- YTD
- -40.98%
- 6M
- -38.01%
- 1Y
- -59.41%
- 3Y*
- -54.63%
- 5Y*
- -47.03%
- 10Y*
- -56.54%
MRGR vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MRGR Proshares Merger ETF | 2.51% | 11.99% | 5.32% | 4.94% | -4.81% | 6.58% | 1.99% | 4.31% | 3.42% | 2.08% |
SQQQ ProShares UltraPro Short QQQ | -40.98% | -53.05% | -49.79% | -73.61% | 82.40% | -60.87% | -86.40% | -65.92% | -20.83% | -58.67% |
Correlation
The correlation between MRGR and SQQQ is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.14 |
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 | -0.23 |
Correlation (All Time) Calculated using the full available price history since Dec 13, 2012 | -0.19 |
The correlation between MRGR and SQQQ shifts across timeframes, from -0.27 (5 years) to -0.14 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
MRGR vs. SQQQ — Risk / Return Rank
MRGR
SQQQ
MRGR vs. SQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Proshares Merger ETF (MRGR) and ProShares UltraPro Short QQQ (SQQQ). 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 | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.84 | ||
| Sortino ratioReturn per unit of downside risk | +6.60 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 0.79 | +0.76 |
| Calmar ratioReturn relative to maximum drawdown | 8.92 | -0.96 | +9.87 |
| Martin ratioReturn relative to average drawdown | 24.38 | -1.84 | +26.22 |
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Drawdowns
MRGR vs. SQQQ - Drawdown Comparison
The maximum MRGR drawdown since its inception was -13.23%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for MRGR and SQQQ.
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Drawdown Indicators
| MRGR | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.23% | -100.00% | +86.77% |
Max Drawdown (1Y)Largest decline over 1 year | -1.29% | -62.23% | +60.94% |
Max Drawdown (3Y)Largest decline over 3 years | -2.10% | -92.51% | +90.41% |
Max Drawdown (5Y)Largest decline over 5 years | -8.40% | -97.27% | +88.87% |
Max Drawdown (10Y)Largest decline over 10 years | -13.23% | -99.98% | +86.75% |
Current DrawdownCurrent decline from peak | 0.00% | -100.00% | +100.00% |
Average DrawdownAverage peak-to-trough decline | -3.84% | -92.73% | +88.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.47% | 33.76% | -33.29% |
Volatility
MRGR vs. SQQQ - Volatility Comparison
The current volatility for Proshares Merger ETF (MRGR) is 1.25%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 26.22%. This indicates that MRGR experiences smaller price fluctuations and is considered to be less risky than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MRGR | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.25% | 26.22% | -24.97% |
Volatility (6M)Calculated over the trailing 6-month period | 2.92% | 43.25% | -40.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.23% | 53.47% | -49.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.84% | 67.54% | -63.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.16% | 66.45% | -61.29% |
MRGR vs. SQQQ - Expense Ratio Comparison
MRGR has a 0.75% expense ratio, which is lower than SQQQ's 0.95% expense ratio.
Dividends
MRGR vs. SQQQ - Dividend Comparison
MRGR's dividend yield for the trailing twelve months is around 2.96%, less than SQQQ's 10.12% 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% |
SQQQ ProShares UltraPro Short QQQ | 10.12% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% | 0.00% | 0.00% |
Frequently Asked Questions
MRGR and SQQQ have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SQQQ has higher volatility (26.22%) compared to MRGR (1.25%). In terms of maximum drawdown, MRGR dropped -13.23% vs SQQQ's -100.00%.
On 10-year performance, MRGR leads with 3.60% vs -56.54% for SQQQ. On fees, MRGR is cheaper at 0.75% per year. On volatility, MRGR has been the lower-risk option at 1.25%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, MRGR has performed better with a 3.60% return vs -56.54%. 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 SQQQ.
SQQQ has the higher dividend yield at 10.12%, compared with 2.96% for MRGR.
MRGR is categorized as Hedge Fund, while SQQQ is Leveraged Equities. MRGR tracks S&P Merger Arbitrage Index, while SQQQ tracks NASDAQ-100 Index (-300%). Their fees differ too: 0.75% for MRGR and 0.95% for SQQQ.
MRGR currently has the higher Sharpe Ratio (2.73 vs -1.11), 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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