MRGR vs. USD
Compare and contrast key facts about Proshares Merger ETF (MRGR) and ProShares Ultra Semiconductors (USD).
MRGR and USD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MRGR is a passively managed fund by ProShares that tracks the performance of the S&P Merger Arbitrage Index. It was launched on Dec 11, 2012. USD is a passively managed fund by ProShares that tracks the performance of the Dow Jones U.S. Semiconductors Index (200%). It was launched on Jan 30, 2007. Both MRGR and USD are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
MRGR vs. USD - Performance Comparison
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MRGR vs. USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MRGR Proshares Merger ETF | 1.17% | 11.99% | 5.32% | 4.94% | -4.81% | 6.58% | 1.99% | 4.31% | 3.42% | 2.08% |
USD ProShares Ultra Semiconductors | -4.90% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | 81.72% |
Returns By Period
In the year-to-date period, MRGR achieves a 1.17% return, which is significantly higher than USD's -4.90% return. Over the past 10 years, MRGR has underperformed USD with an annualized return of 3.33%, while USD has yielded a comparatively higher 50.62% annualized return.
MRGR
- 1D
- -0.29%
- 1M
- 0.22%
- YTD
- 1.17%
- 6M
- 6.51%
- 1Y
- 11.07%
- 3Y*
- 8.29%
- 5Y*
- 4.22%
- 10Y*
- 3.33%
USD
- 1D
- 4.03%
- 1M
- -7.90%
- YTD
- -4.90%
- 6M
- -1.21%
- 1Y
- 145.25%
- 3Y*
- 90.90%
- 5Y*
- 44.58%
- 10Y*
- 50.62%
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MRGR vs. USD - Expense Ratio Comparison
MRGR has a 0.75% expense ratio, which is lower than USD's 0.95% expense ratio.
Return for Risk
MRGR vs. USD — Risk / Return Rank
MRGR
USD
MRGR vs. USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Proshares Merger ETF (MRGR) and ProShares Ultra Semiconductors (USD). 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 | USD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.58 | 1.90 | +0.68 |
Sortino ratioReturn per unit of downside risk | 4.23 | 2.44 | +1.79 |
Omega ratioGain probability vs. loss probability | 1.57 | 1.34 | +0.23 |
Calmar ratioReturn relative to maximum drawdown | 6.59 | 4.67 | +1.92 |
Martin ratioReturn relative to average drawdown | 22.39 | 12.81 | +9.58 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MRGR | USD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.58 | 1.90 | +0.68 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.11 | 0.59 | +0.53 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.64 | 0.74 | -0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.35 | 0.41 | -0.06 |
Correlation
The correlation between MRGR and USD is 0.17, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
MRGR vs. USD - Dividend Comparison
MRGR's dividend yield for the trailing twelve months is around 2.99%, more than USD's 0.48% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MRGR Proshares Merger ETF | 2.99% | 3.12% | 3.21% | 2.11% | 0.61% | 0.59% | 0.00% | 0.78% | 1.39% | 0.36% | 0.74% | 0.34% |
USD ProShares Ultra Semiconductors | 0.48% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
Drawdowns
MRGR vs. USD - Drawdown Comparison
The maximum MRGR drawdown since its inception was -13.23%, smaller than the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for MRGR and USD.
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Drawdown Indicators
| MRGR | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.23% | -88.63% | +75.40% |
Max Drawdown (1Y)Largest decline over 1 year | -1.66% | -31.80% | +30.14% |
Max Drawdown (5Y)Largest decline over 5 years | -8.40% | -77.85% | +69.45% |
Max Drawdown (10Y)Largest decline over 10 years | -13.23% | -77.85% | +64.62% |
Current DrawdownCurrent decline from peak | -0.29% | -21.24% | +20.95% |
Average DrawdownAverage peak-to-trough decline | -3.91% | -32.60% | +28.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.49% | 11.60% | -11.11% |
Volatility
MRGR vs. USD - Volatility Comparison
The current volatility for Proshares Merger ETF (MRGR) is 1.45%, while ProShares Ultra Semiconductors (USD) has a volatility of 21.67%. This indicates that MRGR experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MRGR | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.45% | 21.67% | -20.22% |
Volatility (6M)Calculated over the trailing 6-month period | 3.39% | 48.73% | -45.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.32% | 77.08% | -72.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.81% | 76.24% | -72.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.19% | 68.85% | -63.66% |