MRGR vs. USD
MRGR (Proshares Merger ETF) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - MRGR is a Hedge Fund fund tracking the S&P Merger Arbitrage Index, while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, MRGR returned 3.60%/yr vs 62.72%/yr for USD. At a 0.17 correlation, their price movements are largely independent. MRGR charges 0.75%/yr vs 0.95%/yr for USD.
Performance
MRGR vs. USD - Performance Comparison
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Returns By Period
In the year-to-date period, MRGR achieves a 2.51% return, which is significantly lower than USD's 92.18% return. Over the past 10 years, MRGR has underperformed USD with an annualized return of 3.60%, while USD has yielded a comparatively higher 62.72% 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%
USD
- 1D
- 4.73%
- 1M
- -0.57%
- YTD
- 92.18%
- 6M
- 86.88%
- 1Y
- 185.02%
- 3Y*
- 118.50%
- 5Y*
- 64.73%
- 10Y*
- 62.72%
MRGR vs. USD - 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% |
USD ProShares Ultra Semiconductors | 92.18% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | 81.72% |
Correlation
The correlation between MRGR and USD is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.21 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Dec 13, 2012 | 0.17 |
The correlation between MRGR and USD shifts across timeframes, from 0.08 (1 year) to 0.21 (5 years), reflecting how their relationship changes across market environments.
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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.
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 | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | +1.85 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.38 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 8.92 | 5.86 | +3.06 |
| Martin ratioReturn relative to average drawdown | 24.38 | 16.16 | +8.22 |
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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 | -1.29% | -31.80% | +30.51% |
Max Drawdown (3Y)Largest decline over 3 years | -2.10% | -64.46% | +62.36% |
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 | 0.00% | -11.21% | +11.21% |
Average DrawdownAverage peak-to-trough decline | -3.84% | -32.29% | +28.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.47% | 11.50% | -11.03% |
Volatility
MRGR vs. USD - Volatility Comparison
The current volatility for Proshares Merger ETF (MRGR) is 1.25%, while ProShares Ultra Semiconductors (USD) has a volatility of 33.79%. 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 | 1.25% | 33.79% | -32.54% |
Volatility (6M)Calculated over the trailing 6-month period | 2.92% | 53.90% | -50.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.23% | 67.84% | -63.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.84% | 77.74% | -73.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.16% | 69.82% | -64.66% |
MRGR vs. USD - Expense Ratio Comparison
MRGR has a 0.75% expense ratio, which is lower than USD's 0.95% expense ratio.
Dividends
MRGR vs. USD - Dividend Comparison
MRGR's dividend yield for the trailing twelve months is around 2.96%, more than USD's 0.30% 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% |
USD ProShares Ultra Semiconductors | 0.30% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
Frequently Asked Questions
MRGR and USD have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (33.79%) compared to MRGR (1.25%). In terms of maximum drawdown, MRGR dropped -13.23% vs USD's -88.63%.
On 10-year performance, USD leads with 62.72% vs 3.60% for MRGR. 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, USD has performed better with a 62.72% return vs 3.60%. 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 USD.
MRGR has the higher dividend yield at 2.96%, compared with 0.30% for USD.
MRGR is categorized as Hedge Fund, while USD is Leveraged Equities. MRGR tracks S&P Merger Arbitrage Index, while USD tracks Dow Jones U.S. Semiconductors Index (200%). Their fees differ too: 0.75% for MRGR and 0.95% for USD.
USD currently has the higher Sharpe Ratio (2.75 vs 2.73), 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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