MRGR vs. USD

Last updated Jun 5, 2026

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 3.50%/yr vs 61.24%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares Merger ETF (MRGR) and ProShares Ultra Semiconductors (USD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MRGR achieves a 2.10% return, which is significantly lower than USD's 103.32% return. Over the past 10 years, MRGR has underperformed USD with an annualized return of 3.50%, while USD has yielded a comparatively higher 61.24% annualized return.

MRGR

• 1D: 0.26%
• 1M: 0.69%
• YTD: 2.10%
• 6M: 1.84%
• 1Y: 11.47%
• 3Y*: 8.69%
• 5Y*: 4.04%
• 10Y*: 3.50%

USD

• 1D: -4.99%
• 1M: 31.62%
• YTD: 103.32%
• 6M: 97.79%
• 1Y: 250.81%
• 3Y*: 125.78%
• 5Y*: 67.80%
• 10Y*: 61.24%

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

MRGR vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MRGR Proshares Merger ETF	2.10%	11.99%	5.32%	4.94%	-4.81%	6.58%	1.99%	4.31%	3.42%	2.08%
USD ProShares Ultra Semiconductors	103.32%	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 0.07, 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	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (10Y) Calculated over the trailing 10-year period	0.20
Correlation (All Time) Calculated using the full available price history since Dec 14, 2012	0.17

The correlation between MRGR and USD shifts across timeframes, from 0.07 (1 year) to 0.22 (5 years), reflecting how their relationship changes across market environments.

MRGR vs. USD - Sectors Allocation Comparison

Sectors	MRGR	USD
Healthcare	22.7%	-
Industrials	17.6%	-
Financial Services	12.7%	27.8%
Real Estate	12.6%	-
Basic Materials	5.8%	-
Energy	5.6%	0.0%
Utilities	5.4%	-
Technology	5.1%	27.4%
Communication Services	4.9%	-
Consumer Cyclical	4.9%	-
Consumer Defensive	2.7%	-

Return for Risk

MRGR vs. USD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MRGR

MRGR Risk / Return Rank: 92
MRGR Sharpe Ratio Rank: 86
MRGR Sortino Ratio Rank: 94
MRGR Omega Ratio Rank: 90
MRGR Calmar Ratio Rank: 96
MRGR Martin Ratio Rank: 93

USD

USD Risk / Return Rank: 89
USD Sharpe Ratio Rank: 96
USD Sortino Ratio Rank: 82
USD Omega Ratio Rank: 81
USD Calmar Ratio Rank: 95
USD Martin Ratio Rank: 92

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. 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 ratio: Return per unit of total volatility	2.80	4.12	-1.32
Sortino ratio: Return per unit of downside risk	4.76	3.62	+1.15
Omega ratio: Gain probability vs. loss probability	1.57	1.48	+0.09
Calmar ratio: Return relative to maximum drawdown	8.90	7.94	+0.96
Martin ratio: Return relative to average drawdown	24.41	22.96	+1.45
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. USD - Sharpe Ratio Comparison

The current MRGR Sharpe Ratio is 2.80, which is lower than the USD Sharpe Ratio of 4.12. The chart below compares the historical Sharpe Ratios of MRGR and USD, 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	USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.80	4.12	-1.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.06	0.89	+0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	0.89	-0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.49	-0.12

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.

Drawdown Indicators

	MRGR	USD	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-0.07%	-6.07%	+6.00%
Average Drawdown Average peak-to-trough decline	-3.86%	-32.35%	+28.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.47%	10.98%	-10.51%

Volatility

MRGR vs. USD - Volatility Comparison

The current volatility for Proshares Merger ETF (MRGR) is 1.04%, while ProShares Ultra Semiconductors (USD) has a volatility of 21.29%. 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.

Volatility by Period

	MRGR	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.04%	21.29%	-20.25%
Volatility (6M) Calculated over the trailing 6-month period	2.96%	46.74%	-43.78%
Volatility (1Y) Calculated over the trailing 1-year period	4.12%	61.28%	-57.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.82%	76.56%	-72.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.15%	69.24%	-64.09%

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 0.23% 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	0.23%	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

Can I hold both MRGR and USD in my portfolio?

MRGR and USD have a correlation of 0.07, 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 USD?

USD has higher volatility (21.29%) compared to MRGR (1.04%). In terms of maximum drawdown, MRGR dropped -13.23% vs USD's -88.63%.

Which ETF is better, MRGR or USD?

On 10-year performance, USD leads with 61.24% vs 3.50% for MRGR. On fees, MRGR is cheaper at 0.75% per year. On volatility, MRGR has been the lower-risk option at 1.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MRGR or USD?

Over the 10-year period, USD has performed better with a 61.24% return vs 3.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MRGR or USD?

MRGR is cheaper with a 0.75% expense ratio, compared with 0.95% for USD.

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

MRGR has the higher dividend yield at 2.96%, compared with 0.23% for USD.

What is the main difference between MRGR and 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.

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (4.12 vs 2.80), 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.