MRGR vs. UUP
MRGR (Proshares Merger ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - MRGR is a Hedge Fund fund tracking the S&P Merger Arbitrage Index, while UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. Both are passively managed. Over the past 10 years, MRGR returned 3.57%/yr vs 3.17%/yr for UUP. At a correlation of -0.05, they often move in opposite directions. Both charge a 0.75% expense ratio.
Performance
MRGR vs. UUP - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MRGR achieves a 2.67% return, which is significantly lower than UUP's 5.44% return. Over the past 10 years, MRGR has outperformed UUP with an annualized return of 3.57%, while UUP has yielded a comparatively lower 3.17% annualized return.
MRGR
- 1D
- -0.13%
- 1M
- 0.45%
- 6M
- 1.87%
- YTD
- 2.67%
- 1Y
- 11.25%
- 3Y*
- 8.81%
- 5Y*
- 4.41%
- 10Y*
- 3.57%
UUP
- 1D
- 0.39%
- 1M
- 1.97%
- 6M
- 4.47%
- YTD
- 5.44%
- 1Y
- 8.28%
- 3Y*
- 5.86%
- 5Y*
- 5.89%
- 10Y*
- 3.17%
MRGR vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MRGR Proshares Merger ETF | 2.67% | 11.99% | 5.32% | 4.94% | -4.81% | 6.58% | 1.99% | 4.31% | 3.42% | 2.08% |
UUP Invesco DB US Dollar Index Bullish Fund | 5.44% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | -9.10% |
Correlation
The correlation between MRGR and UUP is -0.13, 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 | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.08 |
Correlation (All Time) Calculated using the full available price history since Dec 13, 2012 | -0.05 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
MRGR vs. UUP — Risk / Return Rank
MRGR
UUP
MRGR vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Proshares Merger ETF (MRGR) and Invesco DB US Dollar Index Bullish Fund (UUP). 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 | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.29 | ||
| Sortino ratioReturn per unit of downside risk | +2.53 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.25 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 8.73 | 2.28 | +6.45 |
| Martin ratioReturn relative to average drawdown | 23.87 | 6.26 | +17.61 |
Loading charts...
Drawdowns
MRGR vs. UUP - Drawdown Comparison
The maximum MRGR drawdown since its inception was -13.23%, smaller than the maximum UUP drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for MRGR and UUP.
Loading charts...
Drawdown Indicators
| MRGR | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.23% | -22.19% | +8.96% |
Max Drawdown (1Y)Largest decline over 1 year | -1.29% | -3.65% | +2.36% |
Max Drawdown (3Y)Largest decline over 3 years | -2.10% | -10.05% | +7.95% |
Max Drawdown (5Y)Largest decline over 5 years | -8.40% | -10.37% | +1.97% |
Max Drawdown (10Y)Largest decline over 10 years | -13.23% | -14.24% | +1.01% |
Current DrawdownCurrent decline from peak | -0.13% | -1.26% | +1.13% |
Average DrawdownAverage peak-to-trough decline | -3.83% | -8.88% | +5.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.47% | 1.33% | -0.86% |
Volatility
MRGR vs. UUP - Volatility Comparison
The current volatility for Proshares Merger ETF (MRGR) is 0.91%, while Invesco DB US Dollar Index Bullish Fund (UUP) has a volatility of 1.45%. This indicates that MRGR experiences smaller price fluctuations and is considered to be less risky than UUP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| MRGR | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.91% | 1.45% | -0.54% |
Volatility (6M)Calculated over the trailing 6-month period | 2.90% | 4.34% | -1.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.24% | 6.03% | -1.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.81% | 7.22% | -3.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.16% | 6.90% | -1.74% |
MRGR vs. UUP - Expense Ratio Comparison
Both MRGR and UUP have an expense ratio of 0.75%.
Dividends
MRGR vs. UUP - Dividend Comparison
MRGR's dividend yield for the trailing twelve months is around 2.96%, less than UUP's 3.25% 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% |
UUP Invesco DB US Dollar Index Bullish Fund | 3.25% | 3.43% | 4.48% | 6.44% | 0.89% | 0.00% | 0.00% | 2.03% | 1.08% | 0.10% | 0.00% | 0.00% |
Frequently Asked Questions
MRGR and UUP have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UUP has higher volatility (1.45%) compared to MRGR (0.91%). In terms of maximum drawdown, MRGR dropped -13.23% vs UUP's -22.19%.
On 10-year performance, MRGR leads with 3.57% vs 3.17% for UUP. Both ETFs have the same 0.75% expense ratio. On volatility, MRGR has been the lower-risk option at 0.91%. 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 3.57% return vs 3.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MRGR and UUP have the same expense ratio: 0.75% per year.
UUP has the higher dividend yield at 3.25%, compared with 2.96% for MRGR.
MRGR is categorized as Hedge Fund, while UUP is Currency. MRGR tracks S&P Merger Arbitrage Index, while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. They also come from different issuers: ProShares and Invesco.
MRGR currently has the higher Sharpe Ratio (2.67 vs 1.38), 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.
Find the right allocation for MRGR and UUP
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer