MRGR vs. UVXY
MRGR (Proshares Merger ETF) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - MRGR is a Hedge Fund fund tracking the S&P Merger Arbitrage Index, while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, MRGR returned 3.60%/yr vs -73.90%/yr for UVXY. At a correlation of -0.18, they often move in opposite directions. MRGR charges 0.75%/yr vs 0.95%/yr for UVXY.
Performance
MRGR vs. UVXY - 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 UVXY's -24.94% return. Over the past 10 years, MRGR has outperformed UVXY with an annualized return of 3.60%, while UVXY has yielded a comparatively lower -73.90% 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%
UVXY
- 1D
- -2.46%
- 1M
- -14.14%
- YTD
- -24.94%
- 6M
- -26.89%
- 1Y
- -71.73%
- 3Y*
- -62.37%
- 5Y*
- -66.99%
- 10Y*
- -73.90%
MRGR vs. UVXY - 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% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -24.94% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between MRGR and UVXY is -0.21, 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 | -0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.29 |
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 | -0.18 |
The correlation between MRGR and UVXY shifts across timeframes, from -0.29 (5 years) to -0.18 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MRGR vs. UVXY — Risk / Return Rank
MRGR
UVXY
MRGR vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Proshares Merger ETF (MRGR) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.57 | ||
| Sortino ratioReturn per unit of downside risk | +6.15 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 0.83 | +0.72 |
| Calmar ratioReturn relative to maximum drawdown | 8.92 | -0.99 | +9.90 |
| Martin ratioReturn relative to average drawdown | 24.38 | -1.43 | +25.81 |
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Drawdowns
MRGR vs. UVXY - Drawdown Comparison
The maximum MRGR drawdown since its inception was -13.23%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for MRGR and UVXY.
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Drawdown Indicators
| MRGR | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.23% | -100.00% | +86.77% |
Max Drawdown (1Y)Largest decline over 1 year | -1.29% | -72.74% | +71.45% |
Max Drawdown (3Y)Largest decline over 3 years | -2.10% | -94.91% | +92.81% |
Max Drawdown (5Y)Largest decline over 5 years | -8.40% | -99.71% | +91.31% |
Max Drawdown (10Y)Largest decline over 10 years | -13.23% | -100.00% | +86.77% |
Current DrawdownCurrent decline from peak | 0.00% | -100.00% | +100.00% |
Average DrawdownAverage peak-to-trough decline | -3.84% | -98.75% | +94.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.47% | 50.54% | -50.07% |
Volatility
MRGR vs. UVXY - Volatility Comparison
The current volatility for Proshares Merger ETF (MRGR) is 1.25%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 25.55%. This indicates that MRGR experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MRGR | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.25% | 25.55% | -24.30% |
Volatility (6M)Calculated over the trailing 6-month period | 2.92% | 66.08% | -63.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.23% | 84.93% | -80.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.84% | 103.95% | -100.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.16% | 112.35% | -107.19% |
MRGR vs. UVXY - Expense Ratio Comparison
MRGR has a 0.75% expense ratio, which is lower than UVXY's 0.95% expense ratio.
Dividends
MRGR vs. UVXY - Dividend Comparison
MRGR's dividend yield for the trailing twelve months is around 2.96%, while UVXY has not paid dividends to shareholders.
| 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% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MRGR and UVXY have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (25.55%) compared to MRGR (1.25%). In terms of maximum drawdown, MRGR dropped -13.23% vs UVXY's -100.00%.
On 10-year performance, MRGR leads with 3.60% vs -73.90% for UVXY. 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 -73.90%. 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 UVXY.
MRGR has the higher dividend yield at 2.96%, compared with 0.00% for UVXY.
MRGR is categorized as Hedge Fund, while UVXY is Volatility. MRGR tracks S&P Merger Arbitrage Index, while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%). Their fees differ too: 0.75% for MRGR and 0.95% for UVXY.
MRGR currently has the higher Sharpe Ratio (2.73 vs -0.85), 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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