MRGR vs. UVXY

Last updated Jun 4, 2026

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 3.47%/yr vs -72.67%/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

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

Returns By Period

In the year-to-date period, MRGR achieves a 1.83% return, which is significantly higher than UVXY's -19.06% return. Over the past 10 years, MRGR has outperformed UVXY with an annualized return of 3.47%, while UVXY has yielded a comparatively lower -72.67% annualized return.

MRGR

• 1D: -0.33%
• 1M: 0.80%
• YTD: 1.83%
• 6M: 1.48%
• 1Y: 11.14%
• 3Y*: 8.65%
• 5Y*: 3.99%
• 10Y*: 3.47%

UVXY

• 1D: -0.24%
• 1M: -22.10%
• YTD: -19.06%
• 6M: -37.37%
• 1Y: -72.91%
• 3Y*: -64.55%
• 5Y*: -67.90%
• 10Y*: -72.67%

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

MRGR vs. UVXY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MRGR Proshares Merger ETF	1.83%	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	-19.06%	-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 -0.19, 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	-0.19
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 14, 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.

Return for Risk

MRGR vs. UVXY — Risk / Return Rank

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

MRGR

MRGR Risk / Return Rank: 90
MRGR Sharpe Ratio Rank: 82
MRGR Sortino Ratio Rank: 93
MRGR Omega Ratio Rank: 88
MRGR Calmar Ratio Rank: 95
MRGR Martin Ratio Rank: 92

UVXY

UVXY Risk / Return Rank: 1
UVXY Sharpe Ratio Rank: 2
UVXY Sortino Ratio Rank: 1
UVXY Omega Ratio Rank: 1
UVXY Calmar Ratio Rank: 1
UVXY Martin Ratio Rank: 2

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. 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.

	MRGR	UVXY	Difference
Sharpe ratio: Return per unit of total volatility	2.72	-0.87	+3.59
Sortino ratio: Return per unit of downside risk	4.63	-1.60	+6.24
Omega ratio: Gain probability vs. loss probability	1.56	0.82	+0.74
Calmar ratio: Return relative to maximum drawdown	8.65	-0.97	+9.62
Martin ratio: Return relative to average drawdown	23.71	-1.31	+25.02
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. UVXY - Sharpe Ratio Comparison

The current MRGR Sharpe Ratio is 2.72, which is higher than the UVXY Sharpe Ratio of -0.87. The chart below compares the historical Sharpe Ratios of MRGR and UVXY, 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	UVXY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.72	-0.87	+3.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.05	-0.66	+1.70
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.68	-0.64	+1.32
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	-0.68	+1.04

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.

Drawdown Indicators

	MRGR	UVXY	Difference
Max Drawdown Largest peak-to-trough decline	-13.23%	-100.00%	+86.77%
Max Drawdown (1Y) Largest decline over 1 year	-1.29%	-75.22%	+73.93%
Max Drawdown (3Y) Largest decline over 3 years	-2.10%	-95.45%	+93.35%
Max Drawdown (5Y) Largest decline over 5 years	-8.40%	-99.68%	+91.28%
Max Drawdown (10Y) Largest decline over 10 years	-13.23%	-100.00%	+86.77%
Current Drawdown Current decline from peak	-0.33%	-100.00%	+99.67%
Average Drawdown Average peak-to-trough decline	-3.86%	-98.55%	+94.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.47%	55.63%	-55.16%

Volatility

MRGR vs. UVXY - Volatility Comparison

The current volatility for Proshares Merger ETF (MRGR) is 1.08%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 11.77%. 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.

Volatility by Period

	MRGR	UVXY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.08%	11.77%	-10.69%
Volatility (6M) Calculated over the trailing 6-month period	2.95%	62.64%	-59.69%
Volatility (1Y) Calculated over the trailing 1-year period	4.11%	84.42%	-80.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.82%	103.85%	-100.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.15%	113.82%	-108.67%

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 2.97%, 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	2.97%	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

Can I hold both MRGR and UVXY in my portfolio?

MRGR and UVXY have a correlation of -0.19, 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 UVXY?

UVXY has higher volatility (11.77%) compared to MRGR (1.08%). In terms of maximum drawdown, MRGR dropped -13.23% vs UVXY's -100.00%.

Which ETF is better, MRGR or UVXY?

On 10-year performance, MRGR leads with 3.47% vs -72.67% for UVXY. On fees, MRGR is cheaper at 0.75% per year. On volatility, MRGR has been the lower-risk option at 1.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MRGR or UVXY?

Over the 10-year period, MRGR has performed better with a 3.47% return vs -72.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MRGR or UVXY?

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

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

MRGR has the higher dividend yield at 2.97%, compared with 0.00% for UVXY.

What is the main difference between MRGR and 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.

Which has better risk-adjusted returns?

MRGR currently has the higher Sharpe Ratio (2.72 vs -0.87), 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.