MRGR vs. UVXY

Last updated Apr 2, 2026

Compare and contrast key facts about Proshares Merger ETF (MRGR) and ProShares Ultra VIX Short-Term Futures ETF (UVXY).

MRGR and UVXY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MRGR is a passively managed fund by ProShares that tracks the performance of the S&P Merger Arbitrage Index. It was launched on Dec 11, 2012. UVXY is a passively managed fund by ProShares that tracks the performance of the S&P 500 VIX SHORT-TERM FUTURES TR (150%). It was launched on Oct 3, 2011. Both MRGR and UVXY are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

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.

MRGR vs. UVXY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MRGR Proshares Merger ETF	1.17%	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	40.61%	-65.32%	-50.90%	-87.70%	-44.81%	-88.33%	-17.38%	-84.23%	60.10%	-94.17%

Returns By Period

In the year-to-date period, MRGR achieves a 1.17% return, which is significantly lower than UVXY's 40.61% return. Over the past 10 years, MRGR has outperformed UVXY with an annualized return of 3.33%, while UVXY has yielded a comparatively lower -72.80% annualized return.

MRGR

• 1D: -0.29%
• 1M: 0.22%
• YTD: 1.17%
• 6M: 6.51%
• 1Y: 11.07%
• 3Y*: 8.29%
• 5Y*: 4.22%
• 10Y*: 3.33%

UVXY

• 1D: -3.40%
• 1M: 25.05%
• YTD: 40.61%
• 6M: -2.75%
• 1Y: -57.00%
• 3Y*: -64.84%
• 5Y*: -67.28%
• 10Y*: -72.80%

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

MRGR vs. UVXY - Expense Ratio Comparison

MRGR has a 0.75% expense ratio, which is lower than UVXY's 0.95% expense ratio.

UVXY

ProShares Ultra VIX Short-Term Futures ETF

MRGR

Proshares Merger ETF

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: 97
MRGR Sharpe Ratio Rank: 96
MRGR Sortino Ratio Rank: 98
MRGR Omega Ratio Rank: 97
MRGR Calmar Ratio Rank: 98
MRGR Martin Ratio Rank: 98

UVXY

UVXY Risk / Return Rank: 5
UVXY Sharpe Ratio Rank: 4
UVXY Sortino Ratio Rank: 6
UVXY Omega Ratio Rank: 6
UVXY Calmar Ratio Rank: 2
UVXY Martin Ratio Rank: 6

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	2.58	-0.51	+3.08
Sortino ratio Return per unit of downside risk	4.23	-0.30	+4.53
Omega ratio Gain probability vs. loss probability	1.57	0.96	+0.60
Calmar ratio Return relative to maximum drawdown	6.59	-0.66	+7.26
Martin ratio Return relative to average drawdown	22.39	-0.80	+23.19
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 2.58, which is higher than the UVXY Sharpe Ratio of -0.51. The chart below compares the historical Sharpe Ratios of MRGR and UVXY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MRGR	UVXY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.58	-0.51	+3.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.11	-0.64	+1.75
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	-0.64	+1.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	-0.67	+1.02

Correlation

The correlation between MRGR and UVXY is -0.18. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

MRGR vs. UVXY - Dividend Comparison

MRGR's dividend yield for the trailing twelve months is around 2.99%, while UVXY has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MRGR Proshares Merger ETF	2.99%	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%

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	-1.66%	-85.64%	+83.98%
Max Drawdown (5Y) Largest decline over 5 years	-8.40%	-99.77%	+91.37%
Max Drawdown (10Y) Largest decline over 10 years	-13.23%	-100.00%	+86.77%
Current Drawdown Current decline from peak	-0.29%	-100.00%	+99.71%
Average Drawdown Average peak-to-trough decline	-3.91%	-98.53%	+94.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.49%	71.09%	-70.60%

Volatility

MRGR vs. UVXY - Volatility Comparison

The current volatility for Proshares Merger ETF (MRGR) is 1.45%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 45.03%. 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	1.45%	45.03%	-43.58%
Volatility (6M) Calculated over the trailing 6-month period	3.39%	71.80%	-68.41%
Volatility (1Y) Calculated over the trailing 1-year period	4.32%	113.07%	-108.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.81%	105.47%	-101.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.19%	114.51%	-109.32%