SPDW vs. MNA

Last updated Jun 9, 2026

SPDW (SPDR Portfolio World ex-US ETF) and MNA (IQ Merger Arbitrage ETF) are both exchange-traded funds - SPDW is a Foreign Large Cap Equities fund tracking the S&P Developed Ex-U.S. BMI Index, while MNA is a Hedge Fund fund tracking the IQ Merger Arbitrage Index. Both are passively managed. Over the past 10 years, SPDW returned 10.06%/yr vs 2.74%/yr for MNA. At a 0.37 correlation, their price movements are largely independent. SPDW charges 0.04%/yr vs 0.77%/yr for MNA.

Performance

SPDW vs. MNA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio World ex-US ETF (SPDW) and IQ Merger Arbitrage ETF (MNA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPDW achieves a 12.18% return, which is significantly higher than MNA's 1.79% return. Over the past 10 years, SPDW has outperformed MNA with an annualized return of 10.06%, while MNA has yielded a comparatively lower 2.74% annualized return.

SPDW

• 1D: 0.99%
• 1M: -1.17%
• YTD: 12.18%
• 6M: 14.96%
• 1Y: 27.89%
• 3Y*: 18.62%
• 5Y*: 8.90%
• 10Y*: 10.06%

MNA

• 1D: -0.08%
• 1M: -0.14%
• YTD: 1.79%
• 6M: 1.97%
• 1Y: 4.47%
• 3Y*: 5.95%
• 5Y*: 1.83%
• 10Y*: 2.74%

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

SPDW vs. MNA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPDW SPDR Portfolio World ex-US ETF	12.18%	34.75%	3.55%	17.81%	-15.98%	11.45%	9.90%	22.41%	-14.22%	25.81%
MNA IQ Merger Arbitrage ETF	1.79%	8.59%	4.93%	0.18%	-1.61%	-3.24%	2.72%	4.70%	2.13%	5.97%

Correlation

The correlation between SPDW and MNA is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since Nov 18, 2009	0.37

The correlation between SPDW and MNA shifts across timeframes, from 0.37 (all time) to 0.48 (5 years), reflecting how their relationship changes across market environments.

SPDW vs. MNA - Sectors Allocation Comparison

Sectors	SPDW	MNA
Financial Services	22.9%	11.4%
Industrials	19.2%	22.3%
Technology	13.7%	8.3%
Healthcare	8.3%	11.3%
Consumer Cyclical	7.8%	2.4%
Basic Materials	7.3%	10.3%
Consumer Defensive	5.7%	4.4%
Energy	5.5%	-
Communication Services	3.8%	9.2%
Utilities	3.3%	15.3%
Real Estate	2.5%	5.1%

Return for Risk

SPDW vs. MNA — Risk / Return Rank

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

SPDW

SPDW Risk / Return Rank: 56
SPDW Sharpe Ratio Rank: 57
SPDW Sortino Ratio Rank: 55
SPDW Omega Ratio Rank: 56
SPDW Calmar Ratio Rank: 54
SPDW Martin Ratio Rank: 59

MNA

MNA Risk / Return Rank: 41
MNA Sharpe Ratio Rank: 29
MNA Sortino Ratio Rank: 28
MNA Omega Ratio Rank: 28
MNA Calmar Ratio Rank: 71
MNA Martin Ratio Rank: 52

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.

SPDW vs. MNA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio World ex-US ETF (SPDW) and IQ Merger Arbitrage ETF (MNA). 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.

	SPDW	MNA	Difference
Sharpe ratio: Return per unit of total volatility	1.74	0.95	+0.80
Sortino ratio: Return per unit of downside risk	2.40	1.41	+0.99
Omega ratio: Gain probability vs. loss probability	1.32	1.17	+0.14
Calmar ratio: Return relative to maximum drawdown	2.43	3.22	-0.79
Martin ratio: Return relative to average drawdown	9.42	7.99	+1.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPDW vs. MNA - Sharpe Ratio Comparison

The current SPDW Sharpe Ratio is 1.74, which is higher than the MNA Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of SPDW and MNA, 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

	SPDW	MNA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.74	0.95	+0.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.37	+0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	0.42	+0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.36	-0.13

Drawdowns

SPDW vs. MNA - Drawdown Comparison

The maximum SPDW drawdown since its inception was -60.02%, which is greater than MNA's maximum drawdown of -16.68%. Use the drawdown chart below to compare losses from any high point for SPDW and MNA.

Drawdown Indicators

	SPDW	MNA	Difference
Max Drawdown Largest peak-to-trough decline	-60.02%	-16.68%	-43.34%
Max Drawdown (1Y) Largest decline over 1 year	-11.55%	-1.40%	-10.15%
Max Drawdown (3Y) Largest decline over 3 years	-13.53%	-3.01%	-10.52%
Max Drawdown (5Y) Largest decline over 5 years	-30.21%	-10.45%	-19.76%
Max Drawdown (10Y) Largest decline over 10 years	-34.98%	-16.68%	-18.30%
Current Drawdown Current decline from peak	-3.30%	-0.55%	-2.75%
Average Drawdown Average peak-to-trough decline	-12.90%	-2.83%	-10.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.97%	0.56%	+2.41%

Volatility

SPDW vs. MNA - Volatility Comparison

SPDR Portfolio World ex-US ETF (SPDW) has a higher volatility of 6.07% compared to IQ Merger Arbitrage ETF (MNA) at 1.66%. This indicates that SPDW's price experiences larger fluctuations and is considered to be riskier than MNA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPDW	MNA	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.07%	1.66%	+4.41%
Volatility (6M) Calculated over the trailing 6-month period	13.76%	3.59%	+10.17%
Volatility (1Y) Calculated over the trailing 1-year period	16.09%	4.75%	+11.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.58%	4.98%	+11.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.30%	6.55%	+10.75%

SPDW vs. MNA - Expense Ratio Comparison

SPDW has a 0.04% expense ratio, which is lower than MNA's 0.77% expense ratio.

Dividends

SPDW vs. MNA - Dividend Comparison

SPDW's dividend yield for the trailing twelve months is around 2.94%, while MNA has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MNA IQ Merger Arbitrage ETF	0.00%	0.00%	0.00%	1.20%	0.00%	0.00%	2.30%	0.00%	0.00%	0.00%	0.21%	0.87%
SPDW SPDR Portfolio World ex-US ETF	2.94%	3.30%	3.19%	2.75%	3.12%	3.04%	1.87%	3.13%	3.08%	1.86%	3.11%	2.78%

Frequently Asked Questions

Can I hold both SPDW and MNA in my portfolio?

SPDW and MNA have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPDW or MNA?

SPDW has higher volatility (6.07%) compared to MNA (1.66%). In terms of maximum drawdown, SPDW dropped -60.02% vs MNA's -16.68%.

Which ETF is better, SPDW or MNA?

On 10-year performance, SPDW leads with 10.06% vs 2.74% for MNA. On fees, SPDW is cheaper at 0.04% per year. On volatility, MNA has been the lower-risk option at 1.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPDW or MNA?

Over the 10-year period, SPDW has performed better with a 10.06% return vs 2.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPDW or MNA?

SPDW is cheaper with a 0.04% expense ratio, compared with 0.77% for MNA.

Which ETF pays a higher dividend yield, SPDW or MNA?

SPDW has the higher dividend yield at 2.94%, compared with 0.00% for MNA.

What is the main difference between SPDW and MNA?

SPDW is categorized as Foreign Large Cap Equities, while MNA is Hedge Fund. SPDW tracks S&P Developed Ex-U.S. BMI Index, while MNA tracks IQ Merger Arbitrage Index. They also come from different issuers: State Street and New York Life. Their fees differ too: 0.04% for SPDW and 0.77% for MNA.

Which has better risk-adjusted returns?

SPDW currently has the higher Sharpe Ratio (1.74 vs 0.95), 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.