VTIP vs. MNA
VTIP (Vanguard Short-Term Inflation-Protected Securities ETF) and MNA (IQ Merger Arbitrage ETF) are both exchange-traded funds - VTIP is a Inflation-Protected Bonds fund tracking the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index, while MNA is a Hedge Fund fund tracking the IQ Merger Arbitrage Index. Both are passively managed. Over the past 10 years, VTIP returned 3.08%/yr vs 2.74%/yr for MNA. At a 0.03 correlation, their price movements are largely independent. VTIP charges 0.03%/yr vs 0.77%/yr for MNA.
Performance
VTIP vs. MNA - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with VTIP having a 1.76% return and MNA slightly higher at 1.79%. Over the past 10 years, VTIP has outperformed MNA with an annualized return of 3.08%, while MNA has yielded a comparatively lower 2.74% annualized return.
VTIP
- 1D
- 0.00%
- 1M
- -0.18%
- YTD
- 1.76%
- 6M
- 1.89%
- 1Y
- 4.64%
- 3Y*
- 5.17%
- 5Y*
- 3.37%
- 10Y*
- 3.08%
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%
VTIP vs. MNA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VTIP Vanguard Short-Term Inflation-Protected Securities ETF | 1.76% | 6.07% | 4.74% | 4.62% | -2.94% | 5.36% | 4.95% | 4.86% | 0.56% | 0.82% |
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 VTIP and MNA is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Oct 17, 2012 | 0.03 |
The correlation between VTIP and MNA shifts across timeframes, from 0.03 (all time) to 0.14 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
VTIP vs. MNA — Risk / Return Rank
VTIP
MNA
VTIP vs. MNA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) 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.
| VTIP | MNA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.17 | ||
| Sortino ratioReturn per unit of downside risk | +3.91 | ||
| Omega ratioGain probability vs. loss probability | 1.66 | 1.17 | +0.49 |
| Calmar ratioReturn relative to maximum drawdown | 6.66 | 3.22 | +3.44 |
| Martin ratioReturn relative to average drawdown | 26.11 | 7.99 | +18.11 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VTIP | MNA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.12 | 0.95 | +2.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.22 | 0.37 | +0.85 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.13 | 0.42 | +0.71 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.89 | 0.36 | +0.53 |
Drawdowns
VTIP vs. MNA - Drawdown Comparison
The maximum VTIP drawdown since its inception was -6.27%, smaller than the maximum MNA drawdown of -16.68%. Use the drawdown chart below to compare losses from any high point for VTIP and MNA.
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Drawdown Indicators
| VTIP | MNA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.27% | -16.68% | +10.41% |
Max Drawdown (1Y)Largest decline over 1 year | -0.70% | -1.40% | +0.70% |
Max Drawdown (3Y)Largest decline over 3 years | -0.98% | -3.01% | +2.03% |
Max Drawdown (5Y)Largest decline over 5 years | -5.50% | -10.45% | +4.95% |
Max Drawdown (10Y)Largest decline over 10 years | -6.27% | -16.68% | +10.41% |
Current DrawdownCurrent decline from peak | -0.30% | -0.55% | +0.25% |
Average DrawdownAverage peak-to-trough decline | -1.04% | -2.83% | +1.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.18% | 0.56% | -0.38% |
Volatility
VTIP vs. MNA - Volatility Comparison
The current volatility for Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) is 0.45%, while IQ Merger Arbitrage ETF (MNA) has a volatility of 1.66%. This indicates that VTIP experiences smaller price fluctuations and is considered to be less risky than MNA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VTIP | MNA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.45% | 1.66% | -1.21% |
Volatility (6M)Calculated over the trailing 6-month period | 1.05% | 3.59% | -2.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.50% | 4.75% | -3.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.78% | 4.98% | -2.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.74% | 6.55% | -3.81% |
VTIP vs. MNA - Expense Ratio Comparison
VTIP has a 0.03% expense ratio, which is lower than MNA's 0.77% expense ratio.
Dividends
VTIP vs. MNA - Dividend Comparison
VTIP's dividend yield for the trailing twelve months is around 3.59%, 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% |
VTIP Vanguard Short-Term Inflation-Protected Securities ETF | 3.59% | 3.81% | 2.70% | 2.86% | 6.84% | 4.68% | 1.20% | 1.95% | 2.45% | 1.52% | 0.76% | 0.00% |
Frequently Asked Questions
VTIP and MNA have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MNA has higher volatility (1.66%) compared to VTIP (0.45%). In terms of maximum drawdown, VTIP dropped -6.27% vs MNA's -16.68%.
On 10-year performance, VTIP leads with 3.08% vs 2.74% for MNA. On fees, VTIP is cheaper at 0.03% per year. On volatility, VTIP has been the lower-risk option at 0.45%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VTIP has performed better with a 3.08% return vs 2.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VTIP is cheaper with a 0.03% expense ratio, compared with 0.77% for MNA.
VTIP has the higher dividend yield at 3.59%, compared with 0.00% for MNA.
VTIP is categorized as Inflation-Protected Bonds, while MNA is Hedge Fund. VTIP tracks Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index, while MNA tracks IQ Merger Arbitrage Index. They also come from different issuers: Vanguard and New York Life. Their fees differ too: 0.03% for VTIP and 0.77% for MNA.
VTIP currently has the higher Sharpe Ratio (3.12 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.
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