WTMF vs. MNA
WTMF (WisdomTree Managed Futures Strategy Fund) and MNA (IQ Merger Arbitrage ETF) are both Hedge Fund funds - WTMF tracks the WisdomTree Managed Futures Index while MNA tracks the IQ Merger Arbitrage Index. Both are passively managed. Over the past 10 years, WTMF returned 3.31%/yr vs 2.85%/yr for MNA. At a 0.04 correlation, their price movements are largely independent. WTMF charges 0.65%/yr vs 0.77%/yr for MNA.
Performance
WTMF vs. MNA - Performance Comparison
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Returns By Period
In the year-to-date period, WTMF achieves a 7.55% return, which is significantly higher than MNA's 1.98% return. Over the past 10 years, WTMF has outperformed MNA with an annualized return of 3.31%, while MNA has yielded a comparatively lower 2.85% annualized return.
WTMF
- 1D
- -0.39%
- 1M
- -0.10%
- 6M
- 4.79%
- YTD
- 7.55%
- 1Y
- 17.66%
- 3Y*
- 9.51%
- 5Y*
- 6.15%
- 10Y*
- 3.31%
MNA
- 1D
- -0.28%
- 1M
- 0.10%
- 6M
- 1.76%
- YTD
- 1.98%
- 1Y
- 3.66%
- 3Y*
- 5.54%
- 5Y*
- 2.13%
- 10Y*
- 2.85%
WTMF vs. MNA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
WTMF WisdomTree Managed Futures Strategy Fund | 7.55% | 12.17% | 3.20% | 16.72% | -6.52% | 9.48% | 0.48% | -2.75% | 0.24% | -3.40% |
MNA IQ Merger Arbitrage ETF | 1.98% | 8.59% | 4.93% | 0.18% | -1.61% | -3.24% | 2.72% | 4.70% | 2.13% | 5.97% |
Correlation
The correlation between WTMF and MNA is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.21 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Jan 5, 2011 | 0.04 |
The correlation between WTMF and MNA shifts across timeframes, from 0.04 (all time) to 0.22 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
WTMF vs. MNA — Risk / Return Rank
WTMF
MNA
WTMF vs. MNA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Managed Futures Strategy Fund (WTMF) 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.
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.
| WTMF | MNA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.19 | ||
| Sortino ratioReturn per unit of downside risk | +1.50 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.14 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 4.40 | 2.63 | +1.76 |
| Martin ratioReturn relative to average drawdown | 17.37 | 6.32 | +11.06 |
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Drawdowns
WTMF vs. MNA - Drawdown Comparison
The maximum WTMF drawdown since its inception was -30.79%, which is greater than MNA's maximum drawdown of -16.68%. Use the drawdown chart below to compare losses from any high point for WTMF and MNA.
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Drawdown Indicators
| WTMF | MNA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.79% | -16.68% | -14.11% |
Max Drawdown (1Y)Largest decline over 1 year | -4.04% | -1.40% | -2.64% |
Max Drawdown (3Y)Largest decline over 3 years | -9.93% | -3.01% | -6.92% |
Max Drawdown (5Y)Largest decline over 5 years | -13.21% | -9.73% | -3.48% |
Max Drawdown (10Y)Largest decline over 10 years | -14.83% | -16.68% | +1.85% |
Current DrawdownCurrent decline from peak | -1.37% | -0.35% | -1.02% |
Average DrawdownAverage peak-to-trough decline | -17.59% | -2.82% | -14.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 0.58% | +0.44% |
Volatility
WTMF vs. MNA - Volatility Comparison
WisdomTree Managed Futures Strategy Fund (WTMF) has a higher volatility of 2.68% compared to IQ Merger Arbitrage ETF (MNA) at 1.30%. This indicates that WTMF'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.
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Volatility by Period
| WTMF | MNA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.68% | 1.30% | +1.38% |
Volatility (6M)Calculated over the trailing 6-month period | 7.24% | 3.62% | +3.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.10% | 4.81% | +4.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.49% | 4.98% | +4.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.11% | 6.52% | +1.59% |
WTMF vs. MNA - Expense Ratio Comparison
WTMF has a 0.65% expense ratio, which is lower than MNA's 0.77% expense ratio.
Dividends
WTMF vs. MNA - Dividend Comparison
WTMF's dividend yield for the trailing twelve months is around 2.83%, 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% |
WTMF WisdomTree Managed Futures Strategy Fund | 2.83% | 3.04% | 3.57% | 4.74% | 5.29% | 14.71% | 0.47% | 1.63% | 3.59% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
WTMF and MNA have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
WTMF has higher volatility (2.68%) compared to MNA (1.30%). In terms of maximum drawdown, WTMF dropped -30.79% vs MNA's -16.68%.
On 10-year performance, WTMF leads with 3.31% vs 2.85% for MNA. On fees, WTMF is cheaper at 0.65% per year. On volatility, MNA has been the lower-risk option at 1.30%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, WTMF has performed better with a 3.31% return vs 2.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
WTMF is cheaper with a 0.65% expense ratio, compared with 0.77% for MNA.
WTMF has the higher dividend yield at 2.83%, compared with 0.00% for MNA.
WTMF tracks WisdomTree Managed Futures Index, while MNA tracks IQ Merger Arbitrage Index. They also come from different issuers: WisdomTree and New York Life. Their fees differ too: 0.65% for WTMF and 0.77% for MNA.
WTMF currently has the higher Sharpe Ratio (1.95 vs 0.77), 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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