WTMF vs. MRGR

Last updated Jun 4, 2026

WTMF (WisdomTree Managed Futures Strategy Fund) and MRGR (Proshares Merger ETF) are both Hedge Fund funds - WTMF tracks the WisdomTree Managed Futures Index while MRGR tracks the S&P Merger Arbitrage Index. Both are passively managed. Over the past 10 years, WTMF returned 3.26%/yr vs 3.47%/yr for MRGR. At a 0.08 correlation, their price movements are largely independent. WTMF charges 0.65%/yr vs 0.75%/yr for MRGR.

Performance

WTMF vs. MRGR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Managed Futures Strategy Fund (WTMF) and Proshares Merger ETF (MRGR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WTMF achieves a 8.50% return, which is significantly higher than MRGR's 1.83% return. Over the past 10 years, WTMF has underperformed MRGR with an annualized return of 3.26%, while MRGR has yielded a comparatively higher 3.47% annualized return.

WTMF

• 1D: -0.02%
• 1M: 1.05%
• YTD: 8.50%
• 6M: 8.44%
• 1Y: 22.55%
• 3Y*: 9.77%
• 5Y*: 6.17%
• 10Y*: 3.26%

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%

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

WTMF vs. MRGR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WTMF WisdomTree Managed Futures Strategy Fund	8.50%	12.17%	3.20%	16.72%	-6.52%	9.48%	0.48%	-2.75%	0.24%	-3.40%
MRGR Proshares Merger ETF	1.83%	11.99%	5.32%	4.94%	-4.81%	6.58%	1.99%	4.31%	3.42%	2.08%

Correlation

The correlation between WTMF and MRGR is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (10Y) Calculated over the trailing 10-year period	0.09
Correlation (All Time) Calculated using the full available price history since Dec 14, 2012	0.08

The correlation between WTMF and MRGR shifts across timeframes, from 0.04 (1 year) to 0.15 (3 years), reflecting how their relationship changes across market environments.

WTMF vs. MRGR - Sectors Allocation Comparison

Sectors	WTMF	MRGR
Industrials	17.7%	17.6%
Technology	17.0%	5.1%
Healthcare	16.5%	22.7%
Financial Services	15.8%	12.7%
Consumer Cyclical	8.4%	4.9%
Real Estate	6.1%	12.6%
Energy	6.1%	5.6%
Basic Materials	4.8%	5.8%
Utilities	2.9%	5.4%
Communication Services	2.4%	4.9%
Consumer Defensive	2.4%	2.7%

Return for Risk

WTMF vs. MRGR — Risk / Return Rank

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

WTMF

WTMF Risk / Return Rank: 85
WTMF Sharpe Ratio Rank: 80
WTMF Sortino Ratio Rank: 79
WTMF Omega Ratio Rank: 83
WTMF Calmar Ratio Rank: 90
WTMF Martin Ratio Rank: 93

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

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.

WTMF vs. MRGR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Managed Futures Strategy Fund (WTMF) and Proshares Merger ETF (MRGR). 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.

	WTMF	MRGR	Difference
Sharpe ratio: Return per unit of total volatility	2.62	2.72	-0.10
Sortino ratio: Return per unit of downside risk	3.60	4.63	-1.03
Omega ratio: Gain probability vs. loss probability	1.51	1.56	-0.04
Calmar ratio: Return relative to maximum drawdown	5.61	8.65	-3.04
Martin ratio: Return relative to average drawdown	25.08	23.71	+1.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WTMF vs. MRGR - Sharpe Ratio Comparison

The current WTMF Sharpe Ratio is 2.62, which is comparable to the MRGR Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of WTMF and MRGR, 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

	WTMF	MRGR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.62	2.72	-0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	1.05	-0.39
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	0.68	-0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	0.36	-0.21

Drawdowns

WTMF vs. MRGR - Drawdown Comparison

The maximum WTMF drawdown since its inception was -30.79%, which is greater than MRGR's maximum drawdown of -13.23%. Use the drawdown chart below to compare losses from any high point for WTMF and MRGR.

Drawdown Indicators

	WTMF	MRGR	Difference
Max Drawdown Largest peak-to-trough decline	-30.79%	-13.23%	-17.56%
Max Drawdown (1Y) Largest decline over 1 year	-4.04%	-1.29%	-2.75%
Max Drawdown (3Y) Largest decline over 3 years	-9.93%	-2.10%	-7.83%
Max Drawdown (5Y) Largest decline over 5 years	-13.21%	-8.40%	-4.81%
Max Drawdown (10Y) Largest decline over 10 years	-15.99%	-13.23%	-2.76%
Current Drawdown Current decline from peak	-0.13%	-0.33%	+0.20%
Average Drawdown Average peak-to-trough decline	-17.71%	-3.86%	-13.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	0.47%	+0.43%

Volatility

WTMF vs. MRGR - Volatility Comparison

WisdomTree Managed Futures Strategy Fund (WTMF) has a higher volatility of 1.61% compared to Proshares Merger ETF (MRGR) at 1.08%. This indicates that WTMF's price experiences larger fluctuations and is considered to be riskier than MRGR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WTMF	MRGR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.61%	1.08%	+0.53%
Volatility (6M) Calculated over the trailing 6-month period	6.84%	2.95%	+3.89%
Volatility (1Y) Calculated over the trailing 1-year period	8.63%	4.11%	+4.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.46%	3.82%	+5.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.07%	5.15%	+2.92%

WTMF vs. MRGR - Expense Ratio Comparison

WTMF has a 0.65% expense ratio, which is lower than MRGR's 0.75% expense ratio.

Dividends

WTMF vs. MRGR - Dividend Comparison

WTMF's dividend yield for the trailing twelve months is around 2.80%, less than MRGR's 2.97% yield.

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%
WTMF WisdomTree Managed Futures Strategy Fund	2.80%	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

Can I hold both WTMF and MRGR in my portfolio?

WTMF and MRGR have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WTMF or MRGR?

WTMF has higher volatility (1.61%) compared to MRGR (1.08%). In terms of maximum drawdown, WTMF dropped -30.79% vs MRGR's -13.23%.

Which ETF is better, WTMF or MRGR?

On 10-year performance, MRGR leads with 3.47% vs 3.26% for WTMF. On fees, WTMF is cheaper at 0.65% 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, WTMF or MRGR?

Over the 10-year period, MRGR has performed better with a 3.47% return vs 3.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WTMF or MRGR?

WTMF is cheaper with a 0.65% expense ratio, compared with 0.75% for MRGR.

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

MRGR has the higher dividend yield at 2.97%, compared with 2.80% for WTMF.

What is the main difference between WTMF and MRGR?

WTMF tracks WisdomTree Managed Futures Index, while MRGR tracks S&P Merger Arbitrage Index. They also come from different issuers: WisdomTree and ProShares. Their fees differ too: 0.65% for WTMF and 0.75% for MRGR.

Which has better risk-adjusted returns?

MRGR currently has the higher Sharpe Ratio (2.72 vs 2.62), 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.