Data as of Nov 4, 2026.
MNA vs MRGR: Correlation to the S&P 500
Over the year to Nov 4, 2026, MNA and MRGR moved with the S&P 500 equally closely, both at +0.22.
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Net assets: $252m on Jul 31, 2026 for NYLIM Merger Arbitrage ETF, and $16m on Nov 4, 2026 for ProShares Merger ETF.
MNA in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, MNA 0.00%.
MRGR in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, MRGR −0.01%.
Pair scorecard
MRGR costs 0.03 points a year less; their one-year returns differ by 1.4 points.
| Measure | MNA | MRGR |
|---|---|---|
| Return | ||
| Total return, 1 year | +2.9% | +4.3% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.78% | 0.75% |
| Net assets, MNA as of Jul 31, 2026 and MRGR as of Nov 4, 2026 | $252m | $16m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.05: about 0.05% for each 1% | |
| Its average week when the S&P 500 fell | fell 0.00% | fell 0.01% |
Window by window
| Total return | ||
|---|---|---|
| Window | MNA | MRGR |
| 3 months | +0.6% | +0.4% |
| 6 months | +0.8% | +1.2% |
| 1 year | +2.9% | +4.3% |
| 3 years | +18.3% | +24.6% |
| Since launchNot the same days: MNA Nov 2009 · MRGR Dec 2012 | +56.6% | +34.9% |
Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
MNA and MRGR both run a event driven strategy. Over the same 52 weeks to Nov 4, 2026, MNA’s weekly returns had a correlation of +0.22 with the S&P 500 and MRGR’s +0.22. In the 26 weeks the index fell, by 1.07% a week on average, MNA averaged 0.00% and MRGR −0.01%. Over the same weeks, MNA finished 0.7 percentage points behind cash and MRGR finished 0.7 points ahead of cash.
MNA
MNA is an event driven fund. ETFIQ measures what every alternatives fund is sold on: whether it moves differently from the stock market. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.22 with the S&P 500’s and a beta of +0.05, so for each 1% the index moved it moved about 0.05% the same way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks MNA fell 0.00% on average, a down-week capture of 0.2%. Over the same 52 weeks MNA returned +2.9% and a Treasury bill fund +3.7%, so it finished 0.7 percentage points behind cash.
MRGR
MRGR is an event driven fund. In the same weeks MRGR fell 0.01% on average, a down-week capture of 1.2%. Over the same 52 weeks MRGR returned +4.3% and a Treasury bill fund +3.7%, so it finished 0.7 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, MNA or MRGR?
- Over the 52 weeks to Nov 4, 2026 both had a correlation of +0.22 with the S&P 500, so neither moved less with the index at the precision this page prints.
- Which did better when the S&P 500 fell, MNA or MRGR?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, MNA averaged 0.00% and MRGR −0.01%, so MNA returned more in those weeks.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, MNA against MRGR, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/mna-vs-mrgr
ETFIQ. (Nov 4, 2026). MNA against MRGR. Retrieved from https://etfiq.com/compare/alternatives/mna-vs-mrgr
[MNA against MRGR (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/mna-vs-mrgr)
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