Which did better when the S&P 500 fell, MRGR or RSBA?

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, MRGR averaged −0.01% and RSBA −0.14%, so MRGR returned more in those weeks.

Which earned more than cash, MRGR or RSBA?

Over the same weeks, MRGR finished 0.7 percentage points ahead of cash and RSBA finished 3.9 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, MRGR or RSBA?

MRGR charges 0.75% a year and RSBA charges 1.01%, so MRGR is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

MRGR vs RSBA: Correlation to the S&P 500

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Over the year to Nov 4, 2026, MRGR moved less with the S&P 500 than RSBA: correlation +0.22 against +0.31.

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Net assets: $16m on Nov 4, 2026 for ProShares Merger ETF, and $53m on Jul 31, 2026 for Return Stacked Bonds & Merger Arbitrage ETF.

MRGR on its own →RSBA on its own →

At a glance

+0.22

MRGR correlation with the S&P 500

+0.31

RSBA correlation with the S&P 500

1.2%

MRGR down-week capture

13.5%

RSBA down-week capture

MRGR Fell 1% as much as the S&P 500

MRGR in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, MRGR −0.01%.

RSBA Fell 14% as much as the S&P 500

RSBA in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, RSBA −0.14%.

Pair scorecard

MRGR costs 0.26 points a year less; their one-year returns differ by 5.0 points.

MRGR vs RSBA: Correlation to the S&P 500
Measure	MRGR	RSBA
Return
Measure	MRGR	RSBA
Total return, 1 year	+4.3%	−0.7%
Against its benchmark
Measure	MRGR	RSBA
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	MRGR	RSBA
Expense ratio	0.75%	1.01%
Net assets, MRGR as of Nov 4, 2026 and RSBA as of Jul 31, 2026	$16m	$53m
Holdings
Measure	MRGR	RSBA
Holdings in common	not published
Risk
Measure	MRGR	RSBA
Beta to the S&P 500	+0.05: about 0.05% for each 1%	+0.11: about 0.11% for each 1%
Its average week when the S&P 500 fell	fell 0.01%	fell 0.14%

Method

Window by window

Window by window: MRGR vs RSBA: Correlation to the S&P 500
	Total return		vs its benchmark
Window	MRGR	RSBA	MRGR	RSBA
3 months	+0.4%	−1.1%	not measured	−1.1 pts vs SPTB
6 months	+1.2%	−1.1%	not measured	−0.6 pts vs SPTB
1 year	+4.3%	−0.7%	not measured	−0.5 pts vs SPTB
3 years	+24.6%	–	not measured	–
Since launchNot the same days: MRGR Dec 2012 · RSBA Dec 2024	+34.9%	+6.7%	not measured	+0.9 pts vs SPTB

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Side by side

MRGR ProShares Merger ETF · Event driven fund: trades on company events, most often buying a company that has agreed to be taken over and holding it until the deal closes RSBA Return Stacked Bonds & Merger Arbitrage ETF · Event driven fund: trades on company events, most often buying a company that has agreed to be taken over and holding it until the deal closes

Issuer ProShares Return Stacked

Strategy Event driven Event driven

Correlation with the S&P 500 +0.22 +0.31

Beta to the S&P 500 +0.05 +0.11

Down-week capture 1.2% 13.5%

Average week when the S&P 500 fell −0.01% −0.14%

The S&P 500 in those weeks −1.07% −1.07%

Total return, same 52 weeks +4.3% −0.3%

Against T-bills, percentage points +0.7 pts −3.9 pts

Expense ratio 0.75% 1.01%

First traded Dec 13, 2012 Dec 18, 2024

Net assets, MRGR as of Nov 4, 2026 and RSBA as of Jul 31, 2026 $16m $53m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

MRGR and RSBA both run a event driven strategy. Over the same 52 weeks to Nov 4, 2026, MRGR’s weekly returns had a correlation of +0.22 with the S&P 500 and RSBA’s +0.31. In the 26 weeks the index fell, by 1.07% a week on average, MRGR averaged −0.01% and RSBA −0.14%. Over the same weeks, MRGR finished 0.7 percentage points ahead of cash and RSBA finished 3.9 points behind cash.

Alert

About each fund

MRGR

MRGR 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 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.

RSBA

RSBA is an event driven fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.31 with the S&P 500’s and a beta of +0.11, so for each 1% the index moved it moved about 0.11% the same way. In the same weeks RSBA fell 0.14% on average, a down-week capture of 13.5%. Over the same 52 weeks RSBA returned −0.3% and a Treasury bill fund +3.7%, so it finished 3.9 percentage points behind cash.

Questions people ask

Which moved less with the S&P 500, MRGR or RSBA?: Over the 52 weeks to Nov 4, 2026, MRGR’s weekly returns had a correlation of +0.22 with the S&P 500 and RSBA’s +0.31, so MRGR moved less with the index.
Which did better when the S&P 500 fell, MRGR or RSBA?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, MRGR averaged −0.01% and RSBA −0.14%, so MRGR returned more in those weeks.
Which earned more than cash, MRGR or RSBA?: Over the same weeks, MRGR finished 0.7 percentage points ahead of cash and RSBA finished 3.9 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, MRGR or RSBA?: MRGR charges 0.75% a year and RSBA charges 1.01%, so MRGR is cheaper. Fees come from each fund's prospectus.

Other comparisons

MRGR vs MNA RSBA vs MNA

Where to next

BIL, the T-bill fund these are measured against →SPY, the S&P 500 fund these are measured against →All alternatives ETFs ranked by the Stock Diversification Score →How the scores are computed →MRGR on its own →RSBA on its own →MRGR dividend history →RSBA dividend history →Method →Standards and sources →

Sources and dates

MRGR filings on SEC EDGAR ↗

MRGR prospectus with the expense ratio (SEC) ↗

ProShares page for MRGR ↗

RSBA filings on SEC EDGAR ↗

RSBA prospectus with the expense ratio (SEC) ↗

Return Stacked website ↗

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, MRGR against RSBA, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/mrgr-vs-rsba

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