Data as of Nov 4, 2026.
MNA vs TLT: Differences, Returns & Fees
Over the year to Nov 4, 2026, MNA returned +2.9% to TLT's −4.8%, and TLT charges 0.15% to MNA's 0.78%.
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Net assets: $252m on Jul 31, 2026 for NYLIM Merger Arbitrage ETF, and $48.3bn on Nov 3, 2026 for iShares 20+ Year Treasury Bond ETF.
Pair scorecard
TLT costs 0.63 points a year less; their one-year returns differ by 7.7 points.
| Measure | MNA | TLT |
|---|---|---|
| Return | ||
| Total return, 1 year | +2.9% | −4.8% |
| Total return, 52 weeks | +2.9% | |
| Drawdown | ||
| Below its high | 41.8%, high on Aug 4, 2020 | |
| Against its benchmark | ||
| What it tracks | not published | ICE U.S. Treasury 20+ Year Bond Index |
| Treasury bills, 52 weeks | +3.7% | |
| Against cash | 0.7 points behind | |
| Cost and size | ||
| Expense ratio | 0.78% | 0.15% |
| Net assets, MNA as of Jul 31, 2026 and TLT as of Nov 3, 2026 | $252m | $48.3bn |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Correlation with the S&P 500’s weekly returns | +0.22 | |
| 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% | |
| Down-week capture | 0.2% | |
| Weeks the S&P 500 fell | 26 of 52, by 1.07% on average | |
Risk and return
Nov 27, 2009 to Oct 30, 2026 · 883 weekly returnsFrom Nov 2009 to Oct 2026, MNA returned more: +58.2% to +40.3%. MNA swung less: 5.7% to 13.9%. MNA fell less at its worst: −13.0% to −47.8%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | MNA | TLT | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +58.2% | +40.3% | MNA | Price change plus distributions, reinvested. |
| Annualized | +2.7% | +2.0% | MNA | Total return as a yearly rate. |
| Price return | +47.4% | −15.1% | MNA | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 5.7% | 13.9% | MNA | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 4.2% | 9.9% | MNA | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −13.0% | −47.8% | MNA | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.24 | 0.10 | MNA | Return above Treasury bills per unit of volatility. |
| Sortino | 0.32 | 0.15 | MNA | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.21 | 0.04 | MNA | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 883 weekly returns. Cash rate: the 13-week Treasury bill.
Side by side
MNA and TLT on the fields both publish, as of Nov 4, 2026. Source: ETFIQ.
Client brief:
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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.
TLT
TLT tracks an index of 20+ year Treasuries. Over the year to Nov 4, 2026 it returned −4.8% with distributions reinvested, against −4.7% for its benchmark, the ICE U.S. Treasury 20+ Year Bond Index. The prospectus expense ratio is 0.15% a year. It sat 41.8% below its high of Aug 4, 2020 on Nov 4, 2026.
Questions people ask
- Are MNA and TLT in the same category?
- MNA is an alternatives ETF and TLT is a bond ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
- Which returned more over the last year, MNA or TLT?
- In the year to Nov 4, 2026, with distributions reinvested, MNA returned +2.9% and TLT −4.8%.
- Which is cheaper, MNA or TLT?
- TLT is cheaper, by 0.63 percentage points a year. That is about $63 on $10,000 held for a year. Fees come from each fund's prospectus.
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ETFIQ, MNA against TLT, data as of Nov 4, 2026. https://etfiq.com/compare/any/mna-vs-tlt
ETFIQ. (Nov 4, 2026). MNA against TLT. Retrieved from https://etfiq.com/compare/any/mna-vs-tlt
[MNA against TLT (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/any/mna-vs-tlt)
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