MNA vs SPY
NYLI Merger Arbitrage ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | MNA | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.77% | 0.09% | |
| AUM | $256M | $814.4B | |
| Dividend Yield | 0.00% | 1.01% | |
| Holdings | 92 | 505 | |
| YTD Return | +2.26% | +13.78% | |
| 1Y Return | +3.15% | +21.44% | |
| 3Y Return (annualized) | +5.76% | +21.38% | |
| 5Y Return (annualized) | +2.30% | +12.80% | |
| Volatility (annualized) | 4.8% | 15.2% | |
| Max Drawdown | -16.7% | -56.5% | |
| Fund Family | INDEXIQ ETF TRUST | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Nov 17, 2009 | Jan 22, 1993 |
MNA vs SPY Performance
NYLI Merger Arbitrage ETF (MNA) is a ETF from INDEXIQ ETF TRUST and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year MNA returned +3.15% while SPY returned +21.44%. Year to date, MNA is up 2.26% versus a gain of 13.78% for SPY.
Over three years, MNA compounded at +5.76% per year against +21.38% for SPY; over five years the annualized figures are +2.30% and +12.80% respectively. Across the full 17-year window we track, SPY has the edge at +8.83% annualized vs +2.68%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.2% compared with 4.8% for MNA. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -16.7% for MNA and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.42. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
MNA charges 0.77% per year while SPY charges 0.09%. On a $10,000 position that is $77 vs $9 annually, a gap of $68 per year that compounds over a long holding period. On income, MNA currently yields 0.00% against 1.01% for SPY.
Holdings Overlap
MNA and SPY share 6 holdings out of 558 unique holdings combined, representing a 0.3% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, MNA or SPY?
MNA has an expense ratio of 0.77% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $68 per year of difference.
Which performed better, MNA or SPY?
Over the past year MNA returned +3.15% vs +21.44% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (17 years), MNA annualized +2.68% vs +8.83% for SPY. Past performance does not guarantee future results.
Which is riskier, MNA or SPY?
SPY has been the more volatile fund at 15.2% annualized versus 4.8% for MNA. Worst drawdown: MNA -16.7% vs SPY -56.5%.
Should I hold both MNA and SPY?
MNA and SPY have a monthly-return correlation of 0.42, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between MNA and SPY?
MNA and SPY share 6 common holdings with a 0.3% weight overlap. Combined, they hold 558 unique securities.
Which pays a higher dividend, MNA or SPY?
MNA yields 0.00% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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