MNA vs SPY
NYLIM Merger Arbitrage ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, MNA or SPY?
Multi Alternative against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. MNA is less concentrated, with 33.7% of the fund in its ten largest positions against 37.8%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | MNA | SPY |
|---|---|---|
| Expense Ratio | 0.77% | 0.09%Best |
| AUM | $256M | $804.7B |
| Dividend Yield | 0.00% | 0.98% |
| Holdings | 92 | 505 |
| YTD Return | +2.79% | +12.89%Best |
| 1Y Return | +2.48% | +17.01%Best |
| 3Y Return (annualized) | +5.66% | +22.46%Best |
| 5Y Return (annualized) | +2.55% | +13.01%Best |
| Volatility (annualized) | 4.8%Best | 14.4% |
| Max Drawdown | -16.7%Best | -34.1% |
| $10,000 over 5 years | $11,342 | $18,433Best |
| Top 10 Weight | 33.7%Best | 37.8% |
| Fund Family | New York Life Investments | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Multi Alternative | Large Cap Blend |
| Inception | Nov 17, 2009 | Jan 22, 1993 |
Volatility and max drawdown are measured over the window both funds cover: Nov 17, 2009 to Sep 24, 2026 (16.9 years).
MNA vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
MNA vs SPY Performance
NYLIM Merger Arbitrage ETF (MNA) is an ETF from New York Life Investments and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year MNA returned +2.48% while SPY returned +17.01%. Year to date, MNA is up 2.79% versus a gain of 12.89% for SPY.
Over three years, MNA compounded at +5.66% per year against +22.46% for SPY; over five years the annualized figures are +2.55% and +13.01% respectively. Across the full 17-year window we track, SPY has the edge at +12.63% annualized vs +2.70%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 14.4% 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 -34.1% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.42. They move together some of the time, and apart the rest.
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 0.98% for SPY.
Holdings Overlap
14.3% of MNA's money is in holdings SPY also owns. 0.3% of SPY's money is in holdings MNA also owns.
MNA and SPY share little of their money.
6 positions in common, counted across the 60 positions we hold weights for in MNA and 504 in SPY, against full books of 92 and 505.
What only one of them owns
Our book lists 491 positions for SPY that do not appear in our book for MNA (99.0% of the fund), and 36 for MNA that do not appear in SPY (51.5%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
You are not choosing between two funds in isolation.
Whichever of MNA and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
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, by $68 a year on a $10,000 investment.
Which performed better, MNA or SPY?
Over the past year MNA returned +2.48% vs +17.01% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (17 years), MNA annualized +2.70% vs +12.63% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, MNA or SPY?
SPY has been the more volatile fund at 14.4% annualized versus 4.8% for MNA. Worst drawdown: MNA -16.7% vs SPY -34.1%.
Should I hold both MNA and SPY?
MNA and SPY have a monthly-return correlation of 0.42, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between MNA and SPY?
14.3% of MNA's money is in holdings SPY also owns. 0.3% of SPY's is in holdings MNA also owns. They hold 6 positions in common, counted across the 60 positions we hold weights for in MNA and 504 in SPY.
Which pays a higher dividend, MNA or SPY?
MNA yields 0.00% while SPY yields 0.98%, so SPY currently pays the higher dividend yield.
Is SPY better than MNA?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. MNA is less concentrated, with 33.7% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.