MNA vs VOO
NYLI Merger Arbitrage ETF vs Vanguard S&P 500 ETF
Which is better, MNA or VOO?
Multi Alternative against Large Cap Blend.
VOO has a lower expense ratio. VOO 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 36.4%.
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 | VOO |
|---|---|---|
| Expense Ratio | 0.77% | 0.03%Best |
| AUM | $256M | $997.4B |
| Dividend Yield | 0.00% | 1.08% |
| Holdings | 92 | 509 |
| YTD Return | +2.26% | +13.81%Best |
| 1Y Return | +3.15% | +21.53%Best |
| 3Y Return (annualized) | +5.76% | +21.46%Best |
| 5Y Return (annualized) | +2.30% | +12.87%Best |
| Volatility (annualized) | 4.7%Best | 14.1% |
| Max Drawdown | -16.7%Best | -34.3% |
| $10,000 over 5 years | $11,204 | $18,319Best |
| Top 10 Weight | 33.7%Best | 36.4% |
| Fund Family | INDEXIQ ETF TRUST | Vanguard (US) |
| Category | Alternative | Equity |
| Style | Multi Alternative | Large Cap Blend |
| Inception | Nov 17, 2009 | Sep 7, 2010 |
Volatility and max drawdown are measured over the window both funds cover: Sep 9, 2010 to Sep 3, 2026 (16 years).
MNA vs VOO 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 VOO Performance
NYLI Merger Arbitrage ETF (MNA) is an ETF from INDEXIQ ETF TRUST and Vanguard S&P 500 ETF (VOO) is an ETF from Vanguard (US). Over the past year MNA returned +3.15% while VOO returned +21.53%. Year to date, MNA is up 2.26% versus a gain of 13.81% for VOO.
Over three years, MNA compounded at +5.76% per year against +21.46% for VOO; over five years the annualized figures are +2.30% and +12.87% respectively. Across the full 16-year window we track, VOO has the edge at +13.51% annualized vs +2.73%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VOO has been the more volatile fund, with annualized monthly volatility of 14.1% compared with 4.7% 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 -34.3% for VOO. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.39. They move together some of the time, and apart the rest.
Fees and Cost Over Time
MNA charges 0.77% per year while VOO charges 0.03%. On a $10,000 position that is $77 vs $3 annually, a gap of $74 per year that compounds over a long holding period. On income, MNA currently yields 0.00% against 1.08% for VOO.
Holdings Overlap
14.3% of MNA's money is in holdings VOO also owns. 0.3% of VOO's money is in holdings MNA also owns.
MNA and VOO share little of their money.
The two holdings books were reported 49 days apart, MNA as of Aug 18, 2026 and VOO as of Jun 30, 2026, so some of the difference between them is the time between the two reports rather than the funds.
6 positions in common, counted across the 60 positions we hold weights for in MNA and 505 in VOO, against full books of 92 and 509.
What only one of them owns
Our book lists 491 positions for VOO that do not appear in our book for MNA (99.2% of the fund), and 36 for MNA that do not appear in VOO (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 VOO 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 VOO?
MNA has an expense ratio of 0.77% while VOO charges 0.03%. VOO is the cheaper option, by $74 a year on a $10,000 investment.
Which performed better, MNA or VOO?
Over the past year MNA returned +3.15% vs +21.53% for VOO, so VOO leads on 1-year performance. Over the longest common window we track (16 years), MNA annualized +2.73% vs +13.51% for VOO. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, MNA or VOO?
VOO has been the more volatile fund at 14.1% annualized versus 4.7% for MNA. Worst drawdown: MNA -16.7% vs VOO -34.3%.
Should I hold both MNA and VOO?
MNA and VOO have a monthly-return correlation of 0.39, 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 VOO?
14.3% of MNA's money is in holdings VOO also owns. 0.3% of VOO'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 505 in VOO.
Which pays a higher dividend, MNA or VOO?
MNA yields 0.00% while VOO yields 1.08%, so VOO currently pays the higher dividend yield.
Is VOO better than MNA?
VOO has a lower expense ratio. VOO 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 36.4%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.