EDGE vs. APMU

Last updated Jun 4, 2026

EDGE (MRBL Enhanced Equity ETF) and APMU (ActivePassive Intermediate Municipal Bond ETF) are both exchange-traded funds - EDGE is a Derivative Income fund actively managed by MRBL, while APMU is a Municipal Bonds fund actively managed by ActivePassive. Both are actively managed. Over the past year, EDGE returned 28.99% vs 4.28% for APMU. At a 0.13 correlation, their price movements are largely independent. EDGE charges 0.74%/yr vs 0.36%/yr for APMU.

Performance

EDGE vs. APMU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MRBL Enhanced Equity ETF (EDGE) and ActivePassive Intermediate Municipal Bond ETF (APMU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EDGE achieves a 9.19% return, which is significantly higher than APMU's 0.44% return.

EDGE

• 1D: -0.24%
• 1M: 3.49%
• YTD: 9.19%
• 6M: 10.97%
• 1Y: 28.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —

APMU

• 1D: -0.04%
• 1M: 0.25%
• YTD: 0.44%
• 6M: 0.72%
• 1Y: 4.28%
• 3Y*: 3.03%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

EDGE vs. APMU - Yearly Performance Comparison

	2026 (YTD)	2025
EDGE MRBL Enhanced Equity ETF	9.19%	13.16%
APMU ActivePassive Intermediate Municipal Bond ETF	0.44%	4.42%

Correlation

The correlation between EDGE and APMU is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (All Time) Calculated using the full available price history since Jan 23, 2025	0.13

Return for Risk

EDGE vs. APMU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EDGE

EDGE Risk / Return Rank: 80
EDGE Sharpe Ratio Rank: 81
EDGE Sortino Ratio Rank: 80
EDGE Omega Ratio Rank: 86
EDGE Calmar Ratio Rank: 66
EDGE Martin Ratio Rank: 85

APMU

APMU Risk / Return Rank: 49
APMU Sharpe Ratio Rank: 53
APMU Sortino Ratio Rank: 55
APMU Omega Ratio Rank: 63
APMU Calmar Ratio Rank: 37
APMU Martin Ratio Rank: 35

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EDGE vs. APMU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MRBL Enhanced Equity ETF (EDGE) and ActivePassive Intermediate Municipal Bond ETF (APMU). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	EDGE	APMU	Difference
Sharpe ratio: Return per unit of total volatility	2.58	1.81	+0.77
Sortino ratio: Return per unit of downside risk	3.55	2.62	+0.93
Omega ratio: Gain probability vs. loss probability	1.53	1.38	+0.15
Calmar ratio: Return relative to maximum drawdown	3.23	1.79	+1.44
Martin ratio: Return relative to average drawdown	17.20	5.30	+11.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EDGE vs. APMU - Sharpe Ratio Comparison

The current EDGE Sharpe Ratio is 2.58, which is higher than the APMU Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of EDGE and APMU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EDGE	APMU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.58	1.81	+0.77
Sharpe Ratio (All Time) Calculated using the full available price history	1.06	0.82	+0.24

Drawdowns

EDGE vs. APMU - Drawdown Comparison

The maximum EDGE drawdown since its inception was -20.66%, which is greater than APMU's maximum drawdown of -4.39%. Use the drawdown chart below to compare losses from any high point for EDGE and APMU.

Drawdown Indicators

	EDGE	APMU	Difference
Max Drawdown Largest peak-to-trough decline	-20.66%	-4.39%	-16.27%
Max Drawdown (1Y) Largest decline over 1 year	-9.01%	-2.40%	-6.61%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.41%	—
Current Drawdown Current decline from peak	-0.24%	-1.17%	+0.93%
Average Drawdown Average peak-to-trough decline	-2.85%	-0.93%	-1.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.69%	0.81%	+0.88%

Volatility

EDGE vs. APMU - Volatility Comparison

MRBL Enhanced Equity ETF (EDGE) has a higher volatility of 1.80% compared to ActivePassive Intermediate Municipal Bond ETF (APMU) at 0.75%. This indicates that EDGE's price experiences larger fluctuations and is considered to be riskier than APMU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EDGE	APMU	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.80%	0.75%	+1.05%
Volatility (6M) Calculated over the trailing 6-month period	9.08%	1.68%	+7.40%
Volatility (1Y) Calculated over the trailing 1-year period	11.28%	2.37%	+8.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.95%	2.81%	+13.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.95%	2.81%	+13.14%

EDGE vs. APMU - Expense Ratio Comparison

EDGE has a 0.74% expense ratio, which is higher than APMU's 0.36% expense ratio.

Dividends

EDGE vs. APMU - Dividend Comparison

EDGE has not paid dividends to shareholders, while APMU's dividend yield for the trailing twelve months is around 2.66%.

Position	TTM	2025	2024	2023
APMU ActivePassive Intermediate Municipal Bond ETF	2.66%	2.63%	2.42%	1.31%
EDGE MRBL Enhanced Equity ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EDGE and APMU in my portfolio?

EDGE and APMU have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EDGE or APMU?

EDGE has higher volatility (1.80%) compared to APMU (0.75%). In terms of maximum drawdown, EDGE dropped -20.66% vs APMU's -4.39%.

Which ETF is better, EDGE or APMU?

On 1-year performance, EDGE leads with 28.99% vs 4.28% for APMU. On fees, APMU is cheaper at 0.36% per year. On volatility, APMU has been the lower-risk option at 0.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EDGE or APMU?

Over the 1-year period, EDGE has performed better with a 28.99% return vs 4.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EDGE or APMU?

APMU is cheaper with a 0.36% expense ratio, compared with 0.74% for EDGE.

Which ETF pays a higher dividend yield, EDGE or APMU?

APMU has the higher dividend yield at 2.66%, compared with 0.00% for EDGE.

What is the main difference between EDGE and APMU?

EDGE is categorized as Derivative Income, while APMU is Municipal Bonds. They also come from different issuers: MRBL and ActivePassive. Their fees differ too: 0.74% for EDGE and 0.36% for APMU.

Which has better risk-adjusted returns?

EDGE currently has the higher Sharpe Ratio (2.58 vs 1.81), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.