EDGE vs. PEPS

Last updated Jun 4, 2026

EDGE (MRBL Enhanced Equity ETF) and PEPS (Parametric Equity Plus ETF) are both Derivative Income funds. Both are actively managed. Over the past year, EDGE returned 28.99% vs 31.83% for PEPS. With a 0.95 correlation, they move nearly in lockstep. EDGE charges 0.74%/yr vs 0.10%/yr for PEPS.

Performance

EDGE vs. PEPS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MRBL Enhanced Equity ETF (EDGE) and Parametric Equity Plus ETF (PEPS). 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 lower than PEPS's 10.67% return.

EDGE

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

PEPS

• 1D: -0.51%
• 1M: 6.44%
• YTD: 10.67%
• 6M: 10.79%
• 1Y: 31.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EDGE vs. PEPS - Yearly Performance Comparison

	2026 (YTD)	2025
EDGE MRBL Enhanced Equity ETF	9.19%	13.16%
PEPS Parametric Equity Plus ETF	10.67%	16.11%

Correlation

The correlation between EDGE and PEPS is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jan 23, 2025	0.95

The correlation between EDGE and PEPS has been stable across timeframes, ranging from 0.95 to 0.97 - a consistent structural relationship.

Return for Risk

EDGE vs. PEPS — 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

PEPS

PEPS Risk / Return Rank: 73
PEPS Sharpe Ratio Rank: 76
PEPS Sortino Ratio Rank: 71
PEPS Omega Ratio Rank: 75
PEPS Calmar Ratio Rank: 66
PEPS Martin Ratio Rank: 79

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. PEPS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MRBL Enhanced Equity ETF (EDGE) and Parametric Equity Plus ETF (PEPS). 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	PEPS	Difference
Sharpe ratio: Return per unit of total volatility	2.58	2.45	+0.13
Sortino ratio: Return per unit of downside risk	3.55	3.22	+0.32
Omega ratio: Gain probability vs. loss probability	1.53	1.45	+0.08
Calmar ratio: Return relative to maximum drawdown	3.23	3.26	-0.03
Martin ratio: Return relative to average drawdown	17.20	15.28	+1.92
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. PEPS - Sharpe Ratio Comparison

The current EDGE Sharpe Ratio is 2.58, which is comparable to the PEPS Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of EDGE and PEPS, 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	PEPS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.58	2.45	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	1.06	1.05	+0.01

Drawdowns

EDGE vs. PEPS - Drawdown Comparison

The maximum EDGE drawdown since its inception was -20.66%, roughly equal to the maximum PEPS drawdown of -21.26%. Use the drawdown chart below to compare losses from any high point for EDGE and PEPS.

Drawdown Indicators

	EDGE	PEPS	Difference
Max Drawdown Largest peak-to-trough decline	-20.66%	-21.26%	+0.60%
Max Drawdown (1Y) Largest decline over 1 year	-9.01%	-9.80%	+0.79%
Current Drawdown Current decline from peak	-0.24%	-0.51%	+0.27%
Average Drawdown Average peak-to-trough decline	-2.85%	-2.77%	-0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.69%	2.09%	-0.40%

Volatility

EDGE vs. PEPS - Volatility Comparison

The current volatility for MRBL Enhanced Equity ETF (EDGE) is 1.80%, while Parametric Equity Plus ETF (PEPS) has a volatility of 2.77%. This indicates that EDGE experiences smaller price fluctuations and is considered to be less risky than PEPS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EDGE	PEPS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.80%	2.77%	-0.97%
Volatility (6M) Calculated over the trailing 6-month period	9.08%	9.83%	-0.75%
Volatility (1Y) Calculated over the trailing 1-year period	11.28%	13.06%	-1.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.95%	18.31%	-2.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.95%	18.31%	-2.36%

EDGE vs. PEPS - Expense Ratio Comparison

EDGE has a 0.74% expense ratio, which is higher than PEPS's 0.10% expense ratio.

Dividends

EDGE vs. PEPS - Dividend Comparison

EDGE has not paid dividends to shareholders, while PEPS's dividend yield for the trailing twelve months is around 0.88%.

Position	TTM	2025	2024
EDGE MRBL Enhanced Equity ETF	0.00%	0.00%	0.00%
PEPS Parametric Equity Plus ETF	0.88%	1.00%	0.17%

Frequently Asked Questions

Can I hold both EDGE and PEPS in my portfolio?

With a correlation of 0.97, EDGE and PEPS move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, EDGE or PEPS?

PEPS has higher volatility (2.77%) compared to EDGE (1.80%). In terms of maximum drawdown, EDGE dropped -20.66% vs PEPS's -21.26%.

Which ETF is better, EDGE or PEPS?

On 1-year performance, PEPS leads with 31.83% vs 28.99% for EDGE. On fees, PEPS is cheaper at 0.10% per year. On volatility, EDGE has been the lower-risk option at 1.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EDGE or PEPS?

Over the 1-year period, PEPS has performed better with a 31.83% return vs 28.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EDGE or PEPS?

PEPS is cheaper with a 0.10% expense ratio, compared with 0.74% for EDGE.

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

PEPS has the higher dividend yield at 0.88%, compared with 0.00% for EDGE.

What is the main difference between EDGE and PEPS?

They also come from different issuers: MRBL and Parametric. Their fees differ too: 0.74% for EDGE and 0.10% for PEPS.

Which has better risk-adjusted returns?

EDGE currently has the higher Sharpe Ratio (2.58 vs 2.45), 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.