MBIN vs. PGR

Last updated Apr 2, 2026

Compare and contrast key facts about Merchants Bancorp (MBIN) and The Progressive Corporation (PGR).

Performance

MBIN vs. PGR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Merchants Bancorp (MBIN) and The Progressive Corporation (PGR). The values are adjusted to include any dividend payments, if applicable.

MBIN vs. PGR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MBIN Merchants Bancorp	30.29%	-5.51%	-13.59%	77.01%	-22.06%	72.80%	42.55%	0.30%	2.43%	17.43%
PGR The Progressive Corporation	-9.70%	-3.02%	51.39%	23.16%	26.81%	10.84%	41.48%	25.14%	9.39%	15.17%

Fundamentals

Market Cap MBIN : $2.03B PGR : $113.73B
EPS MBIN : $4.76 PGR : $17.28
PE Ratio MBIN : 9.30 PGR : 11.19
PS Ratio MBIN : 1.69 PGR : 1.42
PB Ratio MBIN : 0.89 PGR : 27.47
Total Revenue (TTM) MBIN : $1.20B PGR : $79.91B
Gross Profit (TTM) MBIN : $402.96M PGR : $24.59B
EBITDA (TTM) MBIN : $192.22M PGR : $13.09B

Returns By Period

In the year-to-date period, MBIN achieves a 30.29% return, which is significantly higher than PGR's -9.70% return.

MBIN

• 1D: 3.15%
• 1M: 2.34%
• YTD: 30.29%
• 6M: 39.23%
• 1Y: 21.53%
• 3Y*: 20.58%
• 5Y*: 11.09%
• 10Y*: —

PGR

• 1D: -2.46%
• 1M: -9.40%
• YTD: -9.70%
• 6M: -16.53%
• 1Y: -27.58%
• 3Y*: 13.94%
• 5Y*: 17.76%
• 10Y*: 21.80%

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

Return for Risk

MBIN vs. PGR — Risk / Return Rank

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

MBIN

MBIN Risk / Return Rank: 58
MBIN Sharpe Ratio Rank: 60
MBIN Sortino Ratio Rank: 55
MBIN Omega Ratio Rank: 55
MBIN Calmar Ratio Rank: 62
MBIN Martin Ratio Rank: 59

PGR

PGR Risk / Return Rank: 6
PGR Sharpe Ratio Rank: 3
PGR Sortino Ratio Rank: 6
PGR Omega Ratio Rank: 6
PGR Calmar Ratio Rank: 6
PGR Martin Ratio Rank: 9

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.

MBIN vs. PGR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Merchants Bancorp (MBIN) and The Progressive Corporation (PGR). 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.

	MBIN	PGR	Difference
Sharpe ratio Return per unit of total volatility	0.55	-1.11	+1.65
Sortino ratio Return per unit of downside risk	1.01	-1.45	+2.46
Omega ratio Gain probability vs. loss probability	1.13	0.82	+0.32
Calmar ratio Return relative to maximum drawdown	0.99	-0.93	+1.92
Martin ratio Return relative to average drawdown	1.82	-1.50	+3.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MBIN vs. PGR - Sharpe Ratio Comparison

The current MBIN Sharpe Ratio is 0.55, which is higher than the PGR Sharpe Ratio of -1.11. The chart below compares the historical Sharpe Ratios of MBIN and PGR, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MBIN	PGR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.55	-1.11	+1.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.31	0.73	-0.42
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.90	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.58	-0.10

Correlation

The correlation between MBIN and PGR is 0.19, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

MBIN vs. PGR - Dividend Comparison

MBIN's dividend yield for the trailing twelve months is around 0.93%, less than PGR's 7.19% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MBIN Merchants Bancorp	0.93%	1.17%	0.99%	0.75%	1.15%	0.76%	1.16%	1.42%	1.20%	0.25%	0.00%	0.00%
PGR The Progressive Corporation	7.19%	2.15%	0.48%	0.25%	0.31%	6.23%	2.68%	3.89%	1.86%	1.21%	2.50%	2.16%

Drawdowns

MBIN vs. PGR - Drawdown Comparison

The maximum MBIN drawdown since its inception was -53.77%, smaller than the maximum PGR drawdown of -71.06%. Use the drawdown chart below to compare losses from any high point for MBIN and PGR.

Drawdown Indicators

	MBIN	PGR	Difference
Max Drawdown Largest peak-to-trough decline	-53.77%	-71.06%	+17.29%
Max Drawdown (1Y) Largest decline over 1 year	-21.25%	-29.40%	+8.15%
Max Drawdown (5Y) Largest decline over 5 years	-43.94%	-29.97%	-13.97%
Max Drawdown (10Y) Largest decline over 10 years	—	-29.97%	—
Current Drawdown Current decline from peak	-14.25%	-29.31%	+15.06%
Average Drawdown Average peak-to-trough decline	-20.14%	-14.47%	-5.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.53%	18.11%	-6.58%

Volatility

MBIN vs. PGR - Volatility Comparison

Merchants Bancorp (MBIN) and The Progressive Corporation (PGR) have volatilities of 6.04% and 5.99%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MBIN	PGR	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.04%	5.99%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	25.59%	17.12%	+8.47%
Volatility (1Y) Calculated over the trailing 1-year period	39.52%	25.03%	+14.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.10%	24.50%	+11.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.37%	24.36%	+16.01%

Financials

MBIN vs. PGR - Profitability Comparison

The chart below illustrates the profitability comparison between Merchants Bancorp and The Progressive Corporation over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

MBIN - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Merchants Bancorp reported a gross profit of 0.00 and revenue of 193.49M. Therefore, the gross margin over that period was 0.0%.

PGR - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, The Progressive Corporation reported a gross profit of 8.02B and revenue of 15.00B. Therefore, the gross margin over that period was 53.5%.

MBIN - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Merchants Bancorp reported an operating income of 0.00 and revenue of 193.49M, resulting in an operating margin of 0.0%.

PGR - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, The Progressive Corporation reported an operating income of 2.29B and revenue of 15.00B, resulting in an operating margin of 15.3%.

MBIN - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Merchants Bancorp reported a net income of 67.85M and revenue of 193.49M, resulting in a net margin of 35.1%.

PGR - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, The Progressive Corporation reported a net income of 1.80B and revenue of 15.00B, resulting in a net margin of 12.0%.