MRCP vs. PHEQ

Last updated Aug 4, 2026

MRCP (PGIM US Large-Cap Buffer 12 ETF - March) and PHEQ (Parametric Hedged Equity ETF) are both Options Trading funds. Both are actively managed. Over the past year, MRCP returned 15.92% vs 13.59% for PHEQ. Their correlation of 0.81 means they have usually moved in the same direction. MRCP charges 0.50%/yr vs 0.29%/yr for PHEQ.

Performance

MRCP vs. PHEQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM US Large-Cap Buffer 12 ETF - March (MRCP) and Parametric Hedged Equity ETF (PHEQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MRCP achieves a 8.52% return, which is significantly higher than PHEQ's 6.81% return.

MRCP

• 1D: 0.33%
• 1M: 1.16%
• 6M: 7.32%
• YTD: 8.52%
• 1Y: 15.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.42%

PHEQ

• 1D: 0.61%
• 1M: 0.72%
• 6M: 6.49%
• YTD: 6.81%
• 1Y: 13.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.52%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MRCP PGIM US Large-Cap Buffer 12 ETF - March	$102.07K	$129.29K	$125.02K
PHEQ Parametric Hedged Equity ETF	$455.59K	$523.53K	$595.84K

MRCP vs. PHEQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MRCP PGIM US Large-Cap Buffer 12 ETF - March	8.52%	14.13%	11.90%
PHEQ Parametric Hedged Equity ETF	6.81%	11.76%	11.48%

Correlation

The correlation between MRCP and PHEQ is 0.86, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.86
Correlation (All Time) Calculated using the full available price history since Mar 1, 2024	0.81

The correlation between MRCP and PHEQ has been stable across timeframes, ranging from 0.81 to 0.86 - a consistent structural relationship.

Return for Risk

MRCP vs. PHEQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MRCP

MRCP Risk / Return Rank: 88
MRCP Sharpe Ratio Rank: 86
MRCP Sortino Ratio Rank: 88
MRCP Omega Ratio Rank: 92
MRCP Calmar Ratio Rank: 83
MRCP Martin Ratio Rank: 93

PHEQ

PHEQ Risk / Return Rank: 88
PHEQ Sharpe Ratio Rank: 88
PHEQ Sortino Ratio Rank: 90
PHEQ Omega Ratio Rank: 89
PHEQ Calmar Ratio Rank: 83
PHEQ Martin Ratio Rank: 89

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MRCP vs. PHEQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM US Large-Cap Buffer 12 ETF - March (MRCP) and Parametric Hedged Equity ETF (PHEQ). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	MRCP	PHEQ	Difference
Sharpe ratio: Return per unit of total volatility	2.17	2.21	-0.04
Sortino ratio: Return per unit of downside risk	3.19	3.30	-0.11
Omega ratio: Gain probability vs. loss probability	1.47	1.42	+0.05
Calmar ratio: Return relative to maximum drawdown	3.32	3.21	+0.12
Martin ratio: Return relative to average drawdown	17.92	14.32	+3.60

MRCP vs. PHEQ - Sharpe Ratio Comparison

The current MRCP Sharpe Ratio is 2.17, which is comparable to the PHEQ Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of MRCP and PHEQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MRCP vs. PHEQ - Drawdown Comparison

The maximum MRCP drawdown since its inception was -10.73%, smaller than the maximum PHEQ drawdown of -12.55%. Use the drawdown chart below to compare losses from any high point for MRCP and PHEQ.

Drawdown Indicators

	MRCP	PHEQ	Difference
Max Drawdown Largest peak-to-trough decline	-10.73%	-12.55%	+1.82%
Max Drawdown (1Y) Largest decline over 1 year	-4.81%	-4.26%	-0.55%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.76%	-0.95%	+0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.89%	0.95%	-0.06%

Volatility

MRCP vs. PHEQ - Volatility Comparison

PGIM US Large-Cap Buffer 12 ETF - March (MRCP) and Parametric Hedged Equity ETF (PHEQ) have volatilities of 1.77% and 1.70%, 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

	MRCP	PHEQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.77%	1.70%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	6.54%	4.87%	+1.67%
Volatility (1Y) Calculated over the trailing 1-year period	7.38%	6.19%	+1.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.41%	8.49%	+0.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.41%	8.49%	+0.92%

MRCP vs. PHEQ - Expense Ratio Comparison

MRCP has a 0.50% expense ratio, which is higher than PHEQ's 0.29% expense ratio.

Dividends

MRCP vs. PHEQ - Dividend Comparison

MRCP has not paid dividends to shareholders, while PHEQ's dividend yield for the trailing twelve months is around 0.94%.

Position	TTM	2025	2024	2023
MRCP PGIM US Large-Cap Buffer 12 ETF - March	0.00%	0.00%	0.00%	0.00%
PHEQ Parametric Hedged Equity ETF	0.94%	1.19%	1.39%	1.73%

Frequently Asked Questions

Can I hold both MRCP and PHEQ in my portfolio?

MRCP and PHEQ have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MRCP or PHEQ?

MRCP has higher volatility (1.77%) compared to PHEQ (1.70%). In terms of maximum drawdown, MRCP dropped -10.73% vs PHEQ's -12.55%.

Which ETF is better, MRCP or PHEQ?

On 1-year performance, MRCP leads with 15.92% vs 13.59% for PHEQ. On fees, PHEQ is cheaper at 0.29% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MRCP or PHEQ?

Over the 1-year period, MRCP has performed better with a 15.92% return vs 13.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MRCP or PHEQ?

PHEQ is cheaper with a 0.29% expense ratio, compared with 0.50% for MRCP.

Which ETF pays a higher dividend yield, MRCP or PHEQ?

PHEQ has the higher dividend yield at 0.94%, compared with 0.00% for MRCP.

What is the main difference between MRCP and PHEQ?

They also come from different issuers: PGIM and Parametric. Their fees differ too: 0.50% for MRCP and 0.29% for PHEQ.

Which has better risk-adjusted returns?

PHEQ currently has the higher Sharpe Ratio (2.21 vs 2.17), 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.