MRK vs. AMGN

Last updated Jun 3, 2026

MRK (Merck & Co., Inc.) and AMGN (Amgen Inc.) are both stocks. Both operate in the Drug Manufacturers - General industry within the Healthcare sector. Over the past 10 years, MRK returned 11.28%/yr vs 10.76%/yr for AMGN. At a 0.35 correlation, their price movements are largely independent.

Performance

MRK vs. AMGN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Merck & Co., Inc. (MRK) and Amgen Inc. (AMGN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MRK achieves a 10.68% return, which is significantly higher than AMGN's 1.75% return. Both investments have delivered pretty close results over the past 10 years, with MRK having a 11.28% annualized return and AMGN not far behind at 10.76%.

MRK

• 1D: 0.42%
• 1M: 3.11%
• YTD: 10.68%
• 6M: 16.30%
• 1Y: 57.18%
• 3Y*: 4.06%
• 5Y*: 12.86%
• 10Y*: 11.28%

AMGN

• 1D: -0.26%
• 1M: 0.28%
• YTD: 1.75%
• 6M: -1.58%
• 1Y: 17.21%
• 3Y*: 18.18%
• 5Y*: 10.26%
• 10Y*: 10.76%

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

MRK vs. AMGN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MRK Merck & Co., Inc.	10.68%	9.79%	-6.26%	1.01%	49.42%	1.75%	-7.20%	22.27%	39.95%	-1.49%
AMGN Amgen Inc.	1.75%	29.67%	-6.77%	13.46%	20.43%	0.87%	-1.99%	27.60%	15.23%	22.27%

Correlation

The correlation between MRK and AMGN is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since Sep 10, 1984	0.35

The correlation between MRK and AMGN shifts across timeframes, from 0.35 (all time) to 0.50 (1 year), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap MRK : $285.89B AMGN : $178.57B
EPS MRK : $3.58 AMGN : $14.38
PE Ratio MRK : 32.26 AMGN : 22.83
PEG Ratio MRK : 0.03 AMGN : 1.31
PS Ratio MRK : 4.40 AMGN : 4.78
PB Ratio MRK : 6.23 AMGN : 19.43
Total Revenue (TTM) MRK : $65.59B AMGN : $37.24B
Gross Profit (TTM) MRK : $49.79B AMGN : $26.61B
EBITDA (TTM) MRK : $22.69B AMGN : $17.27B

Return for Risk

MRK vs. AMGN — Risk / Return Rank

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

MRK

MRK Risk / Return Rank: 89
MRK Sharpe Ratio Rank: 89
MRK Sortino Ratio Rank: 88
MRK Omega Ratio Rank: 85
MRK Calmar Ratio Rank: 91
MRK Martin Ratio Rank: 90

AMGN

AMGN Risk / Return Rank: 59
AMGN Sharpe Ratio Rank: 61
AMGN Sortino Ratio Rank: 56
AMGN Omega Ratio Rank: 55
AMGN Calmar Ratio Rank: 62
AMGN Martin Ratio Rank: 63

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.

MRK vs. AMGN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Merck & Co., Inc. (MRK) and Amgen Inc. (AMGN). 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.

	MRK	AMGN	Difference
Sharpe ratio Return per unit of total volatility	2.14	0.64	+1.50
Sortino ratio Return per unit of downside risk	3.06	1.13	+1.93
Omega ratio Gain probability vs. loss probability	1.37	1.14	+0.23
Calmar ratio Return relative to maximum drawdown	4.93	1.05	+3.88
Martin ratio Return relative to average drawdown	12.44	2.49	+9.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MRK vs. AMGN - Sharpe Ratio Comparison

The current MRK Sharpe Ratio is 2.14, which is higher than the AMGN Sharpe Ratio of 0.64. The chart below compares the historical Sharpe Ratios of MRK and AMGN, 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

	MRK	AMGN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.14	0.64	+1.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	0.43	+0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.44	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.61	-0.12

Drawdowns

MRK vs. AMGN - Drawdown Comparison

The maximum MRK drawdown since its inception was -68.61%, which is greater than AMGN's maximum drawdown of -63.48%. Use the drawdown chart below to compare losses from any high point for MRK and AMGN.

Drawdown Indicators

	MRK	AMGN	Difference
Max Drawdown Largest peak-to-trough decline	-68.61%	-63.48%	-5.13%
Max Drawdown (1Y) Largest decline over 1 year	-11.37%	-16.57%	+5.20%
Max Drawdown (3Y) Largest decline over 3 years	-43.44%	-22.74%	-20.70%
Max Drawdown (5Y) Largest decline over 5 years	-43.44%	-24.86%	-18.58%
Max Drawdown (10Y) Largest decline over 10 years	-43.44%	-24.86%	-18.58%
Current Drawdown Current decline from peak	-7.74%	-14.79%	+7.05%
Average Drawdown Average peak-to-trough decline	-18.85%	-16.78%	-2.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.50%	6.96%	-2.46%

Volatility

MRK vs. AMGN - Volatility Comparison

Merck & Co., Inc. (MRK) has a higher volatility of 8.19% compared to Amgen Inc. (AMGN) at 5.71%. This indicates that MRK's price experiences larger fluctuations and is considered to be riskier than AMGN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MRK	AMGN	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.19%	5.71%	+2.48%
Volatility (6M) Calculated over the trailing 6-month period	17.85%	19.04%	-1.19%
Volatility (1Y) Calculated over the trailing 1-year period	26.92%	27.08%	-0.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.64%	23.83%	-0.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.91%	24.79%	-1.88%

Dividends

MRK vs. AMGN - Dividend Comparison

MRK's dividend yield for the trailing twelve months is around 2.87%, less than AMGN's 2.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AMGN Amgen Inc.	2.99%	2.91%	3.45%	2.96%	2.95%	3.13%	2.78%	2.41%	2.71%	2.65%	2.74%	1.95%
MRK Merck & Co., Inc.	2.87%	3.12%	3.14%	2.72%	2.52%	3.41%	3.03%	2.48%	2.60%	3.36%	3.14%	3.43%

Financials

MRK vs. AMGN - Profitability Comparison

The chart below illustrates the profitability comparison between Merck & Co., Inc. and Amgen Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

MRK - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Merck & Co., Inc. reported a gross profit of 13.34B and revenue of 16.29B. Therefore, the gross margin over that period was 81.9%.

AMGN - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Amgen Inc. reported a gross profit of 5.87B and revenue of 8.62B. Therefore, the gross margin over that period was 68.2%.

MRK - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Merck & Co., Inc. reported an operating income of -1.88B and revenue of 16.29B, resulting in an operating margin of -11.6%.

AMGN - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Amgen Inc. reported an operating income of 2.67B and revenue of 8.62B, resulting in an operating margin of 30.9%.

MRK - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Merck & Co., Inc. reported a net income of -4.24B and revenue of 16.29B, resulting in a net margin of -26.0%.

AMGN - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Amgen Inc. reported a net income of 1.82B and revenue of 8.62B, resulting in a net margin of 21.1%.

Frequently Asked Questions

Can I hold both MRK and AMGN in my portfolio?

MRK and AMGN have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MRK or AMGN?

MRK has higher volatility (8.19%) compared to AMGN (5.71%). In terms of maximum drawdown, MRK dropped -68.61% vs AMGN's -63.48%.

Which has better risk-adjusted returns?

MRK currently has the higher Sharpe Ratio (2.14 vs 0.64), 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.