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Relative Intelligence · Preferred Securities

How Bank of America Corp 6.45 % Notes 2018-15.12.66 Income Capital Obligations (MER-PK) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on MER-PK alone. It places MER-PK (Bank of America Corp 6.45 % Notes 2018-15.12.66 Income Capital Obligations) against its popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken and diversification. The result is a clearer view of where MER-PK stands in the market, and of the alternatives worth a closer look.

Period covered: MER-PK's full trading record, from May 2023 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against MER-PK →Chart MER-PK vs. 0 alternatives →
On this page10 sections

Key findings

How much would $10,000 in MER-PK have grown?

This chart tracks a hypothetical $10,000 investment in MER-PK over the past 3 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of MER-PK over the same span and MER-PK's popular alternatives, among those that traded for the entire period. It shows not only where each investment ended up but also how smooth or uneven the path was.

Note: MER-PK began trading on May 23, 2023, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or eight other sell-offs. It covers the most recent 3 years of MER-PK's record, starting at the end of September 2023.

From the end of September 2023 to the end of September 2026. Hover over a fund in the key to pick out its line. 3,325 of the 3,922 stocks and funds worth at least $500 million that traded the whole period ended ahead of MER-PK; the chart shows 5, closest alternatives first.

$5,000$10,000$15,000$20,000$25,0002023202420252026$5,000$10,000$15,000$20,000$25,0002023202420252026
  • BAC$21,362+114% total · +28.8% a year
  • KBE$18,534+85.3% total · +22.8% a year
  • SPY (S&P 500)$18,498+85.0% total · +22.8% a year
  • RZC$11,813+18.1% total · +5.7% a year
  • PFF$11,745+17.5% total · +5.5% a year
  • LQD$11,460+14.6% total · +4.6% a year
  • MER-PK$9,168−8.3% total · −2.9% a year
Change the dates or add tickers to this chart in EasyCompare

MER-PK at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

Note: MER-PK began trading on May 23, 2023, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust, the 2008 financial crisis or eight other sell-offs.

The company

Market value
$174B
Industry
Banks - Diversified
Price history from
May 2023

Returns

Past 1 year
−11.3%total return
Past 3 years
−6.6%−2.2% a year
Best calendar year
+1.5%2024
Worst calendar year
−0.6%2025
Losing years
1 of 2full calendar years

Risk

Volatility
6.3%typical yearly swing, 3 years
Sharpe ratio
-0.33return per unit of risk, 3 years
Worst decline ever
−14.0%Sep 2024 to Oct 2026
From its all-time high
−13.5%below the peak

MER-PK against the whole market

Where MER-PK ranks among every stock and fund, and what across the market has done better.

How does MER-PK rank among all stocks?

This section ranks MER-PK on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how MER-PK stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.

MeasureMER-PKRankStanding
1-year return−11.3%2,379 of 3,287bottom 29%
3-year return−6.6%2,427 of 3,017bottom 21%
Volatility, 3 years6.3%2 of 3,017top 1%
Sharpe ratio, 3 years-0.332,924 of 3,017bottom 4%

What has beaten MER-PK on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 3 years (higher is better) and how much its price swung, its volatility (further left is calmer). MER-PK sits where the dashed lines cross. Anything in the green box above and to the left earned more than MER-PK with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 3 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to MER-PK; faint dots are 44 more of the 270 in the green region (the strongest, one per fund family). 3,928 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

−1.0%0.0%1.0%2.0%3.0%4.0%5.0%6.0%7.0%8.0%−4.0%−2.0%0.0%2.0%4.0%6.0%8.0%10.0%12.0%Volatility over 3 years (annualized)Annual return over 3 yearsMore return, less volatility than MER-PKBINC: +6.6% a year, volatility 2.9%DFSD: +4.8% a year, volatility 2.1%LMBS: +5.8% a year, volatility 2.5%CGMS: +8.0% a year, volatility 4.5%JBND: +6.0% a year, volatility 4.7%CGMU: +4.6% a year, volatility 3.4%JPLD: +5.7% a year, volatility 1.8%VTES: +3.3% a year, volatility 1.7%BALT: +8.0% a year, volatility 3.4%CGSD: +5.0% a year, volatility 1.9%CLOA: +6.0% a year, volatility 1.2%USTB: +5.9% a year, volatility 1.7%TDTT: +4.6% a year, volatility 2.6%CGCB: +5.2% a year, volatility 5.2%CSHI: +5.3% a year, volatility 1.4%TBUX: +5.6% a year, volatility 1.1%CLOI: +6.5% a year, volatility 2.6%YEAR: +4.7% a year, volatility 1.1%CARY: +6.8% a year, volatility 2.7%DFNM: +3.2% a year, volatility 2.5%BSCW: +7.0% a year, volatility 5.4%CLOZ: +8.5% a year, volatility 3.7%TUSI: +5.4% a year, volatility 1.1%LONZ: +7.2% a year, volatility 2.8%FLUD: +5.0% a year, volatility 1.6%ICLO: +6.0% a year, volatility 2.6%JCPI: +5.3% a year, volatility 3.8%HYBL: +8.3% a year, volatility 3.5%BUXX: +5.2% a year, volatility 1.4%CAOS: +3.8% a year, volatility 3.4%BUCK: +4.8% a year, volatility 3.8%BNDX: +4.3% a year, volatility 3.9%FLRT: +7.6% a year, volatility 2.1%USHY: +8.8% a year, volatility 4.8%FLOT: +5.3% a year, volatility 1.4%JPIE: +6.8% a year, volatility 2.4%JCPB: +6.2% a year, volatility 4.9%BKLN: +6.8% a year, volatility 3.1%SCHP: +4.4% a year, volatility 4.4%SRLN: +6.9% a year, volatility 3.0%UCON: +5.5% a year, volatility 3.3%JBBB: +7.5% a year, volatility 3.7%HYD: +5.0% a year, volatility 5.5%IBD: +5.6% a year, volatility 5.4%MER-PK: −2.2% a year, volatility 6.3%RZC: +6.6% a year, volatility 5.9%VCSH: +5.4% a year, volatility 2.4%AGG: +5.1% a year, volatility 5.1%FPE: +9.3% a year, volatility 4.8%BSCR: +6.1% a year, volatility 2.3%APOS: +6.9% a year, volatility 7.2%BIL: +4.4% a year, volatility 0.2%VTIP: +4.4% a year, volatility 2.1%BSV: +4.5% a year, volatility 2.2%JAAA: +6.1% a year, volatility 1.2%SHY: +3.9% a year, volatility 1.6%ZALT: +10.8% a year, volatility 6.1%PMTU: +10.5% a year, volatility 6.6%PREF: +9.1% a year, volatility 3.4%XEMD: +10.7% a year, volatility 5.5%SPSB: +5.2% a year, volatility 1.6%MER-PKRZCVCSHAGGFPEBSCRAPOSBILVTIPBSVJAAASHYZALTPMTUPREFXEMDSPSB−2.0%0.0%2.0%4.0%6.0%8.0%−5.0%−2.5%0.0%2.5%5.0%7.5%10.0%12.5%Volatility over 3 years (annualized)Annual return over 3 yearsMore return, less volatility than MER-PKBINC: +6.6% a year, volatility 2.9%DFSD: +4.8% a year, volatility 2.1%LMBS: +5.8% a year, volatility 2.5%CGMS: +8.0% a year, volatility 4.5%JBND: +6.0% a year, volatility 4.7%CGMU: +4.6% a year, volatility 3.4%JPLD: +5.7% a year, volatility 1.8%VTES: +3.3% a year, volatility 1.7%BALT: +8.0% a year, volatility 3.4%CGSD: +5.0% a year, volatility 1.9%CLOA: +6.0% a year, volatility 1.2%USTB: +5.9% a year, volatility 1.7%TDTT: +4.6% a year, volatility 2.6%CGCB: +5.2% a year, volatility 5.2%CSHI: +5.3% a year, volatility 1.4%TBUX: +5.6% a year, volatility 1.1%CLOI: +6.5% a year, volatility 2.6%YEAR: +4.7% a year, volatility 1.1%CARY: +6.8% a year, volatility 2.7%DFNM: +3.2% a year, volatility 2.5%BSCW: +7.0% a year, volatility 5.4%CLOZ: +8.5% a year, volatility 3.7%TUSI: +5.4% a year, volatility 1.1%LONZ: +7.2% a year, volatility 2.8%FLUD: +5.0% a year, volatility 1.6%ICLO: +6.0% a year, volatility 2.6%JCPI: +5.3% a year, volatility 3.8%HYBL: +8.3% a year, volatility 3.5%BUXX: +5.2% a year, volatility 1.4%CAOS: +3.8% a year, volatility 3.4%BUCK: +4.8% a year, volatility 3.8%BNDX: +4.3% a year, volatility 3.9%FLRT: +7.6% a year, volatility 2.1%USHY: +8.8% a year, volatility 4.8%FLOT: +5.3% a year, volatility 1.4%JPIE: +6.8% a year, volatility 2.4%JCPB: +6.2% a year, volatility 4.9%BKLN: +6.8% a year, volatility 3.1%SCHP: +4.4% a year, volatility 4.4%SRLN: +6.9% a year, volatility 3.0%UCON: +5.5% a year, volatility 3.3%JBBB: +7.5% a year, volatility 3.7%HYD: +5.0% a year, volatility 5.5%IBD: +5.6% a year, volatility 5.4%MER-PK: −2.2% a year, volatility 6.3%RZC: +6.6% a year, volatility 5.9%VCSH: +5.4% a year, volatility 2.4%AGG: +5.1% a year, volatility 5.1%FPE: +9.3% a year, volatility 4.8%BSCR: +6.1% a year, volatility 2.3%APOS: +6.9% a year, volatility 7.2%BIL: +4.4% a year, volatility 0.2%VTIP: +4.4% a year, volatility 2.1%BSV: +4.5% a year, volatility 2.2%JAAA: +6.1% a year, volatility 1.2%SHY: +3.9% a year, volatility 1.6%ZALT: +10.8% a year, volatility 6.1%PMTU: +10.5% a year, volatility 6.6%PREF: +9.1% a year, volatility 3.4%XEMD: +10.7% a year, volatility 5.5%SPSB: +5.2% a year, volatility 1.6%MER-PKRZCVCSHAGGFPEBSCRBILVTIPBSVJAAAZALTPMTUPREFXEMD
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region
  • 1 with more than 1.6× MER-PK's volatility is in the table only

Is there a better investment than MER-PK?

Investments that beat MER-PK over the past 3 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat MER-PK over the past 3 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks MER-PK's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than MER-PK follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 3 years; the worst decline covers the past 10 years. Green marks a better figure than MER-PK's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× MER-PK's volatility counts as better.

These figures cover the past 3 years. Green marks a better figure than MER-PK's.

Screen the whole market against MER-PK for any period in BetterThanSPYOpen these 14 in EasyCompare
InvestmentWhy it is betterPast 3 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years3Y returntotalCorr. with MER-PK?lower diversifies moreExpenseper year
MER-PKBank of America Corp 6.45 % Notes 2018-15.12.66 Income Capital Obligations · this page
−2.2%6.3%-0.33−14.0%−6.6%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+23.7%15.2%1.48−33.7%+89.3%0.240.09%
Same and neighboring categories, and shared themesbest 6 shownEverything else in Preferred Securities and the categories next to it (Life Insurance, Investment Grade Bonds, Junior Subordinated Debt, Corporate Bonds), plus MER-PK's specific themes. 19 of 70 passed at least one test.
RZCReinsurance Group of America, Incorporated · Corporate Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst decline+6.6%5.9%1.13−4.8%+21.2%0.30—
VCSHVanguard Short-Term Corporate Bond ETF · Investment Grade Bonds
Higher return, lower volatility+5.4%2.4%2.26−12.9%+17.0%0.510.03%
AGGiShares Core U.S. Aggregate Bond ETF · Investment Grade Bonds
Higher return, lower volatility+5.1%5.1%1.01−18.4%+16.2%0.420.03%
FPEFirst Trust Preferred Securities and Income ETF · Preferred Securities
Higher return, lower volatility+9.3%4.8%1.89−33.3%+30.7%0.530.83%
BSCRInvesco BulletShares 2027 Corporate Bond ETF · Investment Grade Bonds
Higher return, lower volatility+6.1%2.3%2.68−17.3%+19.6%0.220.10%
APOSApollo Global Management, Inc. · Corporate Bonds
Higher Sharpe, smaller worst decline+6.9%7.2%0.97−4.5%+22.3%-0.05—
The whole marketbest 7 shownEvery other stock and fund worth at least $500 million. 269 of 3,854 passed at least one test.
BILState Street SPDR Bloomberg 1-3 Month T-Bill ETF · Treasury Bonds
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst decline+4.4%0.2%18.66−0.2%+13.9%0.270.14%
VTIPVanguard Short-Term Inflation-Protected Securities ETF · Treasury Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst decline+4.4%2.1%2.10−6.3%+13.9%0.460.03%
BSVVanguard Short-Term Bond ETF · Short-Term Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst decline+4.5%2.2%1.99−8.5%+14.1%0.400.03%
JAAAJanus Henderson AAA CLO ETF · CLO Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst decline+6.1%1.2%4.93−2.6%+19.5%0.240.20%
SHYiShares 1-3 Year Treasury Bond ETF · Treasury Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst decline+3.9%1.6%2.36−5.7%+12.1%0.410.15%
ZALTInnovator U.S. Equity 10 Buffer ETF - Quarterly · Broad Market
On the frontierHigher return, similar volatilityHigher Sharpe, smaller worst decline+10.8%6.1%1.72−8.2%+36.0%—0.69%
PMTUPennyMac Mortgage Investment Trust · REIT - Mortgage
Higher return, similar volatilityHigher Sharpe, smaller worst decline+10.5%6.6%1.57−2.9%+35.1%0.16—
What these numbers mean for MER-PK
Annual return
MER-PK lost 2.2% a year over the past 3 years with dividends reinvested, against 23.7% a year for the S&P 500. At that pace, $10,000 became about $9,340. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
MER-PK's volatility over the past 3 years was 6.2%, 41% of the S&P 500's 15.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, MER-PK's return lands within 6.2% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
MER-PK's Sharpe ratio over the past 3 years was -0.33, against 1.48 for the S&P 500, so MER-PK earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
MER-PK's worst fall from a peak to a low over the past 10 years was 14.0%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 14.0% fall takes a 16.3% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 3 years, MER-PK's monthly returns had a correlation of 0.24 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against MER-PK instead: the lower it is, the more that option would diversify a MER-PK holding. Guide: Correlation and diversification →
Show all 270 stocks and funds worth at least $500 million that earned more than MER-PK with less volatility

Out of 3,928 tested over 3 years. The strongest 55 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline3Y returnCorr. with MER-PKExpense
1
BILState Street SPDR Bloomberg 1-3 Month T-Bill ETF · Treasury Bonds
Whole market+4.4%0.2%18.66−0.2%+13.9%0.270.14%
2
VTIPVanguard Short-Term Inflation-Protected Securities ETF · Treasury Bonds
Whole market+4.4%2.1%2.10−6.3%+13.9%0.460.03%
3
BSVVanguard Short-Term Bond ETF · Short-Term Bonds
Whole market+4.5%2.2%1.99−8.5%+14.1%0.400.03%
4
JAAAJanus Henderson AAA CLO ETF · CLO Bonds
Whole market+6.1%1.2%4.93−2.6%+19.5%0.240.20%
5
SHYiShares 1-3 Year Treasury Bond ETF · Treasury Bonds
Whole market+3.9%1.6%2.36−5.7%+12.1%0.410.15%
6
BINCiShares Flexible Income Active ETF · Multisector Bonds
Whole market+6.6%2.9%2.24−2.7%+21.2%0.500.52%
7
DFSDDimensional - Short Duration Fixed Income ETF · Short-Term Bonds
Whole market+4.8%2.1%2.23−8.5%+15.2%0.560.17%
8
LMBSFirst Trust Low Duration Opportunities ETF · Mortgage-Backed Securities
Whole market+5.8%2.5%2.26−6.5%+18.4%0.500.66%
9
CGMSCapital Group U.S. Multi-Sector Income ETF · Multisector Bonds
Whole market+8.0%4.5%1.74−4.1%+25.9%0.480.39%
10
JBNDJPMorgan Active Bond ETF · Total Bond Market
Whole market+6.0%4.7%1.27−5.1%+19.2%—0.25%
11
CGMUCapital Group Municipal Income ETF · Municipal Bonds
Whole market+4.6%3.4%1.34−5.6%+14.4%0.560.27%
12
JPLDJPMorgan Limited Duration Bond ETF · Short-Term Bonds
Whole market+5.7%1.8%3.10−1.2%+18.0%0.500.30%
13
VTESVanguard Short-Term Tax-Exempt Bond ETF · Bonds
Whole market+3.3%1.7%1.87−2.9%+10.1%0.570.05%
14
BALTInnovator Defined Wealth Shield ETF · Crypto
Whole market+8.0%3.4%2.28−4.9%+26.1%0.190.69%
15
CGSDCapital Group Short Duration Income ETF · Bonds
Whole market+5.0%1.9%2.57−1.8%+15.9%0.500.25%
16
CLOAiShares AAA CLO Active ETF · Bonds
Whole market+6.0%1.2%5.00−1.4%+19.1%0.480.20%
17
USTBVictoryShares Short-Term Bond ETF · Bonds
Whole market+5.9%1.7%3.38−5.3%+18.7%0.490.34%
18
TDTTNorthern Trust iBoxx 3-Year Target Duration TIPS ETF · Bonds
Whole market+4.6%2.6%1.76−8.1%+14.5%0.450.19%
19
CGCBCapital Group Core Bond ETF · Total Bond Market
Whole market+5.2%5.2%1.01−5.2%+16.4%0.410.27%
20
CSHINeos Enhanced Income Cash Alternative ETF · Bonds
Whole market+5.3%1.4%3.81−1.7%+16.7%0.290.38%
21
TBUXT. Rowe Price Ultra Short-Term Bond ETF · Bonds
Whole market+5.6%1.1%4.96−1.8%+17.6%0.530.17%
22
CLOIVanEck CLO ETF · Multi-Asset
Whole market+6.5%2.6%2.46−3.3%+20.9%0.260.29%
23
RZCReinsurance Group of America, Incorporated · Corporate Bonds
Same or nearby category+6.6%5.9%1.13−4.8%+21.2%0.30—
24
YEARAlliance Bernstein - AB Ultra Short Income ETF · Bonds
Whole market+4.7%1.1%4.30−0.6%+14.7%0.450.25%
25
CARYAngel Oak Income ETF · Bonds
Whole market+6.8%2.7%2.44−2.3%+21.7%0.481.00%
26
DFNMDimensional - National Municipal Bond ETF · Bonds
Whole market+3.2%2.5%1.29−7.0%+9.8%0.570.18%
27
BSCWInvesco BulletShares 2032 Corporate Bond ETF · Bonds
Whole market+7.0%5.4%1.27−8.3%+22.4%0.380.10%
28
CLOZEldridge BBB-B CLO ETF · Bonds
Whole market+8.5%3.7%2.25−5.4%+27.6%0.100.50%
29
TUSITouchstone Ultra Short Income ETF · Bonds
Whole market+5.4%1.1%4.83−0.4%+17.1%0.500.43%
30
LONZPIMCO Senior Loan Active Exchange-Traded Fund · Bonds
Whole market+7.2%2.8%2.53−4.2%+23.1%0.150.73%
31
FLUDFranklin Ultra Short Bond ETF · Bonds
Whole market+5.0%1.6%3.07−1.7%+15.8%0.270.15%
32
ICLOInvesco AAA CLO Floating Rate Note ETF · Alternatives
Whole market+6.0%2.6%2.29−3.5%+19.0%0.390.19%
33
JCPIJPMorgan Inflation Managed Bond ETF · Bonds
Whole market+5.3%3.8%1.40−7.9%+16.8%0.520.39%
34
HYBLState Street Blackstone High Income ETF · Bonds
Whole market+8.3%3.5%2.28−8.4%+27.0%0.390.70%
35
BUXXStrive Enhanced Income Short Maturity ETF · Bonds
Whole market+5.2%1.4%3.62−0.6%+16.4%0.400.26%
36
CAOSAlpha Architect Tail Risk ETF · Multi-Asset
Whole market+3.8%3.4%1.11−3.6%+11.9%0.260.63%
37
BUCKSimplify Treasury Option Income ETF · Bonds
Whole market+4.8%3.8%1.27−5.4%+15.2%0.230.35%
38
PREFPrincipal Spectrum Preferred Securities Active ETF · Bonds
Whole market+9.1%3.4%2.60−23.0%+29.9%0.500.55%
39
BNDXVanguard Total International Bond ETF · International Bonds
Whole market+4.3%3.9%1.11−16.2%+13.4%0.360.07%
40
FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Financials
Whole market+7.6%2.1%3.54−21.0%+24.5%0.270.60%
41
XEMDBondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF · Bonds
Whole market+10.7%5.5%1.90−10.0%+35.8%0.520.29%
42
USHYiShares Broad USD High Yield Corporate Bond ETF · High Yield Bonds
Whole market+8.8%4.8%1.79−22.4%+28.8%0.510.08%
43
FLOTiShares Floating Rate Bond ETF · Floating Rate Bonds
Whole market+5.3%1.4%3.85−13.5%+16.9%0.180.15%
44
JPIEJPMorgan Income ETF · Multisector Bonds
Whole market+6.8%2.4%2.78−10.0%+22.0%0.510.40%
45
JCPBJPMorgan Core Plus Bond ETF · Core Plus Bonds
Whole market+6.2%4.9%1.25−16.7%+19.8%0.420.40%
46
BKLNInvesco Senior Loan ETF · Bank Loans
Whole market+6.8%3.1%2.17−24.1%+21.7%0.060.67%
47
SCHPSchwab US TIPS ETF · Treasury Bonds
Whole market+4.4%4.4%1.01−14.3%+13.9%0.520.03%
48
SRLNState Street Blackstone Senior Loan ETF · Bank Loans
Whole market+6.9%3.0%2.25−22.3%+22.0%0.150.70%
49
SPSBState Street SPDR Portfolio Short Term Corporate Bond ETF · Investment Grade Bonds
Same or nearby category+5.2%1.6%3.10−11.8%+16.3%0.450.04%
50
UCONFirst Trust Smith Unconstrained Bond ETF · Bonds
Whole market+5.5%3.3%1.64−15.3%+17.3%0.570.86%
51
FPEFirst Trust Preferred Securities and Income ETF · Preferred Securities
Same or nearby category+9.3%4.8%1.89−33.3%+30.7%0.530.83%
52
BSCRInvesco BulletShares 2027 Corporate Bond ETF · Investment Grade Bonds
Same or nearby category+6.1%2.3%2.68−17.3%+19.6%0.220.10%
53
JBBBJanus Henderson B-BBB CLO ETF · Bonds
Whole market+7.5%3.7%2.00−10.8%+24.1%0.300.47%
54
HYDVanEck High Yield Muni ETF · Municipal Bonds
Whole market+5.0%5.5%0.92−35.6%+15.7%0.490.32%
55
IBDInspire Corporate Bond ETF · Bonds
Whole market+5.6%5.4%1.03−16.3%+17.7%0.390.41%

MER-PK against its popular alternatives

The investments people most often weigh against MER-PK, compared period by period and year by year.

How do MER-PK's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 3 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at MER-PK, which divides the map into what did better or worse on each measure.

Green points earned more than MER-PK with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

5.0%7.5%10.0%12.5%15.0%17.5%20.0%22.5%25.0%−5.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%Volatility over 3 years (annualized)Annual return over 3 yearsHigher return, lower volatilityLower return, higher volatilityMER-PK: −2.2% a year, volatility 6.3%SPY (S&P 500): 23.7% a year, volatility 15.2%KBE: 25.9% a year, volatility 24.8%LQD: 6.2% a year, volatility 6.9%PFF: 6.7% a year, volatility 8.4%BAC: 27.4% a year, volatility 24.7%MER-PKSPY (S&P 500)KBELQDPFFBAC5.0%10.0%15.0%20.0%25.0%−5.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%Volatility over 3 years (annualized)Annual return over 3 yearsHigher return, lower volatilityLower return, higher volatilityMER-PK: −2.2% a year, volatility 6.3%SPY (S&P 500): 23.7% a year, volatility 15.2%KBE: 25.9% a year, volatility 24.8%LQD: 6.2% a year, volatility 6.9%PFF: 6.7% a year, volatility 8.4%BAC: 27.4% a year, volatility 24.7%MER-PKSPY (S&P 500)KBELQDPFFBAC
All figures
InvestmentAnnual returnVolatility
BAC Bank of America Corporation+27.4%24.7%
KBE State Street SPDR S&P Bank ETF+25.9%24.8%
SPY S&P 500State Street SPDR S&P 500 ETF+23.7%15.2%
PFF iShares Preferred and Income Securities ETF+6.7%8.4%
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF+6.2%6.9%
MER-PK This pageBank of America Corp 6.45 % Notes 2018-15.12.66 Income Capital Obligations−2.2%6.3%
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How did MER-PK do year by year?

This table shows each investment's total return in every full calendar year since 2024, along with where MER-PK ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with MER-PK and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: MER-PK began trading on May 23, 2023, so the table starts with 2024, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or eight other sell-offs.

Newest year first. Green marks a year in which the fund came out ahead of MER-PK; gray means the two finished within a fraction of a point. The rank row places MER-PK among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of MER-PK20252024
MER-PK This pageBank of America Corp 6.45 % Notes 2018-15.12.66 Income Capital Obligations—−0.6%+1.5%
Rank among alternativesTop quarter in 0 of 25 of 54 of 5
SPY S&P 500State Street SPDR S&P 500 ETF2 of 2+17.7%+24.9%
KBE State Street SPDR S&P Bank ETF2 of 2+12.3%+23.8%
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF1 of 2+7.9%+0.9%
PFF iShares Preferred and Income Securities ETF2 of 2+4.9%+7.2%
BAC Bank of America Corporation2 of 2+28.0%+33.9%
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Risk and diversification

How MER-PK has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were MER-PK's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents MER-PK's deepest drawdown since it began trading in 2023, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Note: MER-PK began trading on May 23, 2023, so this list cannot include the dot-com bust, the 2008 financial crisis or eight other sell-offs.

Green means MER-PK fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringMER-PK fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
No named crash−14.0%+42.8%Sep 2024Oct 20262.1 yearsNot yet—

How closely does MER-PK move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares MER-PK with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 3 years.

Monthly total returns over the past 3 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than MER-PK's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
MER-PK This pageBank of America Corp 6.45 % Notes 2018-15.12.66 Income Capital Obligations3%45%0.060.12
BAC Bank of America Corporation126%131%0.961.20
KBE State Street SPDR S&P Bank ETF114%146%0.781.04
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF32%57%0.560.37
PFF iShares Preferred and Income Securities ETF48%103%0.460.56
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What diversifies MER-PK?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with MER-PK's. Because such investments tend not to fall at the same time, pairing MER-PK with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 3 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which MER-PK lost money. The last two columns show a portfolio that is 80% MER-PK and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation3Y returnSharpe202580/20 mix volatility80/20 mix annual return
MER-PK Bank of America Corp 6.45 % Notes 2018-15.12.66 Income Capital Obligations (this page)1.00−6.6%-0.33−0.6%6.2%−2.9%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.41+92.3%2.12+27.1%5.8%+1.8%
CLSE Broad MarketConvergence Long/Short Equity ETF0.17+115%1.93+20.4%5.8%+3.0%
SEIV Broad MarketSEI QiM U.S. Large Cap Value Active ETF0.33+114%1.81+27.4%6.2%+2.6%
CGDV Dividend & IncomeCapital Group Dividend Value ETF0.36+97.2%1.73+25.5%6.2%+2.2%
FMAR Multi-AssetFT Vest U.S. Equity Buffer ETF - March0.24+54.4%1.72+9.7%5.4%+0.6%
VLUE Broad MarketiShares MSCI USA Value Factor ETF0.26+136%1.71+32.7%7.0%+3.8%
AVDV InternationalAvantis International Small Cap Value ETF0.22+118%1.70+49.4%6.3%+2.9%
EUFN InternationaliShares MSCI Europe Financials ETF0.34+141%1.65+65.8%6.7%+3.9%

Stocks

InvestmentCorrelation3Y returnSharpe202580/20 mix volatility80/20 mix annual return
MER-PK Bank of America Corp 6.45 % Notes 2018-15.12.66 Income Capital Obligations (this page)1.00−6.6%-0.33−0.6%6.2%−2.9%
CM Banks - DiversifiedCanadian Imperial Bank of Commerce0.29+261%2.27+49.0%7.9%+6.2%
RY Banks - DiversifiedRoyal Bank of Canada0.30+173%2.08+46.3%7.3%+4.2%
TIGO Telecommunications ServicesMillicom International Cellular S.A.0.31+540%1.99+152%8.3%+11.8%
CIB Banks - RegionalGrupo Cibest S.A.0.20+398%1.95+122%8.8%+9.1%
NTRA Medical - Diagnostics & ResearchNatera, Inc.-0.08+896%1.91+44.7%11.0%+16.0%
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Common questions

What was MER-PK's worst drawdown?

MER-PK's deepest decline since it began trading in 2023 was 14.0%, from September 2024 to October 2026. It has not yet climbed back to that peak. Because MER-PK launched in May 2023, that record does not include the dot-com bust, the 2008 financial crisis or eight other sell-offs.

What were MER-PK's best and worst years?

Over two full calendar years, MER-PK's best year was 2024, when it returned 1.5%. Its worst was 2025, with a return of -0.6%.

Is there a better investment than MER-PK?

Looking beyond its popular alternatives, RZC (corporate bonds) and VCSH (investment grade bonds) earned more than MER-PK with less volatility over the past 3 years. RZC returned 6.6% a year at 5.9% volatility, against a loss of 2.2% a year at 6.2%. Across the whole market, 270 of the 3,928 stocks and funds worth at least $500 million earned more than MER-PK with less volatility over the past 3 years, among them BND, AGG and BNDX.

Is MER-PK more volatile than the S&P 500?

No. MER-PK's volatility over the past 3 years was 6.2%, 41% of the S&P 500's 15.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, MER-PK's return lands within 6.2% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is MER-PK's Sharpe ratio?

MER-PK's Sharpe ratio over the past 3 years was -0.33, against 1.48 for the S&P 500, so MER-PK earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is MER-PK with the S&P 500?

Over the past 3 years, MER-PK's monthly returns had a correlation of 0.24 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against MER-PK instead: the lower it is, the more that option would diversify a MER-PK holding.

What diversifies MER-PK?

These had a low correlation with MER-PK over the past 3 years and still earned a positive 3-year return: among large ETFs, LVHI (correlation 0.41), CLSE (correlation 0.17) and SEIV (correlation 0.33); among large stocks, CM (correlation 0.29), RY (correlation 0.30) and TIGO (correlation 0.31). A correlation near zero means the two have moved largely independently.

How we measure

More research

Stocks and ETFs