The market risk premium (MRP) broadly describes the additional returns above the risk-free rate that investors require when putting a portfolio of assets at risk in the market. This would include the universe of investable assets, including stocks, bonds, real estate, and so on. The equity risk premium (ERP) looks more narrowly only at the excess returns of stocks over the risk-free rate. Because the market risk premium is broader and more diversified, the equity risk premium by itself tends to be larger.