Parametric Equity Premium Income ETF (PAPI) belongs to the Derivative Income category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with PAPI. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to PAPI
PAPI charges 0.29% annually. There are 4 ETFs in the Derivative Income category with lower expense ratios, going as low as 0.10%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| Parametric Equity Plus ETF | 0.10% | 28.26M | Nov 2024 | PAPI vs PEPS | |
| State Street US Equity Premium Income ETF | 0.25% | 45.12M | Sep 2024 | PAPI vs SPIN | |
| iShares S&P 500 BuyWrite ETF | 0.25% | 307.07M | Mar 2024 | PAPI vs IVVW | |
| Fidelity Yield Enhanced Equity ETF | 0.28% | 185.18M | Apr 2024 | PAPI vs FYEE | |
| Invesco QQQ Income Advantage ETF | 0.29% | 751.17M | Jul 2024 | PAPI vs QQA |
Best Risk-Adjusted Alternatives to PAPI
PAPI has a PortfoliosLab risk / return rank of 44. There are 79 ETFs in the Derivative Income category with higher risk-adjusted ranks, going as high as 96.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| YieldMax Semiconductor Portfolio Option Income ETF | 96 | 1.11B | Apr 2025 | PAPI vs CHPY | |
| SoFi Enhanced Yield ETF | 96 | 34.73M | Nov 2023 | PAPI vs THTA | |
| YieldMax AMD Option Income Strategy ETF | 92 | 413.17M | Sep 2023 | PAPI vs AMDY | |
| YieldMax GOOGL Option Income Strategy ETF | 92 | 240.18M | Jul 2023 | PAPI vs GOOY | |
| Global X NASDAQ 100 Covered Call ETF | 90 | 8.15B | Dec 2013 | PAPI vs QYLD |
Top Performing PAPI Alternatives (YTD)
PAPI is at 8.42% YTD. There are 78 ETFs in the Derivative Income category with higher YTD returns, going as high as 19,132.59%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| REX HOOD Growth & Income ETF | 19,132.59% | 1.44M | Nov 2025 | PAPI vs HOII | |
| REX CRWV Growth & Income ETF | 13,199.78% | 2.19M | Nov 2025 | PAPI vs CWII | |
| Roundhill ARM WeeklyPay ETF | 265.63% | 22.82M | Oct 2025 | PAPI vs ARMW | |
| Roundhill AMD WeeklyPay ETF | 187.87% | 109.34M | Jul 2025 | PAPI vs AMDW | |
| YieldMax AMD Option Income Strategy ETF | 108.74% | 413.17M | Sep 2023 | PAPI vs AMDY |
Lowest Volatility Alternatives to PAPI
PAPI has 10.56% 1-year volatility. There are 48 ETFs in the Derivative Income category with lower 1-year volatility, going as low as 2.93%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| Simplify Treasury Option Income ETF | 2.93% | 470.81M | Oct 2022 | PAPI vs BUCK | |
| FT Vest High Yield & Target Income ETF | 3.90% | 90.87M | Feb 2025 | PAPI vs HYTI | |
| GraniteShares YieldBOOST Financials ETF | 4.58% | — | May 2026 | PAPI vs FINY | |
| Main Buywrite ETF | 4.86% | 1.23B | Dec 2015 | PAPI vs BUYW | |
| FT Vest Investment Grade & Target Income ETF | 5.11% | 293.75M | Feb 2025 | PAPI vs LQTI |
Lowest Drawdown Alternatives to PAPI
PAPI has a 1-year max drawdown of -6.86%. There are 32 ETFs in the Derivative Income category with shallower 1-year drawdowns, going as shallow as -1.31%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| Simplify Treasury Option Income ETF | -1.31% | 470.81M | Oct 2022 | PAPI vs BUCK | |
| FT Vest High Yield & Target Income ETF | -2.38% | 90.87M | Feb 2025 | PAPI vs HYTI | |
| Main Buywrite ETF | -2.59% | 1.23B | Dec 2015 | PAPI vs BUYW | |
| SoFi Enhanced Yield ETF | -2.64% | 34.73M | Nov 2023 | PAPI vs THTA | |
| VistaShares Target 15™ Berkshire Select Income ETF | -3.00% | 774.36M | Mar 2025 | PAPI vs OMAH |
Other ETFs from Morgan Stanley
The 3 most viewed Morgan Stanley ETFs shown here include MSLC, MSSM, MSBT and span 3 categories. AUM among these funds goes as high as $295M.
| Symbol | Name | Category | Risk / Return Rank | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|---|---|
| Morgan Stanley Pathway Large Cap Equity ETF | Large Cap Blend Equities | 46 | 7.37% | — | Nov 1991 | PAPI vs MSLC | |
| Morgan Stanley Pathway Small-Mid Cap Equity ETF | Small Cap Blend Equities | 76 | 20.81% | — | Dec 2024 | PAPI vs MSSM | |
| Morgan Stanley Bitcoin Trust | Cryptocurrency | — | — | 295.32M | Apr 2026 | PAPI vs MSBT |
Often Compared With PAPI
Investors most often compare PAPI with JEPI, BALI, RDVI. These 20 comparison targets span 6 categories, based on PortfoliosLab usage data.
Compare PAPI with Any Fund or Stock
Compare PAPI with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair PAPI with funds that move differently
Parametric Equity Premium Income ETF alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to PAPI.
Explore PAPI Diversifiers