Federated Hermes Enhanced Income ETF (PAYR) 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 PAYR. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to PAYR
PAYR charges 0.40% annually. There are 30 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% | 27.28M | Nov 2024 | PAYR vs PEPS | |
| State Street US Equity Premium Income ETF | 0.25% | 46.44M | Sep 2024 | PAYR vs SPIN | |
| iShares S&P 500 BuyWrite ETF | 0.25% | 292.36M | Mar 2024 | PAYR vs IVVW | |
| Fidelity Yield Enhanced Equity ETF | 0.28% | 166.08M | Apr 2024 | PAYR vs FYEE | |
| Invesco S&P 500 BuyWrite ETF | 0.29% | 344.74M | Dec 2007 | PAYR vs PBP |
Best Risk-Adjusted Alternatives to PAYR
Among 142 ETFs in the Derivative Income category with risk / return rank data, the top risk-adjusted alternatives shown here go as high as 97.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| YieldMax Semiconductor Portfolio Option Income ETF | 97 | 1.02B | Apr 2025 | PAYR vs CHPY | |
| SoFi Enhanced Yield ETF | 92 | 34.73M | Nov 2023 | PAYR vs THTA | |
| YieldMax GOOGL Option Income Strategy ETF | 92 | 298.09M | Jul 2023 | PAYR vs GOOY | |
| Global X NASDAQ 100 Covered Call ETF | 88 | 8.41B | Dec 2013 | PAYR vs QYLD | |
| YieldMax TSM Option Income Strategy ETF | 88 | 117.86M | Aug 2024 | PAYR vs TSMY |
Top Performing PAYR Alternatives (YTD)
PAYR is at 7.22% YTD. There are 96 ETFs in the Derivative Income category with higher YTD returns, going as high as 363.23%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| Roundhill ARM WeeklyPay ETF | 363.23% | 14.71M | Oct 2025 | PAYR vs ARMW | |
| Roundhill AMD WeeklyPay ETF | 192.40% | 90.88M | Jul 2025 | PAYR vs AMDW | |
| YieldMax Semiconductor Portfolio Option Income ETF | 85.77% | 1.02B | Apr 2025 | PAYR vs CHPY | |
| Defiance Oil Enhanced Options Income ETF | 62.18% | 62.15M | May 2024 | PAYR vs USOY | |
| YieldMax MRNA Option Income Strategy ETF | 51.59% | 82.87M | Oct 2023 | PAYR vs MRNY |
Lowest Volatility Alternatives to PAYR
PAYR has 9.73% 1-year volatility. There are 44 ETFs in the Derivative Income category with lower 1-year volatility, going as low as 0.00%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| Dividend Performers ETF | 0.00% | 20.88M | Dec 2018 | PAYR vs IPDP | |
| Simplify Treasury Option Income ETF | 3.14% | 438.06M | Oct 2022 | PAYR vs BUCK | |
| FT Vest High Yield & Target Income ETF | 3.83% | 90.68M | Feb 2025 | PAYR vs HYTI | |
| Main Buywrite ETF | 4.85% | 1.21B | Dec 2015 | PAYR vs BUYW | |
| FT Vest Investment Grade & Target Income ETF | 5.10% | 287.53M | Feb 2025 | PAYR vs LQTI |
Lowest Drawdown Alternatives to PAYR
Among 142 ETFs in the Derivative Income category with 1-year drawdown data, the lowest-drawdown alternatives shown here go as shallow as -1.31%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| Simplify Treasury Option Income ETF | -1.31% | 438.06M | Oct 2022 | PAYR vs BUCK | |
| FT Vest High Yield & Target Income ETF | -2.38% | 90.68M | Feb 2025 | PAYR vs HYTI | |
| Main Buywrite ETF | -2.59% | 1.21B | Dec 2015 | PAYR vs BUYW | |
| SoFi Enhanced Yield ETF | -2.64% | 34.73M | Nov 2023 | PAYR vs THTA | |
| VistaShares Target 15™ Berkshire Select Income ETF | -3.00% | 774.36M | Mar 2025 | PAYR vs OMAH |
Other ETFs from Federated Hermes
The 5 most viewed Federated Hermes ETFs shown here include MKTN, FLCC, FSCC and span 5 categories. AUM among these funds goes as high as $405M.
| Symbol | Name | Category | Risk / Return Rank | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|---|---|
| Federated Hermes MDT Market Neutral ETF | Long-Short | — | 1.27% | 82.10M | Sep 2025 | PAYR vs MKTN | |
| Federated Hermes MDT Large Cap Core ETF | Large Cap Blend Equities | 51 | 9.03% | 48.70M | Jul 2024 | PAYR vs FLCC | |
| Federated Hermes MDT Small Cap Core ETF | Small Cap Blend Equities | 63 | 15.26% | 164.50M | Jul 2024 | PAYR vs FSCC | |
| Federated Hermes MDT Large Cap Value ETF | Large Cap Value Equities | 69 | 12.98% | 72.30M | Jul 2024 | PAYR vs FLCV | |
| Federated Hermes MDT Large Cap Growth ETF | Large Cap Growth Equities | 35 | 4.84% | 405.20M | Jul 2024 | PAYR vs FLCG |
Often Compared With PAYR
Investors most often compare PAYR with GOOP, PAPI, QQA. These 7 comparison targets span 2 categories, based on PortfoliosLab usage data.
| Symbol | Name | Category | Risk / Return Rank | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|---|---|
| Kurv Yield Premium Strategy Google ETF | Derivative Income | 86 | 12.36% | 22.71M | Oct 2023 | PAYR vs GOOP | |
| Parametric Equity Premium Income ETF | Derivative Income | 33 | 5.81% | 388.80M | Oct 2023 | PAYR vs PAPI | |
| Invesco QQQ Income Advantage ETF | Derivative Income | 77 | 14.57% | 749.48M | Jul 2024 | PAYR vs QQA | |
| REX CRWV Growth & Income ETF | Derivative Income | — | 37.23% | 2.95M | Nov 2025 | PAYR vs CWII | |
| Day Hagan Smart Buffer ETF | Derivative Income | 63 | 4.21% | 39.66M | Feb 2025 | PAYR vs DHSB | |
| Global X Treasury Bond Enhanced Income ETF | Government Bonds, Derivative Income | — | -0.36% | — | Jul 2025 | PAYR vs TLTX | |
| REX IncomeMax Option Strategy ETF | Derivative Income | — | 43.46% | 40.50M | Oct 2025 | PAYR vs ULTI |
Compare PAYR with Any Fund or Stock
Compare PAYR with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair PAYR with funds that move differently
Federated Hermes Enhanced Income ETF alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to PAYR.
Explore PAYR Diversifiers