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 36 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% | 29.28M | Nov 2024 | PAYR vs PEPS | |
| iShares S&P 500 BuyWrite ETF | 0.25% | 324.77M | Mar 2024 | PAYR vs IVVW | |
| State Street US Equity Premium Income ETF | 0.25% | 45.73M | Sep 2024 | PAYR vs SPIN | |
| Fidelity Yield Enhanced Equity ETF | 0.28% | 198.84M | Apr 2024 | PAYR vs FYEE | |
| Invesco S&P 500 BuyWrite ETF | 0.29% | 352.13M | Dec 2007 | PAYR vs PBP |
Best Risk-Adjusted Alternatives to PAYR
Among 170 ETFs in the Derivative Income category with risk / return rank data, the top risk-adjusted alternatives shown here go as high as 96.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| Simplify Treasury Option Income ETF | 96 | 474.96M | Oct 2022 | PAYR vs BUCK | |
| SoFi Enhanced Yield ETF | 95 | 34.73M | Nov 2023 | PAYR vs THTA | |
| YieldMax GOOGL Option Income Strategy ETF | 92 | 246.95M | Jul 2023 | PAYR vs GOOY | |
| YieldMax Semiconductor Portfolio Option Income ETF | 91 | 1.16B | Apr 2025 | PAYR vs CHPY | |
| First Trust Nasdaq BuyWrite Income ETF | 91 | 938.31M | Jan 2014 | PAYR vs FTQI |
Top Performing PAYR Alternatives (YTD)
PAYR is at 14.68% YTD. There are 25 ETFs in the Derivative Income category with higher YTD returns, going as high as 163.57%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| Roundhill AMD WeeklyPay ETF | 163.57% | 116.76M | Jul 2025 | PAYR vs AMDW | |
| Roundhill ARM WeeklyPay ETF | 161.70% | 27.86M | Oct 2025 | PAYR vs ARMW | |
| YieldMax AMD Option Income Strategy ETF | 97.19% | 443.39M | Sep 2023 | PAYR vs AMDY | |
| YieldMax MRNA Option Income Strategy ETF | 80.55% | 127.56M | Oct 2023 | PAYR vs MRNY | |
| YieldMax Semiconductor Portfolio Option Income ETF | 63.11% | 1.16B | Apr 2025 | PAYR vs CHPY |
Lowest Volatility Alternatives to PAYR
PAYR has 11.08% 1-year volatility. There are 61 ETFs in the Derivative Income category with lower 1-year volatility, going as low as 2.74%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| Simplify Treasury Option Income ETF | 2.74% | 474.96M | Oct 2022 | PAYR vs BUCK | |
| FT Vest Laddered Autocallable Barrier & Resilient ... | 3.38% | 206.17M | Apr 2026 | PAYR vs ACYS | |
| FT Vest High Yield & Target Income ETF | 3.87% | 88.48M | Feb 2025 | PAYR vs HYTI | |
| Main Buywrite ETF | 4.84% | 1.26B | Dec 2015 | PAYR vs BUYW | |
| GraniteShares YieldBOOST 20Y+ Treasuries ETF | 4.95% | 726.94K | May 2026 | PAYR vs FIYY |
Lowest Drawdown Alternatives to PAYR
Among 170 ETFs in the Derivative Income category with 1-year drawdown data, the lowest-drawdown alternatives shown here go as shallow as -0.84%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| Simplify Treasury Option Income ETF | -0.84% | 474.96M | Oct 2022 | PAYR vs BUCK | |
| FT Vest High Yield & Target Income ETF | -2.38% | 88.48M | Feb 2025 | PAYR vs HYTI | |
| Main Buywrite ETF | -2.59% | 1.26B | 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, FSCC, FLCC 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 | — | 3.22% | 82.10M | Sep 2025 | PAYR vs MKTN | |
| Federated Hermes MDT Small Cap Core ETF | Small Cap Blend Equities | 73 | 19.29% | 164.50M | Jul 2024 | PAYR vs FSCC | |
| Federated Hermes MDT Large Cap Core ETF | Large Cap Blend Equities | 46 | 9.77% | 48.70M | Jul 2024 | PAYR vs FLCC | |
| Federated Hermes MDT Large Cap Value ETF | Large Cap Value Equities | 83 | 16.55% | 72.30M | Jul 2024 | PAYR vs FLCV | |
| Federated Hermes MDT Large Cap Growth ETF | Large Cap Growth Equities | 23 | 2.87% | 405.20M | Jul 2024 | PAYR vs FLCG |
Often Compared With PAYR
Investors most often compare PAYR with IPDP, PAPI, TSMY. These 17 comparison targets span 4 categories, based on PortfoliosLab usage data.
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