AAPY vs. PEPS

Last updated Jul 15, 2026

AAPY (Kurv Yield Premium Strategy Apple (AAPL) ETF) and PEPS (Parametric Equity Plus ETF) are both Derivative Income funds. Both are actively managed. Over the past year, AAPY returned 38.98% vs 25.23% for PEPS. A 0.52 correlation means they provide meaningful diversification when combined. AAPY charges 0.99%/yr vs 0.10%/yr for PEPS.

Performance

AAPY vs. PEPS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kurv Yield Premium Strategy Apple (AAPL) ETF (AAPY) and Parametric Equity Plus ETF (PEPS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAPY achieves a 14.50% return, which is significantly higher than PEPS's 10.92% return.

AAPY

• 1D: -0.76%
• 1M: 7.30%
• 6M: 19.12%
• YTD: 14.50%
• 1Y: 38.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PEPS

• 1D: 0.51%
• 1M: 2.41%
• 6M: 8.68%
• YTD: 10.92%
• 1Y: 25.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

AAPY vs. PEPS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AAPY Kurv Yield Premium Strategy Apple (AAPL) ETF	14.50%	5.04%	7.26%
PEPS Parametric Equity Plus ETF	10.92%	20.32%	-1.42%

Correlation

The correlation between AAPY and PEPS is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (All Time) Calculated using the full available price history since Nov 8, 2024	0.52

The correlation between AAPY and PEPS has been stable across timeframes, ranging from 0.48 to 0.52 - a consistent structural relationship.

Return for Risk

AAPY vs. PEPS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AAPY

AAPY Risk / Return Rank: 61
AAPY Sharpe Ratio Rank: 62
AAPY Sortino Ratio Rank: 58
AAPY Omega Ratio Rank: 66
AAPY Calmar Ratio Rank: 68
AAPY Martin Ratio Rank: 50

PEPS

PEPS Risk / Return Rank: 70
PEPS Sharpe Ratio Rank: 71
PEPS Sortino Ratio Rank: 67
PEPS Omega Ratio Rank: 71
PEPS Calmar Ratio Rank: 65
PEPS Martin Ratio Rank: 77

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AAPY vs. PEPS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kurv Yield Premium Strategy Apple (AAPL) ETF (AAPY) and Parametric Equity Plus ETF (PEPS). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AAPY	PEPS	Difference
Sharpe ratio: Return per unit of total volatility	1.64	1.83	-0.19
Sortino ratio: Return per unit of downside risk	2.23	2.44	-0.22
Omega ratio: Gain probability vs. loss probability	1.31	1.33	-0.02
Calmar ratio: Return relative to maximum drawdown	2.71	2.59	+0.12
Martin ratio: Return relative to average drawdown	6.82	11.42	-4.60

AAPY vs. PEPS - Sharpe Ratio Comparison

The current AAPY Sharpe Ratio is 1.64, which is comparable to the PEPS Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of AAPY and PEPS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AAPY vs. PEPS - Drawdown Comparison

The maximum AAPY drawdown since its inception was -29.22%, which is greater than PEPS's maximum drawdown of -21.26%. Use the drawdown chart below to compare losses from any high point for AAPY and PEPS.

Drawdown Indicators

	AAPY	PEPS	Difference
Max Drawdown Largest peak-to-trough decline	-29.22%	-21.26%	-7.96%
Max Drawdown (1Y) Largest decline over 1 year	-14.47%	-9.80%	-4.67%
Current Drawdown Current decline from peak	-1.68%	-0.28%	-1.40%
Average Drawdown Average peak-to-trough decline	-6.31%	-2.71%	-3.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.73%	2.21%	+3.52%

Volatility

AAPY vs. PEPS - Volatility Comparison

Kurv Yield Premium Strategy Apple (AAPL) ETF (AAPY) has a higher volatility of 10.93% compared to Parametric Equity Plus ETF (PEPS) at 3.83%. This indicates that AAPY's price experiences larger fluctuations and is considered to be riskier than PEPS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAPY	PEPS	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.93%	3.83%	+7.10%
Volatility (6M) Calculated over the trailing 6-month period	21.03%	10.88%	+10.15%
Volatility (1Y) Calculated over the trailing 1-year period	23.88%	13.83%	+10.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.23%	18.19%	+5.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.23%	18.19%	+5.04%

AAPY vs. PEPS - Expense Ratio Comparison

AAPY has a 0.99% expense ratio, which is higher than PEPS's 0.10% expense ratio.

Dividends

AAPY vs. PEPS - Dividend Comparison

AAPY's dividend yield for the trailing twelve months is around 11.42%, more than PEPS's 0.92% yield.

Position	TTM	2025	2024	2023
AAPY Kurv Yield Premium Strategy Apple (AAPL) ETF	11.42%	12.66%	17.15%	2.16%
PEPS Parametric Equity Plus ETF	0.92%	1.00%	0.17%	0.00%

Frequently Asked Questions

Can I hold both AAPY and PEPS in my portfolio?

AAPY and PEPS have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AAPY or PEPS?

AAPY has higher volatility (10.93%) compared to PEPS (3.83%). In terms of maximum drawdown, AAPY dropped -29.22% vs PEPS's -21.26%.

Which ETF is better, AAPY or PEPS?

On 1-year performance, AAPY leads with 38.98% vs 25.23% for PEPS. On fees, PEPS is cheaper at 0.10% per year. On volatility, PEPS has been the lower-risk option at 3.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAPY or PEPS?

Over the 1-year period, AAPY has performed better with a 38.98% return vs 25.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAPY or PEPS?

PEPS is cheaper with a 0.10% expense ratio, compared with 0.99% for AAPY.

Which ETF pays a higher dividend yield, AAPY or PEPS?

AAPY has the higher dividend yield at 11.42%, compared with 0.92% for PEPS.

What is the main difference between AAPY and PEPS?

They also come from different issuers: Kurv and Parametric. Their fees differ too: 0.99% for AAPY and 0.10% for PEPS.

Which has better risk-adjusted returns?

PEPS currently has the higher Sharpe Ratio (1.83 vs 1.64), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.