ACII vs. PAPI

Last updated Jun 3, 2026

ACII (Innovator Index Autocallable Income Strategy ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. Both are actively managed. At a correlation of -1.00, they often move in opposite directions. ACII charges 0.79%/yr vs 0.29%/yr for PAPI.

Performance

ACII vs. PAPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Index Autocallable Income Strategy ETF (ACII) and Parametric Equity Premium Income ETF (PAPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ACII

• 1D: -0.21%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAPI

• 1D: 0.42%
• 1M: -0.13%
• YTD: 6.09%
• 6M: 6.63%
• 1Y: 14.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ACII vs. PAPI - Yearly Performance Comparison

	2026 (YTD)
ACII Innovator Index Autocallable Income Strategy ETF	-0.14%
PAPI Parametric Equity Premium Income ETF	-0.17%

Correlation

The correlation between ACII and PAPI is -1.00, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 29, 2026	-1.00

Return for Risk

ACII vs. PAPI — Risk / Return Rank

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

PAPI

PAPI Risk / Return Rank: 38
PAPI Sharpe Ratio Rank: 38
PAPI Sortino Ratio Rank: 40
PAPI Omega Ratio Rank: 35
PAPI Calmar Ratio Rank: 39
PAPI Martin Ratio Rank: 35

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.

ACII vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Index Autocallable Income Strategy ETF (ACII) and Parametric Equity Premium Income ETF (PAPI). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	ACII	PAPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.37	—
Sharpe Ratio (All Time) Calculated using the full available price history	-4.37	0.89	-5.25

Drawdowns

ACII vs. PAPI - Drawdown Comparison

The maximum ACII drawdown since its inception was -0.32%, smaller than the maximum PAPI drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for ACII and PAPI.

Drawdown Indicators

	ACII	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-0.32%	-14.27%	+13.95%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.86%	—
Current Drawdown Current decline from peak	-0.32%	-4.81%	+4.49%
Average Drawdown Average peak-to-trough decline	-0.14%	-2.72%	+2.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.51%	—

Volatility

Volatility by Period

	ACII	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.32%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.02%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.15%	10.57%	-7.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.15%	11.77%	-8.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.15%	11.77%	-8.62%

ACII vs. PAPI - Expense Ratio Comparison

ACII has a 0.79% expense ratio, which is higher than PAPI's 0.29% expense ratio.

Dividends

ACII vs. PAPI - Dividend Comparison

ACII's dividend yield for the trailing twelve months is around 0.73%, less than PAPI's 7.60% yield.

Position	TTM	2025	2024	2023
ACII Innovator Index Autocallable Income Strategy ETF	0.73%	0.00%	0.00%	0.00%
PAPI Parametric Equity Premium Income ETF	7.60%	7.59%	7.07%	1.45%

Frequently Asked Questions

Can I hold both ACII and PAPI in my portfolio?

ACII and PAPI have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ACII or PAPI?

On fees, PAPI is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ACII or PAPI?

PAPI is cheaper with a 0.29% expense ratio, compared with 0.79% for ACII.

Which ETF pays a higher dividend yield, ACII or PAPI?

PAPI has the higher dividend yield at 7.60%, compared with 0.73% for ACII.

What is the main difference between ACII and PAPI?

They also come from different issuers: Innovator and Morgan Stanley. Their fees differ too: 0.79% for ACII and 0.29% for PAPI.