AEMS vs. PAPI

Last updated Jun 4, 2026

AEMS (Anfield Enhanced Market ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. At a 0.29 correlation, their price movements are largely independent. AEMS charges 1.21%/yr vs 0.29%/yr for PAPI.

Performance

AEMS vs. PAPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Anfield Enhanced Market ETF (AEMS) and Parametric Equity Premium Income ETF (PAPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AEMS achieves a 15.43% return, which is significantly higher than PAPI's 6.49% return.

AEMS

• 1D: -0.49%
• 1M: 6.67%
• YTD: 15.43%
• 6M: 15.97%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAPI

• 1D: 0.64%
• 1M: 0.17%
• YTD: 6.49%
• 6M: 6.38%
• 1Y: 13.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AEMS vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025
AEMS Anfield Enhanced Market ETF	15.43%	11.81%
PAPI Parametric Equity Premium Income ETF	6.49%	3.65%

Correlation

The correlation between AEMS and PAPI is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 2, 2025	0.29

Return for Risk

AEMS 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: 37
PAPI Sortino Ratio Rank: 39
PAPI Omega Ratio Rank: 35
PAPI Calmar Ratio Rank: 41
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.

AEMS vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Anfield Enhanced Market ETF (AEMS) 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

	AEMS	PAPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.31	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.98	0.90	+1.08

Drawdowns

AEMS vs. PAPI - Drawdown Comparison

The maximum AEMS drawdown since its inception was -11.37%, smaller than the maximum PAPI drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for AEMS and PAPI.

Drawdown Indicators

	AEMS	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-11.37%	-14.27%	+2.90%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.86%	—
Current Drawdown Current decline from peak	-0.49%	-4.45%	+3.96%
Average Drawdown Average peak-to-trough decline	-1.48%	-2.73%	+1.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.55%	—

Volatility

Volatility by Period

	AEMS	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.20%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.02%	—
Volatility (1Y) Calculated over the trailing 1-year period	16.14%	10.47%	+5.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.14%	11.76%	+4.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.14%	11.76%	+4.38%

AEMS vs. PAPI - Expense Ratio Comparison

AEMS has a 1.21% expense ratio, which is higher than PAPI's 0.29% expense ratio.

Dividends

AEMS vs. PAPI - Dividend Comparison

AEMS's dividend yield for the trailing twelve months is around 6.53%, less than PAPI's 7.57% yield.

Position	TTM	2025	2024	2023
AEMS Anfield Enhanced Market ETF	6.53%	7.53%	0.00%	0.00%
PAPI Parametric Equity Premium Income ETF	7.57%	7.59%	7.07%	1.45%

Frequently Asked Questions

Can I hold both AEMS and PAPI in my portfolio?

AEMS and PAPI have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AEMS 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, AEMS or PAPI?

PAPI is cheaper with a 0.29% expense ratio, compared with 1.21% for AEMS.

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

PAPI has the higher dividend yield at 7.57%, compared with 6.53% for AEMS.

What is the main difference between AEMS and PAPI?

They also come from different issuers: Anfield and Morgan Stanley. Their fees differ too: 1.21% for AEMS and 0.29% for PAPI.