AHD vs. PAPI

Last updated Jul 21, 2026

AHD (GraniteShares Autocallable HOOD ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. Both are actively managed. At a correlation of -0.16, they often move in opposite directions.

Performance

AHD vs. PAPI - Performance Comparison

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

Returns By Period

AHD

• 1D: -0.39%
• 1M: 0.52%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAPI

• 1D: -0.43%
• 1M: 4.56%
• 6M: 6.05%
• YTD: 10.97%
• 1Y: 15.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AHD vs. PAPI - Yearly Performance Comparison

	2026 (YTD)
AHD GraniteShares Autocallable HOOD ETF	6.73%
PAPI Parametric Equity Premium Income ETF	5.69%

Correlation

The correlation between AHD and PAPI is -0.16, 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 19, 2026	-0.16

Return for Risk

AHD vs. PAPI — Risk / Return Rank

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

AHD

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

PAPI

PAPI Risk / Return Rank: 59
PAPI Sharpe Ratio Rank: 62
PAPI Sortino Ratio Rank: 67
PAPI Omega Ratio Rank: 56
PAPI Calmar Ratio Rank: 63
PAPI Martin Ratio Rank: 47

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.

AHD vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares Autocallable HOOD ETF (AHD) 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.

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.

	AHD	PAPI	Difference
Sharpe ratio: Return per unit of total volatility	—	1.53	—
Sortino ratio: Return per unit of downside risk	—	2.30	—
Omega ratio: Gain probability vs. loss probability	—	1.26	—
Calmar ratio: Return relative to maximum drawdown	—	2.34	—
Martin ratio: Return relative to average drawdown	—	5.78	—

Drawdowns

AHD vs. PAPI - Drawdown Comparison

The maximum AHD drawdown since its inception was -4.06%, smaller than the maximum PAPI drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for AHD and PAPI.

Drawdown Indicators

	AHD	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-4.06%	-14.27%	+10.21%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.86%	—
Current Drawdown Current decline from peak	-0.74%	-0.69%	-0.05%
Average Drawdown Average peak-to-trough decline	-0.89%	-2.75%	+1.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.77%	—

Volatility

Volatility by Period

	AHD	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.12%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.18%	—
Volatility (1Y) Calculated over the trailing 1-year period	17.52%	10.50%	+7.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.52%	11.73%	+5.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.52%	11.73%	+5.79%

Dividends

AHD vs. PAPI - Dividend Comparison

AHD's dividend yield for the trailing twelve months is around 4.67%, less than PAPI's 7.38% yield.

Position	TTM	2025	2024	2023
AHD GraniteShares Autocallable HOOD ETF	4.67%	0.00%	0.00%	0.00%
PAPI Parametric Equity Premium Income ETF	7.38%	7.59%	7.07%	1.45%

Frequently Asked Questions

Can I hold both AHD and PAPI in my portfolio?

AHD and PAPI have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

PAPI has the higher dividend yield at 7.38%, compared with 4.67% for AHD.

What is the main difference between AHD and PAPI?

They also come from different issuers: GraniteShares and Morgan Stanley.