AIYY vs. PAPI

Last updated Apr 1, 2026

Compare and contrast key facts about YieldMax AI Option Income Strategy ETF (AIYY) and Parametric Equity Premium Income ETF (PAPI).

AIYY and PAPI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. AIYY is an actively managed fund by YieldMax. It was launched on Nov 27, 2023. PAPI is an actively managed fund by Morgan Stanley. It was launched on Oct 16, 2023.

Performance

AIYY vs. PAPI - Performance Comparison

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

AIYY vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AIYY YieldMax AI Option Income Strategy ETF	-34.26%	-58.98%	-14.74%	-1.63%
PAPI Parametric Equity Premium Income ETF	8.31%	6.33%	8.90%	4.97%

Returns By Period

In the year-to-date period, AIYY achieves a -34.26% return, which is significantly lower than PAPI's 8.31% return.

AIYY

• 1D: 4.30%
• 1M: 1.87%
• YTD: -34.26%
• 6M: -47.05%
• 1Y: -59.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAPI

• 1D: 0.54%
• 1M: -2.62%
• YTD: 8.31%
• 6M: 9.20%
• 1Y: 11.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AIYY vs. PAPI - Expense Ratio Comparison

AIYY has a 0.99% expense ratio, which is higher than PAPI's 0.29% expense ratio.

AIYY

YieldMax AI Option Income Strategy ETF

PAPI

Parametric Equity Premium Income ETF

Return for Risk

AIYY vs. PAPI — Risk / Return Rank

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

AIYY

AIYY Risk / Return Rank: 1
AIYY Sharpe Ratio Rank: 0
AIYY Sortino Ratio Rank: 0
AIYY Omega Ratio Rank: 0
AIYY Calmar Ratio Rank: 1
AIYY Martin Ratio Rank: 1

PAPI

PAPI Risk / Return Rank: 46
PAPI Sharpe Ratio Rank: 47
PAPI Sortino Ratio Rank: 46
PAPI Omega Ratio Rank: 43
PAPI Calmar Ratio Rank: 44
PAPI Martin Ratio Rank: 50

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.

AIYY vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax AI Option Income Strategy ETF (AIYY) 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.

	AIYY	PAPI	Difference
Sharpe ratio Return per unit of total volatility	-1.07	0.82	-1.88
Sortino ratio Return per unit of downside risk	-1.64	1.23	-2.87
Omega ratio Gain probability vs. loss probability	0.78	1.16	-0.39
Calmar ratio Return relative to maximum drawdown	-0.88	1.08	-1.97
Martin ratio Return relative to average drawdown	-1.54	4.62	-6.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AIYY vs. PAPI - Sharpe Ratio Comparison

The current AIYY Sharpe Ratio is -1.07, which is lower than the PAPI Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of AIYY and PAPI, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	AIYY	PAPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.07	0.82	-1.88
Sharpe Ratio (All Time) Calculated using the full available price history	-0.94	1.02	-1.95

Correlation

The correlation between AIYY and PAPI is 0.34, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

AIYY vs. PAPI - Dividend Comparison

AIYY's dividend yield for the trailing twelve months is around 206.09%, more than PAPI's 7.50% yield.

	TTM	2025	2024	2023
AIYY YieldMax AI Option Income Strategy ETF	206.09%	168.33%	98.26%	0.00%
PAPI Parametric Equity Premium Income ETF	7.50%	7.59%	7.07%	1.45%

Drawdowns

AIYY vs. PAPI - Drawdown Comparison

The maximum AIYY drawdown since its inception was -79.48%, which is greater than PAPI's maximum drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for AIYY and PAPI.

Drawdown Indicators

	AIYY	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-79.48%	-14.27%	-65.21%
Max Drawdown (1Y) Largest decline over 1 year	-68.33%	-11.59%	-56.74%
Current Drawdown Current decline from peak	-78.53%	-2.82%	-75.71%
Average Drawdown Average peak-to-trough decline	-38.30%	-2.57%	-35.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.17%	2.72%	+36.45%

Volatility

AIYY vs. PAPI - Volatility Comparison

YieldMax AI Option Income Strategy ETF (AIYY) has a higher volatility of 10.87% compared to Parametric Equity Premium Income ETF (PAPI) at 3.21%. This indicates that AIYY's price experiences larger fluctuations and is considered to be riskier than PAPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AIYY	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.87%	3.21%	+7.66%
Volatility (6M) Calculated over the trailing 6-month period	37.98%	7.51%	+30.47%
Volatility (1Y) Calculated over the trailing 1-year period	55.64%	14.14%	+41.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.60%	11.96%	+38.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.60%	11.96%	+38.64%