AMDY vs. PAPI

Last updated Jun 24, 2026

AMDY (YieldMax AMD Option Income Strategy ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, AMDY returned 203.83% vs 12.01% for PAPI. At a 0.13 correlation, their price movements are largely independent. AMDY charges 1.23%/yr vs 0.29%/yr for PAPI.

Performance

AMDY vs. PAPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax AMD Option Income Strategy ETF (AMDY) 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, AMDY achieves a 101.34% return, which is significantly higher than PAPI's 6.57% return.

AMDY

• 1D: -4.73%
• 1M: 8.37%
• YTD: 101.34%
• 6M: 101.99%
• 1Y: 203.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAPI

• 1D: 0.45%
• 1M: 0.17%
• YTD: 6.57%
• 6M: 5.93%
• 1Y: 12.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AMDY vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AMDY YieldMax AMD Option Income Strategy ETF	101.34%	53.93%	-17.00%	30.06%
PAPI Parametric Equity Premium Income ETF	6.57%	6.33%	8.90%	4.53%

Correlation

The correlation between AMDY and PAPI is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.02
Correlation (All Time) Calculated using the full available price history since Oct 19, 2023	0.13

The correlation between AMDY and PAPI shifts across timeframes, from 0.02 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.

Return for Risk

AMDY vs. PAPI — Risk / Return Rank

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

AMDY

AMDY Risk / Return Rank: 90
AMDY Sharpe Ratio Rank: 95
AMDY Sortino Ratio Rank: 88
AMDY Omega Ratio Rank: 88
AMDY Calmar Ratio Rank: 95
AMDY Martin Ratio Rank: 84

PAPI

PAPI Risk / Return Rank: 34
PAPI Sharpe Ratio Rank: 33
PAPI Sortino Ratio Rank: 35
PAPI Omega Ratio Rank: 31
PAPI Calmar Ratio Rank: 37
PAPI Martin Ratio Rank: 32

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.

AMDY vs. PAPI - Risk-Adjusted Trends Comparison

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

	AMDY	PAPI	Difference
Sharpe ratio: Return per unit of total volatility	3.65	1.15	+2.51
Sortino ratio: Return per unit of downside risk	3.82	1.74	+2.08
Omega ratio: Gain probability vs. loss probability	1.53	1.20	+0.33
Calmar ratio: Return relative to maximum drawdown	7.44	1.76	+5.68
Martin ratio: Return relative to average drawdown	16.58	4.42	+12.16

AMDY vs. PAPI - Sharpe Ratio Comparison

The current AMDY Sharpe Ratio is 3.65, which is higher than the PAPI Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of AMDY and PAPI, 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

AMDY vs. PAPI - Drawdown Comparison

The maximum AMDY drawdown since its inception was -53.92%, which is greater than PAPI's maximum drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for AMDY and PAPI.

Drawdown Indicators

	AMDY	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-53.92%	-14.27%	-39.65%
Max Drawdown (1Y) Largest decline over 1 year	-27.59%	-6.86%	-20.73%
Current Drawdown Current decline from peak	-4.73%	-4.37%	-0.36%
Average Drawdown Average peak-to-trough decline	-17.78%	-2.77%	-15.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.35%	2.72%	+9.63%

Volatility

AMDY vs. PAPI - Volatility Comparison

YieldMax AMD Option Income Strategy ETF (AMDY) has a higher volatility of 21.35% compared to Parametric Equity Premium Income ETF (PAPI) at 2.68%. This indicates that AMDY'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

	AMDY	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.35%	2.68%	+18.67%
Volatility (6M) Calculated over the trailing 6-month period	43.63%	7.05%	+36.58%
Volatility (1Y) Calculated over the trailing 1-year period	56.19%	10.55%	+45.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.93%	11.73%	+35.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.93%	11.73%	+35.20%

AMDY vs. PAPI - Expense Ratio Comparison

AMDY has a 1.23% expense ratio, which is higher than PAPI's 0.29% expense ratio.

Dividends

AMDY vs. PAPI - Dividend Comparison

AMDY's dividend yield for the trailing twelve months is around 65.88%, more than PAPI's 7.56% yield.

Position	TTM	2025	2024	2023
AMDY YieldMax AMD Option Income Strategy ETF	65.88%	80.68%	109.98%	6.68%
PAPI Parametric Equity Premium Income ETF	7.56%	7.59%	7.07%	1.45%

Frequently Asked Questions

Can I hold both AMDY and PAPI in my portfolio?

AMDY and PAPI have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AMDY or PAPI?

AMDY has higher volatility (21.35%) compared to PAPI (2.68%). In terms of maximum drawdown, AMDY dropped -53.92% vs PAPI's -14.27%.

Which ETF is better, AMDY or PAPI?

On 1-year performance, AMDY leads with 203.83% vs 12.01% for PAPI. On fees, PAPI is cheaper at 0.29% per year. On volatility, PAPI has been the lower-risk option at 2.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AMDY or PAPI?

Over the 1-year period, AMDY has performed better with a 203.83% return vs 12.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AMDY or PAPI?

PAPI is cheaper with a 0.29% expense ratio, compared with 1.23% for AMDY.

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

AMDY has the higher dividend yield at 65.88%, compared with 7.56% for PAPI.

What is the main difference between AMDY and PAPI?

They also come from different issuers: YieldMax ETFs and Morgan Stanley. Their fees differ too: 1.23% for AMDY and 0.29% for PAPI.

Which has better risk-adjusted returns?

AMDY currently has the higher Sharpe Ratio (3.65 vs 1.15), 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.