BAGY vs. PAPI

Last updated Jun 24, 2026

BAGY (Amplify Bitcoin Max Income Covered Call ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, BAGY returned -38.64% vs 12.01% for PAPI. At a 0.11 correlation, their price movements are largely independent. BAGY charges 0.65%/yr vs 0.29%/yr for PAPI.

Performance

BAGY vs. PAPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify Bitcoin Max Income Covered Call ETF (BAGY) 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, BAGY achieves a -25.28% return, which is significantly lower than PAPI's 6.57% return.

BAGY

• 1D: -3.61%
• 1M: -18.40%
• YTD: -25.28%
• 6M: -25.26%
• 1Y: -38.64%
• 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)

BAGY vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025
BAGY Amplify Bitcoin Max Income Covered Call ETF	-25.28%	-8.33%
PAPI Parametric Equity Premium Income ETF	6.57%	6.98%

Correlation

The correlation between BAGY and PAPI is 0.09, 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	0.09
Correlation (All Time) Calculated using the full available price history since Apr 29, 2025	0.11

Return for Risk

BAGY vs. PAPI — Risk / Return Rank

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

BAGY

BAGY Risk / Return Rank: 2
BAGY Sharpe Ratio Rank: 2
BAGY Sortino Ratio Rank: 2
BAGY Omega Ratio Rank: 2
BAGY Calmar Ratio Rank: 2
BAGY Martin Ratio Rank: 2

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.

BAGY vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify Bitcoin Max Income Covered Call ETF (BAGY) 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.

	BAGY	PAPI	Difference
Sharpe ratio: Return per unit of total volatility	-0.90	1.15	-2.05
Sortino ratio: Return per unit of downside risk	-1.23	1.74	-2.97
Omega ratio: Gain probability vs. loss probability	0.86	1.20	-0.34
Calmar ratio: Return relative to maximum drawdown	-0.78	1.76	-2.54
Martin ratio: Return relative to average drawdown	-1.37	4.42	-5.79

BAGY vs. PAPI - Sharpe Ratio Comparison

The current BAGY Sharpe Ratio is -0.90, which is lower than the PAPI Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of BAGY 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

BAGY vs. PAPI - Drawdown Comparison

The maximum BAGY drawdown since its inception was -49.84%, which is greater than PAPI's maximum drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for BAGY and PAPI.

Drawdown Indicators

	BAGY	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-49.84%	-14.27%	-35.57%
Max Drawdown (1Y) Largest decline over 1 year	-49.84%	-6.86%	-42.98%
Current Drawdown Current decline from peak	-47.43%	-4.37%	-43.06%
Average Drawdown Average peak-to-trough decline	-20.76%	-2.77%	-17.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.33%	2.72%	+25.61%

Volatility

BAGY vs. PAPI - Volatility Comparison

Amplify Bitcoin Max Income Covered Call ETF (BAGY) has a higher volatility of 14.04% compared to Parametric Equity Premium Income ETF (PAPI) at 2.68%. This indicates that BAGY'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

	BAGY	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.04%	2.68%	+11.36%
Volatility (6M) Calculated over the trailing 6-month period	33.99%	7.05%	+26.94%
Volatility (1Y) Calculated over the trailing 1-year period	42.91%	10.55%	+32.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.30%	11.73%	+29.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.30%	11.73%	+29.57%

BAGY vs. PAPI - Expense Ratio Comparison

BAGY has a 0.65% expense ratio, which is higher than PAPI's 0.29% expense ratio.

Dividends

BAGY vs. PAPI - Dividend Comparison

BAGY's dividend yield for the trailing twelve months is around 60.88%, more than PAPI's 7.56% yield.

Position	TTM	2025	2024	2023
BAGY Amplify Bitcoin Max Income Covered Call ETF	60.88%	30.16%	0.00%	0.00%
PAPI Parametric Equity Premium Income ETF	7.56%	7.59%	7.07%	1.45%

Frequently Asked Questions

Can I hold both BAGY and PAPI in my portfolio?

BAGY and PAPI have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BAGY or PAPI?

BAGY has higher volatility (14.04%) compared to PAPI (2.68%). In terms of maximum drawdown, BAGY dropped -49.84% vs PAPI's -14.27%.

Which ETF is better, BAGY or PAPI?

On 1-year performance, PAPI leads with 12.01% vs -38.64% for BAGY. 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, BAGY or PAPI?

Over the 1-year period, PAPI has performed better with a 12.01% return vs -38.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BAGY or PAPI?

PAPI is cheaper with a 0.29% expense ratio, compared with 0.65% for BAGY.

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

BAGY has the higher dividend yield at 60.88%, compared with 7.56% for PAPI.

What is the main difference between BAGY and PAPI?

They also come from different issuers: Amplify and Morgan Stanley. Their fees differ too: 0.65% for BAGY and 0.29% for PAPI.

Which has better risk-adjusted returns?

PAPI currently has the higher Sharpe Ratio (1.15 vs -0.90), 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.