BPI vs. PAPI
BPI (Grayscale Bitcoin Premium Income ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. Both are actively managed. At a correlation of -0.23, they often move in opposite directions. BPI charges 0.65%/yr vs 0.29%/yr for PAPI.
Performance
BPI vs. PAPI - Performance Comparison
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Returns By Period
BPI
- 1D
- -2.61%
- 1M
- -19.30%
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PAPI
- 1D
- -0.62%
- 1M
- 1.78%
- YTD
- 7.74%
- 6M
- 6.95%
- 1Y
- 14.11%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BPI vs. PAPI - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
BPI Grayscale Bitcoin Premium Income ETF | -21.87% |
PAPI Parametric Equity Premium Income ETF | 2.01% |
Correlation
The correlation between BPI and PAPI is -0.23, 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 Apr 30, 2026 | -0.23 |
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Return for Risk
BPI vs. PAPI — Risk / Return Rank
BPI
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
PAPI
BPI vs. PAPI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Premium Income ETF (BPI) 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.
| BPI | PAPI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.23 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.07 | — |
| Martin ratioReturn relative to average drawdown | — | 5.14 | — |
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Drawdowns
BPI vs. PAPI - Drawdown Comparison
The maximum BPI drawdown since its inception was -27.02%, which is greater than PAPI's maximum drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for BPI and PAPI.
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Drawdown Indicators
| BPI | PAPI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.02% | -14.27% | -12.75% |
Max Drawdown (1Y)Largest decline over 1 year | — | -6.86% | — |
Current DrawdownCurrent decline from peak | -27.02% | -3.33% | -23.69% |
Average DrawdownAverage peak-to-trough decline | -12.68% | -2.77% | -9.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 2.75% | — |
Volatility
BPI vs. PAPI - Volatility Comparison
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Volatility by Period
| BPI | PAPI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 2.82% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 7.13% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 37.03% | 10.56% | +26.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.03% | 11.72% | +25.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.03% | 11.72% | +25.31% |
BPI vs. PAPI - Expense Ratio Comparison
BPI has a 0.65% expense ratio, which is higher than PAPI's 0.29% expense ratio.
Dividends
BPI vs. PAPI - Dividend Comparison
BPI's dividend yield for the trailing twelve months is around 3.62%, less than PAPI's 7.61% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BPI Grayscale Bitcoin Premium Income ETF | 3.62% | 0.00% | 0.00% | 0.00% |
PAPI Parametric Equity Premium Income ETF | 7.61% | 7.59% | 7.07% | 1.45% |
Frequently Asked Questions
BPI and PAPI have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
PAPI is cheaper with a 0.29% expense ratio, compared with 0.65% for BPI.
PAPI has the higher dividend yield at 7.61%, compared with 3.62% for BPI.
They also come from different issuers: Grayscale and Morgan Stanley. Their fees differ too: 0.65% for BPI and 0.29% for PAPI.
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