BTYB vs. PAPI

Last updated Jun 4, 2026

BTYB (VistaShares BitBonds 5 Yr Enhanced Weekly Distribution ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. Both are actively managed. At a 0.10 correlation, their price movements are largely independent. BTYB charges 0.52%/yr vs 0.29%/yr for PAPI.

Performance

BTYB vs. PAPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VistaShares BitBonds 5 Yr Enhanced Weekly Distribution ETF (BTYB) and Parametric Equity Premium Income ETF (PAPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BTYB

• 1D: -0.59%
• 1M: -3.38%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAPI

• 1D: -0.26%
• 1M: 0.28%
• YTD: 5.81%
• 6M: 5.78%
• 1Y: 12.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BTYB vs. PAPI - Yearly Performance Comparison

	2026 (YTD)
BTYB VistaShares BitBonds 5 Yr Enhanced Weekly Distribution ETF	-2.35%
PAPI Parametric Equity Premium Income ETF	-1.20%

Correlation

The correlation between BTYB and PAPI is 0.10, 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 (All Time) Calculated using the full available price history since Feb 4, 2026	0.10

Return for Risk

BTYB vs. PAPI — Risk / Return Rank

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

PAPI

PAPI Risk / Return Rank: 33
PAPI Sharpe Ratio Rank: 32
PAPI Sortino Ratio Rank: 34
PAPI Omega Ratio Rank: 30
PAPI Calmar Ratio Rank: 37
PAPI Martin Ratio Rank: 33

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.

BTYB vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VistaShares BitBonds 5 Yr Enhanced Weekly Distribution ETF (BTYB) 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.

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

Sharpe Ratios by Period

	BTYB	PAPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.19	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.81	0.88	-1.68

Drawdowns

BTYB vs. PAPI - Drawdown Comparison

The maximum BTYB drawdown since its inception was -3.99%, smaller than the maximum PAPI drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for BTYB and PAPI.

Drawdown Indicators

	BTYB	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-3.99%	-14.27%	+10.28%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.86%	—
Current Drawdown Current decline from peak	-3.99%	-5.06%	+1.07%
Average Drawdown Average peak-to-trough decline	-0.98%	-2.73%	+1.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.53%	—

Volatility

Volatility by Period

	BTYB	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.23%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.00%	—
Volatility (1Y) Calculated over the trailing 1-year period	8.71%	10.55%	-1.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.71%	11.76%	-3.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.71%	11.76%	-3.05%

BTYB vs. PAPI - Expense Ratio Comparison

BTYB has a 0.52% expense ratio, which is higher than PAPI's 0.29% expense ratio.

Dividends

BTYB vs. PAPI - Dividend Comparison

BTYB's dividend yield for the trailing twelve months is around 2.70%, less than PAPI's 7.62% yield.

Position	TTM	2025	2024	2023
BTYB VistaShares BitBonds 5 Yr Enhanced Weekly Distribution ETF	2.70%	0.00%	0.00%	0.00%
PAPI Parametric Equity Premium Income ETF	7.62%	7.59%	7.07%	1.45%

Frequently Asked Questions

Can I hold both BTYB and PAPI in my portfolio?

BTYB and PAPI have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BTYB or PAPI?

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.

Which ETF is cheaper, BTYB or PAPI?

PAPI is cheaper with a 0.29% expense ratio, compared with 0.52% for BTYB.

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

PAPI has the higher dividend yield at 7.62%, compared with 2.70% for BTYB.

What is the main difference between BTYB and PAPI?

They also come from different issuers: VistaShares and Morgan Stanley. Their fees differ too: 0.52% for BTYB and 0.29% for PAPI.