BUYW vs. PAPI

Last updated Aug 4, 2026

BUYW (Main Buywrite ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, BUYW returned 9.35% vs 20.03% for PAPI. Their 0.39 correlation means their historical movements had little consistent relationship. BUYW charges 1.29%/yr vs 0.29%/yr for PAPI.

Performance

BUYW vs. PAPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Main Buywrite ETF (BUYW) 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, BUYW achieves a 5.08% return, which is significantly lower than PAPI's 12.45% return.

BUYW

• 1D: 0.28%
• 1M: 0.64%
• 6M: 4.41%
• YTD: 5.08%
• 1Y: 9.35%
• 3Y*: 8.88%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.97%

PAPI

• 1D: 0.25%
• 1M: 2.68%
• 6M: 5.28%
• YTD: 12.45%
• 1Y: 20.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.68%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BUYW Main Buywrite ETF	$5.71M	$4.95M	$4.82M
PAPI Parametric Equity Premium Income ETF	$2.34M	$2.14M	$2.00M

BUYW vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BUYW Main Buywrite ETF	5.08%	9.08%	9.82%	2.35%
PAPI Parametric Equity Premium Income ETF	12.45%	6.33%	8.90%	4.53%

Correlation

The correlation between BUYW and PAPI is 0.31, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.31
Correlation (All Time) Calculated using the full available price history since Oct 19, 2023	0.39

Return for Risk

BUYW vs. PAPI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BUYW

BUYW Risk / Return Rank: 86
BUYW Sharpe Ratio Rank: 81
BUYW Sortino Ratio Rank: 84
BUYW Omega Ratio Rank: 84
BUYW Calmar Ratio Rank: 88
BUYW Martin Ratio Rank: 94

PAPI

PAPI Risk / Return Rank: 77
PAPI Sharpe Ratio Rank: 82
PAPI Sortino Ratio Rank: 85
PAPI Omega Ratio Rank: 78
PAPI Calmar Ratio Rank: 79
PAPI Martin Ratio Rank: 59

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BUYW vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Main Buywrite ETF (BUYW) 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.

	BUYW	PAPI	Difference
Sharpe ratio: Return per unit of total volatility	1.93	1.95	-0.01
Sortino ratio: Return per unit of downside risk	2.87	2.91	-0.03
Omega ratio: Gain probability vs. loss probability	1.37	1.34	+0.03
Calmar ratio: Return relative to maximum drawdown	3.63	2.93	+0.70
Martin ratio: Return relative to average drawdown	19.32	7.40	+11.92

BUYW vs. PAPI - Sharpe Ratio Comparison

The current BUYW Sharpe Ratio is 1.93, which is comparable to the PAPI Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of BUYW 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

BUYW vs. PAPI - Drawdown Comparison

The maximum BUYW drawdown since its inception was -9.36%, smaller than the maximum PAPI drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for BUYW and PAPI.

Drawdown Indicators

	BUYW	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-9.36%	-14.27%	+4.91%
Max Drawdown (1Y) Largest decline over 1 year	-2.59%	-6.86%	+4.27%
Max Drawdown (3Y) Largest decline over 3 years	-9.36%	—	—
Current Drawdown Current decline from peak	0.00%	-1.11%	+1.11%
Average Drawdown Average peak-to-trough decline	-0.59%	-2.72%	+2.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.49%	2.71%	-2.22%

Volatility

BUYW vs. PAPI - Volatility Comparison

The current volatility for Main Buywrite ETF (BUYW) is 1.11%, while Parametric Equity Premium Income ETF (PAPI) has a volatility of 3.30%. This indicates that BUYW experiences smaller price fluctuations and is considered to be less risky than PAPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BUYW	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.11%	3.30%	-2.19%
Volatility (6M) Calculated over the trailing 6-month period	3.91%	7.19%	-3.28%
Volatility (1Y) Calculated over the trailing 1-year period	4.87%	10.36%	-5.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.33%	11.72%	-3.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.33%	11.72%	-3.39%

BUYW vs. PAPI - Expense Ratio Comparison

BUYW has a 1.29% expense ratio, which is higher than PAPI's 0.29% expense ratio.

Dividends

BUYW vs. PAPI - Dividend Comparison

BUYW's dividend yield for the trailing twelve months is around 5.90%, less than PAPI's 7.40% yield.

Position	TTM	2025	2024	2023	2022
BUYW Main Buywrite ETF	5.90%	5.89%	5.93%	5.95%	0.50%
PAPI Parametric Equity Premium Income ETF	7.40%	7.59%	7.07%	1.45%	0.00%

Frequently Asked Questions

Can I hold both BUYW and PAPI in my portfolio?

BUYW and PAPI have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BUYW or PAPI?

PAPI has higher volatility (3.30%) compared to BUYW (1.11%). In terms of maximum drawdown, BUYW dropped -9.36% vs PAPI's -14.27%.

Which ETF is better, BUYW or PAPI?

On 1-year performance, PAPI leads with 20.03% vs 9.35% for BUYW. On fees, PAPI is cheaper at 0.29% per year. On volatility, BUYW has been the lower-risk option at 1.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BUYW or PAPI?

Over the 1-year period, PAPI has performed better with a 20.03% return vs 9.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BUYW or PAPI?

PAPI is cheaper with a 0.29% expense ratio, compared with 1.29% for BUYW.

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

PAPI has the higher dividend yield at 7.40%, compared with 5.90% for BUYW.

What is the main difference between BUYW and PAPI?

They also come from different issuers: Main and Morgan Stanley. Their fees differ too: 1.29% for BUYW and 0.29% for PAPI.

Which has better risk-adjusted returns?

PAPI currently has the higher Sharpe Ratio (1.95 vs 1.93), 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.