BUYW vs. PAPI

Last updated Apr 1, 2026

Compare and contrast key facts about Main Buywrite ETF (BUYW) and Parametric Equity Premium Income ETF (PAPI).

BUYW and PAPI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BUYW is an actively managed fund by Main Funds. It was launched on Dec 29, 2015. PAPI is an actively managed fund by Morgan Stanley. It was launched on Oct 16, 2023.

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.

BUYW vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BUYW Main Buywrite ETF	-0.19%	9.08%	9.82%	2.92%
PAPI Parametric Equity Premium Income ETF	8.31%	6.33%	8.90%	5.36%

Returns By Period

In the year-to-date period, BUYW achieves a -0.19% return, which is significantly lower than PAPI's 8.31% return.

BUYW

• 1D: 1.51%
• 1M: -0.91%
• YTD: -0.19%
• 6M: 2.11%
• 1Y: 8.89%
• 3Y*: 8.39%
• 5Y*: —
• 10Y*: —

PAPI

• 1D: 0.54%
• 1M: -2.62%
• YTD: 8.31%
• 6M: 9.20%
• 1Y: 11.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BUYW vs. PAPI - Expense Ratio Comparison

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

BUYW

Main Buywrite ETF

PAPI

Parametric Equity Premium Income ETF

Return for Risk

BUYW vs. PAPI — Risk / Return Rank

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

BUYW

BUYW Risk / Return Rank: 56
BUYW Sharpe Ratio Rank: 45
BUYW Sortino Ratio Rank: 50
BUYW Omega Ratio Rank: 68
BUYW Calmar Ratio Rank: 44
BUYW Martin Ratio Rank: 73

PAPI

PAPI Risk / Return Rank: 46
PAPI Sharpe Ratio Rank: 47
PAPI Sortino Ratio Rank: 46
PAPI Omega Ratio Rank: 43
PAPI Calmar Ratio Rank: 44
PAPI Martin Ratio Rank: 50

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.

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.

	BUYW	PAPI	Difference
Sharpe ratio Return per unit of total volatility	0.80	0.82	-0.01
Sortino ratio Return per unit of downside risk	1.32	1.23	+0.09
Omega ratio Gain probability vs. loss probability	1.25	1.16	+0.08
Calmar ratio Return relative to maximum drawdown	1.12	1.08	+0.03
Martin ratio Return relative to average drawdown	7.48	4.62	+2.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BUYW vs. PAPI - Sharpe Ratio Comparison

The current BUYW Sharpe Ratio is 0.80, which is comparable to the PAPI Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of BUYW and PAPI, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BUYW	PAPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.80	0.82	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	1.08	1.02	+0.06

Correlation

The correlation between BUYW and PAPI is 0.41, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

BUYW vs. PAPI - Dividend Comparison

BUYW's dividend yield for the trailing twelve months is around 6.01%, less than PAPI's 7.50% yield.

	TTM	2025	2024	2023	2022
BUYW Main Buywrite ETF	6.01%	5.89%	5.93%	5.95%	0.50%
PAPI Parametric Equity Premium Income ETF	7.50%	7.59%	7.07%	1.45%	0.00%

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	-8.18%	-11.59%	+3.41%
Current Drawdown Current decline from peak	-1.11%	-2.82%	+1.71%
Average Drawdown Average peak-to-trough decline	-0.63%	-2.57%	+1.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.22%	2.72%	-1.50%

Volatility

BUYW vs. PAPI - Volatility Comparison

The current volatility for Main Buywrite ETF (BUYW) is 2.59%, while Parametric Equity Premium Income ETF (PAPI) has a volatility of 3.21%. 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	2.59%	3.21%	-0.62%
Volatility (6M) Calculated over the trailing 6-month period	3.89%	7.51%	-3.62%
Volatility (1Y) Calculated over the trailing 1-year period	11.09%	14.14%	-3.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.62%	11.96%	-3.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.62%	11.96%	-3.34%