CRCO vs. PAPI

Last updated Jun 5, 2026

CRCO (YieldMax CRCL Option Income Strategy ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. Both are actively managed. At a correlation of -0.02, they often move in opposite directions. CRCO charges 1.01%/yr vs 0.29%/yr for PAPI.

Performance

CRCO vs. PAPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax CRCL Option Income Strategy ETF (CRCO) 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, CRCO achieves a 13.91% return, which is significantly higher than PAPI's 6.49% return.

CRCO

• 1D: 0.68%
• 1M: -16.10%
• YTD: 13.91%
• 6M: 7.84%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAPI

• 1D: 0.64%
• 1M: 0.17%
• YTD: 6.49%
• 6M: 6.38%
• 1Y: 13.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CRCO vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025
CRCO YieldMax CRCL Option Income Strategy ETF	13.91%	-36.94%
PAPI Parametric Equity Premium Income ETF	6.49%	0.82%

Correlation

The correlation between CRCO and PAPI is -0.02, 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 Oct 1, 2025	-0.02

Return for Risk

CRCO 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: 38
PAPI Sharpe Ratio Rank: 37
PAPI Sortino Ratio Rank: 39
PAPI Omega Ratio Rank: 35
PAPI Calmar Ratio Rank: 41
PAPI Martin Ratio Rank: 35

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.

CRCO vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax CRCL Option Income Strategy ETF (CRCO) 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

	CRCO	PAPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.31	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.45	0.90	-1.35

Drawdowns

CRCO vs. PAPI - Drawdown Comparison

The maximum CRCO drawdown since its inception was -61.75%, which is greater than PAPI's maximum drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for CRCO and PAPI.

Drawdown Indicators

	CRCO	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-61.75%	-14.27%	-47.48%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.86%	—
Current Drawdown Current decline from peak	-35.95%	-4.45%	-31.50%
Average Drawdown Average peak-to-trough decline	-33.20%	-2.73%	-30.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.55%	—

Volatility

Volatility by Period

	CRCO	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.20%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.02%	—
Volatility (1Y) Calculated over the trailing 1-year period	86.40%	10.47%	+75.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	86.40%	11.76%	+74.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	86.40%	11.76%	+74.64%

CRCO vs. PAPI - Expense Ratio Comparison

CRCO has a 1.01% expense ratio, which is higher than PAPI's 0.29% expense ratio.

Dividends

CRCO vs. PAPI - Dividend Comparison

CRCO's dividend yield for the trailing twelve months is around 93.61%, more than PAPI's 7.57% yield.

Position	TTM	2025	2024	2023
CRCO YieldMax CRCL Option Income Strategy ETF	93.61%	35.79%	0.00%	0.00%
PAPI Parametric Equity Premium Income ETF	7.57%	7.59%	7.07%	1.45%

Frequently Asked Questions

Can I hold both CRCO and PAPI in my portfolio?

CRCO and PAPI have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CRCO 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, CRCO or PAPI?

PAPI is cheaper with a 0.29% expense ratio, compared with 1.01% for CRCO.

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

CRCO has the higher dividend yield at 93.61%, compared with 7.57% for PAPI.

What is the main difference between CRCO and PAPI?

They also come from different issuers: YieldMax and Morgan Stanley. Their fees differ too: 1.01% for CRCO and 0.29% for PAPI.