CTIF vs. PAPI

Last updated Jun 5, 2026

CTIF (Castellan Targeted Income ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. A 0.53 correlation means they provide meaningful diversification when combined. CTIF charges 0.45%/yr vs 0.29%/yr for PAPI.

Performance

CTIF vs. PAPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Castellan Targeted Income ETF (CTIF) 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, CTIF achieves a 5.39% return, which is significantly lower than PAPI's 6.49% return.

CTIF

• 1D: 0.06%
• 1M: 2.13%
• YTD: 5.39%
• 6M: 4.44%
• 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)

CTIF vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025
CTIF Castellan Targeted Income ETF	5.39%	4.75%
PAPI Parametric Equity Premium Income ETF	6.49%	6.09%

Correlation

The correlation between CTIF and PAPI is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.53

Return for Risk

CTIF 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.

CTIF vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Castellan Targeted Income ETF (CTIF) 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

	CTIF	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	0.90	0.90	0.00

Drawdowns

CTIF vs. PAPI - Drawdown Comparison

The maximum CTIF drawdown since its inception was -9.43%, smaller than the maximum PAPI drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for CTIF and PAPI.

Drawdown Indicators

	CTIF	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-9.43%	-14.27%	+4.84%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.86%	—
Current Drawdown Current decline from peak	0.00%	-4.45%	+4.45%
Average Drawdown Average peak-to-trough decline	-1.88%	-2.73%	+0.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.55%	—

Volatility

Volatility by Period

	CTIF	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	12.37%	10.47%	+1.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.37%	11.76%	+0.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.37%	11.76%	+0.61%

CTIF vs. PAPI - Expense Ratio Comparison

CTIF has a 0.45% expense ratio, which is higher than PAPI's 0.29% expense ratio.

Dividends

CTIF vs. PAPI - Dividend Comparison

CTIF's dividend yield for the trailing twelve months is around 3.64%, less than PAPI's 7.57% yield.

Position	TTM	2025	2024	2023
CTIF Castellan Targeted Income ETF	3.64%	2.55%	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 CTIF and PAPI in my portfolio?

CTIF and PAPI have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CTIF 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, CTIF or PAPI?

PAPI is cheaper with a 0.29% expense ratio, compared with 0.45% for CTIF.

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

PAPI has the higher dividend yield at 7.57%, compared with 3.64% for CTIF.

What is the main difference between CTIF and PAPI?

They also come from different issuers: Castellan and Morgan Stanley. Their fees differ too: 0.45% for CTIF and 0.29% for PAPI.