CWY vs. PAPI
CWY (GraniteShares YieldBOOST CRWV ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. Both are actively managed. At a correlation of -0.34, they often move in opposite directions. CWY charges 1.07%/yr vs 0.29%/yr for PAPI.
Performance
CWY vs. PAPI - Performance Comparison
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Returns By Period
CWY
- 1D
- 0.37%
- 1M
- -11.02%
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
PAPI
- 1D
- -0.11%
- 1M
- 4.44%
- 6M
- 6.76%
- YTD
- 10.85%
- 1Y
- 16.07%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 11.26%
CWY vs. PAPI - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
CWY GraniteShares YieldBOOST CRWV ETF | -8.66% |
PAPI Parametric Equity Premium Income ETF | 4.19% |
Correlation
The correlation between CWY and PAPI is -0.34, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since May 26, 2026 | -0.34 |
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Return for Risk
CWY vs. PAPI — Risk / Return Rank
CWY
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
PAPI
CWY vs. PAPI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for GraniteShares YieldBOOST CRWV ETF (CWY) 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.
| CWY | PAPI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.27 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.35 | — |
| Martin ratioReturn relative to average drawdown | — | 5.82 | — |
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Drawdowns
CWY vs. PAPI - Drawdown Comparison
The maximum CWY drawdown since its inception was -11.67%, smaller than the maximum PAPI drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for CWY and PAPI.
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Drawdown Indicators
| CWY | PAPI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.67% | -14.27% | +2.60% |
Max Drawdown (1Y)Largest decline over 1 year | — | -6.86% | — |
Current DrawdownCurrent decline from peak | -11.34% | -0.79% | -10.55% |
Average DrawdownAverage peak-to-trough decline | -4.15% | -2.75% | -1.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 2.77% | — |
Volatility
CWY vs. PAPI - Volatility Comparison
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Volatility by Period
| CWY | PAPI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 3.13% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 7.16% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 16.06% | 10.48% | +5.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.06% | 11.73% | +4.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.06% | 11.73% | +4.33% |
CWY vs. PAPI - Expense Ratio Comparison
CWY has a 1.07% expense ratio, which is higher than PAPI's 0.29% expense ratio.
Dividends
CWY vs. PAPI - Dividend Comparison
CWY's dividend yield for the trailing twelve months is around 13.98%, more than PAPI's 7.39% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
CWY GraniteShares YieldBOOST CRWV ETF | 13.98% | 0.00% | 0.00% | 0.00% |
PAPI Parametric Equity Premium Income ETF | 7.39% | 7.59% | 7.07% | 1.45% |
Frequently Asked Questions
CWY and PAPI have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
PAPI is cheaper with a 0.29% expense ratio, compared with 1.07% for CWY.
CWY has the higher dividend yield at 13.98%, compared with 7.39% for PAPI.
They also come from different issuers: GraniteShares and Morgan Stanley. Their fees differ too: 1.07% for CWY and 0.29% for PAPI.
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