DHSB vs. PAPI

Last updated Jun 4, 2026

DHSB (Day Hagan Smart Buffer ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, DHSB returned 9.84% vs 12.39% for PAPI. At a 0.40 correlation, their price movements are largely independent. DHSB charges 0.68%/yr vs 0.29%/yr for PAPI.

Performance

DHSB vs. PAPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Day Hagan Smart Buffer ETF (DHSB) 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, DHSB achieves a 4.21% return, which is significantly lower than PAPI's 5.81% return.

DHSB

• 1D: -0.01%
• 1M: 1.26%
• YTD: 4.21%
• 6M: 5.04%
• 1Y: 9.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAPI

• 1D: -0.26%
• 1M: 0.28%
• YTD: 5.81%
• 6M: 5.78%
• 1Y: 12.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DHSB vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025
DHSB Day Hagan Smart Buffer ETF	4.21%	4.80%
PAPI Parametric Equity Premium Income ETF	5.81%	4.08%

Correlation

The correlation between DHSB and PAPI is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (All Time) Calculated using the full available price history since Feb 18, 2025	0.40

The correlation between DHSB and PAPI shifts across timeframes, from 0.27 (1 year) to 0.40 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DHSB vs. PAPI — Risk / Return Rank

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

DHSB

DHSB Risk / Return Rank: 63
DHSB Sharpe Ratio Rank: 51
DHSB Sortino Ratio Rank: 55
DHSB Omega Ratio Rank: 69
DHSB Calmar Ratio Rank: 61
DHSB Martin Ratio Rank: 80

PAPI

PAPI Risk / Return Rank: 33
PAPI Sharpe Ratio Rank: 32
PAPI Sortino Ratio Rank: 34
PAPI Omega Ratio Rank: 30
PAPI Calmar Ratio Rank: 37
PAPI Martin Ratio Rank: 33

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.

DHSB vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Day Hagan Smart Buffer ETF (DHSB) 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.

	DHSB	PAPI	Difference
Sharpe ratio: Return per unit of total volatility	1.74	1.19	+0.54
Sortino ratio: Return per unit of downside risk	2.62	1.82	+0.79
Omega ratio: Gain probability vs. loss probability	1.41	1.21	+0.20
Calmar ratio: Return relative to maximum drawdown	2.98	1.81	+1.16
Martin ratio: Return relative to average drawdown	15.55	4.90	+10.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DHSB vs. PAPI - Sharpe Ratio Comparison

The current DHSB Sharpe Ratio is 1.74, which is higher than the PAPI Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of DHSB 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.

Sharpe Ratios by Period

	DHSB	PAPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.74	1.19	+0.54
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	0.88	-0.06

Drawdowns

DHSB vs. PAPI - Drawdown Comparison

The maximum DHSB drawdown since its inception was -7.65%, smaller than the maximum PAPI drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for DHSB and PAPI.

Drawdown Indicators

	DHSB	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-7.65%	-14.27%	+6.62%
Max Drawdown (1Y) Largest decline over 1 year	-3.32%	-6.86%	+3.54%
Current Drawdown Current decline from peak	-0.37%	-5.06%	+4.69%
Average Drawdown Average peak-to-trough decline	-0.88%	-2.73%	+1.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.63%	2.53%	-1.90%

Volatility

DHSB vs. PAPI - Volatility Comparison

Day Hagan Smart Buffer ETF (DHSB) has a higher volatility of 3.65% compared to Parametric Equity Premium Income ETF (PAPI) at 2.23%. This indicates that DHSB's price experiences larger fluctuations and is considered to be riskier than PAPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DHSB	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.65%	2.23%	+1.42%
Volatility (6M) Calculated over the trailing 6-month period	5.20%	7.00%	-1.80%
Volatility (1Y) Calculated over the trailing 1-year period	5.70%	10.55%	-4.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.63%	11.76%	-3.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.63%	11.76%	-3.13%

DHSB vs. PAPI - Expense Ratio Comparison

DHSB has a 0.68% expense ratio, which is higher than PAPI's 0.29% expense ratio.

Dividends

DHSB vs. PAPI - Dividend Comparison

DHSB's dividend yield for the trailing twelve months is around 1.20%, less than PAPI's 7.62% yield.

Position	TTM	2025	2024	2023
DHSB Day Hagan Smart Buffer ETF	1.20%	1.25%	0.00%	0.00%
PAPI Parametric Equity Premium Income ETF	7.62%	7.59%	7.07%	1.45%

Frequently Asked Questions

Can I hold both DHSB and PAPI in my portfolio?

DHSB and PAPI have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DHSB or PAPI?

DHSB has higher volatility (3.65%) compared to PAPI (2.23%). In terms of maximum drawdown, DHSB dropped -7.65% vs PAPI's -14.27%.

Which ETF is better, DHSB or PAPI?

On 1-year performance, PAPI leads with 12.39% vs 9.84% for DHSB. On fees, PAPI is cheaper at 0.29% per year. On volatility, PAPI has been the lower-risk option at 2.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DHSB or PAPI?

Over the 1-year period, PAPI has performed better with a 12.39% return vs 9.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DHSB or PAPI?

PAPI is cheaper with a 0.29% expense ratio, compared with 0.68% for DHSB.

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

PAPI has the higher dividend yield at 7.62%, compared with 1.20% for DHSB.

What is the main difference between DHSB and PAPI?

They also come from different issuers: Day Hagan and Morgan Stanley. Their fees differ too: 0.68% for DHSB and 0.29% for PAPI.

Which has better risk-adjusted returns?

DHSB currently has the higher Sharpe Ratio (1.74 vs 1.19), 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.