DJIA vs. PAPI

Last updated Apr 1, 2026

Compare and contrast key facts about Global X Dow 30 Covered Call ETF (DJIA) and Parametric Equity Premium Income ETF (PAPI).

DJIA and PAPI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DJIA is a passively managed fund by Global X that tracks the performance of the DJIA Cboe BuyWrite v2 Index. It was launched on Feb 23, 2022. PAPI is an actively managed fund by Morgan Stanley. It was launched on Oct 16, 2023.

Performance

DJIA vs. PAPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Dow 30 Covered Call ETF (DJIA) and Parametric Equity Premium Income ETF (PAPI). The values are adjusted to include any dividend payments, if applicable.

DJIA vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DJIA Global X Dow 30 Covered Call ETF	-2.20%	9.11%	14.52%	4.89%
PAPI Parametric Equity Premium Income ETF	8.31%	6.33%	8.90%	5.36%

Returns By Period

In the year-to-date period, DJIA achieves a -2.20% return, which is significantly lower than PAPI's 8.31% return.

DJIA

• 1D: 1.69%
• 1M: -4.83%
• YTD: -2.20%
• 6M: 3.14%
• 1Y: 6.47%
• 3Y*: 9.03%
• 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)

DJIA vs. PAPI - Expense Ratio Comparison

DJIA has a 0.60% expense ratio, which is higher than PAPI's 0.29% expense ratio.

DJIA

Global X Dow 30 Covered Call ETF

PAPI

Parametric Equity Premium Income ETF

Return for Risk

DJIA vs. PAPI — Risk / Return Rank

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

DJIA

DJIA Risk / Return Rank: 33
DJIA Sharpe Ratio Rank: 29
DJIA Sortino Ratio Rank: 29
DJIA Omega Ratio Rank: 38
DJIA Calmar Ratio Rank: 33
DJIA Martin Ratio Rank: 36

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.

DJIA vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Dow 30 Covered Call ETF (DJIA) 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.

	DJIA	PAPI	Difference
Sharpe ratio Return per unit of total volatility	0.50	0.82	-0.32
Sortino ratio Return per unit of downside risk	0.80	1.23	-0.43
Omega ratio Gain probability vs. loss probability	1.14	1.16	-0.02
Calmar ratio Return relative to maximum drawdown	0.76	1.08	-0.33
Martin ratio Return relative to average drawdown	3.12	4.62	-1.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DJIA vs. PAPI - Sharpe Ratio Comparison

The current DJIA Sharpe Ratio is 0.50, which is lower than the PAPI Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of DJIA 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

	DJIA	PAPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.50	0.82	-0.32
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	1.02	-0.44

Correlation

The correlation between DJIA and PAPI is 0.49, 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

DJIA vs. PAPI - Dividend Comparison

DJIA's dividend yield for the trailing twelve months is around 11.46%, more than PAPI's 7.50% yield.

	TTM	2025	2024	2023	2022
DJIA Global X Dow 30 Covered Call ETF	11.46%	10.60%	11.44%	7.16%	9.18%
PAPI Parametric Equity Premium Income ETF	7.50%	7.59%	7.07%	1.45%	0.00%

Drawdowns

DJIA vs. PAPI - Drawdown Comparison

The maximum DJIA drawdown since its inception was -16.91%, which is greater than PAPI's maximum drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for DJIA and PAPI.

Drawdown Indicators

	DJIA	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-16.91%	-14.27%	-2.64%
Max Drawdown (1Y) Largest decline over 1 year	-9.20%	-11.59%	+2.39%
Current Drawdown Current decline from peak	-5.59%	-2.82%	-2.77%
Average Drawdown Average peak-to-trough decline	-3.63%	-2.57%	-1.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.23%	2.72%	-0.49%

Volatility

DJIA vs. PAPI - Volatility Comparison

Global X Dow 30 Covered Call ETF (DJIA) has a higher volatility of 4.20% compared to Parametric Equity Premium Income ETF (PAPI) at 3.21%. This indicates that DJIA'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

	DJIA	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.20%	3.21%	+0.99%
Volatility (6M) Calculated over the trailing 6-month period	6.07%	7.51%	-1.44%
Volatility (1Y) Calculated over the trailing 1-year period	13.05%	14.14%	-1.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.32%	11.96%	-0.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.32%	11.96%	-0.64%