EIPI vs. PAPI

Last updated Apr 1, 2026

Compare and contrast key facts about FT Energy Income Partners Enhanced Income ETF (EIPI) and Parametric Equity Premium Income ETF (PAPI).

EIPI and PAPI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. EIPI is an actively managed fund by First Trust. It was launched on Sep 27, 2011. PAPI is an actively managed fund by Morgan Stanley. It was launched on Oct 16, 2023.

Performance

EIPI vs. PAPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Energy Income Partners Enhanced Income ETF (EIPI) and Parametric Equity Premium Income ETF (PAPI). The values are adjusted to include any dividend payments, if applicable.

EIPI vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EIPI FT Energy Income Partners Enhanced Income ETF	15.17%	12.38%	12.83%
PAPI Parametric Equity Premium Income ETF	8.31%	6.33%	3.91%

Returns By Period

In the year-to-date period, EIPI achieves a 15.17% return, which is significantly higher than PAPI's 8.31% return.

EIPI

• 1D: -0.49%
• 1M: 1.92%
• YTD: 15.17%
• 6M: 17.66%
• 1Y: 19.44%
• 3Y*: —
• 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)

EIPI vs. PAPI - Expense Ratio Comparison

EIPI has a 1.11% expense ratio, which is higher than PAPI's 0.29% expense ratio.

EIPI

FT Energy Income Partners Enhanced Income ETF

PAPI

Parametric Equity Premium Income ETF

Return for Risk

EIPI vs. PAPI — Risk / Return Rank

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

EIPI

EIPI Risk / Return Rank: 72
EIPI Sharpe Ratio Rank: 76
EIPI Sortino Ratio Rank: 72
EIPI Omega Ratio Rank: 78
EIPI Calmar Ratio Rank: 64
EIPI Martin Ratio Rank: 69

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.

EIPI vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Energy Income Partners Enhanced Income ETF (EIPI) 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.

	EIPI	PAPI	Difference
Sharpe ratio Return per unit of total volatility	1.40	0.82	+0.58
Sortino ratio Return per unit of downside risk	1.82	1.23	+0.59
Omega ratio Gain probability vs. loss probability	1.30	1.16	+0.13
Calmar ratio Return relative to maximum drawdown	1.62	1.08	+0.53
Martin ratio Return relative to average drawdown	7.06	4.62	+2.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EIPI vs. PAPI - Sharpe Ratio Comparison

The current EIPI Sharpe Ratio is 1.40, which is higher than the PAPI Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of EIPI 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

	EIPI	PAPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.40	0.82	+0.58
Sharpe Ratio (All Time) Calculated using the full available price history	1.68	1.02	+0.66

Correlation

The correlation between EIPI and PAPI is 0.54, 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

EIPI vs. PAPI - Dividend Comparison

EIPI's dividend yield for the trailing twelve months is around 6.67%, less than PAPI's 7.50% yield.

	TTM	2025	2024	2023
EIPI FT Energy Income Partners Enhanced Income ETF	6.67%	9.71%	6.31%	0.00%
PAPI Parametric Equity Premium Income ETF	7.50%	7.59%	7.07%	1.45%

Drawdowns

EIPI vs. PAPI - Drawdown Comparison

The maximum EIPI drawdown since its inception was -12.33%, smaller than the maximum PAPI drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for EIPI and PAPI.

Drawdown Indicators

	EIPI	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-12.33%	-14.27%	+1.94%
Max Drawdown (1Y) Largest decline over 1 year	-12.33%	-11.59%	-0.74%
Current Drawdown Current decline from peak	-0.49%	-2.82%	+2.33%
Average Drawdown Average peak-to-trough decline	-1.68%	-2.57%	+0.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.82%	2.72%	+0.10%

Volatility

EIPI vs. PAPI - Volatility Comparison

The current volatility for FT Energy Income Partners Enhanced Income ETF (EIPI) is 2.58%, while Parametric Equity Premium Income ETF (PAPI) has a volatility of 3.21%. This indicates that EIPI experiences smaller price fluctuations and is considered to be less risky than PAPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EIPI	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.58%	3.21%	-0.63%
Volatility (6M) Calculated over the trailing 6-month period	6.88%	7.51%	-0.63%
Volatility (1Y) Calculated over the trailing 1-year period	13.97%	14.14%	-0.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.24%	11.96%	+1.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.24%	11.96%	+1.28%