EIVPX vs. PAPI

Last updated Apr 1, 2026

Compare and contrast key facts about Parametric Volatility Risk Premium - Defensive Fund (EIVPX) and Parametric Equity Premium Income ETF (PAPI).

EIVPX is managed by Eaton Vance. It was launched on Feb 8, 2017. PAPI is an actively managed fund by Morgan Stanley. It was launched on Oct 16, 2023.

Performance

EIVPX vs. PAPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Parametric Volatility Risk Premium - Defensive Fund (EIVPX) and Parametric Equity Premium Income ETF (PAPI). The values are adjusted to include any dividend payments, if applicable.

EIVPX vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EIVPX Parametric Volatility Risk Premium - Defensive Fund	-2.03%	12.90%	16.45%	5.06%
PAPI Parametric Equity Premium Income ETF	8.31%	6.33%	8.90%	5.36%

Returns By Period

In the year-to-date period, EIVPX achieves a -2.03% return, which is significantly lower than PAPI's 8.31% return.

EIVPX

• 1D: -0.12%
• 1M: -3.53%
• YTD: -2.03%
• 6M: 1.22%
• 1Y: 12.43%
• 3Y*: 12.57%
• 5Y*: 9.07%
• 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)

EIVPX vs. PAPI - Expense Ratio Comparison

EIVPX has a 0.47% expense ratio, which is higher than PAPI's 0.29% expense ratio.

EIVPX

Parametric Volatility Risk Premium - Defensive Fund

PAPI

Parametric Equity Premium Income ETF

Return for Risk

EIVPX vs. PAPI — Risk / Return Rank

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

EIVPX

EIVPX Risk / Return Rank: 70
EIVPX Sharpe Ratio Rank: 64
EIVPX Sortino Ratio Rank: 67
EIVPX Omega Ratio Rank: 80
EIVPX Calmar Ratio Rank: 54
EIVPX Martin Ratio Rank: 84

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.

EIVPX vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Parametric Volatility Risk Premium - Defensive Fund (EIVPX) 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.

	EIVPX	PAPI	Difference
Sharpe ratio Return per unit of total volatility	1.12	0.82	+0.30
Sortino ratio Return per unit of downside risk	1.66	1.23	+0.43
Omega ratio Gain probability vs. loss probability	1.31	1.16	+0.14
Calmar ratio Return relative to maximum drawdown	1.28	1.08	+0.20
Martin ratio Return relative to average drawdown	8.56	4.62	+3.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EIVPX vs. PAPI - Sharpe Ratio Comparison

The current EIVPX Sharpe Ratio is 1.12, which is higher than the PAPI Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of EIVPX 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

	EIVPX	PAPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.12	0.82	+0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.93	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	1.02	-0.32

Correlation

The correlation between EIVPX and PAPI is 0.43, 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

EIVPX vs. PAPI - Dividend Comparison

EIVPX's dividend yield for the trailing twelve months is around 4.10%, less than PAPI's 7.50% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
EIVPX Parametric Volatility Risk Premium - Defensive Fund	4.10%	4.01%	2.67%	5.09%	7.95%	1.22%	0.75%	1.23%	1.24%	0.53%
PAPI Parametric Equity Premium Income ETF	7.50%	7.59%	7.07%	1.45%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

EIVPX vs. PAPI - Drawdown Comparison

The maximum EIVPX drawdown since its inception was -26.67%, which is greater than PAPI's maximum drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for EIVPX and PAPI.

Drawdown Indicators

	EIVPX	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-26.67%	-14.27%	-12.40%
Max Drawdown (1Y) Largest decline over 1 year	-9.11%	-11.59%	+2.48%
Max Drawdown (5Y) Largest decline over 5 years	-14.07%	—	—
Current Drawdown Current decline from peak	-3.81%	-2.82%	-0.99%
Average Drawdown Average peak-to-trough decline	-2.51%	-2.57%	+0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.37%	2.72%	-1.35%

Volatility

EIVPX vs. PAPI - Volatility Comparison

The current volatility for Parametric Volatility Risk Premium - Defensive Fund (EIVPX) is 2.57%, while Parametric Equity Premium Income ETF (PAPI) has a volatility of 3.21%. This indicates that EIVPX 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

	EIVPX	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.57%	3.21%	-0.64%
Volatility (6M) Calculated over the trailing 6-month period	5.29%	7.51%	-2.22%
Volatility (1Y) Calculated over the trailing 1-year period	11.54%	14.14%	-2.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.81%	11.96%	-2.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.89%	11.96%	-0.07%