FBY vs. PAPI

Last updated Apr 2, 2026

Compare and contrast key facts about YieldMax META Option Income ETF (FBY) and Parametric Equity Premium Income ETF (PAPI).

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

Performance

FBY vs. PAPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax META Option Income ETF (FBY) and Parametric Equity Premium Income ETF (PAPI). The values are adjusted to include any dividend payments, if applicable.

FBY vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FBY YieldMax META Option Income ETF	-11.64%	1.98%	44.42%	13.01%
PAPI Parametric Equity Premium Income ETF	8.23%	6.33%	8.90%	5.36%

Returns By Period

In the year-to-date period, FBY achieves a -11.64% return, which is significantly lower than PAPI's 8.23% return.

FBY

• 1D: 0.99%
• 1M: -10.78%
• YTD: -11.64%
• 6M: -18.62%
• 1Y: -6.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAPI

• 1D: -0.07%
• 1M: -2.89%
• YTD: 8.23%
• 6M: 9.24%
• 1Y: 11.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FBY vs. PAPI - Expense Ratio Comparison

FBY has a 0.99% expense ratio, which is higher than PAPI's 0.29% expense ratio.

FBY

YieldMax META Option Income ETF

PAPI

Parametric Equity Premium Income ETF

Return for Risk

FBY vs. PAPI — Risk / Return Rank

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

FBY

FBY Risk / Return Rank: 8
FBY Sharpe Ratio Rank: 8
FBY Sortino Ratio Rank: 8
FBY Omega Ratio Rank: 8
FBY Calmar Ratio Rank: 9
FBY Martin Ratio Rank: 9

PAPI

PAPI Risk / Return Rank: 40
PAPI Sharpe Ratio Rank: 41
PAPI Sortino Ratio Rank: 42
PAPI Omega Ratio Rank: 39
PAPI Calmar Ratio Rank: 36
PAPI Martin Ratio Rank: 42

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.

FBY vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax META Option Income ETF (FBY) 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.

	FBY	PAPI	Difference
Sharpe ratio Return per unit of total volatility	-0.21	0.81	-1.03
Sortino ratio Return per unit of downside risk	-0.08	1.22	-1.30
Omega ratio Gain probability vs. loss probability	0.99	1.16	-0.17
Calmar ratio Return relative to maximum drawdown	-0.17	0.98	-1.16
Martin ratio Return relative to average drawdown	-0.45	4.19	-4.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FBY vs. PAPI - Sharpe Ratio Comparison

The current FBY Sharpe Ratio is -0.21, which is lower than the PAPI Sharpe Ratio of 0.81. The chart below compares the historical Sharpe Ratios of FBY 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

	FBY	PAPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.21	0.81	-1.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	1.01	-0.43

Correlation

The correlation between FBY and PAPI is 0.05, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

FBY vs. PAPI - Dividend Comparison

FBY's dividend yield for the trailing twelve months is around 58.29%, more than PAPI's 7.51% yield.

	TTM	2025	2024	2023
FBY YieldMax META Option Income ETF	58.29%	55.43%	53.89%	8.31%
PAPI Parametric Equity Premium Income ETF	7.51%	7.59%	7.07%	1.45%

Drawdowns

FBY vs. PAPI - Drawdown Comparison

The maximum FBY drawdown since its inception was -31.53%, which is greater than PAPI's maximum drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for FBY and PAPI.

Drawdown Indicators

	FBY	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-31.53%	-14.27%	-17.26%
Max Drawdown (1Y) Largest decline over 1 year	-29.50%	-11.59%	-17.91%
Current Drawdown Current decline from peak	-24.06%	-2.89%	-21.17%
Average Drawdown Average peak-to-trough decline	-7.12%	-2.57%	-4.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.31%	2.73%	+8.58%

Volatility

FBY vs. PAPI - Volatility Comparison

YieldMax META Option Income ETF (FBY) has a higher volatility of 11.94% compared to Parametric Equity Premium Income ETF (PAPI) at 3.14%. This indicates that FBY'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

	FBY	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.94%	3.14%	+8.80%
Volatility (6M) Calculated over the trailing 6-month period	22.64%	7.50%	+15.14%
Volatility (1Y) Calculated over the trailing 1-year period	32.42%	14.11%	+18.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.38%	11.95%	+16.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.38%	11.95%	+16.43%