FEAT vs. PEPS

Last updated Jun 24, 2026

FEAT (YieldMax Dorsey Wright Featured 5 Income ETF) and PEPS (Parametric Equity Plus ETF) are both Derivative Income funds. FEAT is passively managed, while PEPS is actively managed. Over the past year, FEAT returned -10.13% vs 26.19% for PEPS. A 0.72 correlation means they provide meaningful diversification when combined. FEAT charges 1.28%/yr vs 0.10%/yr for PEPS.

Performance

FEAT vs. PEPS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Dorsey Wright Featured 5 Income ETF (FEAT) and Parametric Equity Plus ETF (PEPS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEAT achieves a -6.78% return, which is significantly lower than PEPS's 7.86% return.

FEAT

• 1D: 0.00%
• 1M: -1.87%
• YTD: -6.78%
• 6M: -8.34%
• 1Y: -10.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PEPS

• 1D: -1.38%
• 1M: -0.55%
• YTD: 7.86%
• 6M: 7.03%
• 1Y: 26.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FEAT vs. PEPS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FEAT YieldMax Dorsey Wright Featured 5 Income ETF	-6.78%	-4.21%	-9.44%
PEPS Parametric Equity Plus ETF	7.86%	20.32%	-3.68%

Correlation

The correlation between FEAT and PEPS is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (All Time) Calculated using the full available price history since Dec 17, 2024	0.72

The correlation between FEAT and PEPS has been stable across timeframes, ranging from 0.66 to 0.72 - a consistent structural relationship.

Return for Risk

FEAT vs. PEPS — Risk / Return Rank

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

FEAT

FEAT Risk / Return Rank: 6
FEAT Sharpe Ratio Rank: 6
FEAT Sortino Ratio Rank: 6
FEAT Omega Ratio Rank: 6
FEAT Calmar Ratio Rank: 6
FEAT Martin Ratio Rank: 6

PEPS

PEPS Risk / Return Rank: 62
PEPS Sharpe Ratio Rank: 62
PEPS Sortino Ratio Rank: 57
PEPS Omega Ratio Rank: 62
PEPS Calmar Ratio Rank: 58
PEPS Martin Ratio Rank: 70

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.

FEAT vs. PEPS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Dorsey Wright Featured 5 Income ETF (FEAT) and Parametric Equity Plus ETF (PEPS). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FEAT	PEPS	Difference
Sharpe ratio: Return per unit of total volatility	-0.35	1.91	-2.26
Sortino ratio: Return per unit of downside risk	-0.30	2.53	-2.83
Omega ratio: Gain probability vs. loss probability	0.96	1.35	-0.39
Calmar ratio: Return relative to maximum drawdown	-0.32	2.69	-3.01
Martin ratio: Return relative to average drawdown	-0.62	12.10	-12.72

FEAT vs. PEPS - Sharpe Ratio Comparison

The current FEAT Sharpe Ratio is -0.35, which is lower than the PEPS Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of FEAT and PEPS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FEAT vs. PEPS - Drawdown Comparison

The maximum FEAT drawdown since its inception was -31.68%, which is greater than PEPS's maximum drawdown of -21.26%. Use the drawdown chart below to compare losses from any high point for FEAT and PEPS.

Drawdown Indicators

	FEAT	PEPS	Difference
Max Drawdown Largest peak-to-trough decline	-31.68%	-21.26%	-10.42%
Max Drawdown (1Y) Largest decline over 1 year	-31.68%	-9.80%	-21.88%
Current Drawdown Current decline from peak	-20.04%	-3.04%	-17.00%
Average Drawdown Average peak-to-trough decline	-13.61%	-2.75%	-10.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.37%	2.17%	+14.20%

Volatility

FEAT vs. PEPS - Volatility Comparison

YieldMax Dorsey Wright Featured 5 Income ETF (FEAT) has a higher volatility of 8.04% compared to Parametric Equity Plus ETF (PEPS) at 5.38%. This indicates that FEAT's price experiences larger fluctuations and is considered to be riskier than PEPS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEAT	PEPS	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.04%	5.38%	+2.66%
Volatility (6M) Calculated over the trailing 6-month period	20.42%	10.82%	+9.60%
Volatility (1Y) Calculated over the trailing 1-year period	28.78%	13.80%	+14.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.37%	18.43%	+11.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.37%	18.43%	+11.94%

FEAT vs. PEPS - Expense Ratio Comparison

FEAT has a 1.28% expense ratio, which is higher than PEPS's 0.10% expense ratio.

Dividends

FEAT vs. PEPS - Dividend Comparison

FEAT's dividend yield for the trailing twelve months is around 85.92%, more than PEPS's 0.95% yield.

Position	TTM	2025	2024
FEAT YieldMax Dorsey Wright Featured 5 Income ETF	85.92%	76.35%	0.00%
PEPS Parametric Equity Plus ETF	0.95%	1.00%	0.17%

Frequently Asked Questions

Can I hold both FEAT and PEPS in my portfolio?

FEAT and PEPS have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEAT or PEPS?

FEAT has higher volatility (8.04%) compared to PEPS (5.38%). In terms of maximum drawdown, FEAT dropped -31.68% vs PEPS's -21.26%.

Which ETF is better, FEAT or PEPS?

On 1-year performance, PEPS leads with 26.19% vs -10.13% for FEAT. On fees, PEPS is cheaper at 0.10% per year. On volatility, PEPS has been the lower-risk option at 5.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FEAT or PEPS?

Over the 1-year period, PEPS has performed better with a 26.19% return vs -10.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FEAT or PEPS?

PEPS is cheaper with a 0.10% expense ratio, compared with 1.28% for FEAT.

Which ETF pays a higher dividend yield, FEAT or PEPS?

FEAT has the higher dividend yield at 85.92%, compared with 0.95% for PEPS.

What is the main difference between FEAT and PEPS?

They also come from different issuers: YieldMax and Parametric. Their fees differ too: 1.28% for FEAT and 0.10% for PEPS.

Which has better risk-adjusted returns?

PEPS currently has the higher Sharpe Ratio (1.91 vs -0.35), 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.