GIAX vs. PAPI

Last updated Jun 26, 2026

GIAX (Nicholas Global Equity and Income ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, GIAX returned 22.47% vs 14.64% for PAPI. At a 0.24 correlation, their price movements are largely independent. GIAX charges 0.97%/yr vs 0.29%/yr for PAPI.

Performance

GIAX vs. PAPI - Performance Comparison

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

Returns By Period

In the year-to-date period, GIAX achieves a 16.24% return, which is significantly higher than PAPI's 8.06% return.

GIAX

• 1D: 0.53%
• 1M: -0.38%
• YTD: 16.24%
• 6M: 13.93%
• 1Y: 22.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAPI

• 1D: 0.67%
• 1M: 1.64%
• YTD: 8.06%
• 6M: 7.16%
• 1Y: 14.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GIAX vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GIAX Nicholas Global Equity and Income ETF	16.24%	11.73%	2.94%
PAPI Parametric Equity Premium Income ETF	8.06%	6.33%	-0.53%

Correlation

The correlation between GIAX and PAPI is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (All Time) Calculated using the full available price history since Jul 30, 2024	0.24

The correlation between GIAX and PAPI shifts across timeframes, from 0.04 (1 year) to 0.24 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GIAX vs. PAPI — Risk / Return Rank

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

GIAX

GIAX Risk / Return Rank: 31
GIAX Sharpe Ratio Rank: 29
GIAX Sortino Ratio Rank: 28
GIAX Omega Ratio Rank: 30
GIAX Calmar Ratio Rank: 29
GIAX Martin Ratio Rank: 37

PAPI

PAPI Risk / Return Rank: 44
PAPI Sharpe Ratio Rank: 45
PAPI Sortino Ratio Rank: 48
PAPI Omega Ratio Rank: 41
PAPI Calmar Ratio Rank: 49
PAPI Martin Ratio Rank: 38

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.

GIAX vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Global Equity and Income ETF (GIAX) 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.

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.

	GIAX	PAPI	Difference
Sharpe ratio: Return per unit of total volatility	0.97	1.40	-0.43
Sortino ratio: Return per unit of downside risk	1.42	2.10	-0.68
Omega ratio: Gain probability vs. loss probability	1.19	1.24	-0.06
Calmar ratio: Return relative to maximum drawdown	1.28	2.14	-0.86
Martin ratio: Return relative to average drawdown	5.17	5.36	-0.19

GIAX vs. PAPI - Sharpe Ratio Comparison

The current GIAX Sharpe Ratio is 0.97, which is lower than the PAPI Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of GIAX and PAPI, 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

GIAX vs. PAPI - Drawdown Comparison

The maximum GIAX drawdown since its inception was -20.38%, which is greater than PAPI's maximum drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for GIAX and PAPI.

Drawdown Indicators

	GIAX	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-20.38%	-14.27%	-6.11%
Max Drawdown (1Y) Largest decline over 1 year	-17.62%	-6.86%	-10.76%
Current Drawdown Current decline from peak	-7.56%	-3.05%	-4.51%
Average Drawdown Average peak-to-trough decline	-3.08%	-2.77%	-0.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.35%	2.74%	+1.61%

Volatility

GIAX vs. PAPI - Volatility Comparison

Nicholas Global Equity and Income ETF (GIAX) has a higher volatility of 10.26% compared to Parametric Equity Premium Income ETF (PAPI) at 2.65%. This indicates that GIAX'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

	GIAX	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.26%	2.65%	+7.61%
Volatility (6M) Calculated over the trailing 6-month period	20.97%	7.07%	+13.90%
Volatility (1Y) Calculated over the trailing 1-year period	23.31%	10.57%	+12.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.05%	11.73%	+10.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.05%	11.73%	+10.32%

GIAX vs. PAPI - Expense Ratio Comparison

GIAX has a 0.97% expense ratio, which is higher than PAPI's 0.29% expense ratio.

Dividends

GIAX vs. PAPI - Dividend Comparison

GIAX's dividend yield for the trailing twelve months is around 25.22%, more than PAPI's 7.46% yield.

Position	TTM	2025	2024	2023
GIAX Nicholas Global Equity and Income ETF	25.22%	25.62%	10.58%	0.00%
PAPI Parametric Equity Premium Income ETF	7.46%	7.59%	7.07%	1.45%

Frequently Asked Questions

Can I hold both GIAX and PAPI in my portfolio?

GIAX and PAPI have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GIAX or PAPI?

GIAX has higher volatility (10.26%) compared to PAPI (2.65%). In terms of maximum drawdown, GIAX dropped -20.38% vs PAPI's -14.27%.

Which ETF is better, GIAX or PAPI?

On 1-year performance, GIAX leads with 22.47% vs 14.64% for PAPI. On fees, PAPI is cheaper at 0.29% per year. On volatility, PAPI has been the lower-risk option at 2.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GIAX or PAPI?

Over the 1-year period, GIAX has performed better with a 22.47% return vs 14.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GIAX or PAPI?

PAPI is cheaper with a 0.29% expense ratio, compared with 0.97% for GIAX.

Which ETF pays a higher dividend yield, GIAX or PAPI?

GIAX has the higher dividend yield at 25.22%, compared with 7.46% for PAPI.

What is the main difference between GIAX and PAPI?

They also come from different issuers: Nicholas and Morgan Stanley. Their fees differ too: 0.97% for GIAX and 0.29% for PAPI.

Which has better risk-adjusted returns?

PAPI currently has the higher Sharpe Ratio (1.40 vs 0.97), 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.