GMEY vs. PAPI
GMEY (YieldMax GME Option Income Strategy ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. Both are actively managed. Their 0.15 correlation means their historical movements had little consistent relationship. GMEY charges 0.99%/yr vs 0.29%/yr for PAPI.
Performance
GMEY vs. PAPI - Performance Comparison
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Returns By Period
In the year-to-date period, GMEY achieves a -8.59% return, which is significantly lower than PAPI's 11.92% return.
GMEY
- 1D
- -0.56%
- 1M
- -13.24%
- 6M
- -19.18%
- YTD
- -8.59%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
PAPI
- 1D
- -0.22%
- 1M
- 2.73%
- 6M
- 2.86%
- YTD
- 11.92%
- 1Y
- 17.81%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 11.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $32.88K | $35.63K | $44.01K | |
| $2.12M | $2.18M | $2.02M |
GMEY vs. PAPI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
GMEY YieldMax GME Option Income Strategy ETF | -8.59% | -15.02% |
PAPI Parametric Equity Premium Income ETF | 11.92% | 0.98% |
Correlation
The correlation between GMEY and PAPI is 0.15, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Sep 9, 2025 | 0.15 |
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Return for Risk
GMEY vs. PAPI — Risk / Return Rank
GMEY
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
PAPI
GMEY vs. PAPI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for YieldMax GME Option Income Strategy ETF (GMEY) 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.
| GMEY | PAPI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.30 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.61 | — |
| Martin ratioReturn relative to average drawdown | — | 6.57 | — |
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Drawdowns
GMEY vs. PAPI - Drawdown Comparison
The maximum GMEY drawdown since its inception was -31.17%, which is greater than PAPI's maximum drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for GMEY and PAPI.
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Drawdown Indicators
| GMEY | PAPI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.17% | -14.27% | -16.90% |
Max Drawdown (1Y)Largest decline over 1 year | — | -6.86% | — |
Current DrawdownCurrent decline from peak | -31.02% | -1.57% | -29.45% |
Average DrawdownAverage peak-to-trough decline | -17.65% | -2.72% | -14.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 2.72% | — |
Volatility
GMEY vs. PAPI - Volatility Comparison
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Volatility by Period
| GMEY | PAPI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 3.25% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 7.18% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 29.60% | 10.30% | +19.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.60% | 11.70% | +17.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.60% | 11.70% | +17.90% |
GMEY vs. PAPI - Expense Ratio Comparison
GMEY has a 0.99% expense ratio, which is higher than PAPI's 0.29% expense ratio.
Dividends
GMEY vs. PAPI - Dividend Comparison
GMEY's dividend yield for the trailing twelve months is around 70.28%, more than PAPI's 7.44% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
GMEY YieldMax GME Option Income Strategy ETF | 70.28% | 21.84% | 0.00% | 0.00% |
PAPI Parametric Equity Premium Income ETF | 7.44% | 7.59% | 7.07% | 1.45% |
Frequently Asked Questions
GMEY and PAPI have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PAPI is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PAPI is cheaper with a 0.29% expense ratio, compared with 0.99% for GMEY.
GMEY has the higher dividend yield at 70.28%, compared with 7.44% for PAPI.
They also come from different issuers: YieldMax and Morgan Stanley. Their fees differ too: 0.99% for GMEY and 0.29% for PAPI.
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