GOOY vs. PAPI

Last updated Jun 4, 2026

GOOY (YieldMax GOOGL Option Income Strategy ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, GOOY returned 88.26% vs 12.39% for PAPI. At a 0.08 correlation, their price movements are largely independent. GOOY charges 0.99%/yr vs 0.29%/yr for PAPI.

Performance

GOOY vs. PAPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax GOOGL Option Income Strategy ETF (GOOY) 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, GOOY achieves a 13.61% return, which is significantly higher than PAPI's 5.81% return.

GOOY

• 1D: -0.65%
• 1M: -5.16%
• YTD: 13.61%
• 6M: 11.36%
• 1Y: 88.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAPI

• 1D: -0.26%
• 1M: 0.28%
• YTD: 5.81%
• 6M: 5.78%
• 1Y: 12.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GOOY vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GOOY YieldMax GOOGL Option Income Strategy ETF	13.61%	53.95%	12.58%	-6.64%
PAPI Parametric Equity Premium Income ETF	5.81%	6.33%	8.90%	5.36%

Correlation

The correlation between GOOY and PAPI is 0.01, 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	0.01
Correlation (All Time) Calculated using the full available price history since Oct 20, 2023	0.08

Return for Risk

GOOY vs. PAPI — Risk / Return Rank

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

GOOY

GOOY Risk / Return Rank: 92
GOOY Sharpe Ratio Rank: 95
GOOY Sortino Ratio Rank: 95
GOOY Omega Ratio Rank: 93
GOOY Calmar Ratio Rank: 89
GOOY Martin Ratio Rank: 90

PAPI

PAPI Risk / Return Rank: 33
PAPI Sharpe Ratio Rank: 32
PAPI Sortino Ratio Rank: 34
PAPI Omega Ratio Rank: 30
PAPI Calmar Ratio Rank: 37
PAPI Martin Ratio Rank: 33

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.

GOOY vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax GOOGL Option Income Strategy ETF (GOOY) 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.

	GOOY	PAPI	Difference
Sharpe ratio: Return per unit of total volatility	3.84	1.19	+2.65
Sortino ratio: Return per unit of downside risk	5.10	1.82	+3.28
Omega ratio: Gain probability vs. loss probability	1.65	1.21	+0.44
Calmar ratio: Return relative to maximum drawdown	5.50	1.81	+3.68
Martin ratio: Return relative to average drawdown	21.08	4.90	+16.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GOOY vs. PAPI - Sharpe Ratio Comparison

The current GOOY Sharpe Ratio is 3.84, which is higher than the PAPI Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of GOOY 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.

Sharpe Ratios by Period

	GOOY	PAPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.84	1.19	+2.65
Sharpe Ratio (All Time) Calculated using the full available price history	1.09	0.88	+0.21

Drawdowns

GOOY vs. PAPI - Drawdown Comparison

The maximum GOOY drawdown since its inception was -24.40%, which is greater than PAPI's maximum drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for GOOY and PAPI.

Drawdown Indicators

	GOOY	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-24.40%	-14.27%	-10.13%
Max Drawdown (1Y) Largest decline over 1 year	-16.15%	-6.86%	-9.29%
Current Drawdown Current decline from peak	-8.61%	-5.06%	-3.55%
Average Drawdown Average peak-to-trough decline	-6.26%	-2.73%	-3.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.20%	2.53%	+1.67%

Volatility

GOOY vs. PAPI - Volatility Comparison

YieldMax GOOGL Option Income Strategy ETF (GOOY) has a higher volatility of 6.90% compared to Parametric Equity Premium Income ETF (PAPI) at 2.23%. This indicates that GOOY'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

	GOOY	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.90%	2.23%	+4.67%
Volatility (6M) Calculated over the trailing 6-month period	17.19%	7.00%	+10.19%
Volatility (1Y) Calculated over the trailing 1-year period	23.19%	10.55%	+12.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.31%	11.76%	+11.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.31%	11.76%	+11.55%

GOOY vs. PAPI - Expense Ratio Comparison

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

Dividends

GOOY vs. PAPI - Dividend Comparison

GOOY's dividend yield for the trailing twelve months is around 50.99%, more than PAPI's 7.62% yield.

Position	TTM	2025	2024	2023
GOOY YieldMax GOOGL Option Income Strategy ETF	50.99%	41.50%	36.74%	7.90%
PAPI Parametric Equity Premium Income ETF	7.62%	7.59%	7.07%	1.45%

Frequently Asked Questions

Can I hold both GOOY and PAPI in my portfolio?

GOOY and PAPI have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GOOY or PAPI?

GOOY has higher volatility (6.90%) compared to PAPI (2.23%). In terms of maximum drawdown, GOOY dropped -24.40% vs PAPI's -14.27%.

Which ETF is better, GOOY or PAPI?

On 1-year performance, GOOY leads with 88.26% vs 12.39% for PAPI. On fees, PAPI is cheaper at 0.29% per year. On volatility, PAPI has been the lower-risk option at 2.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GOOY or PAPI?

Over the 1-year period, GOOY has performed better with a 88.26% return vs 12.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GOOY or PAPI?

PAPI is cheaper with a 0.29% expense ratio, compared with 0.99% for GOOY.

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

GOOY has the higher dividend yield at 50.99%, compared with 7.62% for PAPI.

What is the main difference between GOOY and PAPI?

They also come from different issuers: YieldMax and Morgan Stanley. Their fees differ too: 0.99% for GOOY and 0.29% for PAPI.

Which has better risk-adjusted returns?

GOOY currently has the higher Sharpe Ratio (3.84 vs 1.19), 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.