GRNI vs. PAPI

Last updated Jul 17, 2026

GRNI (Fundstrat Granny Shots US Large Cap & Income ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. Both are actively managed. At a 0.07 correlation, their price movements are largely independent. GRNI charges 0.99%/yr vs 0.29%/yr for PAPI.

Performance

GRNI vs. PAPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fundstrat Granny Shots US Large Cap & Income ETF (GRNI) 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, GRNI achieves a 9.83% return, which is significantly lower than PAPI's 11.73% return.

GRNI

• 1D: -0.46%
• 1M: 0.79%
• 6M: 6.88%
• YTD: 9.83%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAPI

• 1D: 1.99%
• 1M: 4.10%
• 6M: 6.35%
• YTD: 11.73%
• 1Y: 17.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GRNI vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025
GRNI Fundstrat Granny Shots US Large Cap & Income ETF	9.83%	2.24%
PAPI Parametric Equity Premium Income ETF	11.73%	2.55%

Correlation

The correlation between GRNI and PAPI is 0.07, 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 (All Time) Calculated using the full available price history since Nov 18, 2025	0.07

Return for Risk

GRNI vs. PAPI — Risk / Return Rank

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

GRNI

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

PAPI

PAPI Risk / Return Rank: 60
PAPI Sharpe Ratio Rank: 63
PAPI Sortino Ratio Rank: 68
PAPI Omega Ratio Rank: 58
PAPI Calmar Ratio Rank: 63
PAPI Martin Ratio Rank: 47

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.

GRNI vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fundstrat Granny Shots US Large Cap & Income ETF (GRNI) 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.

	GRNI	PAPI	Difference
Sharpe ratio: Return per unit of total volatility	—	1.66	—
Sortino ratio: Return per unit of downside risk	—	2.48	—
Omega ratio: Gain probability vs. loss probability	—	1.29	—
Calmar ratio: Return relative to maximum drawdown	—	2.54	—
Martin ratio: Return relative to average drawdown	—	6.27	—

Drawdowns

GRNI vs. PAPI - Drawdown Comparison

The maximum GRNI drawdown since its inception was -9.55%, smaller than the maximum PAPI drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for GRNI and PAPI.

Drawdown Indicators

	GRNI	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-9.55%	-14.27%	+4.72%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.86%	—
Current Drawdown Current decline from peak	-0.48%	0.00%	-0.48%
Average Drawdown Average peak-to-trough decline	-2.01%	-2.76%	+0.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.77%	—

Volatility

Volatility by Period

	GRNI	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.53%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.27%	—
Volatility (1Y) Calculated over the trailing 1-year period	16.98%	10.48%	+6.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.98%	11.75%	+5.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.98%	11.75%	+5.23%

GRNI vs. PAPI - Expense Ratio Comparison

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

Dividends

GRNI vs. PAPI - Dividend Comparison

GRNI's dividend yield for the trailing twelve months is around 5.64%, less than PAPI's 7.33% yield.

Position	TTM	2025	2024	2023
GRNI Fundstrat Granny Shots US Large Cap & Income ETF	5.64%	0.83%	0.00%	0.00%
PAPI Parametric Equity Premium Income ETF	7.33%	7.59%	7.07%	1.45%

Frequently Asked Questions

Can I hold both GRNI and PAPI in my portfolio?

GRNI and PAPI have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GRNI or PAPI?

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.

Which ETF is cheaper, GRNI or PAPI?

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

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

PAPI has the higher dividend yield at 7.33%, compared with 5.64% for GRNI.

What is the main difference between GRNI and PAPI?

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