HBTA vs. PAPI

Last updated Jun 4, 2026

HBTA (Horizon Expedition Plus ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, HBTA returned 38.33% vs 12.39% for PAPI. At a 0.27 correlation, their price movements are largely independent. HBTA charges 0.85%/yr vs 0.29%/yr for PAPI.

Performance

HBTA vs. PAPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Expedition Plus ETF (HBTA) 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, HBTA achieves a 14.07% return, which is significantly higher than PAPI's 5.81% return.

HBTA

• 1D: -0.68%
• 1M: 7.20%
• YTD: 14.07%
• 6M: 14.43%
• 1Y: 38.33%
• 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)

HBTA vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025
HBTA Horizon Expedition Plus ETF	14.07%	14.69%
PAPI Parametric Equity Premium Income ETF	5.81%	3.98%

Correlation

The correlation between HBTA and PAPI is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (All Time) Calculated using the full available price history since Jan 24, 2025	0.27

The correlation between HBTA and PAPI shifts across timeframes, from 0.17 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HBTA vs. PAPI — Risk / Return Rank

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

HBTA

HBTA Risk / Return Rank: 67
HBTA Sharpe Ratio Rank: 70
HBTA Sortino Ratio Rank: 65
HBTA Omega Ratio Rank: 66
HBTA Calmar Ratio Rank: 60
HBTA Martin Ratio Rank: 74

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.

HBTA vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Expedition Plus ETF (HBTA) 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.

	HBTA	PAPI	Difference
Sharpe ratio: Return per unit of total volatility	2.24	1.19	+1.05
Sortino ratio: Return per unit of downside risk	2.96	1.82	+1.14
Omega ratio: Gain probability vs. loss probability	1.39	1.21	+0.18
Calmar ratio: Return relative to maximum drawdown	2.92	1.81	+1.11
Martin ratio: Return relative to average drawdown	13.75	4.90	+8.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HBTA vs. PAPI - Sharpe Ratio Comparison

The current HBTA Sharpe Ratio is 2.24, which is higher than the PAPI Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of HBTA 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

	HBTA	PAPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.24	1.19	+1.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	0.88	+0.03

Drawdowns

HBTA vs. PAPI - Drawdown Comparison

The maximum HBTA drawdown since its inception was -26.73%, which is greater than PAPI's maximum drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for HBTA and PAPI.

Drawdown Indicators

	HBTA	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-26.73%	-14.27%	-12.46%
Max Drawdown (1Y) Largest decline over 1 year	-13.18%	-6.86%	-6.32%
Current Drawdown Current decline from peak	-0.68%	-5.06%	+4.38%
Average Drawdown Average peak-to-trough decline	-4.22%	-2.73%	-1.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	2.53%	+0.27%

Volatility

HBTA vs. PAPI - Volatility Comparison

Horizon Expedition Plus ETF (HBTA) has a higher volatility of 4.46% compared to Parametric Equity Premium Income ETF (PAPI) at 2.23%. This indicates that HBTA'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

	HBTA	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.46%	2.23%	+2.23%
Volatility (6M) Calculated over the trailing 6-month period	13.24%	7.00%	+6.24%
Volatility (1Y) Calculated over the trailing 1-year period	17.18%	10.55%	+6.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.85%	11.76%	+13.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.85%	11.76%	+13.09%

HBTA vs. PAPI - Expense Ratio Comparison

HBTA has a 0.85% expense ratio, which is higher than PAPI's 0.29% expense ratio.

Dividends

HBTA vs. PAPI - Dividend Comparison

HBTA's dividend yield for the trailing twelve months is around 0.56%, less than PAPI's 7.62% yield.

Position	TTM	2025	2024	2023
HBTA Horizon Expedition Plus ETF	0.56%	0.64%	0.00%	0.00%
PAPI Parametric Equity Premium Income ETF	7.62%	7.59%	7.07%	1.45%

Frequently Asked Questions

Can I hold both HBTA and PAPI in my portfolio?

HBTA and PAPI have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HBTA or PAPI?

HBTA has higher volatility (4.46%) compared to PAPI (2.23%). In terms of maximum drawdown, HBTA dropped -26.73% vs PAPI's -14.27%.

Which ETF is better, HBTA or PAPI?

On 1-year performance, HBTA leads with 38.33% 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, HBTA or PAPI?

Over the 1-year period, HBTA has performed better with a 38.33% return vs 12.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HBTA or PAPI?

PAPI is cheaper with a 0.29% expense ratio, compared with 0.85% for HBTA.

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

PAPI has the higher dividend yield at 7.62%, compared with 0.56% for HBTA.

What is the main difference between HBTA and PAPI?

They also come from different issuers: Horizon and Morgan Stanley. Their fees differ too: 0.85% for HBTA and 0.29% for PAPI.

Which has better risk-adjusted returns?

HBTA currently has the higher Sharpe Ratio (2.24 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.