HEMI vs. PAPI

Last updated Jun 5, 2026

HEMI (Hartford Equity Premium Income ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. Both are actively managed. At a 0.13 correlation, their price movements are largely independent. HEMI charges 0.49%/yr vs 0.29%/yr for PAPI.

Performance

HEMI vs. PAPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hartford Equity Premium Income ETF (HEMI) 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, HEMI achieves a 8.94% return, which is significantly higher than PAPI's 6.49% return.

HEMI

• 1D: 0.45%
• 1M: 3.66%
• YTD: 8.94%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAPI

• 1D: 0.64%
• 1M: 0.17%
• YTD: 6.49%
• 6M: 6.38%
• 1Y: 13.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HEMI vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025
HEMI Hartford Equity Premium Income ETF	8.94%	1.92%
PAPI Parametric Equity Premium Income ETF	6.49%	-0.91%

Correlation

The correlation between HEMI and PAPI is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 18, 2025	0.13

Return for Risk

HEMI vs. PAPI — Risk / Return Rank

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

PAPI

PAPI Risk / Return Rank: 38
PAPI Sharpe Ratio Rank: 37
PAPI Sortino Ratio Rank: 39
PAPI Omega Ratio Rank: 35
PAPI Calmar Ratio Rank: 41
PAPI Martin Ratio Rank: 35

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.

HEMI vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hartford Equity Premium Income ETF (HEMI) 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.

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

Sharpe Ratios by Period

	HEMI	PAPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.31	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.08	0.90	+1.18

Drawdowns

HEMI vs. PAPI - Drawdown Comparison

The maximum HEMI drawdown since its inception was -7.80%, smaller than the maximum PAPI drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for HEMI and PAPI.

Drawdown Indicators

	HEMI	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-7.80%	-14.27%	+6.47%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.86%	—
Current Drawdown Current decline from peak	0.00%	-4.45%	+4.45%
Average Drawdown Average peak-to-trough decline	-1.25%	-2.73%	+1.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.55%	—

Volatility

Volatility by Period

	HEMI	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.20%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.02%	—
Volatility (1Y) Calculated over the trailing 1-year period	12.45%	10.47%	+1.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.45%	11.76%	+0.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.45%	11.76%	+0.69%

HEMI vs. PAPI - Expense Ratio Comparison

HEMI has a 0.49% expense ratio, which is higher than PAPI's 0.29% expense ratio.

Dividends

HEMI vs. PAPI - Dividend Comparison

HEMI's dividend yield for the trailing twelve months is around 3.44%, less than PAPI's 7.57% yield.

Position	TTM	2025	2024	2023
HEMI Hartford Equity Premium Income ETF	3.44%	0.00%	0.00%	0.00%
PAPI Parametric Equity Premium Income ETF	7.57%	7.59%	7.07%	1.45%

Frequently Asked Questions

Can I hold both HEMI and PAPI in my portfolio?

HEMI and PAPI have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HEMI 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, HEMI or PAPI?

PAPI is cheaper with a 0.29% expense ratio, compared with 0.49% for HEMI.

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

PAPI has the higher dividend yield at 7.57%, compared with 3.44% for HEMI.

What is the main difference between HEMI and PAPI?

They also come from different issuers: Hartford Funds and Morgan Stanley. Their fees differ too: 0.49% for HEMI and 0.29% for PAPI.