IETH vs. PAPI

Last updated Jun 3, 2026

IETH (Bitwise Ethereum Option Income Strategy ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. Both are actively managed. At a 0.09 correlation, their price movements are largely independent. IETH charges 0.97%/yr vs 0.29%/yr for PAPI.

Performance

IETH vs. PAPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Ethereum Option Income Strategy ETF (IETH) 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, IETH achieves a -30.28% return, which is significantly lower than PAPI's 5.81% return.

IETH

• 1D: -4.40%
• 1M: -13.05%
• YTD: -30.28%
• 6M: -28.67%
• 1Y: —
• 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)

IETH vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025
IETH Bitwise Ethereum Option Income Strategy ETF	-30.28%	-28.43%
PAPI Parametric Equity Premium Income ETF	5.81%	1.17%

Correlation

The correlation between IETH and PAPI is 0.09, 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 Oct 3, 2025	0.09

Return for Risk

IETH 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: 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.

IETH vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Ethereum Option Income Strategy ETF (IETH) 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

	IETH	PAPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.19	—
Sharpe Ratio (All Time) Calculated using the full available price history	-1.10	0.88	-1.97

Drawdowns

IETH vs. PAPI - Drawdown Comparison

The maximum IETH drawdown since its inception was -55.94%, which is greater than PAPI's maximum drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for IETH and PAPI.

Drawdown Indicators

	IETH	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-55.94%	-14.27%	-41.67%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.86%	—
Current Drawdown Current decline from peak	-51.80%	-5.06%	-46.74%
Average Drawdown Average peak-to-trough decline	-37.00%	-2.73%	-34.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.53%	—

Volatility

Volatility by Period

	IETH	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.23%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.00%	—
Volatility (1Y) Calculated over the trailing 1-year period	59.68%	10.55%	+49.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.68%	11.76%	+47.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.68%	11.76%	+47.92%

IETH vs. PAPI - Expense Ratio Comparison

IETH has a 0.97% expense ratio, which is higher than PAPI's 0.29% expense ratio.

Dividends

IETH vs. PAPI - Dividend Comparison

IETH's dividend yield for the trailing twelve months is around 44.60%, more than PAPI's 7.62% yield.

Position	TTM	2025	2024	2023
IETH Bitwise Ethereum Option Income Strategy ETF	44.60%	18.26%	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 IETH and PAPI in my portfolio?

IETH and PAPI have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IETH 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, IETH or PAPI?

PAPI is cheaper with a 0.29% expense ratio, compared with 0.97% for IETH.

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

IETH has the higher dividend yield at 44.60%, compared with 7.62% for PAPI.

What is the main difference between IETH and PAPI?

They also come from different issuers: Bitwise and Morgan Stanley. Their fees differ too: 0.97% for IETH and 0.29% for PAPI.