INYY vs. PAPI

Last updated Jul 2, 2026

INYY (YieldMax INTC Option Income Strategy ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. Both are actively managed. At a correlation of -0.19, they often move in opposite directions.

Performance

INYY vs. PAPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax INTC Option Income Strategy ETF (INYY) and Parametric Equity Premium Income ETF (PAPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

INYY

• 1D: -5.40%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAPI

• 1D: 0.37%
• 1M: 2.36%
• YTD: 8.14%
• 6M: 8.14%
• 1Y: 12.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

INYY vs. PAPI - Yearly Performance Comparison

	2026 (YTD)
INYY YieldMax INTC Option Income Strategy ETF	11.80%
PAPI Parametric Equity Premium Income ETF	1.93%

Correlation

The correlation between INYY and PAPI is -0.19, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 3, 2026	-0.19

Return for Risk

INYY vs. PAPI — Risk / Return Rank

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

INYY

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

PAPI

PAPI Risk / Return Rank: 37
PAPI Sharpe Ratio Rank: 37
PAPI Sortino Ratio Rank: 38
PAPI Omega Ratio Rank: 34
PAPI Calmar Ratio Rank: 41
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.

INYY vs. PAPI - Risk-Adjusted Trends Comparison

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

	INYY	PAPI	Difference
Sharpe ratio: Return per unit of total volatility	—	1.17	—
Sortino ratio: Return per unit of downside risk	—	1.76	—
Omega ratio: Gain probability vs. loss probability	—	1.20	—
Calmar ratio: Return relative to maximum drawdown	—	1.77	—
Martin ratio: Return relative to average drawdown	—	4.39	—

Drawdowns

INYY vs. PAPI - Drawdown Comparison

The maximum INYY drawdown since its inception was -10.84%, smaller than the maximum PAPI drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for INYY and PAPI.

Drawdown Indicators

	INYY	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-10.84%	-14.27%	+3.43%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.86%	—
Current Drawdown Current decline from peak	-5.86%	-2.97%	-2.89%
Average Drawdown Average peak-to-trough decline	-3.20%	-2.77%	-0.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.76%	—

Volatility

Volatility by Period

	INYY	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.82%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.14%	—
Volatility (1Y) Calculated over the trailing 1-year period	82.29%	10.56%	+71.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	82.29%	11.72%	+70.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	82.29%	11.72%	+70.57%

Dividends

INYY vs. PAPI - Dividend Comparison

INYY's dividend yield for the trailing twelve months is around 3.73%, less than PAPI's 7.58% yield.

Position	TTM	2025	2024	2023
INYY YieldMax INTC Option Income Strategy ETF	3.73%	0.00%	0.00%	0.00%
PAPI Parametric Equity Premium Income ETF	7.58%	7.59%	7.07%	1.45%

Frequently Asked Questions

Can I hold both INYY and PAPI in my portfolio?

INYY and PAPI have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

PAPI has the higher dividend yield at 7.58%, compared with 3.73% for INYY.

What is the main difference between INYY and PAPI?

They also come from different issuers: YieldMax and Morgan Stanley.