NFLY vs. PAPI

Last updated Aug 2, 2026

NFLY (YieldMax NFLX Option Income Strategy ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, NFLY returned -32.79% vs 19.72% for PAPI. Their 0.02 correlation means their historical movements had little consistent relationship. NFLY charges 0.99%/yr vs 0.29%/yr for PAPI.

Performance

NFLY vs. PAPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax NFLX Option Income Strategy ETF (NFLY) 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, NFLY achieves a -19.50% return, which is significantly lower than PAPI's 12.17% return.

NFLY

• 1D: 0.13%
• 1M: -6.88%
• 6M: -13.08%
• YTD: -19.50%
• 1Y: -32.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.31%

PAPI

• 1D: -0.23%
• 1M: 2.42%
• 6M: 5.56%
• YTD: 12.17%
• 1Y: 19.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.62%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
NFLY YieldMax NFLX Option Income Strategy ETF	$416.46K	$523.86K	$744.62K
PAPI Parametric Equity Premium Income ETF	$2.06M	$2.02M	$1.93M

NFLY vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NFLY YieldMax NFLX Option Income Strategy ETF	-19.50%	1.66%	66.37%	30.76%
PAPI Parametric Equity Premium Income ETF	12.17%	6.33%	8.90%	4.53%

Correlation

The correlation between NFLY and PAPI is 0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.03
Correlation (All Time) Calculated using the full available price history since Oct 19, 2023	0.02

Return for Risk

NFLY vs. PAPI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NFLY

NFLY Risk / Return Rank: 1
NFLY Sharpe Ratio Rank: 1
NFLY Sortino Ratio Rank: 1
NFLY Omega Ratio Rank: 1
NFLY Calmar Ratio Rank: 3
NFLY Martin Ratio Rank: 0

PAPI

PAPI Risk / Return Rank: 73
PAPI Sharpe Ratio Rank: 78
PAPI Sortino Ratio Rank: 81
PAPI Omega Ratio Rank: 74
PAPI Calmar Ratio Rank: 77
PAPI Martin Ratio Rank: 57

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NFLY vs. PAPI - Risk-Adjusted Trends Comparison

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

	NFLY	PAPI	Difference
Sharpe ratio: Return per unit of total volatility	-1.14	1.77	-2.91
Sortino ratio: Return per unit of downside risk	-1.64	2.65	-4.29
Omega ratio: Gain probability vs. loss probability	0.79	1.31	-0.52
Calmar ratio: Return relative to maximum drawdown	-0.80	2.69	-3.49
Martin ratio: Return relative to average drawdown	-1.47	6.78	-8.25

NFLY vs. PAPI - Sharpe Ratio Comparison

The current NFLY Sharpe Ratio is -1.14, which is lower than the PAPI Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of NFLY 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.

Drawdowns

NFLY vs. PAPI - Drawdown Comparison

The maximum NFLY drawdown since its inception was -43.49%, which is greater than PAPI's maximum drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for NFLY and PAPI.

Drawdown Indicators

	NFLY	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-43.49%	-14.27%	-29.22%
Max Drawdown (1Y) Largest decline over 1 year	-40.74%	-6.86%	-33.88%
Current Drawdown Current decline from peak	-40.22%	-1.36%	-38.86%
Average Drawdown Average peak-to-trough decline	-10.05%	-2.72%	-7.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.25%	2.71%	+19.54%

Volatility

NFLY vs. PAPI - Volatility Comparison

YieldMax NFLX Option Income Strategy ETF (NFLY) has a higher volatility of 8.42% compared to Parametric Equity Premium Income ETF (PAPI) at 3.49%. This indicates that NFLY'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

	NFLY	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.42%	3.49%	+4.93%
Volatility (6M) Calculated over the trailing 6-month period	22.71%	7.24%	+15.47%
Volatility (1Y) Calculated over the trailing 1-year period	28.74%	10.44%	+18.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.38%	11.73%	+16.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.38%	11.73%	+16.65%

NFLY vs. PAPI - Expense Ratio Comparison

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

Dividends

NFLY vs. PAPI - Dividend Comparison

NFLY's dividend yield for the trailing twelve months is around 64.16%, more than PAPI's 7.42% yield.

Position	TTM	2025	2024	2023
NFLY YieldMax NFLX Option Income Strategy ETF	64.16%	61.53%	49.91%	11.84%
PAPI Parametric Equity Premium Income ETF	7.42%	7.59%	7.07%	1.45%

Frequently Asked Questions

Can I hold both NFLY and PAPI in my portfolio?

NFLY and PAPI have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NFLY or PAPI?

NFLY has higher volatility (8.42%) compared to PAPI (3.49%). In terms of maximum drawdown, NFLY dropped -43.49% vs PAPI's -14.27%.

Which ETF is better, NFLY or PAPI?

On 1-year performance, PAPI leads with 19.72% vs -32.79% for NFLY. On fees, PAPI is cheaper at 0.29% per year. On volatility, PAPI has been the lower-risk option at 3.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NFLY or PAPI?

Over the 1-year period, PAPI has performed better with a 19.72% return vs -32.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NFLY or PAPI?

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

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

NFLY has the higher dividend yield at 64.16%, compared with 7.42% for PAPI.

What is the main difference between NFLY and PAPI?

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

Which has better risk-adjusted returns?

PAPI currently has the higher Sharpe Ratio (1.77 vs -1.14), 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.