NIHI vs. PAPI

Last updated Jun 24, 2026

NIHI (NEOS MSCI EAFE High Income ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. Both are actively managed. At a 0.37 correlation, their price movements are largely independent. NIHI charges 0.68%/yr vs 0.29%/yr for PAPI.

Performance

NIHI vs. PAPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS MSCI EAFE High Income ETF (NIHI) 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, NIHI achieves a 5.71% return, which is significantly lower than PAPI's 6.57% return.

NIHI

• 1D: -1.57%
• 1M: 0.15%
• YTD: 5.71%
• 6M: 5.67%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAPI

• 1D: 0.45%
• 1M: 0.17%
• YTD: 6.57%
• 6M: 5.93%
• 1Y: 12.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NIHI vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025
NIHI NEOS MSCI EAFE High Income ETF	5.71%	4.89%
PAPI Parametric Equity Premium Income ETF	6.57%	2.19%

Correlation

The correlation between NIHI and PAPI is 0.37, 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 Sep 17, 2025	0.37

Return for Risk

NIHI vs. PAPI — Risk / Return Rank

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

NIHI

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

PAPI

PAPI Risk / Return Rank: 34
PAPI Sharpe Ratio Rank: 33
PAPI Sortino Ratio Rank: 35
PAPI Omega Ratio Rank: 31
PAPI Calmar Ratio Rank: 37
PAPI Martin Ratio Rank: 32

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.

NIHI vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS MSCI EAFE High Income ETF (NIHI) 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.

	NIHI	PAPI	Difference
Sharpe ratio: Return per unit of total volatility	—	1.15	—
Sortino ratio: Return per unit of downside risk	—	1.74	—
Omega ratio: Gain probability vs. loss probability	—	1.20	—
Calmar ratio: Return relative to maximum drawdown	—	1.76	—
Martin ratio: Return relative to average drawdown	—	4.42	—

Drawdowns

NIHI vs. PAPI - Drawdown Comparison

The maximum NIHI drawdown since its inception was -10.88%, smaller than the maximum PAPI drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for NIHI and PAPI.

Drawdown Indicators

	NIHI	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-10.88%	-14.27%	+3.39%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.86%	—
Current Drawdown Current decline from peak	-1.64%	-4.37%	+2.73%
Average Drawdown Average peak-to-trough decline	-2.29%	-2.77%	+0.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.72%	—

Volatility

Volatility by Period

	NIHI	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.68%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.05%	—
Volatility (1Y) Calculated over the trailing 1-year period	15.27%	10.55%	+4.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.27%	11.73%	+3.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.27%	11.73%	+3.54%

NIHI vs. PAPI - Expense Ratio Comparison

NIHI has a 0.68% expense ratio, which is higher than PAPI's 0.29% expense ratio.

Dividends

NIHI vs. PAPI - Dividend Comparison

NIHI's dividend yield for the trailing twelve months is around 8.72%, more than PAPI's 7.56% yield.

Position	TTM	2025	2024	2023
NIHI NEOS MSCI EAFE High Income ETF	8.72%	3.44%	0.00%	0.00%
PAPI Parametric Equity Premium Income ETF	7.56%	7.59%	7.07%	1.45%

Frequently Asked Questions

Can I hold both NIHI and PAPI in my portfolio?

NIHI and PAPI have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NIHI 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, NIHI or PAPI?

PAPI is cheaper with a 0.29% expense ratio, compared with 0.68% for NIHI.

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

NIHI has the higher dividend yield at 8.72%, compared with 7.56% for PAPI.

What is the main difference between NIHI and PAPI?

They also come from different issuers: Neos and Morgan Stanley. Their fees differ too: 0.68% for NIHI and 0.29% for PAPI.