NUKX vs. PAPI

Last updated Aug 2, 2026

NUKX (Nicholas Nuclear Income ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. Both are actively managed. Their -0.06 correlation means they have often moved in opposite directions in the past. NUKX charges 1.07%/yr vs 0.29%/yr for PAPI.

Performance

NUKX vs. PAPI - Performance Comparison

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

Returns By Period

NUKX

• 1D: -0.97%
• 1M: -7.63%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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)
NUKX Nicholas Nuclear Income ETF	$132.47K	$169.16K	$262.73K
PAPI Parametric Equity Premium Income ETF	$2.06M	$2.02M	$1.93M

NUKX vs. PAPI - Yearly Performance Comparison

	2026 (YTD)
NUKX Nicholas Nuclear Income ETF	-22.51%
PAPI Parametric Equity Premium Income ETF	0.64%

Correlation

The correlation between NUKX and PAPI is -0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 3, 2026	-0.06

Return for Risk

NUKX vs. PAPI — Risk / Return Rank

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

NUKX

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

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.

NUKX vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Nuclear Income ETF (NUKX) 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.

	NUKX	PAPI	Difference
Sharpe ratio: Return per unit of total volatility	—	1.77	—
Sortino ratio: Return per unit of downside risk	—	2.65	—
Omega ratio: Gain probability vs. loss probability	—	1.31	—
Calmar ratio: Return relative to maximum drawdown	—	2.69	—
Martin ratio: Return relative to average drawdown	—	6.78	—

Drawdowns

NUKX vs. PAPI - Drawdown Comparison

The maximum NUKX drawdown since its inception was -31.95%, which is greater than PAPI's maximum drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for NUKX and PAPI.

Drawdown Indicators

	NUKX	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-31.95%	-14.27%	-17.68%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.86%	—
Current Drawdown Current decline from peak	-28.73%	-1.36%	-27.37%
Average Drawdown Average peak-to-trough decline	-13.27%	-2.72%	-10.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.71%	—

Volatility

Volatility by Period

	NUKX	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.49%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.24%	—
Volatility (1Y) Calculated over the trailing 1-year period	49.22%	10.44%	+38.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.22%	11.73%	+37.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.22%	11.73%	+37.49%

NUKX vs. PAPI - Expense Ratio Comparison

NUKX has a 1.07% expense ratio, which is higher than PAPI's 0.29% expense ratio.

Dividends

NUKX vs. PAPI - Dividend Comparison

NUKX's dividend yield for the trailing twelve months is around 6.83%, less than PAPI's 7.42% yield.

Position	TTM	2025	2024	2023
NUKX Nicholas Nuclear Income ETF	6.83%	0.00%	0.00%	0.00%
PAPI Parametric Equity Premium Income ETF	7.42%	7.59%	7.07%	1.45%

Frequently Asked Questions

Can I hold both NUKX and PAPI in my portfolio?

NUKX and PAPI have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NUKX 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, NUKX or PAPI?

PAPI is cheaper with a 0.29% expense ratio, compared with 1.07% for NUKX.

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

PAPI has the higher dividend yield at 7.42%, compared with 6.83% for NUKX.

What is the main difference between NUKX and PAPI?

They also come from different issuers: Nicholas Wealth and Morgan Stanley. Their fees differ too: 1.07% for NUKX and 0.29% for PAPI.