NVII vs. PAPI

Last updated Jun 24, 2026

NVII (REX NVIDIA Growth & Income ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, NVII returned 44.66% vs 12.01% for PAPI. At a correlation of -0.13, they often move in opposite directions. NVII charges 0.99%/yr vs 0.29%/yr for PAPI.

Performance

NVII vs. PAPI - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with NVII having a 6.79% return and PAPI slightly lower at 6.57%.

NVII

• 1D: -5.17%
• 1M: -7.25%
• YTD: 6.79%
• 6M: 5.86%
• 1Y: 44.66%
• 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)

NVII vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025
NVII REX NVIDIA Growth & Income ETF	6.79%	47.63%
PAPI Parametric Equity Premium Income ETF	6.57%	6.01%

Correlation

The correlation between NVII and PAPI is -0.18, 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 (1Y) Calculated over the trailing 1-year period	-0.18
Correlation (All Time) Calculated using the full available price history since May 28, 2025	-0.13

Return for Risk

NVII vs. PAPI — Risk / Return Rank

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

NVII

NVII Risk / Return Rank: 39
NVII Sharpe Ratio Rank: 36
NVII Sortino Ratio Rank: 34
NVII Omega Ratio Rank: 33
NVII Calmar Ratio Rank: 51
NVII Martin Ratio Rank: 38

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.

NVII vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for REX NVIDIA Growth & Income ETF (NVII) 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.

	NVII	PAPI	Difference
Sharpe ratio: Return per unit of total volatility	1.24	1.15	+0.09
Sortino ratio: Return per unit of downside risk	1.72	1.74	-0.02
Omega ratio: Gain probability vs. loss probability	1.22	1.20	+0.02
Calmar ratio: Return relative to maximum drawdown	2.43	1.76	+0.67
Martin ratio: Return relative to average drawdown	5.78	4.42	+1.36

NVII vs. PAPI - Sharpe Ratio Comparison

The current NVII Sharpe Ratio is 1.24, which is comparable to the PAPI Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of NVII 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

NVII vs. PAPI - Drawdown Comparison

The maximum NVII drawdown since its inception was -18.47%, which is greater than PAPI's maximum drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for NVII and PAPI.

Drawdown Indicators

	NVII	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-18.47%	-14.27%	-4.20%
Max Drawdown (1Y) Largest decline over 1 year	-18.47%	-6.86%	-11.61%
Current Drawdown Current decline from peak	-15.44%	-4.37%	-11.07%
Average Drawdown Average peak-to-trough decline	-5.79%	-2.77%	-3.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.75%	2.72%	+5.03%

Volatility

NVII vs. PAPI - Volatility Comparison

REX NVIDIA Growth & Income ETF (NVII) has a higher volatility of 14.72% compared to Parametric Equity Premium Income ETF (PAPI) at 2.68%. This indicates that NVII'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

	NVII	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.72%	2.68%	+12.04%
Volatility (6M) Calculated over the trailing 6-month period	27.34%	7.05%	+20.29%
Volatility (1Y) Calculated over the trailing 1-year period	36.23%	10.55%	+25.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.73%	11.73%	+24.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.73%	11.73%	+24.00%

NVII vs. PAPI - Expense Ratio Comparison

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

Dividends

NVII vs. PAPI - Dividend Comparison

NVII's dividend yield for the trailing twelve months is around 57.45%, more than PAPI's 7.56% yield.

Position	TTM	2025	2024	2023
NVII REX NVIDIA Growth & Income ETF	57.45%	29.17%	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 NVII and PAPI in my portfolio?

NVII and PAPI have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVII or PAPI?

NVII has higher volatility (14.72%) compared to PAPI (2.68%). In terms of maximum drawdown, NVII dropped -18.47% vs PAPI's -14.27%.

Which ETF is better, NVII or PAPI?

On 1-year performance, NVII leads with 44.66% vs 12.01% for PAPI. On fees, PAPI is cheaper at 0.29% per year. On volatility, PAPI has been the lower-risk option at 2.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVII or PAPI?

Over the 1-year period, NVII has performed better with a 44.66% return vs 12.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVII or PAPI?

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

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

NVII has the higher dividend yield at 57.45%, compared with 7.56% for PAPI.

What is the main difference between NVII and PAPI?

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

Which has better risk-adjusted returns?

NVII currently has the higher Sharpe Ratio (1.24 vs 1.15), 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.