NVIT vs. PAPI
NVIT (YieldMax NVDA Performance & Distribution Target 25 ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. Both are actively managed. At a correlation of -0.20, they often move in opposite directions. NVIT charges 1.08%/yr vs 0.29%/yr for PAPI.
Performance
NVIT vs. PAPI - Performance Comparison
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Returns By Period
In the year-to-date period, NVIT achieves a 15.44% return, which is significantly higher than PAPI's 5.81% return.
NVIT
- 1D
- -2.67%
- 1M
- 6.72%
- YTD
- 15.44%
- 6M
- 19.59%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PAPI
- 1D
- -0.26%
- 1M
- 0.28%
- YTD
- 5.81%
- 6M
- 5.78%
- 1Y
- 12.39%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
NVIT vs. PAPI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
NVIT YieldMax NVDA Performance & Distribution Target 25 ETF | 15.44% | 3.48% |
PAPI Parametric Equity Premium Income ETF | 5.81% | 2.27% |
Correlation
The correlation between NVIT and PAPI is -0.20, 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 Nov 19, 2025 | -0.20 |
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Return for Risk
NVIT vs. PAPI — Risk / Return Rank
NVIT
PAPI
NVIT vs. PAPI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for YieldMax NVDA Performance & Distribution Target 25 ETF (NVIT) 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.
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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Sharpe Ratios by Period
| NVIT | PAPI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 1.19 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.37 | 0.88 | +0.49 |
Drawdowns
NVIT vs. PAPI - Drawdown Comparison
The maximum NVIT drawdown since its inception was -11.11%, smaller than the maximum PAPI drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for NVIT and PAPI.
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Drawdown Indicators
| NVIT | PAPI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.11% | -14.27% | +3.16% |
Max Drawdown (1Y)Largest decline over 1 year | — | -6.86% | — |
Current DrawdownCurrent decline from peak | -6.77% | -5.06% | -1.71% |
Average DrawdownAverage peak-to-trough decline | -2.86% | -2.73% | -0.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 2.53% | — |
Volatility
NVIT vs. PAPI - Volatility Comparison
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Volatility by Period
| NVIT | PAPI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 2.23% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 7.00% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 29.08% | 10.55% | +18.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.08% | 11.76% | +17.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.08% | 11.76% | +17.32% |
NVIT vs. PAPI - Expense Ratio Comparison
NVIT has a 1.08% expense ratio, which is higher than PAPI's 0.29% expense ratio.
Dividends
NVIT vs. PAPI - Dividend Comparison
NVIT's dividend yield for the trailing twelve months is around 12.36%, more than PAPI's 7.62% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
NVIT YieldMax NVDA Performance & Distribution Target 25 ETF | 12.36% | 2.37% | 0.00% | 0.00% |
PAPI Parametric Equity Premium Income ETF | 7.62% | 7.59% | 7.07% | 1.45% |
Frequently Asked Questions
NVIT and PAPI have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
PAPI is cheaper with a 0.29% expense ratio, compared with 1.08% for NVIT.
NVIT has the higher dividend yield at 12.36%, compared with 7.62% for PAPI.
They also come from different issuers: YieldMax and Morgan Stanley. Their fees differ too: 1.08% for NVIT and 0.29% for PAPI.
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