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. Their -0.23 correlation means they have often moved in opposite directions in the past. 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 11.45% return, which is significantly lower than PAPI's 12.17% return.
NVIT
- 1D
- 2.26%
- 1M
- 4.18%
- 6M
- 9.05%
- YTD
- 11.45%
- 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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $409.18K | $321.88K | $299.20K | |
| $2.06M | $2.02M | $1.93M |
NVIT vs. PAPI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
NVIT YieldMax NVDA Performance & Distribution Target 25 ETF | 11.45% | 3.04% |
PAPI Parametric Equity Premium Income ETF | 12.17% | 2.55% |
Correlation
The correlation between NVIT and PAPI is -0.23, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 18, 2025 | -0.23 |
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Return for Risk
NVIT vs. PAPI — Risk / Return Rank
NVIT
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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.
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.
| NVIT | PAPI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.31 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.69 | — |
| Martin ratioReturn relative to average drawdown | — | 6.78 | — |
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Drawdowns
NVIT vs. PAPI - Drawdown Comparison
The maximum NVIT drawdown since its inception was -14.24%, roughly equal to 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 | -14.24% | -14.27% | +0.03% |
Max Drawdown (1Y)Largest decline over 1 year | — | -6.86% | — |
Current DrawdownCurrent decline from peak | -9.99% | -1.36% | -8.63% |
Average DrawdownAverage peak-to-trough decline | -4.52% | -2.72% | -1.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 2.71% | — |
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 | — | 3.49% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 7.24% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 29.42% | 10.44% | +18.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.42% | 11.73% | +17.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.42% | 11.73% | +17.69% |
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 17.25%, more than PAPI's 7.42% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
NVIT YieldMax NVDA Performance & Distribution Target 25 ETF | 17.25% | 2.37% | 0.00% | 0.00% |
PAPI Parametric Equity Premium Income ETF | 7.42% | 7.59% | 7.07% | 1.45% |
Frequently Asked Questions
NVIT and PAPI have a correlation of -0.23, 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 17.25%, compared with 7.42% 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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