NYYY vs. PAPI

Last updated Jul 18, 2026

NYYY (xETFs NVDA Daily Income ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. Both are actively managed. At a correlation of -0.26, they often move in opposite directions. NYYY charges 0.99%/yr vs 0.29%/yr for PAPI.

Performance

NYYY vs. PAPI - Performance Comparison

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

Returns By Period

NYYY

• 1D: -1.91%
• 1M: -1.63%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAPI

• 1D: -0.25%
• 1M: 5.49%
• 6M: 6.51%
• YTD: 11.45%
• 1Y: 16.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NYYY vs. PAPI - Yearly Performance Comparison

	2026 (YTD)
NYYY xETFs NVDA Daily Income ETF	-10.60%
PAPI Parametric Equity Premium Income ETF	7.37%

Correlation

The correlation between NYYY and PAPI is -0.26, 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 May 15, 2026	-0.26

Return for Risk

NYYY vs. PAPI — Risk / Return Rank

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

NYYY

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

PAPI

PAPI Risk / Return Rank: 57
PAPI Sharpe Ratio Rank: 59
PAPI Sortino Ratio Rank: 64
PAPI Omega Ratio Rank: 54
PAPI Calmar Ratio Rank: 61
PAPI Martin Ratio Rank: 45

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.

NYYY vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for xETFs NVDA Daily Income ETF (NYYY) 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.

	NYYY	PAPI	Difference
Sharpe ratio: Return per unit of total volatility	—	1.56	—
Sortino ratio: Return per unit of downside risk	—	2.35	—
Omega ratio: Gain probability vs. loss probability	—	1.27	—
Calmar ratio: Return relative to maximum drawdown	—	2.38	—
Martin ratio: Return relative to average drawdown	—	5.90	—

Drawdowns

NYYY vs. PAPI - Drawdown Comparison

The maximum NYYY drawdown since its inception was -14.30%, roughly equal to the maximum PAPI drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for NYYY and PAPI.

Drawdown Indicators

	NYYY	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-14.30%	-14.27%	-0.03%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.86%	—
Current Drawdown Current decline from peak	-10.69%	-0.25%	-10.44%
Average Drawdown Average peak-to-trough decline	-7.78%	-2.75%	-5.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.77%	—

Volatility

Volatility by Period

	NYYY	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.56%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.19%	—
Volatility (1Y) Calculated over the trailing 1-year period	36.24%	10.48%	+25.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.24%	11.74%	+24.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.24%	11.74%	+24.50%

NYYY vs. PAPI - Expense Ratio Comparison

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

Dividends

NYYY vs. PAPI - Dividend Comparison

NYYY's dividend yield for the trailing twelve months is around 3.19%, less than PAPI's 7.35% yield.

Position	TTM	2025	2024	2023
NYYY xETFs NVDA Daily Income ETF	3.19%	0.00%	0.00%	0.00%
PAPI Parametric Equity Premium Income ETF	7.35%	7.59%	7.07%	1.45%

Frequently Asked Questions

Can I hold both NYYY and PAPI in my portfolio?

NYYY and PAPI have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NYYY 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, NYYY or PAPI?

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

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

PAPI has the higher dividend yield at 7.35%, compared with 3.19% for NYYY.

What is the main difference between NYYY and PAPI?

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