ODTE vs. PAPI
ODTE (VegaShares SPX NDX RTY Premium Income ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. Both are actively managed. At a 0.13 correlation, their price movements are largely independent. ODTE charges 0.76%/yr vs 0.29%/yr for PAPI.
Performance
ODTE vs. PAPI - Performance Comparison
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Returns By Period
ODTE
- 1D
- 0.09%
- 1M
- 1.06%
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PAPI
- 1D
- -0.04%
- 1M
- -0.28%
- YTD
- 6.09%
- 6M
- 5.05%
- 1Y
- 12.29%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ODTE vs. PAPI - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
ODTE VegaShares SPX NDX RTY Premium Income ETF | 12.84% |
PAPI Parametric Equity Premium Income ETF | -1.97% |
Correlation
The correlation between ODTE and PAPI is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Apr 2, 2026 | 0.13 |
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Return for Risk
ODTE vs. PAPI — Risk / Return Rank
ODTE
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
PAPI
ODTE vs. PAPI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VegaShares SPX NDX RTY Premium Income ETF (ODTE) 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.
| ODTE | PAPI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.20 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 1.80 | — |
| Martin ratioReturn relative to average drawdown | — | 4.55 | — |
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Drawdowns
ODTE vs. PAPI - Drawdown Comparison
The maximum ODTE drawdown since its inception was -4.67%, smaller than the maximum PAPI drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for ODTE and PAPI.
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Drawdown Indicators
| ODTE | PAPI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.67% | -14.27% | +9.60% |
Max Drawdown (1Y)Largest decline over 1 year | — | -6.86% | — |
Current DrawdownCurrent decline from peak | -1.58% | -4.81% | +3.23% |
Average DrawdownAverage peak-to-trough decline | -0.84% | -2.77% | +1.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 2.71% | — |
Volatility
ODTE vs. PAPI - Volatility Comparison
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Volatility by Period
| ODTE | PAPI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 2.65% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 7.04% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 15.02% | 10.56% | +4.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.02% | 11.74% | +3.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.02% | 11.74% | +3.28% |
ODTE vs. PAPI - Expense Ratio Comparison
ODTE has a 0.76% expense ratio, which is higher than PAPI's 0.29% expense ratio.
Dividends
ODTE vs. PAPI - Dividend Comparison
ODTE's dividend yield for the trailing twelve months is around 2.69%, less than PAPI's 7.60% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
ODTE VegaShares SPX NDX RTY Premium Income ETF | 2.69% | 0.00% | 0.00% | 0.00% |
PAPI Parametric Equity Premium Income ETF | 7.60% | 7.59% | 7.07% | 1.45% |
Frequently Asked Questions
ODTE and PAPI have a correlation of 0.13, 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 0.76% for ODTE.
PAPI has the higher dividend yield at 7.60%, compared with 2.69% for ODTE.
They also come from different issuers: VegaShares and Morgan Stanley. Their fees differ too: 0.76% for ODTE and 0.29% for PAPI.
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