OMAH vs. PAPI

Last updated Jun 24, 2026

OMAH (VistaShares Target 15™ Berkshire Select Income ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, OMAH returned 11.47% vs 12.01% for PAPI. A 0.65 correlation means they provide meaningful diversification when combined. OMAH charges 0.95%/yr vs 0.29%/yr for PAPI.

Performance

OMAH vs. PAPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VistaShares Target 15™ Berkshire Select Income ETF (OMAH) and Parametric Equity Premium Income ETF (PAPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OMAH achieves a 5.30% return, which is significantly lower than PAPI's 6.57% return.

OMAH

• 1D: 0.27%
• 1M: -1.97%
• YTD: 5.30%
• 6M: 5.12%
• 1Y: 11.47%
• 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)

OMAH vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025
OMAH VistaShares Target 15™ Berkshire Select Income ETF	5.30%	6.55%
PAPI Parametric Equity Premium Income ETF	6.57%	4.77%

Correlation

The correlation between OMAH and PAPI is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.58
Correlation (All Time) Calculated using the full available price history since Mar 5, 2025	0.65

The correlation between OMAH and PAPI has been stable across timeframes, ranging from 0.58 to 0.65 - a consistent structural relationship.

Return for Risk

OMAH vs. PAPI — Risk / Return Rank

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

OMAH

OMAH Risk / Return Rank: 51
OMAH Sharpe Ratio Rank: 43
OMAH Sortino Ratio Rank: 41
OMAH Omega Ratio Rank: 40
OMAH Calmar Ratio Rank: 78
OMAH Martin Ratio Rank: 54

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.

OMAH vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VistaShares Target 15™ Berkshire Select Income ETF (OMAH) 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.

	OMAH	PAPI	Difference
Sharpe ratio: Return per unit of total volatility	1.44	1.15	+0.29
Sortino ratio: Return per unit of downside risk	2.01	1.74	+0.27
Omega ratio: Gain probability vs. loss probability	1.25	1.20	+0.05
Calmar ratio: Return relative to maximum drawdown	3.84	1.76	+2.08
Martin ratio: Return relative to average drawdown	9.13	4.42	+4.70

OMAH vs. PAPI - Sharpe Ratio Comparison

The current OMAH Sharpe Ratio is 1.44, which is comparable to the PAPI Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of OMAH 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

OMAH vs. PAPI - Drawdown Comparison

The maximum OMAH drawdown since its inception was -11.83%, smaller than the maximum PAPI drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for OMAH and PAPI.

Drawdown Indicators

	OMAH	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-11.83%	-14.27%	+2.44%
Max Drawdown (1Y) Largest decline over 1 year	-3.00%	-6.86%	+3.86%
Current Drawdown Current decline from peak	-1.97%	-4.37%	+2.40%
Average Drawdown Average peak-to-trough decline	-1.27%	-2.77%	+1.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.26%	2.72%	-1.46%

Volatility

OMAH vs. PAPI - Volatility Comparison

The current volatility for VistaShares Target 15™ Berkshire Select Income ETF (OMAH) is 2.21%, while Parametric Equity Premium Income ETF (PAPI) has a volatility of 2.68%. This indicates that OMAH experiences smaller price fluctuations and is considered to be less risky than PAPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OMAH	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.21%	2.68%	-0.47%
Volatility (6M) Calculated over the trailing 6-month period	5.58%	7.05%	-1.47%
Volatility (1Y) Calculated over the trailing 1-year period	8.04%	10.55%	-2.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.03%	11.73%	+1.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.03%	11.73%	+1.30%

OMAH vs. PAPI - Expense Ratio Comparison

OMAH has a 0.95% expense ratio, which is higher than PAPI's 0.29% expense ratio.

Dividends

OMAH vs. PAPI - Dividend Comparison

OMAH's dividend yield for the trailing twelve months is around 14.05%, more than PAPI's 7.56% yield.

Position	TTM	2025	2024	2023
OMAH VistaShares Target 15™ Berkshire Select Income ETF	14.05%	12.86%	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 OMAH and PAPI in my portfolio?

OMAH and PAPI have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OMAH or PAPI?

PAPI has higher volatility (2.68%) compared to OMAH (2.21%). In terms of maximum drawdown, OMAH dropped -11.83% vs PAPI's -14.27%.

Which ETF is better, OMAH or PAPI?

On 1-year performance, PAPI leads with 12.01% vs 11.47% for OMAH. On fees, PAPI is cheaper at 0.29% per year. On volatility, OMAH has been the lower-risk option at 2.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OMAH or PAPI?

Over the 1-year period, PAPI has performed better with a 12.01% return vs 11.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OMAH or PAPI?

PAPI is cheaper with a 0.29% expense ratio, compared with 0.95% for OMAH.

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

OMAH has the higher dividend yield at 14.05%, compared with 7.56% for PAPI.

What is the main difference between OMAH and PAPI?

They also come from different issuers: VistaShares and Morgan Stanley. Their fees differ too: 0.95% for OMAH and 0.29% for PAPI.

Which has better risk-adjusted returns?

OMAH currently has the higher Sharpe Ratio (1.44 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.