PAPI vs. AMDY

Last updated Jun 24, 2026

PAPI (Parametric Equity Premium Income ETF) and AMDY (YieldMax AMD Option Income Strategy ETF) are both Derivative Income funds. Both are actively managed. Over the past year, PAPI returned 12.01% vs 203.83% for AMDY. At a 0.13 correlation, their price movements are largely independent. PAPI charges 0.29%/yr vs 1.23%/yr for AMDY.

Performance

PAPI vs. AMDY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Parametric Equity Premium Income ETF (PAPI) and YieldMax AMD Option Income Strategy ETF (AMDY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PAPI achieves a 6.57% return, which is significantly lower than AMDY's 101.34% return.

PAPI

• 1D: 0.45%
• 1M: 0.17%
• YTD: 6.57%
• 6M: 5.93%
• 1Y: 12.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AMDY

• 1D: -4.73%
• 1M: 8.37%
• YTD: 101.34%
• 6M: 101.99%
• 1Y: 203.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PAPI vs. AMDY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PAPI Parametric Equity Premium Income ETF	6.57%	6.33%	8.90%	4.53%
AMDY YieldMax AMD Option Income Strategy ETF	101.34%	53.93%	-17.00%	30.06%

Correlation

The correlation between PAPI and AMDY is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.02
Correlation (All Time) Calculated using the full available price history since Oct 19, 2023	0.13

The correlation between PAPI and AMDY shifts across timeframes, from 0.02 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PAPI vs. AMDY — Risk / Return Rank

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

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

AMDY

AMDY Risk / Return Rank: 90
AMDY Sharpe Ratio Rank: 95
AMDY Sortino Ratio Rank: 88
AMDY Omega Ratio Rank: 88
AMDY Calmar Ratio Rank: 95
AMDY Martin Ratio Rank: 84

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.

PAPI vs. AMDY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Parametric Equity Premium Income ETF (PAPI) and YieldMax AMD Option Income Strategy ETF (AMDY). 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.

	PAPI	AMDY	Difference
Sharpe ratio: Return per unit of total volatility	1.15	3.65	-2.51
Sortino ratio: Return per unit of downside risk	1.74	3.82	-2.08
Omega ratio: Gain probability vs. loss probability	1.20	1.53	-0.33
Calmar ratio: Return relative to maximum drawdown	1.76	7.44	-5.68
Martin ratio: Return relative to average drawdown	4.42	16.58	-12.16

PAPI vs. AMDY - Sharpe Ratio Comparison

The current PAPI Sharpe Ratio is 1.15, which is lower than the AMDY Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of PAPI and AMDY, 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

PAPI vs. AMDY - Drawdown Comparison

The maximum PAPI drawdown since its inception was -14.27%, smaller than the maximum AMDY drawdown of -53.92%. Use the drawdown chart below to compare losses from any high point for PAPI and AMDY.

Drawdown Indicators

	PAPI	AMDY	Difference
Max Drawdown Largest peak-to-trough decline	-14.27%	-53.92%	+39.65%
Max Drawdown (1Y) Largest decline over 1 year	-6.86%	-27.59%	+20.73%
Current Drawdown Current decline from peak	-4.37%	-4.73%	+0.36%
Average Drawdown Average peak-to-trough decline	-2.77%	-17.78%	+15.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.72%	12.35%	-9.63%

Volatility

PAPI vs. AMDY - Volatility Comparison

The current volatility for Parametric Equity Premium Income ETF (PAPI) is 2.68%, while YieldMax AMD Option Income Strategy ETF (AMDY) has a volatility of 21.35%. This indicates that PAPI experiences smaller price fluctuations and is considered to be less risky than AMDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAPI	AMDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.68%	21.35%	-18.67%
Volatility (6M) Calculated over the trailing 6-month period	7.05%	43.63%	-36.58%
Volatility (1Y) Calculated over the trailing 1-year period	10.55%	56.19%	-45.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.73%	46.93%	-35.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.73%	46.93%	-35.20%

PAPI vs. AMDY - Expense Ratio Comparison

PAPI has a 0.29% expense ratio, which is lower than AMDY's 1.23% expense ratio.

Dividends

PAPI vs. AMDY - Dividend Comparison

PAPI's dividend yield for the trailing twelve months is around 7.56%, less than AMDY's 65.88% yield.

Position	TTM	2025	2024	2023
AMDY YieldMax AMD Option Income Strategy ETF	65.88%	80.68%	109.98%	6.68%
PAPI Parametric Equity Premium Income ETF	7.56%	7.59%	7.07%	1.45%

Frequently Asked Questions

Can I hold both PAPI and AMDY in my portfolio?

PAPI and AMDY have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PAPI or AMDY?

AMDY has higher volatility (21.35%) compared to PAPI (2.68%). In terms of maximum drawdown, PAPI dropped -14.27% vs AMDY's -53.92%.

Which ETF is better, PAPI or AMDY?

On 1-year performance, AMDY leads with 203.83% vs 12.01% for PAPI. On fees, PAPI is cheaper at 0.29% per year. On volatility, PAPI has been the lower-risk option at 2.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PAPI or AMDY?

Over the 1-year period, AMDY has performed better with a 203.83% return vs 12.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PAPI or AMDY?

PAPI is cheaper with a 0.29% expense ratio, compared with 1.23% for AMDY.

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

AMDY has the higher dividend yield at 65.88%, compared with 7.56% for PAPI.

What is the main difference between PAPI and AMDY?

They also come from different issuers: Morgan Stanley and YieldMax ETFs. Their fees differ too: 0.29% for PAPI and 1.23% for AMDY.

Which has better risk-adjusted returns?

AMDY currently has the higher Sharpe Ratio (3.65 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.