PAPI vs. IETH
PAPI (Parametric Equity Premium Income ETF) and IETH (Bitwise Ethereum Option Income Strategy ETF) are both Derivative Income funds. Both are actively managed. At a 0.10 correlation, their price movements are largely independent. PAPI charges 0.29%/yr vs 0.97%/yr for IETH.
Performance
PAPI vs. IETH - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PAPI achieves a 5.81% return, which is significantly higher than IETH's -33.82% return.
PAPI
- 1D
- -0.26%
- 1M
- 0.28%
- YTD
- 5.81%
- 6M
- 5.78%
- 1Y
- 12.39%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IETH
- 1D
- -5.08%
- 1M
- -18.82%
- YTD
- -33.82%
- 6M
- -35.44%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PAPI vs. IETH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PAPI Parametric Equity Premium Income ETF | 5.81% | 1.17% |
IETH Bitwise Ethereum Option Income Strategy ETF | -33.82% | -28.43% |
Correlation
The correlation between PAPI and IETH is 0.10, 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 (All Time) Calculated using the full available price history since Oct 3, 2025 | 0.10 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PAPI vs. IETH — Risk / Return Rank
PAPI
IETH
PAPI vs. IETH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Parametric Equity Premium Income ETF (PAPI) and Bitwise Ethereum Option Income Strategy ETF (IETH). 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.
| PAPI | IETH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.21 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.81 | — | — |
| Martin ratioReturn relative to average drawdown | 4.90 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| PAPI | IETH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.19 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.88 | -1.13 | +2.01 |
Drawdowns
PAPI vs. IETH - Drawdown Comparison
The maximum PAPI drawdown since its inception was -14.27%, smaller than the maximum IETH drawdown of -55.94%. Use the drawdown chart below to compare losses from any high point for PAPI and IETH.
Loading charts...
Drawdown Indicators
| PAPI | IETH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.27% | -55.94% | +41.67% |
Max Drawdown (1Y)Largest decline over 1 year | -6.86% | — | — |
Current DrawdownCurrent decline from peak | -5.06% | -54.25% | +49.19% |
Average DrawdownAverage peak-to-trough decline | -2.73% | -37.10% | +34.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.53% | — | — |
Volatility
PAPI vs. IETH - Volatility Comparison
Loading charts...
Volatility by Period
| PAPI | IETH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.23% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 7.00% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 10.55% | 59.79% | -49.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.76% | 59.79% | -48.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.76% | 59.79% | -48.03% |
PAPI vs. IETH - Expense Ratio Comparison
PAPI has a 0.29% expense ratio, which is lower than IETH's 0.97% expense ratio.
Dividends
PAPI vs. IETH - Dividend Comparison
PAPI's dividend yield for the trailing twelve months is around 7.62%, less than IETH's 46.99% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
IETH Bitwise Ethereum Option Income Strategy ETF | 46.99% | 18.26% | 0.00% | 0.00% |
PAPI Parametric Equity Premium Income ETF | 7.62% | 7.59% | 7.07% | 1.45% |
Frequently Asked Questions
PAPI and IETH have a correlation of 0.10, 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 0.97% for IETH.
IETH has the higher dividend yield at 46.99%, compared with 7.62% for PAPI.
They also come from different issuers: Morgan Stanley and Bitwise. Their fees differ too: 0.29% for PAPI and 0.97% for IETH.
Find the right allocation for PAPI and IETH
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer