PAPI vs. TCAL

Last updated Apr 1, 2026

Compare and contrast key facts about Parametric Equity Premium Income ETF (PAPI) and T. Rowe Price Capital Appreciation Premium Income ETF (TCAL).

PAPI and TCAL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PAPI is an actively managed fund by Morgan Stanley. It was launched on Oct 16, 2023. TCAL is an actively managed fund by T. Rowe Price. It was launched on Mar 26, 2025.

Performance

PAPI vs. TCAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Parametric Equity Premium Income ETF (PAPI) and T. Rowe Price Capital Appreciation Premium Income ETF (TCAL). The values are adjusted to include any dividend payments, if applicable.

PAPI vs. TCAL - Yearly Performance Comparison

	2026 (YTD)	2025
PAPI Parametric Equity Premium Income ETF	8.31%	3.16%
TCAL T. Rowe Price Capital Appreciation Premium Income ETF	-2.47%	1.58%

Returns By Period

In the year-to-date period, PAPI achieves a 8.31% return, which is significantly higher than TCAL's -2.47% return.

PAPI

• 1D: 0.54%
• 1M: -2.62%
• YTD: 8.31%
• 6M: 9.20%
• 1Y: 11.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TCAL

• 1D: 0.99%
• 1M: -5.52%
• YTD: -2.47%
• 6M: -2.85%
• 1Y: -1.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PAPI vs. TCAL - Expense Ratio Comparison

PAPI has a 0.29% expense ratio, which is lower than TCAL's 0.34% expense ratio.

TCAL

T. Rowe Price Capital Appreciation Premium Income ETF

PAPI

Parametric Equity Premium Income ETF

Return for Risk

PAPI vs. TCAL — Risk / Return Rank

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

PAPI

PAPI Risk / Return Rank: 46
PAPI Sharpe Ratio Rank: 47
PAPI Sortino Ratio Rank: 46
PAPI Omega Ratio Rank: 43
PAPI Calmar Ratio Rank: 44
PAPI Martin Ratio Rank: 50

TCAL

TCAL Risk / Return Rank: 9
TCAL Sharpe Ratio Rank: 10
TCAL Sortino Ratio Rank: 8
TCAL Omega Ratio Rank: 8
TCAL Calmar Ratio Rank: 11
TCAL Martin Ratio Rank: 10

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. TCAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Parametric Equity Premium Income ETF (PAPI) and T. Rowe Price Capital Appreciation Premium Income ETF (TCAL). 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	TCAL	Difference
Sharpe ratio Return per unit of total volatility	0.82	-0.12	+0.94
Sortino ratio Return per unit of downside risk	1.23	-0.09	+1.31
Omega ratio Gain probability vs. loss probability	1.16	0.99	+0.18
Calmar ratio Return relative to maximum drawdown	1.08	-0.07	+1.15
Martin ratio Return relative to average drawdown	4.62	-0.22	+4.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PAPI vs. TCAL - Sharpe Ratio Comparison

The current PAPI Sharpe Ratio is 0.82, which is higher than the TCAL Sharpe Ratio of -0.12. The chart below compares the historical Sharpe Ratios of PAPI and TCAL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PAPI	TCAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.82	-0.12	+0.94
Sharpe Ratio (All Time) Calculated using the full available price history	1.02	-0.08	+1.10

Correlation

The correlation between PAPI and TCAL is 0.71, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

PAPI vs. TCAL - Dividend Comparison

PAPI's dividend yield for the trailing twelve months is around 7.50%, less than TCAL's 11.74% yield.

	TTM	2025	2024	2023
PAPI Parametric Equity Premium Income ETF	7.50%	7.59%	7.07%	1.45%
TCAL T. Rowe Price Capital Appreciation Premium Income ETF	11.74%	8.34%	0.00%	0.00%

Drawdowns

PAPI vs. TCAL - Drawdown Comparison

The maximum PAPI drawdown since its inception was -14.27%, which is greater than TCAL's maximum drawdown of -7.24%. Use the drawdown chart below to compare losses from any high point for PAPI and TCAL.

Drawdown Indicators

	PAPI	TCAL	Difference
Max Drawdown Largest peak-to-trough decline	-14.27%	-7.24%	-7.03%
Max Drawdown (1Y) Largest decline over 1 year	-11.59%	-7.24%	-4.35%
Current Drawdown Current decline from peak	-2.82%	-5.52%	+2.70%
Average Drawdown Average peak-to-trough decline	-2.57%	-1.59%	-0.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.72%	2.13%	+0.59%

Volatility

PAPI vs. TCAL - Volatility Comparison

Parametric Equity Premium Income ETF (PAPI) and T. Rowe Price Capital Appreciation Premium Income ETF (TCAL) have volatilities of 3.21% and 3.36%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAPI	TCAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.21%	3.36%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	7.51%	7.61%	-0.10%
Volatility (1Y) Calculated over the trailing 1-year period	14.14%	11.70%	+2.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.96%	11.68%	+0.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.96%	11.68%	+0.28%