PAPI vs. USOY

Last updated Apr 1, 2026

Compare and contrast key facts about Parametric Equity Premium Income ETF (PAPI) and Defiance Oil Enhanced Options Income ETF (USOY).

PAPI and USOY 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. USOY is an actively managed fund by Defiance. It was launched on May 9, 2024.

Performance

PAPI vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Parametric Equity Premium Income ETF (PAPI) and Defiance Oil Enhanced Options Income ETF (USOY). The values are adjusted to include any dividend payments, if applicable.

PAPI vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PAPI Parametric Equity Premium Income ETF	8.31%	6.33%	2.30%
USOY Defiance Oil Enhanced Options Income ETF	60.22%	-7.93%	7.27%

Returns By Period

In the year-to-date period, PAPI achieves a 8.31% return, which is significantly lower than USOY's 60.22% return.

PAPI

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

USOY

• 1D: -0.54%
• 1M: 34.04%
• YTD: 60.22%
• 6M: 55.39%
• 1Y: 44.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PAPI vs. USOY - Expense Ratio Comparison

PAPI has a 0.29% expense ratio, which is lower than USOY's 1.22% expense ratio.

USOY

Defiance Oil Enhanced Options Income ETF

PAPI

Parametric Equity Premium Income ETF

Return for Risk

PAPI vs. USOY — 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

USOY

USOY Risk / Return Rank: 80
USOY Sharpe Ratio Rank: 87
USOY Sortino Ratio Rank: 84
USOY Omega Ratio Rank: 83
USOY Calmar Ratio Rank: 89
USOY Martin Ratio Rank: 58

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. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Parametric Equity Premium Income ETF (PAPI) and Defiance Oil Enhanced Options Income ETF (USOY). 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	USOY	Difference
Sharpe ratio Return per unit of total volatility	0.82	1.75	-0.94
Sortino ratio Return per unit of downside risk	1.23	2.20	-0.97
Omega ratio Gain probability vs. loss probability	1.16	1.32	-0.15
Calmar ratio Return relative to maximum drawdown	1.08	2.91	-1.82
Martin ratio Return relative to average drawdown	4.62	5.47	-0.85
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. USOY - Sharpe Ratio Comparison

The current PAPI Sharpe Ratio is 0.82, which is lower than the USOY Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of PAPI and USOY, 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	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.82	1.75	-0.94
Sharpe Ratio (All Time) Calculated using the full available price history	1.02	1.24	-0.22

Correlation

The correlation between PAPI and USOY is 0.03, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

PAPI vs. USOY - Dividend Comparison

PAPI's dividend yield for the trailing twelve months is around 7.50%, less than USOY's 64.71% yield.

	TTM	2025	2024	2023
PAPI Parametric Equity Premium Income ETF	7.50%	7.59%	7.07%	1.45%
USOY Defiance Oil Enhanced Options Income ETF	64.71%	104.32%	48.60%	0.00%

Drawdowns

PAPI vs. USOY - Drawdown Comparison

The maximum PAPI drawdown since its inception was -14.27%, smaller than the maximum USOY drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for PAPI and USOY.

Drawdown Indicators

	PAPI	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-14.27%	-17.46%	+3.19%
Max Drawdown (1Y) Largest decline over 1 year	-11.59%	-15.70%	+4.11%
Current Drawdown Current decline from peak	-2.82%	-0.54%	-2.28%
Average Drawdown Average peak-to-trough decline	-2.57%	-6.56%	+3.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.72%	8.34%	-5.62%

Volatility

PAPI vs. USOY - Volatility Comparison

The current volatility for Parametric Equity Premium Income ETF (PAPI) is 3.21%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 11.94%. This indicates that PAPI experiences smaller price fluctuations and is considered to be less risky than USOY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAPI	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.21%	11.94%	-8.73%
Volatility (6M) Calculated over the trailing 6-month period	7.51%	18.38%	-10.87%
Volatility (1Y) Calculated over the trailing 1-year period	14.14%	25.35%	-11.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.96%	22.37%	-10.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.96%	22.37%	-10.41%