PAYH vs. FYEE

Last updated Aug 4, 2026

PAYH (TrueShares S&P Autocallable High Income ETF) and FYEE (Fidelity Yield Enhanced Equity ETF) are both Derivative Income funds. Both are actively managed. Their 0.43 correlation means their historical movements had little consistent relationship. PAYH charges 0.74%/yr vs 0.28%/yr for FYEE.

Performance

PAYH vs. FYEE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares S&P Autocallable High Income ETF (PAYH) and Fidelity Yield Enhanced Equity ETF (FYEE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with PAYH having a 9.83% return and FYEE slightly higher at 10.06%.

PAYH

• 1D: 1.39%
• 1M: 0.97%
• 6M: 8.98%
• YTD: 9.83%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

FYEE

• 1D: 0.84%
• 1M: 3.64%
• 6M: 7.62%
• YTD: 10.06%
• 1Y: 23.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.38%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FYEE Fidelity Yield Enhanced Equity ETF	$1.85M	$1.99M	$2.25M
PAYH TrueShares S&P Autocallable High Income ETF	$222.78K	$303.73K	$349.76K

PAYH vs. FYEE - Yearly Performance Comparison

	2026 (YTD)	2025
PAYH TrueShares S&P Autocallable High Income ETF	9.83%	-0.73%
FYEE Fidelity Yield Enhanced Equity ETF	10.06%	-0.59%

Correlation

The correlation between PAYH and FYEE is 0.43, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 30, 2025	0.43

Return for Risk

PAYH vs. FYEE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PAYH

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

FYEE

FYEE Risk / Return Rank: 89
FYEE Sharpe Ratio Rank: 90
FYEE Sortino Ratio Rank: 88
FYEE Omega Ratio Rank: 91
FYEE Calmar Ratio Rank: 84
FYEE Martin Ratio Rank: 91

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PAYH vs. FYEE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares S&P Autocallable High Income ETF (PAYH) and Fidelity Yield Enhanced Equity ETF (FYEE). 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.

	PAYH	FYEE	Difference
Sharpe ratio: Return per unit of total volatility	—	2.26	—
Sortino ratio: Return per unit of downside risk	—	3.03	—
Omega ratio: Gain probability vs. loss probability	—	1.44	—
Calmar ratio: Return relative to maximum drawdown	—	3.24	—
Martin ratio: Return relative to average drawdown	—	15.50	—

Drawdowns

PAYH vs. FYEE - Drawdown Comparison

The maximum PAYH drawdown since its inception was -16.33%, smaller than the maximum FYEE drawdown of -18.79%. Use the drawdown chart below to compare losses from any high point for PAYH and FYEE.

Drawdown Indicators

	PAYH	FYEE	Difference
Max Drawdown Largest peak-to-trough decline	-16.33%	-18.79%	+2.46%
Max Drawdown (1Y) Largest decline over 1 year	—	-7.39%	—
Current Drawdown Current decline from peak	-0.37%	0.00%	-0.37%
Average Drawdown Average peak-to-trough decline	-2.51%	-2.16%	-0.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.54%	—

Volatility

Volatility by Period

	PAYH	FYEE	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.31%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.41%	—
Volatility (1Y) Calculated over the trailing 1-year period	21.41%	10.65%	+10.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.41%	13.78%	+7.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.41%	13.78%	+7.63%

PAYH vs. FYEE - Expense Ratio Comparison

PAYH has a 0.74% expense ratio, which is higher than FYEE's 0.28% expense ratio.

Dividends

PAYH vs. FYEE - Dividend Comparison

PAYH's dividend yield for the trailing twelve months is around 9.35%, more than FYEE's 8.26% yield.

Position	TTM	2025	2024
FYEE Fidelity Yield Enhanced Equity ETF	8.26%	7.08%	5.45%
PAYH TrueShares S&P Autocallable High Income ETF	9.35%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PAYH and FYEE in my portfolio?

PAYH and FYEE have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PAYH or FYEE?

On fees, FYEE is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PAYH or FYEE?

FYEE is cheaper with a 0.28% expense ratio, compared with 0.74% for PAYH.

Which ETF pays a higher dividend yield, PAYH or FYEE?

PAYH has the higher dividend yield at 9.35%, compared with 8.26% for FYEE.

What is the main difference between PAYH and FYEE?

They also come from different issuers: TrueShares and Fidelity. Their fees differ too: 0.74% for PAYH and 0.28% for FYEE.