PAYM vs. PAPI

Last updated Jul 22, 2026

PAYM (TrueShares S&P Autocallable Defensive Income ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. Both are actively managed. At a correlation of -0.13, they often move in opposite directions. PAYM charges 0.74%/yr vs 0.29%/yr for PAPI.

Performance

PAYM vs. PAPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares S&P Autocallable Defensive Income ETF (PAYM) and Parametric Equity Premium Income ETF (PAPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

PAYM

• 1D: 1.19%
• 1M: 1.51%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

PAPI

• 1D: -0.11%
• 1M: 4.44%
• 6M: 6.76%
• YTD: 10.85%
• 1Y: 16.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.26%

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

PAYM vs. PAPI - Yearly Performance Comparison

	2026 (YTD)
PAYM TrueShares S&P Autocallable Defensive Income ETF	1.67%
PAPI Parametric Equity Premium Income ETF	4.38%

Correlation

The correlation between PAYM and PAPI is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 28, 2026	-0.13

Return for Risk

PAYM vs. PAPI — Risk / Return Rank

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

PAYM

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

PAPI

PAPI Risk / Return Rank: 59
PAPI Sharpe Ratio Rank: 62
PAPI Sortino Ratio Rank: 67
PAPI Omega Ratio Rank: 57
PAPI Calmar Ratio Rank: 63
PAPI Martin Ratio Rank: 47

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.

PAYM vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares S&P Autocallable Defensive Income ETF (PAYM) and Parametric Equity Premium Income ETF (PAPI). 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.

	PAYM	PAPI	Difference
Sharpe ratio: Return per unit of total volatility	—	1.54	—
Sortino ratio: Return per unit of downside risk	—	2.32	—
Omega ratio: Gain probability vs. loss probability	—	1.27	—
Calmar ratio: Return relative to maximum drawdown	—	2.35	—
Martin ratio: Return relative to average drawdown	—	5.82	—

Drawdowns

PAYM vs. PAPI - Drawdown Comparison

The maximum PAYM drawdown since its inception was -5.41%, smaller than the maximum PAPI drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for PAYM and PAPI.

Drawdown Indicators

	PAYM	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-5.41%	-14.27%	+8.86%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.86%	—
Current Drawdown Current decline from peak	-1.10%	-0.79%	-0.31%
Average Drawdown Average peak-to-trough decline	-2.18%	-2.75%	+0.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.77%	—

Volatility

Volatility by Period

	PAYM	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.13%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.16%	—
Volatility (1Y) Calculated over the trailing 1-year period	19.49%	10.48%	+9.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.49%	11.73%	+7.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.49%	11.73%	+7.76%

PAYM vs. PAPI - Expense Ratio Comparison

PAYM has a 0.74% expense ratio, which is higher than PAPI's 0.29% expense ratio.

Dividends

PAYM vs. PAPI - Dividend Comparison

PAYM's dividend yield for the trailing twelve months is around 1.64%, less than PAPI's 7.39% yield.

Position	TTM	2025	2024	2023
PAPI Parametric Equity Premium Income ETF	7.39%	7.59%	7.07%	1.45%
PAYM TrueShares S&P Autocallable Defensive Income ETF	1.64%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PAYM and PAPI in my portfolio?

PAYM and PAPI have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PAYM or PAPI?

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.

Which ETF is cheaper, PAYM or PAPI?

PAPI is cheaper with a 0.29% expense ratio, compared with 0.74% for PAYM.

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

PAPI has the higher dividend yield at 7.39%, compared with 1.64% for PAYM.

What is the main difference between PAYM and PAPI?

They also come from different issuers: TrueShares and Morgan Stanley. Their fees differ too: 0.74% for PAYM and 0.29% for PAPI.