PEPS vs. NIHI

Last updated Aug 2, 2026

PEPS (Parametric Equity Plus ETF) and NIHI (NEOS MSCI EAFE High Income ETF) are both Derivative Income funds. Both are actively managed. Their 0.78 correlation means they have sometimes moved together and sometimes differently. PEPS charges 0.10%/yr vs 0.68%/yr for NIHI.

Performance

PEPS vs. NIHI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Parametric Equity Plus ETF (PEPS) and NEOS MSCI EAFE High Income ETF (NIHI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PEPS achieves a 10.53% return, which is significantly higher than NIHI's 8.84% return.

PEPS

• 1D: 0.81%
• 1M: 0.80%
• 6M: 8.59%
• YTD: 10.53%
• 1Y: 24.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.01%

NIHI

• 1D: -0.33%
• 1M: 1.22%
• 6M: 5.27%
• YTD: 8.84%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
NIHI NEOS MSCI EAFE High Income ETF	$2.03M	$2.13M	$2.32M
PEPS Parametric Equity Plus ETF	$5.31K	$5.85K	$15.49K

PEPS vs. NIHI - Yearly Performance Comparison

	2026 (YTD)	2025
PEPS Parametric Equity Plus ETF	10.53%	5.27%
NIHI NEOS MSCI EAFE High Income ETF	8.84%	4.89%

Correlation

The correlation between PEPS and NIHI is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 17, 2025	0.78

Return for Risk

PEPS vs. NIHI — Risk / Return Rank

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

PEPS

PEPS Risk / Return Rank: 70
PEPS Sharpe Ratio Rank: 70
PEPS Sortino Ratio Rank: 65
PEPS Omega Ratio Rank: 68
PEPS Calmar Ratio Rank: 66
PEPS Martin Ratio Rank: 79

NIHI

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

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.

PEPS vs. NIHI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Parametric Equity Plus ETF (PEPS) and NEOS MSCI EAFE High Income ETF (NIHI). 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.

	PEPS	NIHI	Difference
Sharpe ratio: Return per unit of total volatility	1.60	—	—
Sortino ratio: Return per unit of downside risk	2.16	—	—
Omega ratio: Gain probability vs. loss probability	1.29	—	—
Calmar ratio: Return relative to maximum drawdown	2.31	—	—
Martin ratio: Return relative to average drawdown	10.10	—	—

Drawdowns

PEPS vs. NIHI - Drawdown Comparison

The maximum PEPS drawdown since its inception was -21.26%, which is greater than NIHI's maximum drawdown of -10.88%. Use the drawdown chart below to compare losses from any high point for PEPS and NIHI.

Drawdown Indicators

	PEPS	NIHI	Difference
Max Drawdown Largest peak-to-trough decline	-21.26%	-10.88%	-10.38%
Max Drawdown (1Y) Largest decline over 1 year	-9.80%	—	—
Current Drawdown Current decline from peak	-0.66%	-0.33%	-0.33%
Average Drawdown Average peak-to-trough decline	-2.67%	-2.13%	-0.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	—	—

Volatility

Volatility by Period

	PEPS	NIHI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.85%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.00%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	14.21%	14.88%	-0.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.11%	14.88%	+3.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.11%	14.88%	+3.23%

PEPS vs. NIHI - Expense Ratio Comparison

PEPS has a 0.10% expense ratio, which is lower than NIHI's 0.68% expense ratio.

Dividends

PEPS vs. NIHI - Dividend Comparison

PEPS's dividend yield for the trailing twelve months is around 0.92%, less than NIHI's 9.35% yield.

Position	TTM	2025	2024
NIHI NEOS MSCI EAFE High Income ETF	9.35%	3.44%	0.00%
PEPS Parametric Equity Plus ETF	0.92%	1.00%	0.17%

Frequently Asked Questions

Can I hold both PEPS and NIHI in my portfolio?

PEPS and NIHI have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PEPS or NIHI?

On fees, PEPS is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PEPS or NIHI?

PEPS is cheaper with a 0.10% expense ratio, compared with 0.68% for NIHI.

Which ETF pays a higher dividend yield, PEPS or NIHI?

NIHI has the higher dividend yield at 9.35%, compared with 0.92% for PEPS.

What is the main difference between PEPS and NIHI?

They also come from different issuers: Parametric and Neos. Their fees differ too: 0.10% for PEPS and 0.68% for NIHI.