PLTY vs. PAPI

Last updated Aug 1, 2026

PLTY (YieldMax PLTR Option Income Strategy ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, PLTY returned -16.47% vs 19.72% for PAPI. Their 0.05 correlation means their historical movements had little consistent relationship. PLTY charges 0.99%/yr vs 0.29%/yr for PAPI.

Performance

PLTY vs. PAPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax PLTR Option Income Strategy ETF (PLTY) and Parametric Equity Premium Income ETF (PAPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PLTY achieves a -23.00% return, which is significantly lower than PAPI's 12.17% return.

PLTY

• 1D: 1.10%
• 1M: -2.83%
• 6M: -8.14%
• YTD: -23.00%
• 1Y: -16.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 50.31%

PAPI

• 1D: -0.23%
• 1M: 2.42%
• 6M: 5.56%
• YTD: 12.17%
• 1Y: 19.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.62%

*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)
PAPI Parametric Equity Premium Income ETF	$2.06M	$2.02M	$1.93M
PLTY YieldMax PLTR Option Income Strategy ETF	$4.74M	$3.96M	$6.06M

PLTY vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PLTY YieldMax PLTR Option Income Strategy ETF	-23.00%	78.06%	52.50%
PAPI Parametric Equity Premium Income ETF	12.17%	6.33%	-1.83%

Correlation

The correlation between PLTY and PAPI is -0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.06
Correlation (All Time) Calculated using the full available price history since Oct 8, 2024	0.05

The correlation between PLTY and PAPI shifts across timeframes, from -0.06 (1 year) to 0.05 (all time), reflecting how their relationship changes across market environments.

Return for Risk

PLTY vs. PAPI — Risk / Return Rank

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

PLTY

PLTY Risk / Return Rank: 6
PLTY Sharpe Ratio Rank: 6
PLTY Sortino Ratio Rank: 6
PLTY Omega Ratio Rank: 6
PLTY Calmar Ratio Rank: 6
PLTY Martin Ratio Rank: 5

PAPI

PAPI Risk / Return Rank: 73
PAPI Sharpe Ratio Rank: 78
PAPI Sortino Ratio Rank: 81
PAPI Omega Ratio Rank: 74
PAPI Calmar Ratio Rank: 77
PAPI Martin Ratio Rank: 57

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.

PLTY vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax PLTR Option Income Strategy ETF (PLTY) 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.

	PLTY	PAPI	Difference
Sharpe ratio: Return per unit of total volatility	-0.41	1.77	-2.18
Sortino ratio: Return per unit of downside risk	-0.31	2.65	-2.96
Omega ratio: Gain probability vs. loss probability	0.96	1.31	-0.35
Calmar ratio: Return relative to maximum drawdown	-0.44	2.69	-3.12
Martin ratio: Return relative to average drawdown	-0.83	6.78	-7.61

PLTY vs. PAPI - Sharpe Ratio Comparison

The current PLTY Sharpe Ratio is -0.41, which is lower than the PAPI Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of PLTY and PAPI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PLTY vs. PAPI - Drawdown Comparison

The maximum PLTY drawdown since its inception was -41.36%, which is greater than PAPI's maximum drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for PLTY and PAPI.

Drawdown Indicators

	PLTY	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-41.36%	-14.27%	-27.09%
Max Drawdown (1Y) Largest decline over 1 year	-41.36%	-6.86%	-34.50%
Current Drawdown Current decline from peak	-33.22%	-1.36%	-31.86%
Average Drawdown Average peak-to-trough decline	-14.41%	-2.72%	-11.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.78%	2.71%	+19.07%

Volatility

PLTY vs. PAPI - Volatility Comparison

YieldMax PLTR Option Income Strategy ETF (PLTY) has a higher volatility of 11.37% compared to Parametric Equity Premium Income ETF (PAPI) at 3.49%. This indicates that PLTY's price experiences larger fluctuations and is considered to be riskier than PAPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PLTY	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.37%	3.49%	+7.88%
Volatility (6M) Calculated over the trailing 6-month period	34.16%	7.24%	+26.92%
Volatility (1Y) Calculated over the trailing 1-year period	44.02%	10.44%	+33.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.23%	11.73%	+40.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.23%	11.73%	+40.50%

PLTY vs. PAPI - Expense Ratio Comparison

PLTY has a 0.99% expense ratio, which is higher than PAPI's 0.29% expense ratio.

Dividends

PLTY vs. PAPI - Dividend Comparison

PLTY's dividend yield for the trailing twelve months is around 123.19%, more than PAPI's 7.42% yield.

Position	TTM	2025	2024	2023
PAPI Parametric Equity Premium Income ETF	7.42%	7.59%	7.07%	1.45%
PLTY YieldMax PLTR Option Income Strategy ETF	123.19%	112.44%	7.85%	0.00%

Frequently Asked Questions

Can I hold both PLTY and PAPI in my portfolio?

PLTY and PAPI have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PLTY or PAPI?

PLTY has higher volatility (11.37%) compared to PAPI (3.49%). In terms of maximum drawdown, PLTY dropped -41.36% vs PAPI's -14.27%.

Which ETF is better, PLTY or PAPI?

On 1-year performance, PAPI leads with 19.72% vs -16.47% for PLTY. On fees, PAPI is cheaper at 0.29% per year. On volatility, PAPI has been the lower-risk option at 3.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PLTY or PAPI?

Over the 1-year period, PAPI has performed better with a 19.72% return vs -16.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PLTY or PAPI?

PAPI is cheaper with a 0.29% expense ratio, compared with 0.99% for PLTY.

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

PLTY has the higher dividend yield at 123.19%, compared with 7.42% for PAPI.

What is the main difference between PLTY and PAPI?

They also come from different issuers: YieldMax and Morgan Stanley. Their fees differ too: 0.99% for PLTY and 0.29% for PAPI.

Which has better risk-adjusted returns?

PAPI currently has the higher Sharpe Ratio (1.77 vs -0.41), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.