PNNT vs. AIPI

Last updated Jun 9, 2026

PNNT (PennantPark Investment Corporation) is a stock, while AIPI (REX AI Equity Premium Income ETF) is Derivative Income fund actively managed by REX. Over the past year, PNNT returned -33.64% vs 26.32% for AIPI. At a 0.34 correlation, their price movements are largely independent.

Performance

PNNT vs. AIPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PennantPark Investment Corporation (PNNT) and REX AI Equity Premium Income ETF (AIPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PNNT achieves a -30.57% return, which is significantly lower than AIPI's 8.78% return.

PNNT

• 1D: -1.30%
• 1M: -15.02%
• YTD: -30.57%
• 6M: -29.01%
• 1Y: -33.64%
• 3Y*: 0.71%
• 5Y*: 0.56%
• 10Y*: 6.83%

AIPI

• 1D: 0.95%
• 1M: 5.29%
• YTD: 8.78%
• 6M: 6.56%
• 1Y: 26.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PNNT vs. AIPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PNNT PennantPark Investment Corporation	-30.57%	-2.96%	1.27%
AIPI REX AI Equity Premium Income ETF	8.78%	16.38%	15.79%

Correlation

The correlation between PNNT and AIPI is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (All Time) Calculated using the full available price history since Jun 4, 2024	0.34

Return for Risk

PNNT vs. AIPI — Risk / Return Rank

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

PNNT

PNNT Risk / Return Rank: 5
PNNT Sharpe Ratio Rank: 2
PNNT Sortino Ratio Rank: 4
PNNT Omega Ratio Rank: 5
PNNT Calmar Ratio Rank: 12
PNNT Martin Ratio Rank: 3

AIPI

AIPI Risk / Return Rank: 47
AIPI Sharpe Ratio Rank: 53
AIPI Sortino Ratio Rank: 48
AIPI Omega Ratio Rank: 53
AIPI Calmar Ratio Rank: 41
AIPI Martin Ratio Rank: 39

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.

PNNT vs. AIPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PennantPark Investment Corporation (PNNT) and REX AI Equity Premium Income ETF (AIPI). 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.

	PNNT	AIPI	Difference
Sharpe ratio: Return per unit of total volatility	-1.25	1.64	-2.88
Sortino ratio: Return per unit of downside risk	-1.69	2.15	-3.84
Omega ratio: Gain probability vs. loss probability	0.78	1.30	-0.51
Calmar ratio: Return relative to maximum drawdown	-0.79	1.84	-2.63
Martin ratio: Return relative to average drawdown	-1.69	5.69	-7.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PNNT vs. AIPI - Sharpe Ratio Comparison

The current PNNT Sharpe Ratio is -1.25, which is lower than the AIPI Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of PNNT and AIPI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PNNT	AIPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.25	1.64	-2.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.02	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.21	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.13	0.98	-0.85

Drawdowns

PNNT vs. AIPI - Drawdown Comparison

The maximum PNNT drawdown since its inception was -82.16%, which is greater than AIPI's maximum drawdown of -25.25%. Use the drawdown chart below to compare losses from any high point for PNNT and AIPI.

Drawdown Indicators

	PNNT	AIPI	Difference
Max Drawdown Largest peak-to-trough decline	-82.16%	-25.25%	-56.91%
Max Drawdown (1Y) Largest decline over 1 year	-42.61%	-14.40%	-28.21%
Max Drawdown (3Y) Largest decline over 3 years	-42.61%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-42.61%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-69.14%	—	—
Current Drawdown Current decline from peak	-40.90%	-2.52%	-38.38%
Average Drawdown Average peak-to-trough decline	-15.28%	-4.65%	-10.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.92%	4.64%	+15.28%

Volatility

PNNT vs. AIPI - Volatility Comparison

PennantPark Investment Corporation (PNNT) has a higher volatility of 14.65% compared to REX AI Equity Premium Income ETF (AIPI) at 4.45%. This indicates that PNNT's price experiences larger fluctuations and is considered to be riskier than AIPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PNNT	AIPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.65%	4.45%	+10.20%
Volatility (6M) Calculated over the trailing 6-month period	23.99%	13.28%	+10.71%
Volatility (1Y) Calculated over the trailing 1-year period	27.16%	16.18%	+10.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.80%	21.44%	+2.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.77%	21.44%	+11.33%

Dividends

PNNT vs. AIPI - Dividend Comparison

PNNT's dividend yield for the trailing twelve months is around 25.20%, less than AIPI's 35.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AIPI REX AI Equity Premium Income ETF	35.42%	37.84%	18.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PNNT PennantPark Investment Corporation	25.20%	16.11%	12.85%	11.65%	10.43%	6.93%	11.71%	11.03%	11.30%	10.42%	14.62%	18.12%

Frequently Asked Questions

Can I hold both PNNT and AIPI in my portfolio?

PNNT and AIPI have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PNNT or AIPI?

PNNT has higher volatility (14.65%) compared to AIPI (4.45%). In terms of maximum drawdown, PNNT dropped -82.16% vs AIPI's -25.25%.

Which has better risk-adjusted returns?

AIPI currently has the higher Sharpe Ratio (1.64 vs -1.25), 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.