QDVO vs. PAPI

Last updated Jun 5, 2026

QDVO (Amplify CWP Growth & Income ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, QDVO returned 26.60% vs 13.61% for PAPI. At a 0.15 correlation, their price movements are largely independent. QDVO charges 0.56%/yr vs 0.29%/yr for PAPI.

Performance

QDVO vs. PAPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify CWP Growth & Income ETF (QDVO) 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, QDVO achieves a 9.91% return, which is significantly higher than PAPI's 6.49% return.

QDVO

• 1D: 0.10%
• 1M: 3.95%
• YTD: 9.91%
• 6M: 9.61%
• 1Y: 26.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAPI

• 1D: 0.64%
• 1M: 0.17%
• YTD: 6.49%
• 6M: 6.38%
• 1Y: 13.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QDVO vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QDVO Amplify CWP Growth & Income ETF	9.91%	20.16%	11.80%
PAPI Parametric Equity Premium Income ETF	6.49%	6.33%	0.49%

Correlation

The correlation between QDVO and PAPI is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.03
Correlation (All Time) Calculated using the full available price history since Aug 23, 2024	0.15

The correlation between QDVO and PAPI shifts across timeframes, from 0.03 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.

QDVO vs. PAPI - Sectors Allocation Comparison

Sectors	QDVO	PAPI
Technology	50.6%	12.5%
Communication Services	16.8%	5.4%
Consumer Cyclical	12.5%	12.1%
Consumer Defensive	6.3%	10.1%
Healthcare	4.6%	10.7%
Financial Services	4.1%	9.9%
Basic Materials	1.8%	7.8%
Industrials	1.7%	9.9%
Energy	0.8%	11.6%
Utilities	0.7%	10.1%
Real Estate	-	-

Return for Risk

QDVO vs. PAPI — Risk / Return Rank

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

QDVO

QDVO Risk / Return Rank: 63
QDVO Sharpe Ratio Rank: 68
QDVO Sortino Ratio Rank: 67
QDVO Omega Ratio Rank: 66
QDVO Calmar Ratio Rank: 54
QDVO Martin Ratio Rank: 60

PAPI

PAPI Risk / Return Rank: 38
PAPI Sharpe Ratio Rank: 37
PAPI Sortino Ratio Rank: 39
PAPI Omega Ratio Rank: 35
PAPI Calmar Ratio Rank: 41
PAPI Martin Ratio Rank: 35

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.

QDVO vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify CWP Growth & Income ETF (QDVO) 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.

	QDVO	PAPI	Difference
Sharpe ratio: Return per unit of total volatility	2.19	1.31	+0.88
Sortino ratio: Return per unit of downside risk	3.02	1.98	+1.03
Omega ratio: Gain probability vs. loss probability	1.39	1.23	+0.16
Calmar ratio: Return relative to maximum drawdown	2.62	1.99	+0.63
Martin ratio: Return relative to average drawdown	10.64	5.35	+5.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QDVO vs. PAPI - Sharpe Ratio Comparison

The current QDVO Sharpe Ratio is 2.19, which is higher than the PAPI Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of QDVO 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.

Sharpe Ratios by Period

	QDVO	PAPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.19	1.31	+0.88
Sharpe Ratio (All Time) Calculated using the full available price history	1.42	0.90	+0.52

Drawdowns

QDVO vs. PAPI - Drawdown Comparison

The maximum QDVO drawdown since its inception was -17.75%, which is greater than PAPI's maximum drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for QDVO and PAPI.

Drawdown Indicators

	QDVO	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-17.75%	-14.27%	-3.48%
Max Drawdown (1Y) Largest decline over 1 year	-10.21%	-6.86%	-3.35%
Current Drawdown Current decline from peak	-0.84%	-4.45%	+3.61%
Average Drawdown Average peak-to-trough decline	-2.36%	-2.73%	+0.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.51%	2.55%	-0.04%

Volatility

QDVO vs. PAPI - Volatility Comparison

Amplify CWP Growth & Income ETF (QDVO) has a higher volatility of 2.86% compared to Parametric Equity Premium Income ETF (PAPI) at 2.20%. This indicates that QDVO'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

	QDVO	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.86%	2.20%	+0.66%
Volatility (6M) Calculated over the trailing 6-month period	8.87%	7.02%	+1.85%
Volatility (1Y) Calculated over the trailing 1-year period	12.21%	10.47%	+1.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.42%	11.76%	+5.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.42%	11.76%	+5.66%

QDVO vs. PAPI - Expense Ratio Comparison

QDVO has a 0.56% expense ratio, which is higher than PAPI's 0.29% expense ratio.

Dividends

QDVO vs. PAPI - Dividend Comparison

QDVO's dividend yield for the trailing twelve months is around 10.11%, more than PAPI's 7.57% yield.

Position	TTM	2025	2024	2023
PAPI Parametric Equity Premium Income ETF	7.57%	7.59%	7.07%	1.45%
QDVO Amplify CWP Growth & Income ETF	10.11%	9.92%	2.79%	0.00%

Frequently Asked Questions

Can I hold both QDVO and PAPI in my portfolio?

QDVO and PAPI have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QDVO or PAPI?

QDVO has higher volatility (2.86%) compared to PAPI (2.20%). In terms of maximum drawdown, QDVO dropped -17.75% vs PAPI's -14.27%.

Which ETF is better, QDVO or PAPI?

On 1-year performance, QDVO leads with 26.60% vs 13.61% for PAPI. On fees, PAPI is cheaper at 0.29% per year. On volatility, PAPI has been the lower-risk option at 2.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QDVO or PAPI?

Over the 1-year period, QDVO has performed better with a 26.60% return vs 13.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QDVO or PAPI?

PAPI is cheaper with a 0.29% expense ratio, compared with 0.56% for QDVO.

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

QDVO has the higher dividend yield at 10.11%, compared with 7.57% for PAPI.

What is the main difference between QDVO and PAPI?

They also come from different issuers: Amplify and Morgan Stanley. Their fees differ too: 0.56% for QDVO and 0.29% for PAPI.

Which has better risk-adjusted returns?

QDVO currently has the higher Sharpe Ratio (2.19 vs 1.31), 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.