QLDY vs. PAPI

Last updated Apr 2, 2026

Compare and contrast key facts about Defiance Nasdaq 100 LightningSpread Income ETF (QLDY) and Parametric Equity Premium Income ETF (PAPI).

QLDY and PAPI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. QLDY is an actively managed fund by Defiance. It was launched on Sep 17, 2025. PAPI is an actively managed fund by Morgan Stanley. It was launched on Oct 16, 2023.

Performance

QLDY vs. PAPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Nasdaq 100 LightningSpread Income ETF (QLDY) and Parametric Equity Premium Income ETF (PAPI). The values are adjusted to include any dividend payments, if applicable.

QLDY vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025
QLDY Defiance Nasdaq 100 LightningSpread Income ETF	-9.50%	1.50%
PAPI Parametric Equity Premium Income ETF	8.23%	1.52%

Returns By Period

In the year-to-date period, QLDY achieves a -9.50% return, which is significantly lower than PAPI's 8.23% return.

QLDY

• 1D: 1.52%
• 1M: -6.07%
• YTD: -9.50%
• 6M: -9.60%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAPI

• 1D: -0.07%
• 1M: -2.89%
• YTD: 8.23%
• 6M: 9.24%
• 1Y: 11.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QLDY vs. PAPI - Expense Ratio Comparison

QLDY has a 1.04% expense ratio, which is higher than PAPI's 0.29% expense ratio.

QLDY

Defiance Nasdaq 100 LightningSpread Income ETF

PAPI

Parametric Equity Premium Income ETF

Return for Risk

QLDY vs. PAPI — Risk / Return Rank

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

PAPI

PAPI Risk / Return Rank: 40
PAPI Sharpe Ratio Rank: 41
PAPI Sortino Ratio Rank: 42
PAPI Omega Ratio Rank: 39
PAPI Calmar Ratio Rank: 36
PAPI Martin Ratio Rank: 42

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.

QLDY vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Nasdaq 100 LightningSpread Income ETF (QLDY) 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.

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

Sharpe Ratios by Period

	QLDY	PAPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.81	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.75	1.01	-1.77

Correlation

The correlation between QLDY and PAPI is 0.17, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

QLDY vs. PAPI - Dividend Comparison

QLDY's dividend yield for the trailing twelve months is around 19.76%, more than PAPI's 7.51% yield.

	TTM	2025	2024	2023
QLDY Defiance Nasdaq 100 LightningSpread Income ETF	19.76%	9.34%	0.00%	0.00%
PAPI Parametric Equity Premium Income ETF	7.51%	7.59%	7.07%	1.45%

Drawdowns

QLDY vs. PAPI - Drawdown Comparison

The maximum QLDY drawdown since its inception was -17.44%, which is greater than PAPI's maximum drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for QLDY and PAPI.

Drawdown Indicators

	QLDY	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-17.44%	-14.27%	-3.17%
Max Drawdown (1Y) Largest decline over 1 year	—	-11.59%	—
Current Drawdown Current decline from peak	-13.33%	-2.89%	-10.44%
Average Drawdown Average peak-to-trough decline	-4.81%	-2.57%	-2.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.73%	—

Volatility

Volatility by Period

	QLDY	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.14%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.50%	—
Volatility (1Y) Calculated over the trailing 1-year period	19.69%	14.11%	+5.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.69%	11.95%	+7.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.69%	11.95%	+7.74%