QUSA vs. PAPI

Last updated Apr 1, 2026

Compare and contrast key facts about VistaShares Target 15™ USA Quality Income ETF (QUSA) and Parametric Equity Premium Income ETF (PAPI).

QUSA and PAPI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. QUSA is an actively managed fund by VistaShares. It was launched on May 5, 2025. PAPI is an actively managed fund by Morgan Stanley. It was launched on Oct 16, 2023.

Performance

QUSA vs. PAPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VistaShares Target 15™ USA Quality Income ETF (QUSA) and Parametric Equity Premium Income ETF (PAPI). The values are adjusted to include any dividend payments, if applicable.

QUSA vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025
QUSA VistaShares Target 15™ USA Quality Income ETF	-1.50%	-3.15%
PAPI Parametric Equity Premium Income ETF	8.31%	7.31%

Returns By Period

In the year-to-date period, QUSA achieves a -1.50% return, which is significantly lower than PAPI's 8.31% return.

QUSA

• 1D: 2.74%
• 1M: -4.52%
• YTD: -1.50%
• 6M: -5.21%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAPI

• 1D: 0.54%
• 1M: -2.62%
• YTD: 8.31%
• 6M: 9.20%
• 1Y: 11.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QUSA vs. PAPI - Expense Ratio Comparison

QUSA has a 0.95% expense ratio, which is higher than PAPI's 0.29% expense ratio.

QUSA

VistaShares Target 15™ USA Quality Income ETF

PAPI

Parametric Equity Premium Income ETF

Return for Risk

QUSA 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: 46
PAPI Sharpe Ratio Rank: 47
PAPI Sortino Ratio Rank: 46
PAPI Omega Ratio Rank: 43
PAPI Calmar Ratio Rank: 44
PAPI Martin Ratio Rank: 50

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.

QUSA vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VistaShares Target 15™ USA Quality Income ETF (QUSA) 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

	QUSA	PAPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.82	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.50	1.02	-1.52

Correlation

The correlation between QUSA and PAPI is 0.44, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

QUSA vs. PAPI - Dividend Comparison

QUSA's dividend yield for the trailing twelve months is around 10.88%, more than PAPI's 7.50% yield.

	TTM	2025	2024	2023
QUSA VistaShares Target 15™ USA Quality Income ETF	10.88%	6.61%	0.00%	0.00%
PAPI Parametric Equity Premium Income ETF	7.50%	7.59%	7.07%	1.45%

Drawdowns

QUSA vs. PAPI - Drawdown Comparison

The maximum QUSA drawdown since its inception was -10.64%, smaller than the maximum PAPI drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for QUSA and PAPI.

Drawdown Indicators

	QUSA	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-10.64%	-14.27%	+3.63%
Max Drawdown (1Y) Largest decline over 1 year	—	-11.59%	—
Current Drawdown Current decline from peak	-8.19%	-2.82%	-5.37%
Average Drawdown Average peak-to-trough decline	-4.22%	-2.57%	-1.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.72%	—

Volatility

Volatility by Period

	QUSA	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.21%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.51%	—
Volatility (1Y) Calculated over the trailing 1-year period	10.31%	14.14%	-3.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.31%	11.96%	-1.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.31%	11.96%	-1.65%