RNTY vs. PAPI

Last updated Jun 4, 2026

RNTY (YieldMax Target 12™ Real Estate Option Income ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, RNTY returned 8.01% vs 12.39% for PAPI. A 0.61 correlation means they provide meaningful diversification when combined. RNTY charges 0.99%/yr vs 0.29%/yr for PAPI.

Performance

RNTY vs. PAPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Target 12™ Real Estate Option Income ETF (RNTY) 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, RNTY achieves a 6.19% return, which is significantly higher than PAPI's 5.81% return.

RNTY

• 1D: 0.75%
• 1M: -0.56%
• YTD: 6.19%
• 6M: 6.38%
• 1Y: 8.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAPI

• 1D: -0.26%
• 1M: 0.28%
• YTD: 5.81%
• 6M: 5.78%
• 1Y: 12.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RNTY vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025
RNTY YieldMax Target 12™ Real Estate Option Income ETF	6.19%	4.10%
PAPI Parametric Equity Premium Income ETF	5.81%	8.55%

Correlation

The correlation between RNTY and PAPI is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.61
Correlation (All Time) Calculated using the full available price history since Apr 21, 2025	0.61

The correlation between RNTY and PAPI has been stable across timeframes, ranging from 0.61 to 0.61 - a consistent structural relationship.

Return for Risk

RNTY vs. PAPI — Risk / Return Rank

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

RNTY

RNTY Risk / Return Rank: 22
RNTY Sharpe Ratio Rank: 22
RNTY Sortino Ratio Rank: 20
RNTY Omega Ratio Rank: 20
RNTY Calmar Ratio Rank: 23
RNTY Martin Ratio Rank: 25

PAPI

PAPI Risk / Return Rank: 33
PAPI Sharpe Ratio Rank: 32
PAPI Sortino Ratio Rank: 34
PAPI Omega Ratio Rank: 30
PAPI Calmar Ratio Rank: 37
PAPI Martin Ratio Rank: 33

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.

RNTY vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Target 12™ Real Estate Option Income ETF (RNTY) 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.

	RNTY	PAPI	Difference
Sharpe ratio: Return per unit of total volatility	0.76	1.19	-0.43
Sortino ratio: Return per unit of downside risk	1.09	1.82	-0.73
Omega ratio: Gain probability vs. loss probability	1.14	1.21	-0.07
Calmar ratio: Return relative to maximum drawdown	1.02	1.81	-0.80
Martin ratio: Return relative to average drawdown	3.40	4.90	-1.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RNTY vs. PAPI - Sharpe Ratio Comparison

The current RNTY Sharpe Ratio is 0.76, which is lower than the PAPI Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of RNTY 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

	RNTY	PAPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.76	1.19	-0.43
Sharpe Ratio (All Time) Calculated using the full available price history	0.87	0.88	0.00

Drawdowns

RNTY vs. PAPI - Drawdown Comparison

The maximum RNTY drawdown since its inception was -7.91%, smaller than the maximum PAPI drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for RNTY and PAPI.

Drawdown Indicators

	RNTY	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-7.91%	-14.27%	+6.36%
Max Drawdown (1Y) Largest decline over 1 year	-7.91%	-6.86%	-1.05%
Current Drawdown Current decline from peak	-2.12%	-5.06%	+2.94%
Average Drawdown Average peak-to-trough decline	-1.76%	-2.73%	+0.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.36%	2.53%	-0.17%

Volatility

RNTY vs. PAPI - Volatility Comparison

YieldMax Target 12™ Real Estate Option Income ETF (RNTY) has a higher volatility of 2.87% compared to Parametric Equity Premium Income ETF (PAPI) at 2.23%. This indicates that RNTY'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

	RNTY	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.87%	2.23%	+0.64%
Volatility (6M) Calculated over the trailing 6-month period	7.81%	7.00%	+0.81%
Volatility (1Y) Calculated over the trailing 1-year period	10.61%	10.55%	+0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.75%	11.76%	-1.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.75%	11.76%	-1.01%

RNTY vs. PAPI - Expense Ratio Comparison

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

Dividends

RNTY vs. PAPI - Dividend Comparison

RNTY's dividend yield for the trailing twelve months is around 13.30%, more than PAPI's 7.62% yield.

Position	TTM	2025	2024	2023
PAPI Parametric Equity Premium Income ETF	7.62%	7.59%	7.07%	1.45%
RNTY YieldMax Target 12™ Real Estate Option Income ETF	13.30%	8.28%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RNTY and PAPI in my portfolio?

RNTY and PAPI have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RNTY or PAPI?

RNTY has higher volatility (2.87%) compared to PAPI (2.23%). In terms of maximum drawdown, RNTY dropped -7.91% vs PAPI's -14.27%.

Which ETF is better, RNTY or PAPI?

On 1-year performance, PAPI leads with 12.39% vs 8.01% for RNTY. On fees, PAPI is cheaper at 0.29% per year. On volatility, PAPI has been the lower-risk option at 2.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RNTY or PAPI?

Over the 1-year period, PAPI has performed better with a 12.39% return vs 8.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RNTY or PAPI?

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

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

RNTY has the higher dividend yield at 13.30%, compared with 7.62% for PAPI.

What is the main difference between RNTY and PAPI?

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

Which has better risk-adjusted returns?

PAPI currently has the higher Sharpe Ratio (1.19 vs 0.76), 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.