ROCY vs. PAPI

Last updated Jun 4, 2026

ROCY (JPMorgan Equity Premium Yield ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. Both are actively managed. At a correlation of -0.04, they often move in opposite directions. ROCY charges 0.35%/yr vs 0.29%/yr for PAPI.

Performance

ROCY vs. PAPI - Performance Comparison

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

Returns By Period

ROCY

• 1D: -0.29%
• 1M: 3.76%
• YTD: —
• 6M: —
• 1Y: —
• 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)

ROCY vs. PAPI - Yearly Performance Comparison

	2026 (YTD)
ROCY JPMorgan Equity Premium Yield ETF	10.90%
PAPI Parametric Equity Premium Income ETF	-0.91%

Correlation

The correlation between ROCY and PAPI is -0.04, 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 (All Time) Calculated using the full available price history since Mar 20, 2026	-0.04

Return for Risk

ROCY 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: 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.

ROCY vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Equity Premium Yield ETF (ROCY) 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

	ROCY	PAPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.19	—
Sharpe Ratio (All Time) Calculated using the full available price history	6.00	0.88	+5.12

Drawdowns

ROCY vs. PAPI - Drawdown Comparison

The maximum ROCY drawdown since its inception was -3.35%, smaller than the maximum PAPI drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for ROCY and PAPI.

Drawdown Indicators

	ROCY	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-3.35%	-14.27%	+10.92%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.86%	—
Current Drawdown Current decline from peak	-0.29%	-5.06%	+4.77%
Average Drawdown Average peak-to-trough decline	-0.34%	-2.73%	+2.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.53%	—

Volatility

Volatility by Period

	ROCY	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.23%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.00%	—
Volatility (1Y) Calculated over the trailing 1-year period	10.96%	10.55%	+0.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.96%	11.76%	-0.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.96%	11.76%	-0.80%

ROCY vs. PAPI - Expense Ratio Comparison

ROCY has a 0.35% expense ratio, which is higher than PAPI's 0.29% expense ratio.

Dividends

ROCY vs. PAPI - Dividend Comparison

ROCY's dividend yield for the trailing twelve months is around 1.62%, less 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%
ROCY JPMorgan Equity Premium Yield ETF	1.62%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ROCY and PAPI in my portfolio?

ROCY and PAPI have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ROCY or PAPI?

On fees, PAPI is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ROCY or PAPI?

PAPI is cheaper with a 0.29% expense ratio, compared with 0.35% for ROCY.

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

PAPI has the higher dividend yield at 7.62%, compared with 1.62% for ROCY.

What is the main difference between ROCY and PAPI?

They also come from different issuers: JPMorgan and Morgan Stanley. Their fees differ too: 0.35% for ROCY and 0.29% for PAPI.