SDTY vs. PAPI

Last updated Apr 2, 2026

Compare and contrast key facts about YieldMax S&P 500 0DTE Covered Call Strategy ETF (SDTY) and Parametric Equity Premium Income ETF (PAPI).

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

Performance

SDTY vs. PAPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax S&P 500 0DTE Covered Call Strategy ETF (SDTY) and Parametric Equity Premium Income ETF (PAPI). The values are adjusted to include any dividend payments, if applicable.

SDTY vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025
SDTY YieldMax S&P 500 0DTE Covered Call Strategy ETF	-3.25%	9.83%
PAPI Parametric Equity Premium Income ETF	8.23%	4.34%

Returns By Period

In the year-to-date period, SDTY achieves a -3.25% return, which is significantly lower than PAPI's 8.23% return.

SDTY

• 1D: 0.92%
• 1M: -3.53%
• YTD: -3.25%
• 6M: 0.32%
• 1Y: 14.06%
• 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)

SDTY vs. PAPI - Expense Ratio Comparison

SDTY has a 1.01% expense ratio, which is higher than PAPI's 0.29% expense ratio.

SDTY

YieldMax S&P 500 0DTE Covered Call Strategy ETF

PAPI

Parametric Equity Premium Income ETF

Return for Risk

SDTY vs. PAPI — Risk / Return Rank

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

SDTY

SDTY Risk / Return Rank: 44
SDTY Sharpe Ratio Rank: 40
SDTY Sortino Ratio Rank: 38
SDTY Omega Ratio Rank: 49
SDTY Calmar Ratio Rank: 45
SDTY Martin Ratio Rank: 47

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.

SDTY vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax S&P 500 0DTE Covered Call Strategy ETF (SDTY) 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.

	SDTY	PAPI	Difference
Sharpe ratio Return per unit of total volatility	0.80	0.81	-0.01
Sortino ratio Return per unit of downside risk	1.16	1.22	-0.06
Omega ratio Gain probability vs. loss probability	1.20	1.16	+0.03
Calmar ratio Return relative to maximum drawdown	1.23	0.98	+0.24
Martin ratio Return relative to average drawdown	4.80	4.19	+0.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SDTY vs. PAPI - Sharpe Ratio Comparison

The current SDTY Sharpe Ratio is 0.80, which is comparable to the PAPI Sharpe Ratio of 0.81. The chart below compares the historical Sharpe Ratios of SDTY and PAPI, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SDTY	PAPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.80	0.81	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	1.01	-0.70

Correlation

The correlation between SDTY and PAPI is 0.43, 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

SDTY vs. PAPI - Dividend Comparison

SDTY's dividend yield for the trailing twelve months is around 28.72%, more than PAPI's 7.51% yield.

	TTM	2025	2024	2023
SDTY YieldMax S&P 500 0DTE Covered Call Strategy ETF	28.72%	22.00%	0.00%	0.00%
PAPI Parametric Equity Premium Income ETF	7.51%	7.59%	7.07%	1.45%

Drawdowns

SDTY vs. PAPI - Drawdown Comparison

The maximum SDTY drawdown since its inception was -18.63%, which is greater than PAPI's maximum drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for SDTY and PAPI.

Drawdown Indicators

	SDTY	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-18.63%	-14.27%	-4.36%
Max Drawdown (1Y) Largest decline over 1 year	-11.73%	-11.59%	-0.14%
Current Drawdown Current decline from peak	-5.42%	-2.89%	-2.53%
Average Drawdown Average peak-to-trough decline	-3.34%	-2.57%	-0.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.07%	2.73%	+0.34%

Volatility

SDTY vs. PAPI - Volatility Comparison

YieldMax S&P 500 0DTE Covered Call Strategy ETF (SDTY) has a higher volatility of 4.82% compared to Parametric Equity Premium Income ETF (PAPI) at 3.14%. This indicates that SDTY'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

	SDTY	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.82%	3.14%	+1.68%
Volatility (6M) Calculated over the trailing 6-month period	8.96%	7.50%	+1.46%
Volatility (1Y) Calculated over the trailing 1-year period	17.69%	14.11%	+3.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.50%	11.95%	+5.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.50%	11.95%	+5.55%