SIOO vs. PAPI

Last updated Jun 4, 2026

SIOO (VistaShares Target 15 S&P 100 Distribution ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. SIOO is passively managed, while PAPI is actively managed. At a 0.12 correlation, their price movements are largely independent. SIOO charges 0.59%/yr vs 0.29%/yr for PAPI.

Performance

SIOO vs. PAPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VistaShares Target 15 S&P 100 Distribution ETF (SIOO) 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, SIOO achieves a 6.19% return, which is significantly higher than PAPI's 5.81% return.

SIOO

• 1D: -0.18%
• 1M: 2.52%
• YTD: 6.19%
• 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)

SIOO vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025
SIOO VistaShares Target 15 S&P 100 Distribution ETF	6.19%	0.77%
PAPI Parametric Equity Premium Income ETF	5.81%	-1.48%

Correlation

The correlation between SIOO and PAPI is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 12, 2025	0.12

Return for Risk

SIOO 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.

SIOO vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VistaShares Target 15 S&P 100 Distribution ETF (SIOO) 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

	SIOO	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	1.51	0.88	+0.63

Drawdowns

SIOO vs. PAPI - Drawdown Comparison

The maximum SIOO drawdown since its inception was -6.86%, smaller than the maximum PAPI drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for SIOO and PAPI.

Drawdown Indicators

	SIOO	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-6.86%	-14.27%	+7.41%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.86%	—
Current Drawdown Current decline from peak	-0.57%	-5.06%	+4.49%
Average Drawdown Average peak-to-trough decline	-1.02%	-2.73%	+1.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.53%	—

Volatility

Volatility by Period

	SIOO	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	10.36%	10.55%	-0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.36%	11.76%	-1.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.36%	11.76%	-1.40%

SIOO vs. PAPI - Expense Ratio Comparison

SIOO has a 0.59% expense ratio, which is higher than PAPI's 0.29% expense ratio.

Dividends

SIOO vs. PAPI - Dividend Comparison

SIOO's dividend yield for the trailing twelve months is around 7.44%, 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%
SIOO VistaShares Target 15 S&P 100 Distribution ETF	7.44%	1.27%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SIOO and PAPI in my portfolio?

SIOO and PAPI have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SIOO 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, SIOO or PAPI?

PAPI is cheaper with a 0.29% expense ratio, compared with 0.59% for SIOO.

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

PAPI has the higher dividend yield at 7.62%, compared with 7.44% for SIOO.

What is the main difference between SIOO and PAPI?

They also come from different issuers: VistaShares and Morgan Stanley. Their fees differ too: 0.59% for SIOO and 0.29% for PAPI.