TDAQ vs. PAPI

Last updated Jun 24, 2026

TDAQ (TappAlpha Innovation 100 Growth & Daily Income ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. Both are actively managed. At a 0.06 correlation, their price movements are largely independent. TDAQ charges 0.83%/yr vs 0.29%/yr for PAPI.

Performance

TDAQ vs. PAPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TappAlpha Innovation 100 Growth & Daily Income ETF (TDAQ) 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, TDAQ achieves a 14.87% return, which is significantly higher than PAPI's 6.57% return.

TDAQ

• 1D: -2.79%
• 1M: -0.85%
• YTD: 14.87%
• 6M: 13.47%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAPI

• 1D: 0.45%
• 1M: 0.17%
• YTD: 6.57%
• 6M: 5.93%
• 1Y: 12.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TDAQ vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025
TDAQ TappAlpha Innovation 100 Growth & Daily Income ETF	14.87%	9.61%
PAPI Parametric Equity Premium Income ETF	6.57%	1.56%

Correlation

The correlation between TDAQ and PAPI is 0.06, 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 Sep 4, 2025	0.06

Return for Risk

TDAQ vs. PAPI — Risk / Return Rank

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

TDAQ

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

PAPI

PAPI Risk / Return Rank: 34
PAPI Sharpe Ratio Rank: 33
PAPI Sortino Ratio Rank: 35
PAPI Omega Ratio Rank: 31
PAPI Calmar Ratio Rank: 37
PAPI Martin Ratio Rank: 32

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.

TDAQ vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TappAlpha Innovation 100 Growth & Daily Income ETF (TDAQ) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	TDAQ	PAPI	Difference
Sharpe ratio: Return per unit of total volatility	—	1.15	—
Sortino ratio: Return per unit of downside risk	—	1.74	—
Omega ratio: Gain probability vs. loss probability	—	1.20	—
Calmar ratio: Return relative to maximum drawdown	—	1.76	—
Martin ratio: Return relative to average drawdown	—	4.42	—

Drawdowns

TDAQ vs. PAPI - Drawdown Comparison

The maximum TDAQ drawdown since its inception was -11.31%, smaller than the maximum PAPI drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for TDAQ and PAPI.

Drawdown Indicators

	TDAQ	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-11.31%	-14.27%	+2.96%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.86%	—
Current Drawdown Current decline from peak	-4.84%	-4.37%	-0.47%
Average Drawdown Average peak-to-trough decline	-2.34%	-2.77%	+0.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.72%	—

Volatility

Volatility by Period

	TDAQ	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.68%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.05%	—
Volatility (1Y) Calculated over the trailing 1-year period	18.52%	10.55%	+7.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.52%	11.73%	+6.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.52%	11.73%	+6.79%

TDAQ vs. PAPI - Expense Ratio Comparison

TDAQ has a 0.83% expense ratio, which is higher than PAPI's 0.29% expense ratio.

Dividends

TDAQ vs. PAPI - Dividend Comparison

TDAQ's dividend yield for the trailing twelve months is around 12.14%, more than PAPI's 7.56% yield.

Position	TTM	2025	2024	2023
PAPI Parametric Equity Premium Income ETF	7.56%	7.59%	7.07%	1.45%
TDAQ TappAlpha Innovation 100 Growth & Daily Income ETF	12.14%	4.32%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TDAQ and PAPI in my portfolio?

TDAQ and PAPI have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TDAQ 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, TDAQ or PAPI?

PAPI is cheaper with a 0.29% expense ratio, compared with 0.83% for TDAQ.

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

TDAQ has the higher dividend yield at 12.14%, compared with 7.56% for PAPI.

What is the main difference between TDAQ and PAPI?

They also come from different issuers: TappAlpha and Morgan Stanley. Their fees differ too: 0.83% for TDAQ and 0.29% for PAPI.