TDAQ vs. PEPS

Last updated Jun 24, 2026

TDAQ (TappAlpha Innovation 100 Growth & Daily Income ETF) and PEPS (Parametric Equity Plus ETF) are both Derivative Income funds. Both are actively managed. Their correlation of 0.89 suggests significant overlap in exposure. TDAQ charges 0.83%/yr vs 0.10%/yr for PEPS.

Performance

TDAQ vs. PEPS - 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 Plus ETF (PEPS). 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 PEPS's 7.86% return.

TDAQ

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

PEPS

• 1D: -1.38%
• 1M: -0.55%
• YTD: 7.86%
• 6M: 7.03%
• 1Y: 26.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TDAQ vs. PEPS - Yearly Performance Comparison

	2026 (YTD)	2025
TDAQ TappAlpha Innovation 100 Growth & Daily Income ETF	14.87%	9.61%
PEPS Parametric Equity Plus ETF	7.86%	8.15%

Correlation

The correlation between TDAQ and PEPS is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 4, 2025	0.89

Return for Risk

TDAQ vs. PEPS — 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.

PEPS

PEPS Risk / Return Rank: 62
PEPS Sharpe Ratio Rank: 62
PEPS Sortino Ratio Rank: 57
PEPS Omega Ratio Rank: 62
PEPS Calmar Ratio Rank: 58
PEPS Martin Ratio Rank: 70

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. PEPS - 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 Plus ETF (PEPS). 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	PEPS	Difference
Sharpe ratio: Return per unit of total volatility	—	1.91	—
Sortino ratio: Return per unit of downside risk	—	2.53	—
Omega ratio: Gain probability vs. loss probability	—	1.35	—
Calmar ratio: Return relative to maximum drawdown	—	2.69	—
Martin ratio: Return relative to average drawdown	—	12.10	—

Drawdowns

TDAQ vs. PEPS - Drawdown Comparison

The maximum TDAQ drawdown since its inception was -11.31%, smaller than the maximum PEPS drawdown of -21.26%. Use the drawdown chart below to compare losses from any high point for TDAQ and PEPS.

Drawdown Indicators

	TDAQ	PEPS	Difference
Max Drawdown Largest peak-to-trough decline	-11.31%	-21.26%	+9.95%
Max Drawdown (1Y) Largest decline over 1 year	—	-9.80%	—
Current Drawdown Current decline from peak	-4.84%	-3.04%	-1.80%
Average Drawdown Average peak-to-trough decline	-2.34%	-2.75%	+0.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.17%	—

Volatility

Volatility by Period

	TDAQ	PEPS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.38%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.82%	—
Volatility (1Y) Calculated over the trailing 1-year period	18.52%	13.80%	+4.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.52%	18.43%	+0.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.52%	18.43%	+0.09%

TDAQ vs. PEPS - Expense Ratio Comparison

TDAQ has a 0.83% expense ratio, which is higher than PEPS's 0.10% expense ratio.

Dividends

TDAQ vs. PEPS - Dividend Comparison

TDAQ's dividend yield for the trailing twelve months is around 12.14%, more than PEPS's 0.95% yield.

Position	TTM	2025	2024
PEPS Parametric Equity Plus ETF	0.95%	1.00%	0.17%
TDAQ TappAlpha Innovation 100 Growth & Daily Income ETF	12.14%	4.32%	0.00%

Frequently Asked Questions

Can I hold both TDAQ and PEPS in my portfolio?

TDAQ and PEPS have a correlation of 0.89, 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 PEPS?

On fees, PEPS is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TDAQ or PEPS?

PEPS is cheaper with a 0.10% expense ratio, compared with 0.83% for TDAQ.

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

TDAQ has the higher dividend yield at 12.14%, compared with 0.95% for PEPS.

What is the main difference between TDAQ and PEPS?

They also come from different issuers: TappAlpha and Parametric. Their fees differ too: 0.83% for TDAQ and 0.10% for PEPS.