TEST vs. PAPI

Last updated Jul 17, 2026

TEST (YieldMax TSLA Performance & Distribution Target 25 ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. Both are actively managed. At a correlation of -0.02, they often move in opposite directions. TEST charges 1.01%/yr vs 0.29%/yr for PAPI.

Performance

TEST vs. PAPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax TSLA Performance & Distribution Target 25 ETF (TEST) 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, TEST achieves a -6.62% return, which is significantly lower than PAPI's 11.73% return.

TEST

• 1D: -0.70%
• 1M: -1.77%
• 6M: -5.23%
• YTD: -6.62%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAPI

• 1D: 1.99%
• 1M: 4.10%
• 6M: 6.35%
• YTD: 11.73%
• 1Y: 17.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TEST vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025
TEST YieldMax TSLA Performance & Distribution Target 25 ETF	-6.62%	8.46%
PAPI Parametric Equity Premium Income ETF	11.73%	2.55%

Correlation

The correlation between TEST and PAPI is -0.02, 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 Nov 18, 2025	-0.02

Return for Risk

TEST vs. PAPI — Risk / Return Rank

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

TEST

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

PAPI

PAPI Risk / Return Rank: 60
PAPI Sharpe Ratio Rank: 63
PAPI Sortino Ratio Rank: 68
PAPI Omega Ratio Rank: 58
PAPI Calmar Ratio Rank: 63
PAPI Martin Ratio Rank: 47

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.

TEST vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax TSLA Performance & Distribution Target 25 ETF (TEST) 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.

	TEST	PAPI	Difference
Sharpe ratio: Return per unit of total volatility	—	1.66	—
Sortino ratio: Return per unit of downside risk	—	2.48	—
Omega ratio: Gain probability vs. loss probability	—	1.29	—
Calmar ratio: Return relative to maximum drawdown	—	2.54	—
Martin ratio: Return relative to average drawdown	—	6.27	—

Drawdowns

TEST vs. PAPI - Drawdown Comparison

The maximum TEST drawdown since its inception was -23.35%, which is greater than PAPI's maximum drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for TEST and PAPI.

Drawdown Indicators

	TEST	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-23.35%	-14.27%	-9.08%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.86%	—
Current Drawdown Current decline from peak	-12.75%	0.00%	-12.75%
Average Drawdown Average peak-to-trough decline	-10.61%	-2.76%	-7.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.77%	—

Volatility

Volatility by Period

	TEST	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.53%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.27%	—
Volatility (1Y) Calculated over the trailing 1-year period	34.74%	10.48%	+24.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.74%	11.75%	+22.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.74%	11.75%	+22.99%

TEST vs. PAPI - Expense Ratio Comparison

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

Dividends

TEST vs. PAPI - Dividend Comparison

TEST's dividend yield for the trailing twelve months is around 17.54%, more than PAPI's 7.33% yield.

Position	TTM	2025	2024	2023
PAPI Parametric Equity Premium Income ETF	7.33%	7.59%	7.07%	1.45%
TEST YieldMax TSLA Performance & Distribution Target 25 ETF	17.54%	2.50%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TEST and PAPI in my portfolio?

TEST and PAPI have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TEST 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, TEST or PAPI?

PAPI is cheaper with a 0.29% expense ratio, compared with 1.01% for TEST.

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

TEST has the higher dividend yield at 17.54%, compared with 7.33% for PAPI.

What is the main difference between TEST and PAPI?

They also come from different issuers: YieldMax and Morgan Stanley. Their fees differ too: 1.01% for TEST and 0.29% for PAPI.