TPAY vs. PAPI

Last updated Jul 3, 2026

TPAY (Roundhill S&P 500 Target 10 Managed Distribution ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. Both are actively managed. At a 0.10 correlation, their price movements are largely independent. TPAY charges 0.49%/yr vs 0.29%/yr for PAPI.

Performance

TPAY vs. PAPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill S&P 500 Target 10 Managed Distribution ETF (TPAY) and Parametric Equity Premium Income ETF (PAPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

TPAY

• 1D: -0.19%
• 1M: -1.77%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAPI

• 1D: 1.27%
• 1M: 3.23%
• 6M: 9.52%
• YTD: 9.52%
• 1Y: 13.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TPAY vs. PAPI - Yearly Performance Comparison

	2026 (YTD)
TPAY Roundhill S&P 500 Target 10 Managed Distribution ETF	8.65%
PAPI Parametric Equity Premium Income ETF	-0.36%

Correlation

The correlation between TPAY and PAPI is 0.10, 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 Feb 18, 2026	0.10

Return for Risk

TPAY vs. PAPI — Risk / Return Rank

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

TPAY

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

PAPI

PAPI Risk / Return Rank: 42
PAPI Sharpe Ratio Rank: 43
PAPI Sortino Ratio Rank: 44
PAPI Omega Ratio Rank: 38
PAPI Calmar Ratio Rank: 46
PAPI Martin Ratio Rank: 37

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.

TPAY vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill S&P 500 Target 10 Managed Distribution ETF (TPAY) 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.

	TPAY	PAPI	Difference
Sharpe ratio: Return per unit of total volatility	—	1.29	—
Sortino ratio: Return per unit of downside risk	—	1.93	—
Omega ratio: Gain probability vs. loss probability	—	1.22	—
Calmar ratio: Return relative to maximum drawdown	—	1.97	—
Martin ratio: Return relative to average drawdown	—	4.87	—

Drawdowns

TPAY vs. PAPI - Drawdown Comparison

The maximum TPAY drawdown since its inception was -8.62%, smaller than the maximum PAPI drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for TPAY and PAPI.

Drawdown Indicators

	TPAY	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-8.62%	-14.27%	+5.65%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.86%	—
Current Drawdown Current decline from peak	-1.77%	-1.74%	-0.03%
Average Drawdown Average peak-to-trough decline	-1.89%	-2.77%	+0.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.76%	—

Volatility

Volatility by Period

	TPAY	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.04%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.23%	—
Volatility (1Y) Calculated over the trailing 1-year period	14.60%	10.42%	+4.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.60%	11.73%	+2.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.60%	11.73%	+2.87%

TPAY vs. PAPI - Expense Ratio Comparison

TPAY has a 0.49% expense ratio, which is higher than PAPI's 0.29% expense ratio.

Dividends

TPAY vs. PAPI - Dividend Comparison

TPAY's dividend yield for the trailing twelve months is around 3.15%, less than PAPI's 7.48% yield.

Position	TTM	2025	2024	2023
PAPI Parametric Equity Premium Income ETF	7.48%	7.59%	7.07%	1.45%
TPAY Roundhill S&P 500 Target 10 Managed Distribution ETF	3.15%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TPAY and PAPI in my portfolio?

TPAY and PAPI have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TPAY 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, TPAY or PAPI?

PAPI is cheaper with a 0.29% expense ratio, compared with 0.49% for TPAY.

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

PAPI has the higher dividend yield at 7.48%, compared with 3.15% for TPAY.

What is the main difference between TPAY and PAPI?

They also come from different issuers: Roundhill and Morgan Stanley. Their fees differ too: 0.49% for TPAY and 0.29% for PAPI.