TPRY vs. PAPI

Last updated Jun 4, 2026

TPRY (VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. TPRY is passively managed, while PAPI is actively managed. At a 0.08 correlation, their price movements are largely independent. TPRY charges 0.95%/yr vs 0.29%/yr for PAPI.

Performance

TPRY vs. PAPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF (TPRY) and Parametric Equity Premium Income ETF (PAPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

TPRY

• 1D: -0.19%
• 1M: 4.41%
• YTD: —
• 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)

TPRY vs. PAPI - Yearly Performance Comparison

	2026 (YTD)
TPRY VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF	8.01%
PAPI Parametric Equity Premium Income ETF	-4.15%

Correlation

The correlation between TPRY and PAPI is 0.08, 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 27, 2026	0.08

Return for Risk

TPRY 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.

TPRY vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF (TPRY) 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

	TPRY	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	1.44	0.88	+0.56

Drawdowns

TPRY vs. PAPI - Drawdown Comparison

The maximum TPRY drawdown since its inception was -10.85%, smaller than the maximum PAPI drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for TPRY and PAPI.

Drawdown Indicators

	TPRY	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-10.85%	-14.27%	+3.42%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.86%	—
Current Drawdown Current decline from peak	-0.19%	-5.06%	+4.87%
Average Drawdown Average peak-to-trough decline	-3.13%	-2.73%	-0.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.53%	—

Volatility

Volatility by Period

	TPRY	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	23.60%	10.55%	+13.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.60%	11.76%	+11.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.60%	11.76%	+11.84%

TPRY vs. PAPI - Expense Ratio Comparison

TPRY has a 0.95% expense ratio, which is higher than PAPI's 0.29% expense ratio.

Dividends

TPRY vs. PAPI - Dividend Comparison

TPRY's dividend yield for the trailing twelve months is around 3.54%, 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%
TPRY VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF	3.54%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TPRY and PAPI in my portfolio?

TPRY and PAPI have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TPRY 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, TPRY or PAPI?

PAPI is cheaper with a 0.29% expense ratio, compared with 0.95% for TPRY.

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

PAPI has the higher dividend yield at 7.62%, compared with 3.54% for TPRY.

What is the main difference between TPRY and PAPI?

They also come from different issuers: VistaShares and Morgan Stanley. Their fees differ too: 0.95% for TPRY and 0.29% for PAPI.