TSMY vs. PAPI

Last updated Apr 1, 2026

Compare and contrast key facts about YieldMax TSM Option Income Strategy ETF (TSMY) and Parametric Equity Premium Income ETF (PAPI).

TSMY and PAPI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TSMY is an actively managed fund by YieldMax. It was launched on Aug 20, 2024. PAPI is an actively managed fund by Morgan Stanley. It was launched on Oct 16, 2023.

Performance

TSMY vs. PAPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax TSM Option Income Strategy ETF (TSMY) and Parametric Equity Premium Income ETF (PAPI). The values are adjusted to include any dividend payments, if applicable.

TSMY vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSMY YieldMax TSM Option Income Strategy ETF	10.01%	41.00%	8.15%
PAPI Parametric Equity Premium Income ETF	8.31%	6.33%	0.98%

Returns By Period

In the year-to-date period, TSMY achieves a 10.01% return, which is significantly higher than PAPI's 8.31% return.

TSMY

• 1D: 6.41%
• 1M: -7.42%
• YTD: 10.01%
• 6M: 17.90%
• 1Y: 81.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAPI

• 1D: 0.54%
• 1M: -2.62%
• YTD: 8.31%
• 6M: 9.20%
• 1Y: 11.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSMY vs. PAPI - Expense Ratio Comparison

TSMY has a 0.99% expense ratio, which is higher than PAPI's 0.29% expense ratio.

TSMY

YieldMax TSM Option Income Strategy ETF

PAPI

Parametric Equity Premium Income ETF

Return for Risk

TSMY vs. PAPI — Risk / Return Rank

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

TSMY

TSMY Risk / Return Rank: 96
TSMY Sharpe Ratio Rank: 97
TSMY Sortino Ratio Rank: 96
TSMY Omega Ratio Rank: 94
TSMY Calmar Ratio Rank: 97
TSMY Martin Ratio Rank: 97

PAPI

PAPI Risk / Return Rank: 46
PAPI Sharpe Ratio Rank: 47
PAPI Sortino Ratio Rank: 46
PAPI Omega Ratio Rank: 43
PAPI Calmar Ratio Rank: 44
PAPI Martin Ratio Rank: 50

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.

TSMY vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax TSM Option Income Strategy ETF (TSMY) 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.

	TSMY	PAPI	Difference
Sharpe ratio Return per unit of total volatility	2.64	0.82	+1.82
Sortino ratio Return per unit of downside risk	3.15	1.23	+1.92
Omega ratio Gain probability vs. loss probability	1.43	1.16	+0.27
Calmar ratio Return relative to maximum drawdown	5.28	1.08	+4.20
Martin ratio Return relative to average drawdown	18.28	4.62	+13.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TSMY vs. PAPI - Sharpe Ratio Comparison

The current TSMY Sharpe Ratio is 2.64, which is higher than the PAPI Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of TSMY and PAPI, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TSMY	PAPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.64	0.82	+1.82
Sharpe Ratio (All Time) Calculated using the full available price history	1.15	1.02	+0.13

Correlation

The correlation between TSMY and PAPI is 0.11, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

TSMY vs. PAPI - Dividend Comparison

TSMY's dividend yield for the trailing twelve months is around 57.85%, more than PAPI's 7.50% yield.

	TTM	2025	2024	2023
TSMY YieldMax TSM Option Income Strategy ETF	57.85%	56.76%	13.71%	0.00%
PAPI Parametric Equity Premium Income ETF	7.50%	7.59%	7.07%	1.45%

Drawdowns

TSMY vs. PAPI - Drawdown Comparison

The maximum TSMY drawdown since its inception was -31.15%, which is greater than PAPI's maximum drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for TSMY and PAPI.

Drawdown Indicators

	TSMY	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-31.15%	-14.27%	-16.88%
Max Drawdown (1Y) Largest decline over 1 year	-15.50%	-11.59%	-3.91%
Current Drawdown Current decline from peak	-10.08%	-2.82%	-7.26%
Average Drawdown Average peak-to-trough decline	-5.81%	-2.57%	-3.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.48%	2.72%	+1.76%

Volatility

TSMY vs. PAPI - Volatility Comparison

YieldMax TSM Option Income Strategy ETF (TSMY) has a higher volatility of 12.70% compared to Parametric Equity Premium Income ETF (PAPI) at 3.21%. This indicates that TSMY's price experiences larger fluctuations and is considered to be riskier than PAPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSMY	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.70%	3.21%	+9.49%
Volatility (6M) Calculated over the trailing 6-month period	23.05%	7.51%	+15.54%
Volatility (1Y) Calculated over the trailing 1-year period	31.08%	14.14%	+16.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.42%	11.96%	+21.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.42%	11.96%	+21.46%