USOY vs. PAPI

Last updated Apr 1, 2026

Compare and contrast key facts about Defiance Oil Enhanced Options Income ETF (USOY) and Parametric Equity Premium Income ETF (PAPI).

USOY and PAPI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. USOY is an actively managed fund by Defiance. It was launched on May 9, 2024. PAPI is an actively managed fund by Morgan Stanley. It was launched on Oct 16, 2023.

Performance

USOY vs. PAPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Oil Enhanced Options Income ETF (USOY) and Parametric Equity Premium Income ETF (PAPI). The values are adjusted to include any dividend payments, if applicable.

USOY vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
USOY Defiance Oil Enhanced Options Income ETF	60.22%	-7.93%	7.27%
PAPI Parametric Equity Premium Income ETF	8.31%	6.33%	2.30%

Returns By Period

In the year-to-date period, USOY achieves a 60.22% return, which is significantly higher than PAPI's 8.31% return.

USOY

• 1D: -0.54%
• 1M: 34.04%
• YTD: 60.22%
• 6M: 55.39%
• 1Y: 44.25%
• 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)

USOY vs. PAPI - Expense Ratio Comparison

USOY has a 1.22% expense ratio, which is higher than PAPI's 0.29% expense ratio.

USOY

Defiance Oil Enhanced Options Income ETF

PAPI

Parametric Equity Premium Income ETF

Return for Risk

USOY vs. PAPI — Risk / Return Rank

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

USOY

USOY Risk / Return Rank: 80
USOY Sharpe Ratio Rank: 87
USOY Sortino Ratio Rank: 84
USOY Omega Ratio Rank: 83
USOY Calmar Ratio Rank: 89
USOY Martin Ratio Rank: 58

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.

USOY vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Oil Enhanced Options Income ETF (USOY) 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.

	USOY	PAPI	Difference
Sharpe ratio Return per unit of total volatility	1.75	0.82	+0.94
Sortino ratio Return per unit of downside risk	2.20	1.23	+0.97
Omega ratio Gain probability vs. loss probability	1.32	1.16	+0.15
Calmar ratio Return relative to maximum drawdown	2.91	1.08	+1.82
Martin ratio Return relative to average drawdown	5.47	4.62	+0.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USOY vs. PAPI - Sharpe Ratio Comparison

The current USOY Sharpe Ratio is 1.75, which is higher than the PAPI Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of USOY 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

	USOY	PAPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.75	0.82	+0.94
Sharpe Ratio (All Time) Calculated using the full available price history	1.24	1.02	+0.22

Correlation

The correlation between USOY and PAPI is 0.03, 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

USOY vs. PAPI - Dividend Comparison

USOY's dividend yield for the trailing twelve months is around 64.71%, more than PAPI's 7.50% yield.

	TTM	2025	2024	2023
USOY Defiance Oil Enhanced Options Income ETF	64.71%	104.32%	48.60%	0.00%
PAPI Parametric Equity Premium Income ETF	7.50%	7.59%	7.07%	1.45%

Drawdowns

USOY vs. PAPI - Drawdown Comparison

The maximum USOY drawdown since its inception was -17.46%, which is greater than PAPI's maximum drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for USOY and PAPI.

Drawdown Indicators

	USOY	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-17.46%	-14.27%	-3.19%
Max Drawdown (1Y) Largest decline over 1 year	-15.70%	-11.59%	-4.11%
Current Drawdown Current decline from peak	-0.54%	-2.82%	+2.28%
Average Drawdown Average peak-to-trough decline	-6.56%	-2.57%	-3.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.34%	2.72%	+5.62%

Volatility

USOY vs. PAPI - Volatility Comparison

Defiance Oil Enhanced Options Income ETF (USOY) has a higher volatility of 11.94% compared to Parametric Equity Premium Income ETF (PAPI) at 3.21%. This indicates that USOY'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

	USOY	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.94%	3.21%	+8.73%
Volatility (6M) Calculated over the trailing 6-month period	18.38%	7.51%	+10.87%
Volatility (1Y) Calculated over the trailing 1-year period	25.35%	14.14%	+11.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.37%	11.96%	+10.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.37%	11.96%	+10.41%