VAIE vs. PAPI

Last updated Jul 3, 2026

VAIE (VegaShares US Equity Autocallable Income 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.

Performance

VAIE vs. PAPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VegaShares US Equity Autocallable Income ETF (VAIE) and Parametric Equity Premium Income ETF (PAPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

VAIE

• 1D: -0.39%
• 1M: -2.04%
• 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)

VAIE vs. PAPI - Yearly Performance Comparison

	2026 (YTD)
VAIE VegaShares US Equity Autocallable Income ETF	0.70%
PAPI Parametric Equity Premium Income ETF	4.66%

Correlation

The correlation between VAIE 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 May 12, 2026	-0.02

Return for Risk

VAIE vs. PAPI — Risk / Return Rank

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

VAIE

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.

VAIE vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VegaShares US Equity Autocallable Income ETF (VAIE) 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.

	VAIE	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

VAIE vs. PAPI - Drawdown Comparison

The maximum VAIE drawdown since its inception was -4.80%, smaller than the maximum PAPI drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for VAIE and PAPI.

Drawdown Indicators

	VAIE	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-4.80%	-14.27%	+9.47%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.86%	—
Current Drawdown Current decline from peak	-2.04%	-1.74%	-0.30%
Average Drawdown Average peak-to-trough decline	-1.70%	-2.77%	+1.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.76%	—

Volatility

Volatility by Period

	VAIE	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	14.17%	10.42%	+3.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.17%	11.73%	+2.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.17%	11.73%	+2.44%

Dividends

VAIE vs. PAPI - Dividend Comparison

VAIE's dividend yield for the trailing twelve months is around 2.17%, 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%
VAIE VegaShares US Equity Autocallable Income ETF	2.17%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VAIE and PAPI in my portfolio?

VAIE 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 pays a higher dividend yield, VAIE or PAPI?

PAPI has the higher dividend yield at 7.48%, compared with 2.17% for VAIE.

What is the main difference between VAIE and PAPI?

They also come from different issuers: VegaShares and Morgan Stanley.