WEEL vs. PAPI

Last updated Apr 1, 2026

Compare and contrast key facts about Peerless Option Income Wheel ETF (WEEL) and Parametric Equity Premium Income ETF (PAPI).

WEEL and PAPI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. WEEL is an actively managed fund by Peerless ETFs. It was launched on May 15, 2024. PAPI is an actively managed fund by Morgan Stanley. It was launched on Oct 16, 2023.

Performance

WEEL vs. PAPI - Performance Comparison

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

WEEL vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
WEEL Peerless Option Income Wheel ETF	-0.20%	17.73%	3.33%
PAPI Parametric Equity Premium Income ETF	8.31%	6.33%	2.11%

Returns By Period

In the year-to-date period, WEEL achieves a -0.20% return, which is significantly lower than PAPI's 8.31% return.

WEEL

• 1D: 2.27%
• 1M: -1.84%
• YTD: -0.20%
• 6M: 3.81%
• 1Y: 18.86%
• 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)

WEEL vs. PAPI - Expense Ratio Comparison

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

WEEL

Peerless Option Income Wheel ETF

PAPI

Parametric Equity Premium Income ETF

Return for Risk

WEEL vs. PAPI — Risk / Return Rank

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

WEEL

WEEL Risk / Return Rank: 72
WEEL Sharpe Ratio Rank: 68
WEEL Sortino Ratio Rank: 72
WEEL Omega Ratio Rank: 84
WEEL Calmar Ratio Rank: 57
WEEL Martin Ratio Rank: 81

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.

WEEL vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Peerless Option Income Wheel ETF (WEEL) 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.

	WEEL	PAPI	Difference
Sharpe ratio Return per unit of total volatility	1.21	0.82	+0.40
Sortino ratio Return per unit of downside risk	1.84	1.23	+0.61
Omega ratio Gain probability vs. loss probability	1.33	1.16	+0.17
Calmar ratio Return relative to maximum drawdown	1.46	1.08	+0.38
Martin ratio Return relative to average drawdown	9.14	4.62	+4.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WEEL vs. PAPI - Sharpe Ratio Comparison

The current WEEL Sharpe Ratio is 1.21, which is higher than the PAPI Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of WEEL 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

	WEEL	PAPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.21	0.82	+0.40
Sharpe Ratio (All Time) Calculated using the full available price history	0.83	1.02	-0.19

Correlation

The correlation between WEEL and PAPI is 0.51, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

WEEL vs. PAPI - Dividend Comparison

WEEL's dividend yield for the trailing twelve months is around 13.14%, more than PAPI's 7.50% yield.

	TTM	2025	2024	2023
WEEL Peerless Option Income Wheel ETF	13.14%	12.72%	6.88%	0.00%
PAPI Parametric Equity Premium Income ETF	7.50%	7.59%	7.07%	1.45%

Drawdowns

WEEL vs. PAPI - Drawdown Comparison

The maximum WEEL drawdown since its inception was -17.45%, which is greater than PAPI's maximum drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for WEEL and PAPI.

Drawdown Indicators

	WEEL	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-17.45%	-14.27%	-3.18%
Max Drawdown (1Y) Largest decline over 1 year	-12.87%	-11.59%	-1.28%
Current Drawdown Current decline from peak	-2.44%	-2.82%	+0.38%
Average Drawdown Average peak-to-trough decline	-1.54%	-2.57%	+1.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	2.72%	-0.66%

Volatility

WEEL vs. PAPI - Volatility Comparison

Peerless Option Income Wheel ETF (WEEL) has a higher volatility of 3.97% compared to Parametric Equity Premium Income ETF (PAPI) at 3.21%. This indicates that WEEL'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

	WEEL	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.97%	3.21%	+0.76%
Volatility (6M) Calculated over the trailing 6-month period	6.40%	7.51%	-1.11%
Volatility (1Y) Calculated over the trailing 1-year period	15.60%	14.14%	+1.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.25%	11.96%	+1.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.25%	11.96%	+1.29%