WPAY vs. PAPI

Last updated Apr 1, 2026

Compare and contrast key facts about Roundhill WeeklyPay™ Universe ETF (WPAY) and Parametric Equity Premium Income ETF (PAPI).

WPAY and PAPI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. WPAY is a passively managed fund by Roundhill that tracks the performance of the Solactive Roundhill WeeklyPay™ Universe Index. It was launched on Sep 3, 2025. PAPI is an actively managed fund by Morgan Stanley. It was launched on Oct 16, 2023.

Performance

WPAY vs. PAPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill WeeklyPay™ Universe ETF (WPAY) and Parametric Equity Premium Income ETF (PAPI). The values are adjusted to include any dividend payments, if applicable.

WPAY vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025
WPAY Roundhill WeeklyPay™ Universe ETF	-10.65%	-2.47%
PAPI Parametric Equity Premium Income ETF	8.31%	0.86%

Returns By Period

In the year-to-date period, WPAY achieves a -10.65% return, which is significantly lower than PAPI's 8.31% return.

WPAY

• 1D: -1.58%
• 1M: -3.05%
• YTD: -10.65%
• 6M: -19.33%
• 1Y: —
• 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)

WPAY vs. PAPI - Expense Ratio Comparison

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

WPAY

Roundhill WeeklyPay™ Universe ETF

PAPI

Parametric Equity Premium Income ETF

Return for Risk

WPAY 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: 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.

WPAY vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill WeeklyPay™ Universe ETF (WPAY) 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

	WPAY	PAPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.82	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.78	1.02	-1.80

Correlation

The correlation between WPAY and PAPI is 0.10, 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

WPAY vs. PAPI - Dividend Comparison

WPAY's dividend yield for the trailing twelve months is around 36.55%, more than PAPI's 7.50% yield.

	TTM	2025	2024	2023
WPAY Roundhill WeeklyPay™ Universe ETF	36.55%	21.51%	0.00%	0.00%
PAPI Parametric Equity Premium Income ETF	7.50%	7.59%	7.07%	1.45%

Drawdowns

WPAY vs. PAPI - Drawdown Comparison

The maximum WPAY drawdown since its inception was -26.17%, which is greater than PAPI's maximum drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for WPAY and PAPI.

Drawdown Indicators

	WPAY	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-26.17%	-14.27%	-11.90%
Max Drawdown (1Y) Largest decline over 1 year	—	-11.59%	—
Current Drawdown Current decline from peak	-25.35%	-2.82%	-22.53%
Average Drawdown Average peak-to-trough decline	-11.92%	-2.57%	-9.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.72%	—

Volatility

Volatility by Period

	WPAY	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.21%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.51%	—
Volatility (1Y) Calculated over the trailing 1-year period	28.83%	14.14%	+14.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.83%	11.96%	+16.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.83%	11.96%	+16.87%