XBTY vs. PAPI

Last updated Aug 2, 2026

XBTY (GraniteShares YieldBOOST Bitcoin ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, XBTY returned -44.39% vs 19.72% for PAPI. Their 0.10 correlation means their historical movements had little consistent relationship. XBTY charges 0.99%/yr vs 0.29%/yr for PAPI.

Performance

XBTY vs. PAPI - Performance Comparison

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

Returns By Period

In the year-to-date period, XBTY achieves a -22.50% return, which is significantly lower than PAPI's 12.17% return.

XBTY

• 1D: -0.77%
• 1M: 1.12%
• 6M: -16.67%
• YTD: -22.50%
• 1Y: -44.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -33.34%

PAPI

• 1D: -0.23%
• 1M: 2.42%
• 6M: 5.56%
• YTD: 12.17%
• 1Y: 19.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.62%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PAPI Parametric Equity Premium Income ETF	$2.06M	$2.02M	$1.93M
XBTY GraniteShares YieldBOOST Bitcoin ETF	$70.68K	$100.72K	$240.24K

XBTY vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025
XBTY GraniteShares YieldBOOST Bitcoin ETF	-22.50%	-21.19%
PAPI Parametric Equity Premium Income ETF	12.17%	5.80%

Correlation

The correlation between XBTY and PAPI is 0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.07
Correlation (All Time) Calculated using the full available price history since May 13, 2025	0.10

Return for Risk

XBTY vs. PAPI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

XBTY

XBTY Risk / Return Rank: 0
XBTY Sharpe Ratio Rank: 0
XBTY Sortino Ratio Rank: 0
XBTY Omega Ratio Rank: 0
XBTY Calmar Ratio Rank: 0
XBTY Martin Ratio Rank: 1

PAPI

PAPI Risk / Return Rank: 73
PAPI Sharpe Ratio Rank: 78
PAPI Sortino Ratio Rank: 81
PAPI Omega Ratio Rank: 74
PAPI Calmar Ratio Rank: 77
PAPI Martin Ratio Rank: 57

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

XBTY vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares YieldBOOST Bitcoin ETF (XBTY) 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.

	XBTY	PAPI	Difference
Sharpe ratio: Return per unit of total volatility	-1.76	1.77	-3.53
Sortino ratio: Return per unit of downside risk	-2.75	2.65	-5.40
Omega ratio: Gain probability vs. loss probability	0.68	1.31	-0.63
Calmar ratio: Return relative to maximum drawdown	-0.97	2.69	-3.65
Martin ratio: Return relative to average drawdown	-1.35	6.78	-8.13

XBTY vs. PAPI - Sharpe Ratio Comparison

The current XBTY Sharpe Ratio is -1.76, which is lower than the PAPI Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of XBTY and PAPI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

XBTY vs. PAPI - Drawdown Comparison

The maximum XBTY drawdown since its inception was -49.03%, which is greater than PAPI's maximum drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for XBTY and PAPI.

Drawdown Indicators

	XBTY	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-49.03%	-14.27%	-34.76%
Max Drawdown (1Y) Largest decline over 1 year	-49.03%	-6.86%	-42.17%
Current Drawdown Current decline from peak	-47.49%	-1.36%	-46.13%
Average Drawdown Average peak-to-trough decline	-26.13%	-2.72%	-23.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.99%	2.71%	+32.28%

Volatility

XBTY vs. PAPI - Volatility Comparison

The current volatility for GraniteShares YieldBOOST Bitcoin ETF (XBTY) is 2.14%, while Parametric Equity Premium Income ETF (PAPI) has a volatility of 3.49%. This indicates that XBTY experiences smaller price fluctuations and is considered to be less risky than PAPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XBTY	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.14%	3.49%	-1.35%
Volatility (6M) Calculated over the trailing 6-month period	13.90%	7.24%	+6.66%
Volatility (1Y) Calculated over the trailing 1-year period	26.92%	10.44%	+16.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.42%	11.73%	+14.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.42%	11.73%	+14.69%

XBTY vs. PAPI - Expense Ratio Comparison

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

Dividends

XBTY vs. PAPI - Dividend Comparison

XBTY's dividend yield for the trailing twelve months is around 201.11%, more than PAPI's 7.42% yield.

Position	TTM	2025	2024	2023
PAPI Parametric Equity Premium Income ETF	7.42%	7.59%	7.07%	1.45%
XBTY GraniteShares YieldBOOST Bitcoin ETF	192.49%	102.53%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XBTY and PAPI in my portfolio?

XBTY and PAPI have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XBTY or PAPI?

PAPI has higher volatility (3.49%) compared to XBTY (2.14%). In terms of maximum drawdown, XBTY dropped -49.03% vs PAPI's -14.27%.

Which ETF is better, XBTY or PAPI?

On 1-year performance, PAPI leads with 19.72% vs -44.39% for XBTY. On fees, PAPI is cheaper at 0.29% per year. On volatility, XBTY has been the lower-risk option at 2.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XBTY or PAPI?

Over the 1-year period, PAPI has performed better with a 19.72% return vs -44.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XBTY or PAPI?

PAPI is cheaper with a 0.29% expense ratio, compared with 0.99% for XBTY.

Which ETF pays a higher dividend yield, XBTY or PAPI?

XBTY has the higher dividend yield at 192.49%, compared with 7.42% for PAPI.

What is the main difference between XBTY and PAPI?

They also come from different issuers: GraniteShares and Morgan Stanley. Their fees differ too: 0.99% for XBTY and 0.29% for PAPI.

Which has better risk-adjusted returns?

PAPI currently has the higher Sharpe Ratio (1.77 vs -1.76), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.