YBMN vs. PAPI

Last updated Jun 5, 2026

YBMN (Defiance BMNR Option Income ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. Both are actively managed. At a 0.06 correlation, their price movements are largely independent. YBMN charges 0.85%/yr vs 0.29%/yr for PAPI.

Performance

YBMN vs. PAPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance BMNR Option Income ETF (YBMN) 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, YBMN achieves a -23.25% return, which is significantly lower than PAPI's 6.49% return.

YBMN

• 1D: 5.71%
• 1M: -18.29%
• YTD: -23.25%
• 6M: -39.46%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAPI

• 1D: 0.64%
• 1M: 0.17%
• YTD: 6.49%
• 6M: 6.38%
• 1Y: 13.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

YBMN vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025
YBMN Defiance BMNR Option Income ETF	-23.25%	-2.52%
PAPI Parametric Equity Premium Income ETF	6.49%	0.27%

Correlation

The correlation between YBMN and PAPI is 0.06, 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 Nov 26, 2025	0.06

Return for Risk

YBMN 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: 38
PAPI Sharpe Ratio Rank: 37
PAPI Sortino Ratio Rank: 39
PAPI Omega Ratio Rank: 35
PAPI Calmar Ratio Rank: 41
PAPI Martin Ratio Rank: 35

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.

YBMN vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance BMNR Option Income ETF (YBMN) 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

	YBMN	PAPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.31	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.54	0.90	-1.44

Drawdowns

YBMN vs. PAPI - Drawdown Comparison

The maximum YBMN drawdown since its inception was -50.99%, which is greater than PAPI's maximum drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for YBMN and PAPI.

Drawdown Indicators

	YBMN	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-50.99%	-14.27%	-36.72%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.86%	—
Current Drawdown Current decline from peak	-43.95%	-4.45%	-39.50%
Average Drawdown Average peak-to-trough decline	-31.06%	-2.73%	-28.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.55%	—

Volatility

Volatility by Period

	YBMN	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.20%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.02%	—
Volatility (1Y) Calculated over the trailing 1-year period	80.44%	10.47%	+69.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.44%	11.76%	+68.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.44%	11.76%	+68.68%

YBMN vs. PAPI - Expense Ratio Comparison

YBMN has a 0.85% expense ratio, which is higher than PAPI's 0.29% expense ratio.

Dividends

YBMN vs. PAPI - Dividend Comparison

YBMN's dividend yield for the trailing twelve months is around 43.58%, more than PAPI's 7.57% yield.

Position	TTM	2025	2024	2023
PAPI Parametric Equity Premium Income ETF	7.57%	7.59%	7.07%	1.45%
YBMN Defiance BMNR Option Income ETF	43.58%	6.80%	0.00%	0.00%

Frequently Asked Questions

Can I hold both YBMN and PAPI in my portfolio?

YBMN and PAPI have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, YBMN or PAPI?

On fees, PAPI is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, YBMN or PAPI?

PAPI is cheaper with a 0.29% expense ratio, compared with 0.85% for YBMN.

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

YBMN has the higher dividend yield at 43.58%, compared with 7.57% for PAPI.

What is the main difference between YBMN and PAPI?

They also come from different issuers: Defiance and Morgan Stanley. Their fees differ too: 0.85% for YBMN and 0.29% for PAPI.