Skip to content
etf.net

PAYR vs WEEL

Federated Hermes Enhanced Income ETF

PAYRACboe

Peerless Option Income Wheel ETF

WEELCNYSE Arca

Overlap

Expense ratio

PAYR −0.59pt a year

PAYR0.40%WEEL0.99%

Avg volume · 30D

WEEL 1.2×the volume

PAYR18.1KWEEL21.7K

PAYR vs WEEL Performance

Oct 31, 2025 – Oct 30, 2026

+25.2%PAYR+9.2%WEEL

Oct 31, 2025 to Oct 30, 2026. PAYR +25.2%. WEEL +9.2%. Use the arrow keys to read each point.0%5%15%20%Oct 2025Apr 2026Oct 2026
Expense ratio
PAYR 0.40%, better
WEEL 0.99%
Fund size
PAYR $91M
WEEL $50M
1Y total return
PAYR +25.2%, better
WEEL +9.2%
Yield (12M)
PAYR No data
WEEL 13.04%
Holdings
PAYR 58
WEEL 20
Avg volume (30D)
PAYR 18.1K sh
WEEL 21.7K sh, better
NAV per share
PAYR $56.43
WEEL $19.87
52W range

ETF.net Grade

PAYR: Cost 92, Risk 75, Mission not scored, Tradability 56, Holdings 73, Durability 55. WEEL: Cost 39, Risk 74, Mission not scored, Tradability 38, Holdings 22, Durability 57.
Pillar letters and Scores for PAYR, WEEL, with each pillar’s weight
PillarPAYRWEEL
Cost30% weightA92HigherD39
Mission25% weightNot scoredNot scored
Risk15% weightA75HigherA74
Tradability15% weightB56HigherD38
Holdings10% weightA73HigherF22
Durability5% weightB55B57Higher

Rank among Active Option Income funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. PAYR and WEEL are both graded against the same 50 Active Option Income funds, so their Grades compare head to head.

Active Option Income⁠

Category · 50 funds
See all 50 ›

PAYR ranks 4th and WEEL 25th of 50 funds in the Active Option Income Category.

  1. Rank 1ARECIColumbia Research Enhanced Core Premium Income ETScore 83
  2. Rank 2ATCALT. Rowe Price Capital Appreciation Premium Income ETFScore 80
  3. Rank 2AYLDEFranklin ClearBridge Enhanced Income ETFScore 80
  4. Rank 4APAYRFederated Hermes Enhanced Income ETFScore 76
  5. Rank 4ARDVIFT Vest Rising Dividend Achievers Target Income ETFScore 76
  6. Rank 25CFIZYFitz-Gerald Must Have Portfolio® and Options Overlay ETFScore 44
  7. Rank 25CWEELPeerless Option Income Wheel ETFScore 44
  8. Rank 29CGRNIFundstrat Granny Shots US Large Cap & Income ETFScore 43

Our read on each fund

ETF.net Research

PAYRAFederated Hermes Enhanced Income ETF

WEELCPeerless Option Income Wheel ETF

In short

PAYR No data

WEEL The DIY option wheel in a ticker: sell cash-secured puts on sector ETFs, take the shares if assigned, write covered calls, repeat. Launched in 2024, it runs on option premiums rather than dividends.

Stated mandate

PAYR No data

WEEL The actively managed ETF seeks current income by investing in sector-specific ETFs and sometimes individual securities, then applying an option-wheel strategy that writes options on those holdings.

Why people hold it

PAYR No data

  • WEEL Automated wheel: out-of-the-money cash-secured puts on sector ETFs, assignment when they land in the money, then covered calls on what it owns. No rolls for you to manage.peerlessetfs.commutualfunds.com
  • Written puts are collateralized with cash or short-term Treasuries, so there is no naked short-option leg.mutualfunds.com
  • Sector ETFs, allocated with GICS as the frame, form the base rather than single-name bets.mutualfunds.com
  • Peerless frames it as an income path to equity-like returns with less volatility than the major equity indexes.peerlessetfs.com

Worth knowing

PAYR No data

  • WEEL At 0.99% it costs a bit more than the typical options-income fund and well above cheaper peers such as PAPI (0.29%) and DIVO (0.56%).
  • Covered calls trim gains above the strike, and while puts sit unassigned the money waits in Treasury bills instead of stocks.mutualfunds.com
  • Small fund, light volume, non-diversified: limit orders and a glance at the spread are worth the extra click.aaii.com

Full PAYR profile⁠

Full WEEL profile⁠

PAYR vs WEEL Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

PAYR vs WEEL Cost

Overpaying WEEL vs PAYR

$10,435

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • PAYR 0.40%

    $8,090

  • WEEL 0.99%

    $18,525

$10,000
30 years

Cost over time

  • PAYR 0.40%
  • WEEL 0.99%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530WEEL $18,525PAYR $8,090

Year by year

YearPAYRWEELOverpaying
10$723$1,746$1,023
20$2,793$6,565$3,772
30$8,090$18,525$10,435

Expense ratio

  • 0.40%PAYR, cheaper
  • 0.99%WEEL
  • Middle half of Active Option Income funds
  • Median 0.95%

PAYR 5th cheapest of 50 funds

WEEL 29th cheapest of 50 funds

PAYR vs WEEL Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
PAYR No data
WEEL 13.04%
Payout (12M)
PAYR No data
WEEL $2.55
Last payment
PAYR $0.29
WEEL $0.60
Ex-dividend
PAYR Oct 30, 2026
WEEL Sep 24, 2026
Paid on
PAYR Pays Nov 2, 2026
WEEL Sep 25, 2026
Frequency
PAYR Monthly
WEEL Quarterly

Distribution history

Per share, 2024 to 2026, same scale for both

PAYRMonthly · 13 paymentsAll PAYR payments⁠
One bar per payment. 13 payments from 2024 to 2026 YTD. Oct 31, 2025 $0.16; Nov 28, 2025 $0.43; Dec 31, 2025 $0.41; Jan 30, 2026 $0.29; Feb 27, 2026 $0.33; Mar 31, 2026 $0.57; Apr 30, 2026 $0.18; May 29, 2026 $0.49; Jun 30, 2026 $0.46; Jul 31, 2026 $0.33; Aug 31, 2026 $0.32; Sep 30, 2026 $0.38; Oct 30, 2026 $0.29. Use the arrow keys to read each point.$0$0.502026YTD
WEELQuarterly · 9 paymentsAll WEEL payments⁠
One bar per payment. 9 payments from 2024 to 2026 YTD. Sep 25, 2024 $0.60; Dec 27, 2024 $0.73; Mar 27, 2025 $0.60; Jun 26, 2025 $0.60; Sep 25, 2025 $0.60; Dec 30, 2025 $0.75; Mar 26, 2026 $0.60; Jun 25, 2026 $0.60; Sep 24, 2026 $0.60. Use the arrow keys to read each point.$0$0.502026YTD

PAYR vs WEEL Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
PAYR 14.6%since Nov 2025WEEL 7.5%since Jun 2024
Return per unit of riskSharpe ratio, 3 years
PAYR 1.36since Nov 2025WEEL 0.91since Jun 2024
Worst fallMax drawdown, 5 years
PAYR −7.0%since Oct 2025WEEL −17.4%since May 2024
Market sensitivityBeta, 5 years
PAYR 0.01WEEL 0.68

Popular comparisons

  • PAYRAvsRECIA

    Federated Hermes Enhanced Income ETF · Columbia Research Enhanced Core Premium Income ET

    Expense ratio
    0.40% · 0.30%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • WEELCvsRECIA

    Peerless Option Income Wheel ETF · Columbia Research Enhanced Core Premium Income ET

    Expense ratio
    0.99% · 0.30%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • PAYRAvsTCALA

    Federated Hermes Enhanced Income ETF · T. Rowe Price Capital Appreciation Premium Income ETF

    Expense ratio
    0.40% · 0.34%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • WEELCvsTCALA

    Peerless Option Income Wheel ETF · T. Rowe Price Capital Appreciation Premium Income ETF

    Expense ratio
    0.99% · 0.34%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • PAYRAvsYLDEA

    Federated Hermes Enhanced Income ETF · Franklin ClearBridge Enhanced Income ETF

    Expense ratio
    0.40% · 0.48%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • WEELCvsYLDEA

    Peerless Option Income Wheel ETF · Franklin ClearBridge Enhanced Income ETF

    Expense ratio
    0.99% · 0.48%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.