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Not only is paprika delicious, but it’s also nutritious. Along with moderate amounts of vitamin A, E, and B6, one tablespoon of paprika contains (among other things):

The heat comes from red jalapeño peppers, and there’s a definite heat here, so Sriracha isn’t the solution for big proportions in context to the recipe. But it’s so well-rounded as a sauce, it’s a must have in the cupboard for when the need arises. You’ll find a lot of culinary use cases.

So, how can you substitute chili powder for paprika? Well, I can't really give you a standard substitution ratio. It's best to add it gradually, give your recipe a taste, and then adjust accordingly.