CVARvsPAPIETF Comparison
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Cultivar ETF (CVAR) belongs to the US Multi-Factor segment. Parametric Equity Premium Income ETF (PAPI) is part of the Options Strategies segment. CVAR's top 3 sector exposures are Healthcare, Consumer Non-Cyclicals and Technology. In contrast, PAPI's top sector exposures are Technology, Non-Energy Materials and Healthcare. CVAR is more expensive with a Total Expense Ratio (TER) of 0.87%, versus 0.29% for PAPI. CVAR is up 11.67% year-to-date (YTD) with +$5M in YTD flows. PAPI performs better with 13.11% YTD performance, and +$179M in YTD flows. Run a side-by-side ETF comparison of CVAR and PAPI below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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CVAR vs PAPI performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/01/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | CVAR PAPI | +4.25%+0.99% | +9.19%+7.39% | +11.67%+13.11% | +16.62%+14.73% | +38.11%n/a | n/an/a |
| Flows | CVAR PAPI | +$1M+$32M | +$3M+$67M | +$5M+$179M | +$6M+$205M | +$10M- | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | CVAR PAPI | +12.68%+9.13% | +11.74%+9.84% | +13.73%n/a | n/an/a |
| Max drawdown | CVAR PAPI | -3.18%-2.00% | -8.62%-6.88% | -13.73%n/a | n/an/a |
| Max drawdown duration | CVAR PAPI | 30d11d | 155d135d | 217dn/a | n/an/a |
Trading data
CVAR | PAPI | |
Last sale 9/2/2026 at 1:30 PM | $31.80 | $27.94 |
| Previous close 09/01/2026 | $31.62 | $27.79 |
| Consolidated volume 09/01/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
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Main metrics
Last update 9/2/2026 at 1:30 PM
Live
Closed
CVAR | PAPI | |
|---|---|---|
| Last price | $31.80 | $27.94 |
| 1D performance | +0.57% | +0.54% |
| AuM | $46.32 M | $472.97 M |
| E/R | 0.87% | 0.29% |
Characteristics
CVAR | PAPI | |
|---|---|---|
| Management strategy | Active | Active |
| Provider | Cultivar Capital | Morgan Stanley |
| Benchmark | - | - |
| N° of holdings | 90 | 188 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | December 21, 2021 | October 19, 2023 |
| ESG | No | No |
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Exposure
Countries
CVAR
USA
87.09%
Other
12.91%
PAPI
USA
93.78%
Other
6.22%
Sectors
CVAR
Healthcare
18.8%
Consumer Non-Cycl.
14.96%
Technology
14.23%
Finance
13.77%
Sovereign
11.5%
Other
26.74%
PAPI
Technology
12.39%
Non-Energy Materi.
10.76%
Healthcare
10.69%
Consumer Non-Cycl.
10.45%
Finance
10.38%
Energy
9.72%
Other
35.62%
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Diversification
CVAR
Total weight of top 15 holdings out of 15
36.73%
PAPI
Total weight of top 15 holdings out of 15
10.02%
Top 15 holdings
Data as of July 31, 2026
CVAR
USA, Bills 0% 4aug2026, USD (119D)
5.51%
MarketAxess Holdings, Inc.
4.25%
USA, Bonds 2.875% 15may2052, USD
3.45%
Healthcare Services Group, Inc.
2.61%
USA, Bonds 4.625% 15may2054, USD
2.54%
Kimberly-Clark Corp.
2.29%
Alexandria Real Estate Equities, Inc.
2.12%
Core Laboratories, Inc.
2.02%
Illumina, Inc.
1.86%
Dollar General Corp.
1.83%
Lamb Weston Holdings, Inc.
1.71%
Humana, Inc.
1.71%
Intuit, Inc.
1.67%
Paycom Software, Inc.
1.60%
Veeva Systems, Inc.
1.55%
PAPI
Morgan Stanley Instl. Liquidity Funds - Government Portfolio
1.26%
HF Sinclair Corp.
0.65%
Valero Energy Corp.
0.64%
International Seaways, Inc.
0.64%
Cisco Systems, Inc.
0.63%
TD SYNNEX Corp.
0.63%
Dolby Laboratories, Inc.
0.63%
Millicom International Cellular SA
0.62%
Cognizant Technology Solutions Corp.
0.62%
Microsoft Corp.
0.62%
Garmin Ltd.
0.62%
Royalty Pharma Plc
0.62%
Interparfums, Inc.
0.61%
ManpowerGroup, Inc.
0.61%
MSC Industrial Direct Co., Inc.
0.60%
Frequently asked questions about CVAR and PAPI
How have the CVAR and PAPI ETFs performed in 2026?
As of September 1, 2026, CVAR is up 11.67% year-to-date (YTD), while PAPI has returned 13.11%. That puts PAPI better performer ahead so far this year.
Which ETF is attracting more investor money: CVAR or PAPI?
Year-to-date, the CVAR ETF saw +$5M in flows, compared to +$179M for PAPI.
Which ETF is more volatile: CVAR or PAPI?
Over the past year, CVAR had a volatility of 11.74%, while PAPI experienced 9.84%.
Which ETF is bigger: CVAR or PAPI?
As of September 1, 2026, CVAR holds $46.32 M in assets under management (AUM), while PAPI manages $472.97 M.
What sectors do the CVAR and PAPI ETFs invest in?
CVAR leans toward sectors like Healthcare, Consumer Non-Cyclicals and Technology. Meanwhile, PAPI focuses on Technology, Non-Energy Materials and Healthcare.
What are the top holdings of the CVAR ETF and PAPI ETF?
CVAR top holdings include USA, Bills 0% 4aug2026, USD (119D), MarketAxess Holdings, Inc. and USA, Bonds 2.875% 15may2052, USD. PAPI holds in its top three: Morgan Stanley Instl. Liquidity Funds - Government Portfolio, HF Sinclair Corp. and Valero Energy Corp..
Which ETF is more diversified: CVAR or PAPI?
CVAR holds 90 securities with 36.73% of its assets in the top 15. PAPI has 189 securities and a top 15 weight of 10.02%.
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