FABvsPAPIETF Comparison
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First Trust Multi Cap Value AlphaDEX Fund ETF (FAB) belongs to the US Multi-Factor segment. Parametric Equity Premium Income ETF (PAPI) is part of the Options Strategies segment. FAB's top 3 sector exposures are Finance, Energy and Consumer Cyclicals. In contrast, PAPI's top sector exposures are Technology, Non-Energy Materials and Healthcare. FAB is more expensive with a Total Expense Ratio (TER) of 0.66%, versus 0.29% for PAPI. FAB is up 18.65% year-to-date (YTD) with +$25M in YTD flows. PAPI performs worse with 11.19% YTD performance, and +$197M in YTD flows. Run a side-by-side ETF comparison of FAB 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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FAB vs PAPI performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/09/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | FAB PAPI | -1.61%-0.83% | +5.10%+4.81% | +18.65%+11.19% | +22.48%+13.39% | +55.19%n/a | +60.81%n/a |
| Flows | FAB PAPI | -$5M+$45M | +$21M+$80M | +$25M+$197M | +$21M+$223M | -$51M- | -$24M- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | FAB PAPI | +11.60%+9.44% | +12.61%+9.88% | +16.70%n/a | +18.83%n/a |
| Max drawdown | FAB PAPI | -2.94%-2.83% | -6.70%-6.88% | -22.74%n/a | -22.74%n/a |
| Max drawdown duration | FAB PAPI | 24d17d | 53d135d | 366dn/a | 366dn/a |
Trading data
FAB | PAPI | |
Last sale 9/11/2026 at 1:30 PM | $105.12 | $27.50 |
| Previous close 09/10/2026 | $104.45 | $27.30 |
| Consolidated volume 09/10/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of August 31, 2026
1-year trailing difference
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PAPI
is actively managed and doesn’t replicate an indexFAB | PAPI | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 9/11/2026 at 1:30 PM
Live
Closed
FAB | PAPI | |
|---|---|---|
| Last price | $105.12 | $27.50 |
| 1D performance | +0.64% | +0.73% |
| AuM | $167.94 M | $482.68 M |
| E/R | 0.66% | 0.29% |
Characteristics
FAB | PAPI | |
|---|---|---|
| Management strategy | Passive | Active |
| Provider | First Trust | Morgan Stanley |
| Benchmark | NASDAQ AlphaDEX Multi Cap Value Index | - |
| N° of holdings | 667 | 189 |
| Asset class | Equities | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | May 8, 2007 | October 19, 2023 |
| ESG | No | No |
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Exposure
Countries
FAB
USA
93.96%
Other
6.04%
PAPI
USA
94.78%
Other
5.22%
Sectors
FAB
Finance
29.47%
Energy
12.99%
Consumer Cyclical.
9.54%
Consumer Non-Cycl.
7.45%
Utilities
7.31%
Other
33.24%
PAPI
Technology
12.39%
Non-Energy Materi.
11.24%
Healthcare
10.69%
Consumer Non-Cycl.
10.45%
Finance
10.38%
Energy
10.23%
Other
34.62%
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Diversification
FAB
Total weight of top 15 holdings out of 15
7.88%
PAPI
Total weight of top 15 holdings out of 15
10.02%
Top 15 holdings
Data as of July 31, 2026
FAB
Cognizant Technology Solutions Corp.
0.67%
Accenture Plc
0.62%
PayPal Holdings, Inc.
0.61%
ConocoPhillips
0.55%
Global Payments, Inc.
0.54%
Super Micro Computer, Inc.
0.53%
AT&T, Inc.
0.51%
EOG Resources, Inc.
0.50%
Zimmer Biomet Holdings, Inc.
0.49%
Verizon Communications, Inc.
0.49%
Phillips 66
0.48%
General Mills, Inc.
0.48%
General Motors Co.
0.47%
The Travelers Cos., Inc.
0.47%
The Walt Disney Co.
0.47%
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 FAB and PAPI
How have the FAB and PAPI ETFs performed in 2026?
As of September 9, 2026, FAB is up 18.65% year-to-date (YTD), while PAPI has returned 11.19%. That puts FAB better performer ahead so far this year.
Which ETF is attracting more investor money: FAB or PAPI?
Year-to-date, the FAB ETF saw +$25M in flows, compared to +$197M for PAPI.
Which ETF is more volatile: FAB or PAPI?
Over the past year, FAB had a volatility of 12.61%, while PAPI experienced 9.88%.
Which ETF is bigger: FAB or PAPI?
As of September 9, 2026, FAB holds $167.94 M in assets under management (AUM), while PAPI manages $482.68 M.
What sectors do the FAB and PAPI ETFs invest in?
FAB leans toward sectors like Finance, Energy and Consumer Cyclicals. Meanwhile, PAPI focuses on Technology, Non-Energy Materials and Healthcare.
What are the top holdings of the FAB ETF and PAPI ETF?
FAB top holdings include Cognizant Technology Solutions Corp., Accenture Plc and PayPal Holdings, Inc.. 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: FAB or PAPI?
FAB holds 667 securities with 7.88% of its assets in the top 15. PAPI has 189 securities and a top 15 weight of 10.02%.
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