Keep tabs on your favorite ETFs with a personalized weekly tracker. Create a Watchlist now →
HFEQvsPAPIETF Comparison
Unlimited HFEQ Equity Long/Short ETF (HFEQ) belongs to the Alternatives segment. Parametric Equity Premium Income ETF (PAPI) is part of the Options Strategies segment. HFEQ's top 3 sector exposures are Utilities, Consumer Discretionary and Industrials. In contrast, PAPI's top sector exposures are Information Technology, Consumer Discretionary and Industrials. HFEQ is more expensive with a Total Expense Ratio (TER) of 1%, versus 0.29% for PAPI. HFEQ is up 1.93% year-to-date (YTD) with +$4M in YTD flows. PAPI performs better with 7.41% YTD performance, and +$44M in YTD flows. Run a side-by-side ETF comparison of HFEQ 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.
HFEQ vs PAPI performance and flow charts
Performance
Cumulative Flows
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | HFEQ PAPI | -5.65%-3.00% | +1.07%+6.17% | +1.93%+7.41% | n/a+13.08% | n/an/a | n/an/a |
| Flows | HFEQ PAPI | +$5M+$31M | +$2M+$53M | +$4M+$44M | -+$166M | -- | -- |
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | HFEQ PAPI | +20.06%+10.20% | n/a+13.84% | n/an/a | n/an/a |
| Max drawdown | HFEQ PAPI | -9.04%-3.32% | n/a-11.32% | n/an/a | n/an/a |
| Max drawdown duration | HFEQ PAPI | 15d9d | n/a139d | n/an/a | n/an/a |
HFEQ | PAPI | |
Last sale 3/13/2026 at 1:30 PM | $27.26 | |
| Previous close 03/12/2026 | $27.26 | |
| Consolidated volume 03/12/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
HFEQ | PAPI | |
|---|---|---|
| Last price | – | $27.26 |
| 1D performance | – | +0.02% |
| AuM | $19.61 M | $331.66 M |
| E/R | 1% | 0.29% |
HFEQ | PAPI | |
|---|---|---|
| Management strategy | Active | Active |
| Provider | Unlimited | Morgan Stanley |
| Benchmark | - | - |
| N° of holdings | 2625 | 182 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | July 14, 2025 | October 19, 2023 |
| ESG | No | No |
Countries
Sectors
Diversification
Total weight of top 15 holdings out of 15
Top 15 holdings
How have the HFEQ and PAPI ETFs performed in 2026?
As of March 12, 2026, HFEQ is up 1.93% year-to-date (YTD), while PAPI has returned 7.41%. That puts PAPI better performer ahead so far this year.
Which ETF is attracting more investor money: HFEQ or PAPI?
Year-to-date, the HFEQ ETF saw +$4M in flows, compared to +$44M for PAPI.
Which ETF is bigger: HFEQ or PAPI?
As of March 12, 2026, HFEQ holds $19.61 M in assets under management (AUM), while PAPI manages $331.66 M.
What sectors do the HFEQ and PAPI ETFs invest in?
HFEQ leans toward sectors like Utilities and Consumer Discretionary. Meanwhile, PAPI focuses on Information Technology, Consumer Discretionary and Industrials.
What are the top holdings of the HFEQ ETF and PAPI ETF?
HFEQ top holdings include NEXTERA ENERGY, IE000S9YS762 and EXXON. PAPI holds in its top three: ROBERT HALF, MANPOWERGROUP and CORNING.
Which ETF is more diversified: HFEQ or PAPI?
HFEQ holds 3030 securities with 9.49% of its assets in the top 15. PAPI has 187 securities and a top 15 weight of 9.1%.
Calamos Investments Powers the Next Phase of the Autocallable Revolution
Join J.P. Morgan’s Bram Kaplan, Head of Americas Equity Derivatives Strategy and Matt Kaufman from Calamos Investments as they dive into the growing global opportunity in autocallable income—an increasingly dominant strategy within structured products, now available through ETFs.
Accepted for 1 CE Credit
