PAPIvsEQALETF Comparison
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Parametric Equity Premium Income ETF (PAPI) belongs to the Options Strategies segment. Invesco Russell 1000 Equal Weight ETF (EQAL) is part of the US Large Cap segment. PAPI's top 3 sector exposures are Technology, Non-Energy Materials and Consumer Non-Cyclicals. In contrast, EQAL's top sector exposures are Finance, Technology and Healthcare. PAPI is more expensive with a Total Expense Ratio (TER) of 0.29%, versus 0.2% for EQAL. PAPI is up 13.26% year-to-date (YTD) with +$147M in YTD flows. EQAL performs better with 13.8% YTD performance, and +$37M in YTD flows. Run a side-by-side ETF comparison of PAPI and EQAL 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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PAPI vs EQAL performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 07/29/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | PAPI EQAL | +4.82%-0.06% | +7.65%+4.21% | +13.26%+13.80% | +17.94%+19.14% | n/a+43.47% | n/a+42.08% |
| Flows | PAPI EQAL | +$26M+$6M | +$59M+$3M | +$147M+$37M | +$185M+$32M | --$59M | -+$45M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PAPI EQAL | +9.84%+10.71% | +10.30%+12.19% | n/a+14.97% | n/a+17.15% |
| Max drawdown | PAPI EQAL | -2.98%-2.61% | -6.88%-6.60% | n/a-19.52% | n/a-21.70% |
| Max drawdown duration | PAPI EQAL | 41d15d | 135d44d | n/a233d | n/a869d |
Trading data
PAPI | EQAL | |
Last sale 7/30/2026 at 1:30 PM | $27.86 | $59.39 |
| Previous close 07/29/2026 | $28.18 | $59.34 |
| Consolidated volume 07/29/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of June 30, 2026
1-year trailing difference
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PAPI
is actively managed and doesn’t replicate an indexPAPI | EQAL | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 7/30/2026 at 1:30 PM
Live
Closed
PAPI | EQAL | |
|---|---|---|
| Last price | $27.86 | $59.39 |
| 1D performance | -1.14% | +0.08% |
| AuM | $446.95 M | $815.66 M |
| E/R | 0.29% | 0.2% |
Characteristics
PAPI | EQAL | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | Morgan Stanley | Invesco |
| Benchmark | - | Russell 1000 Equal Weight Index |
| N° of holdings | 188 | 1006 |
| Asset class | - | Equities |
| Trailing 12m distribution yield | Join | Join |
| Inception date | October 19, 2023 | December 23, 2014 |
| ESG | No | No |
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Exposure
Countries
PAPI
USA
94.1%
Other
5.9%
EQAL
USA
95.49%
Other
4.51%
Sectors
PAPI
Technology
11.85%
Non-Energy Materi.
11.32%
Consumer Non-Cycl.
10.82%
Healthcare
10.66%
Finance
10.34%
Utilities
9.93%
Other
35.08%
EQAL
Finance
19.45%
Technology
12.22%
Healthcare
10.18%
Non-Energy Materi.
10.11%
Consumer Non-Cycl.
9.57%
Utilities
8.26%
Other
30.21%
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Diversification
PAPI
Total weight of top 15 holdings out of 15
11.22%
EQAL
Total weight of top 15 holdings out of 15
6.15%
Top 15 holdings
Data as of June 30, 2026
PAPI
Morgan Stanley Instl. Liquidity Funds - Government Portfolio
1.06%
Corning, Inc.
1.01%
TD SYNNEX Corp.
0.80%
Cisco Systems, Inc.
0.76%
Power Integrations, Inc.
0.73%
Royalty Pharma Plc
0.72%
Millicom International Cellular SA
0.72%
Texas Instruments Incorporated
0.71%
Avnet, Inc.
0.71%
Cummins, Inc.
0.70%
Reynolds Consumer Products, Inc.
0.68%
Target Corp.
0.67%
MSC Industrial Direct Co., Inc.
0.66%
Valero Energy Corp.
0.65%
Best Buy Co., Inc.
0.64%
EQAL
Ciena Corp.
0.45%
Comcast Corp.
0.42%
Verizon Communications, Inc.
0.41%
Liberty Broadband Corp.
0.41%
Charter Communications, Inc.
0.41%
AT&T, Inc.
0.41%
T-Mobile US, Inc.
0.41%
Motorola Solutions, Inc.
0.41%
Millicom International Cellular SA
0.41%
Globalstar, Inc.
0.41%
Liberty Global Ltd.
0.41%
Roku, Inc.
0.40%
Viavi Solutions, Inc.
0.40%
Cisco Systems, Inc.
0.40%
Iridium Communications, Inc.
0.39%
Frequently asked questions about PAPI and EQAL
How have the PAPI and EQAL ETFs performed in 2026?
As of July 29, 2026, PAPI is up 13.26% year-to-date (YTD), while EQAL has returned 13.8%. That puts EQAL better performer ahead so far this year.
Which ETF is attracting more investor money: PAPI or EQAL?
Year-to-date, the PAPI ETF saw +$147M in flows, compared to +$37M for EQAL.
Which ETF is more volatile: PAPI or EQAL?
Over the past year, PAPI had a volatility of 10.3%, while EQAL experienced 12.19%.
Which ETF is bigger: PAPI or EQAL?
As of July 29, 2026, PAPI holds $446.95 M in assets under management (AUM), while EQAL manages $815.66 M.
What sectors do the PAPI and EQAL ETFs invest in?
PAPI leans toward sectors like Technology, Non-Energy Materials and Consumer Non-Cyclicals. Meanwhile, EQAL focuses on Finance, Technology and Healthcare.
What are the top holdings of the PAPI ETF and EQAL ETF?
PAPI top holdings include Morgan Stanley Instl. Liquidity Funds - Government Portfolio, Corning, Inc. and TD SYNNEX Corp.. EQAL holds in its top three: Ciena Corp., Comcast Corp. and Verizon Communications, Inc..
Which ETF is more diversified: PAPI or EQAL?
PAPI holds 189 securities with 11.22% of its assets in the top 15. EQAL has 1011 securities and a top 15 weight of 6.15%.
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Latest news about PAPI & EQAL
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