PAPIvsSDYETF Comparison
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Parametric Equity Premium Income ETF (PAPI) belongs to the Options Strategies segment. State Street SPDR S&P Dividend ETF (SDY) is part of the US High Dividend segment. PAPI's top 3 sector exposures are Technology, Non-Energy Materials and Consumer Non-Cyclicals. In contrast, SDY's top sector exposures are Finance, Consumer Non-Cyclicals and Industrials. PAPI is less expensive with a Total Expense Ratio (TER) of 0.29%, versus 0.35% for SDY. PAPI is up 13.3% year-to-date (YTD) with +$147M in YTD flows. SDY performs better with 15.52% YTD performance, and -$401M in YTD flows. Run a side-by-side ETF comparison of PAPI and SDY 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 SDY performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 07/28/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | PAPI SDY | +4.86%+3.87% | +7.56%+7.68% | +13.30%+15.52% | +18.21%+17.27% | n/a+35.48% | n/a+47.54% |
| Flows | PAPI SDY | +$26M-$62M | +$60M-$159M | +$147M-$401M | +$185M-$889M | --$4.86B | --$2.52B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PAPI SDY | +9.84%+11.92% | +10.30%+10.74% | n/a+12.22% | n/a+14.05% |
| Max drawdown | PAPI SDY | -2.98%-2.61% | -6.88%-7.73% | n/a-14.33% | n/a-15.22% |
| Max drawdown duration | PAPI SDY | 41d22d | 135d122d | n/a254d | n/a107d |
Trading data
PAPI | SDY | |
Last sale 7/29/2026 at 1:30 PM | $28.18 | $157.75 |
| Previous close 07/28/2026 | $28.16 | $158.70 |
| Consolidated volume 07/28/2026 | ||
| 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 | SDY | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 7/29/2026 at 1:30 PM
Live
Closed
PAPI | SDY | |
|---|---|---|
| Last price | $28.18 | $157.75 |
| 1D performance | +0.07% | -0.60% |
| AuM | $447.11 M | $22.26 B |
| E/R | 0.29% | 0.35% |
Characteristics
PAPI | SDY | |
|---|---|---|
| Management strategy | Active | Passive |
| Provider | Morgan Stanley | State Street Investment Management |
| Benchmark | - | S&P High Yield Dividend Aristocrats Index |
| N° of holdings | 188 | 155 |
| Asset class | - | Equities |
| Trailing 12m distribution yield | Join | Join |
| Inception date | October 19, 2023 | November 8, 2005 |
| ESG | No | No |
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Exposure
Countries
PAPI
USA
94.1%
Other
5.9%
SDY
USA
94.39%
Other
5.61%
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%
SDY
Finance
16.98%
Consumer Non-Cycl.
14.89%
Industrials
14.59%
Utilities
14.23%
Technology
8.68%
Non-Energy Materi.
8.14%
Other
22.49%
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Diversification
PAPI
Total weight of top 15 holdings out of 15
11.22%
SDY
Total weight of top 15 holdings out of 15
23.91%
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%
SDY
Verizon Communications, Inc.
2.15%
Realty Income Corp.
2.14%
Kenvue, Inc.
1.76%
Kimberly-Clark Corp.
1.75%
AbbVie, Inc.
1.62%
QUALCOMM, Inc.
1.57%
Texas Instruments Incorporated
1.56%
Target Corp.
1.55%
Automatic Data Processing, Inc.
1.54%
Edison International
1.45%
Sysco Corp.
1.41%
WEC Energy Group, Inc.
1.41%
Eversource Energy
1.35%
Consolidated Edison, Inc.
1.34%
PepsiCo, Inc.
1.33%
Frequently asked questions about PAPI and SDY
How have the PAPI and SDY ETFs performed in 2026?
As of July 28, 2026, PAPI is up 13.3% year-to-date (YTD), while SDY has returned 15.52%. That puts SDY better performer ahead so far this year.
Which ETF is attracting more investor money: PAPI or SDY?
Year-to-date, the PAPI ETF saw +$147M in flows, compared to -$401M for SDY.
Which ETF is more volatile: PAPI or SDY?
Over the past year, PAPI had a volatility of 10.3%, while SDY experienced 10.74%.
Which ETF is bigger: PAPI or SDY?
As of July 28, 2026, PAPI holds $447.11 M in assets under management (AUM), while SDY manages $22.26 B.
What sectors do the PAPI and SDY ETFs invest in?
PAPI leans toward sectors like Technology, Non-Energy Materials and Consumer Non-Cyclicals. Meanwhile, SDY focuses on Finance, Consumer Non-Cyclicals and Industrials.
What are the top holdings of the PAPI ETF and SDY ETF?
PAPI top holdings include Morgan Stanley Instl. Liquidity Funds - Government Portfolio, Corning, Inc. and TD SYNNEX Corp.. SDY holds in its top three: Verizon Communications, Inc., Realty Income Corp. and Kenvue, Inc..
Which ETF is more diversified: PAPI or SDY?
PAPI holds 189 securities with 11.22% of its assets in the top 15. SDY has 155 securities and a top 15 weight of 23.91%.
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Latest news about PAPI & SDY
Dividend Growth, High Yield, & Dividend Quality ETFs: What's the Difference?
October 20, 2023
SDY
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