PAPIvsSPYIETF Comparison
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Parametric Equity Premium Income ETF (PAPI) and NEOS S&P 500 High Income ETF (SPYI) belong to the same industry segment: Options Strategies. PAPI is less expensive with a Total Expense Ratio (TER) of 0.29%, versus 0.68% for SPYI. PAPI is up 15.14% year-to-date (YTD) with +$236M in YTD flows. SPYI performs worse with 10.86% YTD performance, and +$5.60B in YTD flows. Run a side-by-side ETF comparison of PAPI and SPYI 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 SPYI performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/23/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | PAPI SPYI | +5.29%-0.50% | +4.30%+3.78% | +15.14%+10.86% | +16.48%+13.61% | +42.23%+64.33% | n/an/a |
| Flows | PAPI SPYI | +$34M+$414M | +$95M+$1.82B | +$236M+$5.60B | +$249M+$6.63B | +$490M+$11.87B | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PAPI SPYI | +9.37%+8.65% | +9.92%+10.73% | +11.32%+12.53% | n/an/a |
| Max drawdown | PAPI SPYI | -5.95%-1.84% | -6.88%-7.69% | -14.08%-16.58% | n/an/a |
| Max drawdown duration | PAPI SPYI | 58d15d | 135d48d | 379d125d | n/an/a |
Trading data
PAPI | SPYI | |
Last sale 10/26/2026 at 1:30 PM | $28.11 | $53.00 |
| Previous close 10/23/2026 | $28.12 | $52.64 |
| Consolidated volume 10/23/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
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Main metrics
Last update 10/26/2026 at 1:30 PM
Live
Closed
PAPI | SPYI | |
|---|---|---|
| Last price | $28.11 | $53.00 |
| 1D performance | -0.04% | +0.68% |
| AuM | $537.16 M | $12.50 B |
| E/R | 0.29% | 0.68% |
Characteristics
PAPI | SPYI | |
|---|---|---|
| Management strategy | Active | Active |
| Provider | Morgan Stanley | NEOS Investment Management |
| Benchmark | - | - |
| N° of holdings | - | - |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | October 19, 2023 | August 30, 2022 |
| ESG | No | No |
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Exposure
Countries
PAPI
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SPYI
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Sectors
PAPI
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SPYI
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Diversification
PAPI
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SPYI
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Top 15 holdings
Data as of January 1, 1970
PAPI
Data will be available soon
SPYI
Data will be available soon
Frequently asked questions about PAPI and SPYI
How have the PAPI and SPYI ETFs performed in 2026?
As of October 23, 2026, PAPI is up 15.14% year-to-date (YTD), while SPYI has returned 10.86%. That puts PAPI better performer ahead so far this year.
Which ETF is attracting more investor money: PAPI or SPYI?
Year-to-date, the PAPI ETF saw +$236M in flows, compared to +$5.60B for SPYI.
Which ETF is more volatile: PAPI or SPYI?
Over the past year, PAPI had a volatility of 9.92%, while SPYI experienced 10.73%.
Which ETF is bigger: PAPI or SPYI?
As of October 23, 2026, PAPI holds $537.16 M in assets under management (AUM), while SPYI manages $12.50 B.
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