Data as of Oct 28, 2026.
IWD vs PAPI: Differences, Returns & Fees
Over the year to Oct 28, 2026, IWD returned +27.5% to PAPI's +17.4%, and IWD charges 0.18% to PAPI's 0.29%.
askIQ about this page
askIQ about IWD and PAPI
Net assets: $83.0bn on Oct 27, 2026 for iShares Russell 1000 Value ETF, and $400m on Jun 30, 2026 for Parametric Equity Premium Income ETF.
Pair scorecard
IWD costs 0.11 points a year less; their one-year returns differ by 10.1 points.
| Measure | IWD | PAPI |
|---|---|---|
| Return | ||
| Total return, 1 year | +27.5% | +17.4% |
| Price change, 1 year | rose 25.5% | rose 8.8% |
| Latest payout, annualized | 7.6% | |
| Benchmark | ||
| What it tracks | Russell 1000 Value Index | Benchmark: iShares Russell 1000 Value ETF, measured through IWD |
| Cost and size | ||
| Expense ratio | 0.18% | 0.29% |
| Net assets, IWD as of Oct 27, 2026 and PAPI as of Jun 30, 2026 | $83.0bn | $400m |
| Holdings | ||
| Holdings in common | 22% | |
| In the S&P 500, by weight | 90% | |
| Top ten holdings, share of the fund | 29.6% | |
Holdings in common uses holdings dated Jun 30, 2026 and Oct 27, 2026. Method
Risk and return
Oct 27, 2023 to Oct 23, 2026 · 156 weekly returnsEach against its own benchmark: IWD against VONV, Oct 1, 2010 to Oct 23, 2026; PAPI against IWD, Oct 27, 2023 to Oct 23, 2026.
IWD returned more: +89.0% to +45.3%. PAPI swung less: 10.9% to 12.3%. PAPI fell less at its worst: −10.6% to −13.9%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | IWD | PAPI | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +89.0% | +45.3% | IWD | Price change plus distributions, reinvested. |
| Annualized | +23.6% | +13.3% | IWD | Total return as a yearly rate. |
| Price return | +79.1% | +16.9% | IWD | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 12.3% | 10.9% | PAPI | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 8.1% | 7.7% | PAPI (slight) | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −13.9% | −10.6% | PAPI | Deepest fall from a high to the low after it. |
| Upside capture | 100.0% | 60.3% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 100.2% | 82.0% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 1.00 | 0.69 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 1.00 | 0.60 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 1.43 | 0.79 | IWD | Return above Treasury bills per unit of volatility. |
| Sortino | 2.17 | 1.12 | IWD | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.110 | 0.125 | Return above Treasury bills per unit of beta. | |
| Calmar | 1.70 | 1.25 | IWD | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | VONV | IWD | The ETF each fund is measured against. | |
| Alpha | −0.1% a year | −3.5% a year | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −0.23 | −0.86 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −0.6% to +0.5% | −11.5% to +4.5% | Includes zero | The 95% range for the yearly alpha. |
| Information ratio | −0.08 | −1.14 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 1.1% | 7.8% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 156 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, IWD and PAPI hold 22% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Oct 27, 2026.
half
22% in common
Only in one fund ↓
Side by side
IWD and PAPI on the fields both publish, as of Oct 28, 2026. Source: ETFIQ. Cash paid: distributions over the window, as a share of the starting price.
No client brief for this pair: the two funds' holdings are dated 119 days apart.
IWD
IWD tracks the Russell 1000 value. Over the year to Oct 28, 2026 it returned +27.5% with distributions reinvested, against +27.7% for its benchmark, the Russell 1000 Value Index. The prospectus expense ratio is 0.18% a year. By its holdings published by its issuer for Oct 27, 2026, 90% of the fund by weight is stocks the S&P 500 also holds, across 871 positions, with the top ten at 29.6%.
PAPI
Over the year to Oct 28, 2026, PAPI paid 8.0% of its starting value in cash distributions while its price rose 8.8%. With every distribution reinvested, the fund returned +17.4%. iShares Russell 1000 Value ETF (IWD) returned +27.5% over the same days, so a holder was behind by 10.1 pts. At its price on Oct 28, 2026 the latest distribution annualizes to 7.6%, paid monthly.
Questions people ask
- Are IWD and PAPI in the same category?
- IWD is a stock ETF and PAPI is an option-income ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
- Which returned more over the last year, IWD or PAPI?
- In the year to Oct 28, 2026, with distributions reinvested, IWD returned +27.5% and PAPI +17.4%.
- Which is cheaper, IWD or PAPI?
- IWD is cheaper, by 0.11 percentage points a year. That is about $11 on $10,000 held for a year. Fees come from each fund's prospectus.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
Cite this pageCitation, APA and Markdown
ETFIQ, IWD against PAPI, data as of Oct 28, 2026. https://etfiq.com/compare/any/iwd-vs-papi
ETFIQ. (Oct 28, 2026). IWD against PAPI. Retrieved from https://etfiq.com/compare/any/iwd-vs-papi
[IWD against PAPI (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/iwd-vs-papi)
Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.