Which paid more, PAPI or SPIN?

Over the year to Nov 4, 2026, PAPI paid 8.2% of its starting price in cash and SPIN paid 5.1%, so PAPI paid more. Cash paid is not the same as money made: the price change matters too.

Which returned more once distributions are counted, PAPI or SPIN?

With every distribution reinvested, PAPI returned +23.4% and SPIN +9.3% over the year to Nov 4, 2026.

Which is cheaper, PAPI or SPIN?

PAPI charges 0.29% a year and SPIN charges 0.25%, so SPIN is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Income ETFs

PAPI vs SPIN: Dividend Yield & Total Return

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Over the year to Nov 4, 2026, PAPI paid 8.2% of its price in cash against SPIN’s 5.1%, and returned more with it reinvested.

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Net assets: $400m on Jun 30, 2026 for Parametric Equity Premium Income ETF, and $45m on Nov 3, 2026 for State Street US Equity Premium Income ETF.

PAPI on its own →SPIN on its own →

At a glance

8.2%

PAPI cash paid, 1 year

5.1%

SPIN cash paid, 1 year

+23.4%

PAPI total return, 1 year

+9.3%

SPIN total return, 1 year

PAPI · 1 year to Nov 4, 2026 9.4 pts behind IWD

PAPI

+23.4%

IWD

+32.8%

9.4 pts behind IWD

PAPI over 1 year: paid 8.2%, price +14.3%, total +23.4%, IWD +32.8%, −9.4 pts. Data to Nov 4, 2026.

IWD

+32.8%

PAPI

+23.4%

8.2% as cash

9.4 pts behind IWD

Total return, distributions reinvested

9.4 pts behind IWD

PAPI over 1 year: paid 8.2%, price +14.3%, total +23.4%, IWD +32.8%, −9.4 pts. Data to Nov 4, 2026.

IWD

+32.8%

PAPI

+23.4%

9.4 pts behind IWD

8.2% of it arrived as cash. Total return, distributions reinvested. PAPI over 1 year: paid 8.2%, price +14.3%, total +23.4%, IWD +32.8%, −9.4 pts. Data to Nov 4, 2026.

Data to Nov 4, 2026.

SPIN · 1 year to Nov 4, 2026 5.5 pts behind SPY

SPIN

+9.3%

SPY

+14.8%

5.5 pts behind SPY

SPIN over 1 year: paid 5.1%, price +3.9%, total +9.3%, SPY +14.8%, −5.5 pts. Data to Nov 4, 2026.

SPY

+14.8%

SPIN

+9.3%

5.1% as cash

5.5 pts behind SPY

Total return, distributions reinvested

5.5 pts behind SPY

SPIN over 1 year: paid 5.1%, price +3.9%, total +9.3%, SPY +14.8%, −5.5 pts. Data to Nov 4, 2026.

SPY

+14.8%

SPIN

+9.3%

5.5 pts behind SPY

5.1% of it arrived as cash. Both charts share one scale, 0 to +32.8%. SPIN over 1 year: paid 5.1%, price +3.9%, total +9.3%, SPY +14.8%, −5.5 pts. Data to Nov 4, 2026.

Both charts share one scale, 0 to +32.8%. Data to Nov 4, 2026.

Pair scorecard

SPIN costs 0.04 points a year less; their one-year returns differ by 14.1 points.

Points (pts) are percentage points.

PAPI vs SPIN: Dividend Yield & Total Return
Measure	PAPI	SPIN
Paid and earned
Measure	PAPI	SPIN
Total return, 1 year	+23.4%	+9.3%
Price change, 1 year	rose 14.3%	rose 3.9%
Return of capital, issuer estimate		97% of the Nov 5, 2026 payment
Against its benchmark
Measure	PAPI	SPIN
Benchmark	iShares Russell 1000 Value ETF, measured through IWD	S&P 500, measured through SPY
Cost and size
Measure	PAPI	SPIN
Expense ratio	0.29%	0.25%
Net assets, PAPI as of Jun 30, 2026 and SPIN as of Nov 3, 2026	$400m	$45m
Holdings
Measure	PAPI	SPIN
Holdings in common	8%

ETFIQ Distribution Coverage Score · PAPI scores higher How much of what it paid out did its total return cover?

IQ Income Score96.1PAPI84.1SPIN

How much of its payouts the fund's total return covered, ranked against 167 income ETFs not writing on a single company. 100 is best. How it is computed

PAPI 96.1

SPIN 84.1

0.3, the lowest in this set 99.7, the highest

One year only, and a ratio of two published numbers: it says nothing about where a distribution came from. All income ETFs ranked by it →

Method

What they share

By the books each fund has filed, PAPI and SPIN hold 8% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Nov 3, 2026.

50%

0 half 100%

half

8% in common

Positions both hold · largest shared weight first PAPI SPIN

Texas Instruments, Inc. 0.70% 0.66%

Alphabet, Inc. 0.59% 4.59%

Merck & Co., Inc. 0.59% 0.69%

Danaher Corp. 0.56% 0.94%

Johnson & Johnson 0.56% 1.87%

Home Depot, Inc. (The) 0.54% 1.39%

Linde plc 0.54% 1.06%

Abbott Laboratories 0.52% 0.60%

RTX Corp. 0.51% 0.81%

Procter & Gamble Co. (The) 0.49% 0.59%

ConocoPhillips 0.42% 0.72%

CME Group, Inc. 0.39% 0.62%

Only in one fund ↓

Only in PAPI

Corning, Inc. 1.00%

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%

Avnet, Inc. 0.70%

Reynolds Consumer Products, Inc. 0.68%

Only in SPIN

NVIDIA CORP 9.22%

APPLE INC 6.03%

AMAZON.COM INC 4.87%

BROADCOM INC 3.37%

META PLATFORMS INC CLASS A 2.93%

ELI LILLY + CO 2.50%

MICRON TECHNOLOGY INC 2.50%

EXXONMOBIL HOLDINGS CORP 2.28%

Check overlap with more funds →

Side by side

PAPI Parametric Equity Premium Income ETF · Writes options on the S&P 500, measured against the Russell 1000 Value Index, paying monthly SPIN State Street US Equity Premium Income ETF · Covered call on SPY, paying monthly

Issuer Parametric State Street

Strategy covered call covered call

Benchmark iShares Russell 1000 Value ETF (IWD) S&P 500 (SPY)

Pays monthly monthly

Payout rate, annualized 6.8% 5.5%

Expense ratio 0.29% 0.25%

Cash paid, 1 year 8.2% 5.1%

Price change, 1 year +14.3% +3.9%

Total return, 1 year +23.4% +9.3%

Benchmark return, 1 year +32.8% +14.8%

Ahead or behind −9.4 pts −5.5 pts

Return of capital, latest estimate not published 97%

Age 3.0 years 2.2 years

Net assets, PAPI as of Jun 30, 2026 and SPIN as of Nov 3, 2026 $400m $45m

As of Nov 4, 2026. Source: ETFIQ. Cash paid: distributions over the window, as a share of the starting price. Payout rate: the latest payment, annualized, over today’s price.

Window by window

Window by window: PAPI vs SPIN: Dividend Yield & Total Return
	Total return		Cash paid		Against the benchmark
Window	PAPI	SPIN	PAPI	SPIN	PAPI	SPIN
3 months	+6.6%	+0.8%	1.8%	0.9%	+2.6 pts	+0.9 pts
6 months	+13.2%	+6.0%	3.9%	1.9%	−0.7 pts	+1.0 pts
1 year	+23.4%	+9.3%	8.2%	5.1%	−9.4 pts	−5.5 pts
3 years	+44.5%	–	23.7%	–	−39.8 pts	–
Since launchNot the same days: PAPI Oct 2023 · SPIN Sep 2024	+45.5%	+30.3%	23.9%	16.0%	−42.4 pts	−12.9 pts

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Alert

About each fund

PAPI

Over the year to Nov 4, 2026, PAPI paid 8.2% of its starting value in cash distributions while its price rose 14.3%. With every distribution reinvested, the fund returned +23.4%. iShares Russell 1000 Value ETF (IWD) returned +32.8% over the same days, so a holder was behind by 9.4 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 6.8%, paid monthly.

SPIN

Over the year to Nov 4, 2026, SPIN paid 5.1% of its starting value in cash distributions while its price rose 3.9%. With every distribution reinvested, the fund returned +9.3%. S&P 500 (SPY) returned +14.8% over the same days, so a holder was behind by 5.5 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 5.5%, paid monthly. State Street estimates that 97% of the distribution paid Nov 5, 2026 was a return of capital (its 19a-1 notice). That is a tax label, not a measure of erosion.

Questions people ask

Which paid more, PAPI or SPIN?: Over the year to Nov 4, 2026, PAPI paid 8.2% of its starting price in cash and SPIN paid 5.1%, so PAPI paid more. Cash paid is not the same as money made: the price change matters too.
Which returned more once distributions are counted, PAPI or SPIN?: With every distribution reinvested, PAPI returned +23.4% and SPIN +9.3% over the year to Nov 4, 2026.
Which is cheaper, PAPI or SPIN?: PAPI charges 0.29% a year and SPIN charges 0.25%, so SPIN is cheaper. Fees come from each fund's prospectus.

Other comparisons

PAPI vs ACSP PAPI vs SCLZ PAPI vs SEPI PAPI vs TPRY SPIN vs CDPI SPIN vs YLDE SPIN vs SDVD SPIN vs VAIE

Where to next

iShares Russell 1000 Value ETF (IWD) →S&P 500 (SPY) →PAPI on its own →SPIN on its own →PAPI dividend history →PAPI holdings →SPIN dividend history →SPIN holdings →Method →Standards and sources →

Sources and dates

PAPI filings on SEC EDGAR ↗

PAPI prospectus with the expense ratio (SEC) ↗

Parametric website ↗

SPIN filings on SEC EDGAR ↗

SPIN prospectus with the expense ratio (SEC) ↗

SPIN 19a-1 distribution notice ↗

State Street website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

It is a place in a set, not a rating or a recommendation.

Overlap adds up the smaller of the two weights for each security both funds hold.

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, PAPI against SPIN, data as of Nov 4, 2026. https://etfiq.com/compare/income/papi-vs-spin

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.