Which paid more, PAPI or SPYI?

Over the year to Nov 4, 2026, PAPI paid 8.2% of its starting price in cash and SPYI paid 12.1%, so SPYI 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 SPYI?

With every distribution reinvested, PAPI returned +23.4% and SPYI +14.0% over the year to Nov 4, 2026.

Which is cheaper, PAPI or SPYI?

PAPI charges 0.29% a year and SPYI charges 0.68%, so PAPI is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Income ETFs

PAPI vs SPYI: Dividend Yield & Total Return

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Over the year to Nov 4, 2026, SPYI paid 12.1% of its price in cash against PAPI’s 8.2%, though PAPI returned more with it reinvested.

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Net assets: $400m on Jun 30, 2026 for Parametric Equity Premium Income ETF, and $12.7bn on Oct 28, 2026 for NEOS S&P 500 High Income ETF.

PAPI on its own →SPYI on its own →

At a glance

8.2%

PAPI cash paid, 1 year

12.1%

SPYI cash paid, 1 year

+23.4%

PAPI total return, 1 year

+14.0%

SPYI 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.

SPYI · 1 year to Nov 4, 2026 0.8 pts behind SPY

SPYI

+14.0%

SPY

+14.8%

0.8 pts behind SPY

SPYI over 1 year: paid 12.1%, price +1.1%, total +14.0%, SPY +14.8%, −0.8 pts. Data to Nov 4, 2026.

SPY

+14.8%

SPYI

+14.0%

12.1% of it arrived as cash

0.8 pts behind SPY

Total return, distributions reinvested

0.8 pts behind SPY

SPYI over 1 year: paid 12.1%, price +1.1%, total +14.0%, SPY +14.8%, −0.8 pts. Data to Nov 4, 2026.

SPY

+14.8%

SPYI

+14.0%

0.8 pts behind SPY

12.1% of it arrived as cash. Both charts share one scale, 0 to +32.8%. SPYI over 1 year: paid 12.1%, price +1.1%, total +14.0%, SPY +14.8%, −0.8 pts. Data to Nov 4, 2026.

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

Pair scorecard

PAPI costs 0.39 points a year less; their one-year returns differ by 9.4 points.

Points (pts) are percentage points.

PAPI vs SPYI: Dividend Yield & Total Return
Measure	PAPI	SPYI
Paid and earned
Measure	PAPI	SPYI
Total return, 1 year	+23.4%	+14.0%
Price change, 1 year	rose 14.3%	rose 1.1%
Return of capital, issuer estimate		99% of the Oct 23, 2026 payment
Against its benchmark
Measure	PAPI	SPYI
Benchmark	iShares Russell 1000 Value ETF, measured through IWD	S&P 500, measured through SPY
Cost and size
Measure	PAPI	SPYI
Expense ratio	0.29%	0.68%
Net assets, PAPI as of Jun 30, 2026 and SPYI as of Oct 28, 2026	$400m	$12.7bn
Holdings
Measure	PAPI	SPYI
Holdings in common	17%

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

IQ Income Score96.1PAPI68.6SPYI

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

SPYI 68.6

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

17%

By the books each fund has filed, PAPI and SPYI hold 17% 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

17% in common

Positions both hold · largest shared weight first PAPI SPYI

AbbVie, Inc. 0.64% 0.77%

Cisco Systems, Inc. 0.76% 0.63%

Alphabet, Inc. 0.59% 2.49%

Coca-Cola Co. (The) 0.56% 0.56%

Johnson & Johnson 0.56% 0.98%

Merck & Co., Inc. 0.59% 0.54%

Home Depot, Inc. (The) 0.54% 0.51%

Procter & Gamble Co. (The) 0.49% 0.57%

Costco Wholesale Corp. 0.48% 0.68%

Chevron Corp. 0.45% 0.64%

Texas Instruments, Inc. 0.70% 0.43%

RTX Corp. 0.51% 0.42%

Only in one fund ↓

Only in PAPI

TD SYNNEX Corp. 0.80%

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%

MSC Industrial Direct Co., Inc. 0.66%

Wendy's Co. (The) 0.63%

Only in SPYI

NVIDIA Corp 7.67%

Apple Inc 7.40%

Amazon.com Inc 3.76%

Broadcom Inc 2.41%

Meta Platforms Inc 2.07%

Alphabet Inc 2.02%

Eli Lilly & Co 1.72%

Tesla Inc 1.72%

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 SPYI NEOS S&P 500 High Income ETF · Option income on SPY, paying monthly

Issuer Parametric NEOS

Strategy covered call option income

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

Pays monthly monthly

Payout rate, annualized 6.8% 11.5%

Expense ratio 0.29% 0.68%

Cash paid, 1 year 8.2% 12.1%

Price change, 1 year +14.3% +1.1%

Total return, 1 year +23.4% +14.0%

Benchmark return, 1 year +32.8% +14.8%

Ahead or behind −9.4 pts −0.8 pts

Return of capital, latest estimate not published 99%

Age 3.0 years 4.2 years

Net assets, PAPI as of Jun 30, 2026 and SPYI as of Oct 28, 2026 $400m $12.7bn

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 SPYI: Dividend Yield & Total Return
	Total return		Cash paid		Against the benchmark
Window	PAPI	SPYI	PAPI	SPYI	PAPI	SPYI
3 months	+6.6%	+1.1%	1.8%	2.9%	+2.6 pts	+1.3 pts
6 months	+13.2%	+5.8%	3.9%	6.0%	−0.7 pts	+0.7 pts
1 year	+23.4%	+14.0%	8.2%	12.1%	−9.4 pts	−0.8 pts
3 years	+44.5%	+62.0%	23.7%	39.3%	−39.8 pts	−20.9 pts
Since launchNot the same days: PAPI Oct 2023 · SPYI Aug 2022	+45.5%	+78.5%	23.9%	51.3%	−42.4 pts	−25.2 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.

SPYI

Over the year to Nov 4, 2026, SPYI paid 12.1% of its starting value in cash distributions while its price rose 1.1%. With every distribution reinvested, the fund returned +14.0%. S&P 500 (SPY) returned +14.8% over the same days, so a holder was behind by 0.8 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 11.5%, paid monthly. NEOS estimates that 99% of the distribution paid Oct 23, 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 SPYI?: Over the year to Nov 4, 2026, PAPI paid 8.2% of its starting price in cash and SPYI paid 12.1%, so SPYI 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 SPYI?: With every distribution reinvested, PAPI returned +23.4% and SPYI +14.0% over the year to Nov 4, 2026.
Which is cheaper, PAPI or SPYI?: PAPI charges 0.29% a year and SPYI charges 0.68%, so PAPI is cheaper. Fees come from each fund's prospectus.

Other comparisons

PAPI vs DIVO PAPI vs GPIX PAPI vs JEPI PAPI vs XYLD SPYI vs AIPI SPYI vs TSLY SPYI vs AMZY SPYI vs RDVI

Where to next

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

Sources and dates

PAPI filings on SEC EDGAR ↗

PAPI prospectus with the expense ratio (SEC) ↗

Parametric website ↗

SPYI filings on SEC EDGAR ↗

SPYI prospectus with the expense ratio (SEC) ↗

SPYI 19a-1 distribution notice ↗

NEOS page for SPYI ↗

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 SPYI, data as of Nov 4, 2026. https://etfiq.com/compare/income/papi-vs-spyi

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