Which paid more, PAPI or TCAL?

Over the year to Nov 4, 2026, PAPI paid 8.2% of its starting price in cash and TCAL paid 11.4%, so TCAL 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 TCAL?

With every distribution reinvested, PAPI returned +23.4% and TCAL +11.2% over the year to Nov 4, 2026.

Which is cheaper, PAPI or TCAL?

PAPI charges 0.29% a year and TCAL charges 0.34%, so PAPI is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Income ETFs

PAPI vs TCAL: Dividend Yield & Total Return

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Over the year to Nov 4, 2026, TCAL paid 11.4% 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 $324m on Nov 3, 2026 for T. Rowe Price Capital Appreciation Premium Income ETF.

PAPI on its own →TCAL on its own →

At a glance

8.2%

PAPI cash paid, 1 year

11.4%

TCAL cash paid, 1 year

+23.4%

PAPI total return, 1 year

+11.2%

TCAL 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.

TCAL · 1 year to Nov 4, 2026 3.4 pts behind its own stocks

TCAL

+11.2%

Own

+14.6%

3.4 pts behind its own stocks

TCAL over 1 year: paid 11.4%, price −1.2%, total +11.2%, its own stocks +14.6%, −3.4 pts. Data to Nov 4, 2026.

its own stocks

+14.6%

TCAL

+11.2%

11.4% of it arrived as cash

3.4 pts behind its own stocks

Total return, distributions reinvested

3.4 pts behind its own stocks

TCAL over 1 year: paid 11.4%, price −1.2%, total +11.2%, its own stocks +14.6%, −3.4 pts. Data to Nov 4, 2026.

its own stocks

+14.6%

TCAL

+11.2%

3.4 pts behind its own stocks

11.4% of it arrived as cash. Both charts share one scale, with zero at the line. TCAL over 1 year: paid 11.4%, price −1.2%, total +11.2%, its own stocks +14.6%, −3.4 pts. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

PAPI costs 0.05 points a year less; their one-year returns differ by 12.2 points.

Points (pts) are percentage points.

PAPI vs TCAL: Dividend Yield & Total Return
Measure	PAPI	TCAL
Paid and earned
Measure	PAPI	TCAL
Total return, 1 year	+23.4%	+11.2%
Price change, 1 year	rose 14.3%	fell 1.2%
Against its benchmark
Measure	PAPI	TCAL
Benchmark	iShares Russell 1000 Value ETF, measured through IWD	its own stocks
Cost and size
Measure	PAPI	TCAL
Expense ratio	0.29%	0.34%
Net assets, PAPI as of Jun 30, 2026 and TCAL as of Nov 3, 2026	$400m	$324m
Holdings
Measure	PAPI	TCAL
Holdings in common	16%

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

IQ Income Score96.1PAPI54.8TCAL

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

TCAL 54.8

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

Risk and return

Apr 4, 2025 to Oct 30, 2026 · 82 weekly returns

PAPI TCAL

Return

Total return edge PAPI +30.5% +15.2%

Annualized edge PAPI +18.4% +9.4%

Price return edge PAPI +15.5% −3.8%

Risk

Volatility edge TCAL 9.8% 8.5%

Max drawdown edge PAPI (slight) −6.6% −7.0%

Risk-adjusted

Sharpe edge PAPI 1.37 0.64

Sortino edge PAPI 2.13 0.95

Calmar edge PAPI 2.77 1.34

Reading

From Apr 2025 to Oct 2026, PAPI returned more: +30.5% to +15.2%. TCAL swung less: 8.5% to 9.8%. PAPI fell slightly less at its worst: −6.6% to −7.0%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: PAPI vs TCAL: Dividend Yield & Total Return
Measure	PAPI	TCAL	Edge	How it is measured
Return
Total return	+30.5%	+15.2%	PAPI	Price change plus distributions, reinvested.
Annualized	+18.4%	+9.4%	PAPI	Total return as a yearly rate.
Price return	+15.5%	−3.8%	PAPI	Price change alone, distributions left out.
Risk
Volatility	9.8%	8.5%	TCAL	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	6.3%	5.7%	TCAL (slight)	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−6.6%	−7.0%	PAPI (slight)	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	1.37	0.64	PAPI	Return above Treasury bills per unit of volatility.
Sortino	2.13	0.95	PAPI	Return above Treasury bills per unit of downside deviation.
Calmar	2.77	1.34	PAPI	Annualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 82 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

16%

By the books each fund has filed, PAPI and TCAL hold 16% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026.

50%

0 half 100%

half

16% in common

Positions both hold · largest shared weight first PAPI TCAL

Cisco Systems, Inc. 0.76% 1.15%

Automatic Data Processing, Inc. 0.59% 0.76%

Cardinal Health, Inc. 0.59% 0.92%

Keurig Dr Pepper, Inc. 0.57% 1.14%

Coca-Cola Co. (The) 0.56% 0.91%

Danaher Corp. 0.56% 2.02%

Johnson & Johnson 0.56% 0.87%

Home Depot, Inc. (The) 0.54% 0.64%

Linde plc 0.54% 1.65%

Southern Co. (The) 0.54% 0.73%

Church & Dwight Co., Inc. 0.53% 1.01%

WEC Energy Group, Inc. 0.52% 0.70%

Only in one fund ↓

Only in PAPI

Corning, Inc. 1.00%

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%

Texas Instruments, Inc. 0.70%

Cummins, Inc. 0.70%

Only in TCAL

WATERS CORP 1.99%

VERALTO CORP 1.89%

WASTE CONNECTIONS INC 1.82%

YUM BRANDS INC 1.73%

MCDONALD S CORP 1.71%

VISA INC-CLASS A SHARES 1.71%

LOCKHEED MARTIN CORP 1.61%

NORTHROP GRUMMAN CORP 1.58%

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 TCAL T. Rowe Price Capital Appreciation Premium Income ETF · Covered call on its own stocks, paying monthly

Issuer Parametric T. Rowe Price

Strategy covered call covered call

Benchmark iShares Russell 1000 Value ETF (IWD) TCAL's own stocks, without the options (from its filed holdings, rebalanced at each filing; latest Jun 30, 2026)

Pays monthly monthly

Payout rate, annualized 6.8% 13.0%

Expense ratio 0.29% 0.34%

Cash paid, 1 year 8.2% 11.4%

Price change, 1 year +14.3% −1.2%

Total return, 1 year +23.4% +11.2%

Benchmark return, 1 year +32.8% +14.6%

Ahead or behind −9.4 pts −3.4 pts

Return of capital, latest estimate not published not published

Age 3.0 years 1.6 years

Net assets, PAPI as of Jun 30, 2026 and TCAL as of Nov 3, 2026 $400m $324m

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 TCAL: Dividend Yield & Total Return
	Total return		Cash paid		Against the benchmark
Window	PAPI	TCAL	PAPI	TCAL	PAPI	TCAL
3 months	+6.6%	+5.3%	1.8%	2.6%	+2.6 pts	−1.8 pts
6 months	+13.2%	+12.3%	3.9%	6.3%	−0.7 pts	−0.9 pts
1 year	+23.4%	+11.2%	8.2%	11.4%	−9.4 pts	−3.5 pts
3 years	+44.5%	–	23.7%	–	−39.8 pts	–
Since launchNot the same days: PAPI Oct 2023 · TCAL Mar 2025	+45.5%	+12.0%	23.9%	16.9%	−42.4 pts	not measured

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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.

TCAL

Over the year to Nov 4, 2026, TCAL paid 11.4% of its starting value in cash distributions while its price fell 1.2%. With every distribution reinvested, the fund returned +11.2%. TCAL's own stocks, without the options (from its filed holdings, rebalanced at each filing; latest Jun 30, 2026) returned +14.6% over the same days, so a holder was behind by 3.4 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 13.0%, paid monthly.

Questions people ask

Which paid more, PAPI or TCAL?: Over the year to Nov 4, 2026, PAPI paid 8.2% of its starting price in cash and TCAL paid 11.4%, so TCAL 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 TCAL?: With every distribution reinvested, PAPI returned +23.4% and TCAL +11.2% over the year to Nov 4, 2026.
Which is cheaper, PAPI or TCAL?: PAPI charges 0.29% a year and TCAL charges 0.34%, so PAPI is cheaper. Fees come from each fund's prospectus.

Other comparisons

PAPI vs RNTY PAPI vs SCEP PAPI vs GRNI PAPI vs HEMI TCAL vs RECI TCAL vs TMGN TCAL vs VOOY TCAL vs FEPI

Where to next

iShares Russell 1000 Value ETF (IWD) →PAPI on its own →TCAL on its own →PAPI dividend history →PAPI holdings →TCAL dividend history →TCAL holdings →Method →Standards and sources →

Sources and dates

PAPI filings on SEC EDGAR ↗

PAPI prospectus with the expense ratio (SEC) ↗

Parametric website ↗

TCAL filings on SEC EDGAR ↗

TCAL prospectus with the expense ratio (SEC) ↗

T. Rowe Price 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 TCAL, data as of Nov 4, 2026. https://etfiq.com/compare/income/papi-vs-tcal

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