Data as of Nov 4, 2026.
PAPI vs TCAL: Dividend Yield & Total Return
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.
askIQ about this page
askIQ about PAPI and TCALNet 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.
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, 2026.3.4 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.
| Measure | PAPI | TCAL |
|---|---|---|
| Paid and earned | ||
| Total return, 1 year | +23.4% | +11.2% |
| Price change, 1 year | rose 14.3% | fell 1.2% |
| Against its benchmark | ||
| Benchmark | iShares Russell 1000 Value ETF, measured through IWD | its own stocks |
| Cost and size | ||
| Expense ratio | 0.29% | 0.34% |
| Net assets, PAPI as of Jun 30, 2026 and TCAL as of Nov 3, 2026 | $400m | $324m |
| Holdings | ||
| Holdings in common | 16% | |
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
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 →
Risk and return
Apr 4, 2025 to Oct 30, 2026 · 82 weekly returnsFrom 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 ↓
| 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
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.
half
16% in common
Only in one fund ↓
Side by side
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
| 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 |
– means no data for this window. Open this comparison in the app →
Client brief:
The two-page PDF for this pair is coming. Save the comparison to follow its changes. Free. It needs an email sign-in, once.
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
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
ETFIQ. (Nov 4, 2026). PAPI against TCAL. Retrieved from https://etfiq.com/compare/income/papi-vs-tcal
[PAPI against TCAL (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/income/papi-vs-tcal)
Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.