Which paid more, PAPI or XPAY?

Over the year to Nov 4, 2026, PAPI paid 8.2% of its starting price in cash and XPAY paid 19.7%, so XPAY 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 XPAY?

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

Which is cheaper, PAPI or XPAY?

PAPI charges 0.29% a year and XPAY charges 0.49%, so PAPI is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Income ETFs

PAPI vs XPAY: Dividend Yield & Total Return

Share on X Download as PDF

Over the year to Nov 4, 2026, XPAY paid 19.7% 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 XPAY

Net assets: $400m on Jun 30, 2026 for Parametric Equity Premium Income ETF, and $187m on Nov 4, 2026 for Roundhill S&P 500 Target 20 Managed Distribution ETF.

PAPI on its own →XPAY on its own →

At a glance

8.2%

PAPI cash paid, 1 year

19.7%

XPAY cash paid, 1 year

+23.4%

PAPI total return, 1 year

+14.0%

XPAY 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.

XPAY · 1 year to Nov 4, 2026 0.8 pts behind VOO

XPAY

+14.0%

VOO

+14.8%

0.8 pts behind VOO

XPAY over 1 year: paid 19.7%, price −7.2%, total +14.0%, VOO +14.8%, −0.8 pts. Data to Nov 4, 2026.

VOO

+14.8%

XPAY

+14.0%

19.7% of it arrived as cash

0.8 pts behind VOO

Total return, distributions reinvested

0.8 pts behind VOO

XPAY over 1 year: paid 19.7%, price −7.2%, total +14.0%, VOO +14.8%, −0.8 pts. Data to Nov 4, 2026.

VOO

+14.8%

XPAY

+14.0%

0.8 pts behind VOO

19.7% of it arrived as cash. Both charts share one scale, with zero at the line. XPAY over 1 year: paid 19.7%, price −7.2%, total +14.0%, VOO +14.8%, −0.8 pts. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

PAPI costs 0.20 points a year less; their one-year returns differ by 9.4 points.

Points (pts) are percentage points.

PAPI vs XPAY: Dividend Yield & Total Return
Measure	PAPI	XPAY
Paid and earned
Measure	PAPI	XPAY
Total return, 1 year	+23.4%	+14.0%
Price change, 1 year	rose 14.3%	fell 7.2%
Return of capital, issuer estimate		100% of the Oct 15, 2026 payment
Against its benchmark
Measure	PAPI	XPAY
Benchmark	iShares Russell 1000 Value ETF, measured through IWD	Vanguard S&P 500 ETF, measured through VOO
Cost and size
Measure	PAPI	XPAY
Expense ratio	0.29%	0.49%
Net assets, PAPI as of Jun 30, 2026 and XPAY as of Nov 4, 2026	$400m	$187m
Holdings
Measure	PAPI	XPAY
Holdings in common	0%

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

IQ Income Score96.1PAPI43.4XPAY

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

XPAY 43.4

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 XPAY hold 0% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Nov 4, 2026.

50%

0 half 100%

half

0% in common

Positions both hold · largest shared weight first PAPI XPAY

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%

Texas Instruments, Inc. 0.70%

Only in XPAY

SPY 12/10/2027 38.04 C 94.39%

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 XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF · Option income on VOO, paying monthly

Issuer Parametric Roundhill

Strategy covered call option income

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

Pays monthly monthly

Payout rate, annualized 6.8% 21.1%

Expense ratio 0.29% 0.49%

Cash paid, 1 year 8.2% 19.7%

Price change, 1 year +14.3% −7.2%

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 100%

Age 3.0 years 2.0 years

Net assets, PAPI as of Jun 30, 2026 and XPAY as of Nov 4, 2026 $400m $187m

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 XPAY: Dividend Yield & Total Return
	Total return		Cash paid		Against the benchmark
Window	PAPI	XPAY	PAPI	XPAY	PAPI	XPAY
3 months	+6.6%	−0.3%	1.8%	5.0%	+2.6 pts	−0.2 pts
6 months	+13.2%	+4.9%	3.9%	10.0%	−0.7 pts	−0.1 pts
1 year	+23.4%	+14.0%	8.2%	19.7%	−9.4 pts	−0.9 pts
3 years	+44.5%	–	23.7%	–	−39.8 pts	–
Since launchNot the same days: PAPI Oct 2023 · XPAY Oct 2024	+45.5%	+35.6%	23.9%	39.0%	−42.4 pts	−2.6 pts

– means no data for this window. Open this comparison in the app →

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.

XPAY

Over the year to Nov 4, 2026, XPAY paid 19.7% of its starting value in cash distributions while its price fell 7.2%. With every distribution reinvested, the fund returned +14.0%. Vanguard S&P 500 ETF (VOO) 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 21.1%, paid monthly. Roundhill estimates that 100% of the distribution paid Oct 15, 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 XPAY?: Over the year to Nov 4, 2026, PAPI paid 8.2% of its starting price in cash and XPAY paid 19.7%, so XPAY 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 XPAY?: With every distribution reinvested, PAPI returned +23.4% and XPAY +14.0% over the year to Nov 4, 2026.
Which is cheaper, PAPI or XPAY?: PAPI charges 0.29% a year and XPAY charges 0.49%, so PAPI is cheaper. Fees come from each fund's prospectus.

Other comparisons

PAPI vs TSPY PAPI vs OVLH PAPI vs OVL PAPI vs XIJN XPAY vs CDPI XPAY vs YLDE XPAY vs SDVD XPAY vs VAIE

Where to next

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

Sources and dates

PAPI filings on SEC EDGAR ↗

PAPI prospectus with the expense ratio (SEC) ↗

Parametric website ↗

XPAY filings on SEC EDGAR ↗

XPAY prospectus with the expense ratio (SEC) ↗

XPAY 19a-1 distribution notice ↗

Roundhill page for XPAY ↗

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

Open data →

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