IPDP vs. PAPI

Last updated Jun 24, 2026

IPDP (Dividend Performers ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. Both are actively managed. IPDP charges 1.52%/yr vs 0.29%/yr for PAPI.

Performance

IPDP vs. PAPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dividend Performers ETF (IPDP) and Parametric Equity Premium Income ETF (PAPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

IPDP

• 1D: 0.00%
• 1M: 0.00%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAPI

• 1D: 0.45%
• 1M: 0.17%
• YTD: 6.57%
• 6M: 5.93%
• 1Y: 12.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

IPDP vs. PAPI - Yearly Performance Comparison

	2026 (YTD)
IPDP Dividend Performers ETF	0.00%
PAPI Parametric Equity Premium Income ETF	-1.92%

Return for Risk

IPDP vs. PAPI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IPDP

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

PAPI

PAPI Risk / Return Rank: 34
PAPI Sharpe Ratio Rank: 33
PAPI Sortino Ratio Rank: 35
PAPI Omega Ratio Rank: 31
PAPI Calmar Ratio Rank: 37
PAPI Martin Ratio Rank: 32

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

IPDP vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dividend Performers ETF (IPDP) and Parametric Equity Premium Income ETF (PAPI). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	IPDP	PAPI	Difference
Sharpe ratio: Return per unit of total volatility	—	1.15	—
Sortino ratio: Return per unit of downside risk	—	1.74	—
Omega ratio: Gain probability vs. loss probability	—	1.20	—
Calmar ratio: Return relative to maximum drawdown	—	1.76	—
Martin ratio: Return relative to average drawdown	—	4.42	—

Drawdowns

IPDP vs. PAPI - Drawdown Comparison

The maximum IPDP drawdown since its inception was 0.00%, smaller than the maximum PAPI drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for IPDP and PAPI.

Drawdown Indicators

	IPDP	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-14.27%	+14.27%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.86%	—
Current Drawdown Current decline from peak	0.00%	-4.37%	+4.37%
Average Drawdown Average peak-to-trough decline	0.00%	-2.77%	+2.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.72%	—

Volatility

Volatility by Period

	IPDP	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.68%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.05%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.00%	10.55%	-10.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.00%	11.73%	-11.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.00%	11.73%	-11.73%

IPDP vs. PAPI - Expense Ratio Comparison

IPDP has a 1.52% expense ratio, which is higher than PAPI's 0.29% expense ratio.

Dividends

IPDP vs. PAPI - Dividend Comparison

IPDP has not paid dividends to shareholders, while PAPI's dividend yield for the trailing twelve months is around 7.56%.

Position	TTM	2025	2024	2023
IPDP Dividend Performers ETF	0.00%	0.00%	0.00%	0.00%
PAPI Parametric Equity Premium Income ETF	7.56%	7.59%	7.07%	1.45%

Frequently Asked Questions

Which ETF is better, IPDP or PAPI?

On fees, PAPI is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IPDP or PAPI?

PAPI is cheaper with a 0.29% expense ratio, compared with 1.52% for IPDP.

Which ETF pays a higher dividend yield, IPDP or PAPI?

PAPI has the higher dividend yield at 7.56%, compared with 0.00% for IPDP.

What is the main difference between IPDP and PAPI?

They also come from different issuers: Innovative Portfolios and Morgan Stanley. Their fees differ too: 1.52% for IPDP and 0.29% for PAPI.