ISPY vs. PAPI

Last updated Jun 24, 2026

ISPY (ProShares S&P 500 High Income ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. ISPY is passively managed, while PAPI is actively managed. Over the past year, ISPY returned 20.58% vs 12.01% for PAPI. At a 0.36 correlation, their price movements are largely independent. ISPY charges 0.55%/yr vs 0.29%/yr for PAPI.

Performance

ISPY vs. PAPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 High Income ETF (ISPY) and Parametric Equity Premium Income ETF (PAPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with ISPY having a 6.70% return and PAPI slightly lower at 6.57%.

ISPY

• 1D: -1.35%
• 1M: -1.29%
• YTD: 6.70%
• 6M: 5.74%
• 1Y: 20.58%
• 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)

ISPY vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ISPY ProShares S&P 500 High Income ETF	6.70%	13.15%	21.31%	0.35%
PAPI Parametric Equity Premium Income ETF	6.57%	6.33%	8.90%	0.67%

Correlation

The correlation between ISPY and PAPI is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (All Time) Calculated using the full available price history since Dec 20, 2023	0.36

The correlation between ISPY and PAPI shifts across timeframes, from 0.24 (1 year) to 0.36 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ISPY vs. PAPI — Risk / Return Rank

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

ISPY

ISPY Risk / Return Rank: 52
ISPY Sharpe Ratio Rank: 52
ISPY Sortino Ratio Rank: 47
ISPY Omega Ratio Rank: 50
ISPY Calmar Ratio Rank: 51
ISPY Martin Ratio Rank: 59

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.

ISPY vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 High Income ETF (ISPY) 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.

	ISPY	PAPI	Difference
Sharpe ratio: Return per unit of total volatility	1.72	1.15	+0.57
Sortino ratio: Return per unit of downside risk	2.26	1.74	+0.52
Omega ratio: Gain probability vs. loss probability	1.30	1.20	+0.10
Calmar ratio: Return relative to maximum drawdown	2.45	1.76	+0.70
Martin ratio: Return relative to average drawdown	10.07	4.42	+5.64

ISPY vs. PAPI - Sharpe Ratio Comparison

The current ISPY Sharpe Ratio is 1.72, which is higher than the PAPI Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of ISPY and PAPI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ISPY vs. PAPI - Drawdown Comparison

The maximum ISPY drawdown since its inception was -16.88%, which is greater than PAPI's maximum drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for ISPY and PAPI.

Drawdown Indicators

	ISPY	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-16.88%	-14.27%	-2.61%
Max Drawdown (1Y) Largest decline over 1 year	-8.43%	-6.86%	-1.57%
Current Drawdown Current decline from peak	-3.35%	-4.37%	+1.02%
Average Drawdown Average peak-to-trough decline	-2.09%	-2.77%	+0.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	2.72%	-0.67%

Volatility

ISPY vs. PAPI - Volatility Comparison

ProShares S&P 500 High Income ETF (ISPY) has a higher volatility of 4.70% compared to Parametric Equity Premium Income ETF (PAPI) at 2.68%. This indicates that ISPY's price experiences larger fluctuations and is considered to be riskier than PAPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ISPY	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.70%	2.68%	+2.02%
Volatility (6M) Calculated over the trailing 6-month period	9.53%	7.05%	+2.48%
Volatility (1Y) Calculated over the trailing 1-year period	12.08%	10.55%	+1.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.73%	11.73%	+2.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.73%	11.73%	+2.00%

ISPY vs. PAPI - Expense Ratio Comparison

ISPY has a 0.55% expense ratio, which is higher than PAPI's 0.29% expense ratio.

Dividends

ISPY vs. PAPI - Dividend Comparison

ISPY's dividend yield for the trailing twelve months is around 4.53%, less than PAPI's 7.56% yield.

Position	TTM	2025	2024	2023
ISPY ProShares S&P 500 High Income ETF	4.53%	8.56%	9.84%	0.00%
PAPI Parametric Equity Premium Income ETF	7.56%	7.59%	7.07%	1.45%

Frequently Asked Questions

Can I hold both ISPY and PAPI in my portfolio?

ISPY and PAPI have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ISPY or PAPI?

ISPY has higher volatility (4.70%) compared to PAPI (2.68%). In terms of maximum drawdown, ISPY dropped -16.88% vs PAPI's -14.27%.

Which ETF is better, ISPY or PAPI?

On 1-year performance, ISPY leads with 20.58% vs 12.01% for PAPI. On fees, PAPI is cheaper at 0.29% per year. On volatility, PAPI has been the lower-risk option at 2.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ISPY or PAPI?

Over the 1-year period, ISPY has performed better with a 20.58% return vs 12.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ISPY or PAPI?

PAPI is cheaper with a 0.29% expense ratio, compared with 0.55% for ISPY.

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

PAPI has the higher dividend yield at 7.56%, compared with 4.53% for ISPY.

What is the main difference between ISPY and PAPI?

They also come from different issuers: ProShares and Morgan Stanley. Their fees differ too: 0.55% for ISPY and 0.29% for PAPI.

Which has better risk-adjusted returns?

ISPY currently has the higher Sharpe Ratio (1.72 vs 1.15), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.