RDVI vs. PAPI

Last updated Apr 1, 2026

Compare and contrast key facts about FT Cboe Vest Rising Dividend Achievers Target Income ETF (RDVI) and Parametric Equity Premium Income ETF (PAPI).

RDVI and PAPI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. RDVI is a passively managed fund by FT Vest that tracks the performance of the NASDAQ US Rising Dividend Achievers. It was launched on Oct 19, 2022. PAPI is an actively managed fund by Morgan Stanley. It was launched on Oct 16, 2023.

Performance

RDVI vs. PAPI - Performance Comparison

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

RDVI vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
RDVI FT Cboe Vest Rising Dividend Achievers Target Income ETF	-0.53%	17.93%	14.56%	13.85%
PAPI Parametric Equity Premium Income ETF	8.31%	6.33%	8.90%	5.36%

Returns By Period

In the year-to-date period, RDVI achieves a -0.53% return, which is significantly lower than PAPI's 8.31% return.

RDVI

• 1D: 2.69%
• 1M: -4.87%
• YTD: -0.53%
• 6M: 3.12%
• 1Y: 17.33%
• 3Y*: 15.61%
• 5Y*: —
• 10Y*: —

PAPI

• 1D: 0.54%
• 1M: -2.62%
• YTD: 8.31%
• 6M: 9.20%
• 1Y: 11.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RDVI vs. PAPI - Expense Ratio Comparison

RDVI has a 0.75% expense ratio, which is higher than PAPI's 0.29% expense ratio.

RDVI

FT Cboe Vest Rising Dividend Achievers Target Income ETF

PAPI

Parametric Equity Premium Income ETF

Return for Risk

RDVI vs. PAPI — Risk / Return Rank

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

RDVI

RDVI Risk / Return Rank: 59
RDVI Sharpe Ratio Rank: 54
RDVI Sortino Ratio Rank: 57
RDVI Omega Ratio Rank: 57
RDVI Calmar Ratio Rank: 61
RDVI Martin Ratio Rank: 68

PAPI

PAPI Risk / Return Rank: 46
PAPI Sharpe Ratio Rank: 47
PAPI Sortino Ratio Rank: 46
PAPI Omega Ratio Rank: 43
PAPI Calmar Ratio Rank: 44
PAPI Martin Ratio Rank: 50

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.

RDVI vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest Rising Dividend Achievers Target Income ETF (RDVI) 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.

	RDVI	PAPI	Difference
Sharpe ratio Return per unit of total volatility	0.94	0.82	+0.12
Sortino ratio Return per unit of downside risk	1.43	1.23	+0.20
Omega ratio Gain probability vs. loss probability	1.21	1.16	+0.04
Calmar ratio Return relative to maximum drawdown	1.46	1.08	+0.37
Martin ratio Return relative to average drawdown	6.63	4.62	+2.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RDVI vs. PAPI - Sharpe Ratio Comparison

The current RDVI Sharpe Ratio is 0.94, which is comparable to the PAPI Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of RDVI and PAPI, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	RDVI	PAPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.94	0.82	+0.12
Sharpe Ratio (All Time) Calculated using the full available price history	1.05	1.02	+0.03

Correlation

The correlation between RDVI and PAPI is 0.73, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

RDVI vs. PAPI - Dividend Comparison

RDVI's dividend yield for the trailing twelve months is around 8.45%, more than PAPI's 7.50% yield.

	TTM	2025	2024	2023	2022
RDVI FT Cboe Vest Rising Dividend Achievers Target Income ETF	8.45%	8.10%	8.62%	8.45%	1.53%
PAPI Parametric Equity Premium Income ETF	7.50%	7.59%	7.07%	1.45%	0.00%

Drawdowns

RDVI vs. PAPI - Drawdown Comparison

The maximum RDVI drawdown since its inception was -18.35%, which is greater than PAPI's maximum drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for RDVI and PAPI.

Drawdown Indicators

	RDVI	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-18.35%	-14.27%	-4.08%
Max Drawdown (1Y) Largest decline over 1 year	-12.65%	-11.59%	-1.06%
Current Drawdown Current decline from peak	-6.02%	-2.82%	-3.20%
Average Drawdown Average peak-to-trough decline	-3.27%	-2.57%	-0.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.78%	2.72%	+0.06%

Volatility

RDVI vs. PAPI - Volatility Comparison

FT Cboe Vest Rising Dividend Achievers Target Income ETF (RDVI) has a higher volatility of 5.42% compared to Parametric Equity Premium Income ETF (PAPI) at 3.21%. This indicates that RDVI'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

	RDVI	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.42%	3.21%	+2.21%
Volatility (6M) Calculated over the trailing 6-month period	10.46%	7.51%	+2.95%
Volatility (1Y) Calculated over the trailing 1-year period	18.54%	14.14%	+4.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.05%	11.96%	+5.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.05%	11.96%	+5.09%