SPDV vs. PAPI

Last updated Apr 1, 2026

Compare and contrast key facts about AAM S&P 500 High Dividend Value ETF (SPDV) and Parametric Equity Premium Income ETF (PAPI).

SPDV and PAPI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPDV is a passively managed fund by Advisors Asset Management that tracks the performance of the S&P 500 Dividend and Free Cash Flow Yield Index. It was launched on Nov 28, 2017. PAPI is an actively managed fund by Morgan Stanley. It was launched on Oct 16, 2023.

Performance

SPDV vs. PAPI - Performance Comparison

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

SPDV vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPDV AAM S&P 500 High Dividend Value ETF	8.31%	10.90%	14.40%	11.86%
PAPI Parametric Equity Premium Income ETF	8.31%	6.33%	8.90%	5.36%

Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with SPDV at 8.31% and PAPI at 8.31%.

SPDV

• 1D: 0.78%
• 1M: -2.66%
• YTD: 8.31%
• 6M: 9.18%
• 1Y: 18.90%
• 3Y*: 14.04%
• 5Y*: 8.98%
• 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)

SPDV vs. PAPI - Expense Ratio Comparison

Both SPDV and PAPI have an expense ratio of 0.29%.

SPDV

AAM S&P 500 High Dividend Value ETF

PAPI

Parametric Equity Premium Income ETF

Return for Risk

SPDV vs. PAPI — Risk / Return Rank

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

SPDV

SPDV Risk / Return Rank: 62
SPDV Sharpe Ratio Rank: 63
SPDV Sortino Ratio Rank: 64
SPDV Omega Ratio Rank: 63
SPDV Calmar Ratio Rank: 59
SPDV Martin Ratio Rank: 63

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.

SPDV vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AAM S&P 500 High Dividend Value ETF (SPDV) 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.

	SPDV	PAPI	Difference
Sharpe ratio Return per unit of total volatility	1.08	0.82	+0.26
Sortino ratio Return per unit of downside risk	1.58	1.23	+0.35
Omega ratio Gain probability vs. loss probability	1.23	1.16	+0.06
Calmar ratio Return relative to maximum drawdown	1.44	1.08	+0.36
Martin ratio Return relative to average drawdown	6.09	4.62	+1.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPDV vs. PAPI - Sharpe Ratio Comparison

The current SPDV Sharpe Ratio is 1.08, which is higher than the PAPI Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of SPDV 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

	SPDV	PAPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.08	0.82	+0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	1.02	-0.59

Correlation

The correlation between SPDV and PAPI is 0.85, 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

SPDV vs. PAPI - Dividend Comparison

SPDV's dividend yield for the trailing twelve months is around 3.50%, less than PAPI's 7.50% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPDV AAM S&P 500 High Dividend Value ETF	3.50%	3.85%	3.54%	3.95%	3.73%	3.08%	3.90%	3.54%	3.63%	0.28%
PAPI Parametric Equity Premium Income ETF	7.50%	7.59%	7.07%	1.45%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

SPDV vs. PAPI - Drawdown Comparison

The maximum SPDV drawdown since its inception was -43.81%, which is greater than PAPI's maximum drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for SPDV and PAPI.

Drawdown Indicators

	SPDV	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-43.81%	-14.27%	-29.54%
Max Drawdown (1Y) Largest decline over 1 year	-13.91%	-11.59%	-2.32%
Max Drawdown (5Y) Largest decline over 5 years	-21.31%	—	—
Current Drawdown Current decline from peak	-3.31%	-2.82%	-0.49%
Average Drawdown Average peak-to-trough decline	-6.67%	-2.57%	-4.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.29%	2.72%	+0.57%

Volatility

SPDV vs. PAPI - Volatility Comparison

AAM S&P 500 High Dividend Value ETF (SPDV) and Parametric Equity Premium Income ETF (PAPI) have volatilities of 3.07% and 3.21%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPDV	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.07%	3.21%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	9.25%	7.51%	+1.74%
Volatility (1Y) Calculated over the trailing 1-year period	17.61%	14.14%	+3.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.41%	11.96%	+4.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.48%	11.96%	+8.52%