SPIN vs. PAPI

Last updated Aug 6, 2026

SPIN (State Street US Equity Premium Income ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, SPIN returned 16.40% vs 17.81% for PAPI. Their 0.30 correlation means their historical movements had little consistent relationship. SPIN charges 0.25%/yr vs 0.29%/yr for PAPI.

Performance

SPIN vs. PAPI - Performance Comparison

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

Returns By Period

In the year-to-date period, SPIN achieves a 6.75% return, which is significantly lower than PAPI's 11.92% return.

SPIN

• 1D: -0.02%
• 1M: 3.46%
• 6M: 6.99%
• YTD: 6.75%
• 1Y: 16.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.57%

PAPI

• 1D: -0.22%
• 1M: 2.73%
• 6M: 2.86%
• YTD: 11.92%
• 1Y: 17.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.47%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PAPI Parametric Equity Premium Income ETF	$2.12M	$2.18M	$2.02M
SPIN State Street US Equity Premium Income ETF	$56.66K	$85.51K	$117.20K

SPIN vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPIN State Street US Equity Premium Income ETF	6.75%	14.14%	6.47%
PAPI Parametric Equity Premium Income ETF	11.92%	6.33%	-0.61%

Correlation

The correlation between SPIN and PAPI is 0.17, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.17
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024	0.30

The correlation between SPIN and PAPI shifts across timeframes, from 0.17 (1 year) to 0.30 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SPIN vs. PAPI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SPIN

SPIN Risk / Return Rank: 48
SPIN Sharpe Ratio Rank: 51
SPIN Sortino Ratio Rank: 48
SPIN Omega Ratio Rank: 50
SPIN Calmar Ratio Rank: 41
SPIN Martin Ratio Rank: 51

PAPI

PAPI Risk / Return Rank: 62
PAPI Sharpe Ratio Rank: 65
PAPI Sortino Ratio Rank: 71
PAPI Omega Ratio Rank: 61
PAPI Calmar Ratio Rank: 65
PAPI Martin Ratio Rank: 50

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SPIN vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street US Equity Premium Income ETF (SPIN) 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.

	SPIN	PAPI	Difference
Sharpe ratio: Return per unit of total volatility	1.42	1.74	-0.31
Sortino ratio: Return per unit of downside risk	1.99	2.62	-0.62
Omega ratio: Gain probability vs. loss probability	1.26	1.30	-0.04
Calmar ratio: Return relative to maximum drawdown	1.68	2.61	-0.93
Martin ratio: Return relative to average drawdown	6.72	6.57	+0.15

SPIN vs. PAPI - Sharpe Ratio Comparison

The current SPIN Sharpe Ratio is 1.42, which is comparable to the PAPI Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of SPIN 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

SPIN vs. PAPI - Drawdown Comparison

The maximum SPIN drawdown since its inception was -16.85%, which is greater than PAPI's maximum drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for SPIN and PAPI.

Drawdown Indicators

	SPIN	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-16.85%	-14.27%	-2.58%
Max Drawdown (1Y) Largest decline over 1 year	-9.81%	-6.86%	-2.95%
Current Drawdown Current decline from peak	-0.02%	-1.57%	+1.55%
Average Drawdown Average peak-to-trough decline	-2.20%	-2.72%	+0.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.45%	2.72%	-0.27%

Volatility

SPIN vs. PAPI - Volatility Comparison

State Street US Equity Premium Income ETF (SPIN) has a higher volatility of 3.81% compared to Parametric Equity Premium Income ETF (PAPI) at 3.25%. This indicates that SPIN'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

	SPIN	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.81%	3.25%	+0.56%
Volatility (6M) Calculated over the trailing 6-month period	8.89%	7.18%	+1.71%
Volatility (1Y) Calculated over the trailing 1-year period	11.60%	10.30%	+1.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.27%	11.70%	+2.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.27%	11.70%	+2.57%

SPIN vs. PAPI - Expense Ratio Comparison

SPIN has a 0.25% expense ratio, which is lower than PAPI's 0.29% expense ratio.

Dividends

SPIN vs. PAPI - Dividend Comparison

SPIN's dividend yield for the trailing twelve months is around 4.84%, less than PAPI's 7.44% yield.

Position	TTM	2025	2024	2023
PAPI Parametric Equity Premium Income ETF	7.44%	7.59%	7.07%	1.45%
SPIN State Street US Equity Premium Income ETF	4.84%	8.20%	2.36%	0.00%

Frequently Asked Questions

Can I hold both SPIN and PAPI in my portfolio?

SPIN and PAPI have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPIN or PAPI?

SPIN has higher volatility (3.81%) compared to PAPI (3.25%). In terms of maximum drawdown, SPIN dropped -16.85% vs PAPI's -14.27%.

Which ETF is better, SPIN or PAPI?

On 1-year performance, PAPI leads with 17.81% vs 16.40% for SPIN. On fees, SPIN is cheaper at 0.25% per year. On volatility, PAPI has been the lower-risk option at 3.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPIN or PAPI?

Over the 1-year period, PAPI has performed better with a 17.81% return vs 16.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPIN or PAPI?

SPIN is cheaper with a 0.25% expense ratio, compared with 0.29% for PAPI.

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

PAPI has the higher dividend yield at 7.44%, compared with 4.84% for SPIN.

What is the main difference between SPIN and PAPI?

They also come from different issuers: State Street and Morgan Stanley. Their fees differ too: 0.25% for SPIN and 0.29% for PAPI.

Which has better risk-adjusted returns?

PAPI currently has the higher Sharpe Ratio (1.74 vs 1.42), 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.