SPYH vs. PAPI

Last updated Aug 2, 2026

SPYH (NEOS S&P 500 Hedged Equity Income ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, SPYH returned 14.86% vs 19.72% for PAPI. Their 0.34 correlation means their historical movements had little consistent relationship. SPYH charges 0.68%/yr vs 0.29%/yr for PAPI.

Performance

SPYH vs. PAPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS S&P 500 Hedged Equity Income ETF (SPYH) 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, SPYH achieves a 5.96% return, which is significantly lower than PAPI's 12.17% return.

SPYH

• 1D: 0.69%
• 1M: 0.68%
• 6M: 4.69%
• YTD: 5.96%
• 1Y: 14.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 19.88%

PAPI

• 1D: -0.23%
• 1M: 2.42%
• 6M: 5.56%
• YTD: 12.17%
• 1Y: 19.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.62%

*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	$2.06M	$2.02M	$1.93M
SPYH NEOS S&P 500 Hedged Equity Income ETF	$472.46K	$589.47K	$594.95K

SPYH vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025
SPYH NEOS S&P 500 Hedged Equity Income ETF	5.96%	20.01%
PAPI Parametric Equity Premium Income ETF	12.17%	2.48%

Correlation

The correlation between SPYH and PAPI is 0.22, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.22
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	0.34

The correlation between SPYH and PAPI shifts across timeframes, from 0.22 (1 year) to 0.34 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SPYH vs. PAPI — Risk / Return Rank

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

SPYH

SPYH Risk / Return Rank: 70
SPYH Sharpe Ratio Rank: 70
SPYH Sortino Ratio Rank: 67
SPYH Omega Ratio Rank: 70
SPYH Calmar Ratio Rank: 65
SPYH Martin Ratio Rank: 79

PAPI

PAPI Risk / Return Rank: 73
PAPI Sharpe Ratio Rank: 78
PAPI Sortino Ratio Rank: 81
PAPI Omega Ratio Rank: 74
PAPI Calmar Ratio Rank: 77
PAPI Martin Ratio Rank: 57

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.

SPYH vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS S&P 500 Hedged Equity Income ETF (SPYH) 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.

	SPYH	PAPI	Difference
Sharpe ratio: Return per unit of total volatility	1.60	1.77	-0.18
Sortino ratio: Return per unit of downside risk	2.20	2.65	-0.45
Omega ratio: Gain probability vs. loss probability	1.29	1.31	-0.01
Calmar ratio: Return relative to maximum drawdown	2.28	2.69	-0.41
Martin ratio: Return relative to average drawdown	10.14	6.78	+3.36

SPYH vs. PAPI - Sharpe Ratio Comparison

The current SPYH Sharpe Ratio is 1.60, which is comparable to the PAPI Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of SPYH 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

SPYH vs. PAPI - Drawdown Comparison

The maximum SPYH drawdown since its inception was -7.22%, smaller than the maximum PAPI drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for SPYH and PAPI.

Drawdown Indicators

	SPYH	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-7.22%	-14.27%	+7.05%
Max Drawdown (1Y) Largest decline over 1 year	-6.02%	-6.86%	+0.84%
Current Drawdown Current decline from peak	-0.37%	-1.36%	+0.99%
Average Drawdown Average peak-to-trough decline	-0.77%	-2.72%	+1.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.35%	2.71%	-1.36%

Volatility

SPYH vs. PAPI - Volatility Comparison

The current volatility for NEOS S&P 500 Hedged Equity Income ETF (SPYH) is 2.67%, while Parametric Equity Premium Income ETF (PAPI) has a volatility of 3.49%. This indicates that SPYH experiences smaller price fluctuations and is considered to be less risky than PAPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYH	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.67%	3.49%	-0.82%
Volatility (6M) Calculated over the trailing 6-month period	6.61%	7.24%	-0.63%
Volatility (1Y) Calculated over the trailing 1-year period	8.61%	10.44%	-1.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.17%	11.73%	+0.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.17%	11.73%	+0.44%

SPYH vs. PAPI - Expense Ratio Comparison

SPYH has a 0.68% expense ratio, which is higher than PAPI's 0.29% expense ratio.

Dividends

SPYH vs. PAPI - Dividend Comparison

SPYH's dividend yield for the trailing twelve months is around 7.71%, more than PAPI's 7.42% yield.

Position	TTM	2025	2024	2023
PAPI Parametric Equity Premium Income ETF	7.42%	7.59%	7.07%	1.45%
SPYH NEOS S&P 500 Hedged Equity Income ETF	7.71%	5.54%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPYH and PAPI in my portfolio?

SPYH and PAPI have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYH or PAPI?

PAPI has higher volatility (3.49%) compared to SPYH (2.67%). In terms of maximum drawdown, SPYH dropped -7.22% vs PAPI's -14.27%.

Which ETF is better, SPYH or PAPI?

On 1-year performance, PAPI leads with 19.72% vs 14.86% for SPYH. On fees, PAPI is cheaper at 0.29% per year. On volatility, SPYH has been the lower-risk option at 2.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYH or PAPI?

Over the 1-year period, PAPI has performed better with a 19.72% return vs 14.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYH or PAPI?

PAPI is cheaper with a 0.29% expense ratio, compared with 0.68% for SPYH.

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

SPYH has the higher dividend yield at 7.71%, compared with 7.42% for PAPI.

What is the main difference between SPYH and PAPI?

They also come from different issuers: Neos and Morgan Stanley. Their fees differ too: 0.68% for SPYH and 0.29% for PAPI.

Which has better risk-adjusted returns?

PAPI currently has the higher Sharpe Ratio (1.77 vs 1.60), 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.