XLSI vs. PAPI

Last updated Jun 4, 2026

XLSI (Consumer Staples Select Sector SPDR Premium Income ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. Both are actively managed. At a 0.42 correlation, their price movements are largely independent. XLSI charges 0.35%/yr vs 0.29%/yr for PAPI.

Performance

XLSI vs. PAPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Consumer Staples Select Sector SPDR Premium Income ETF (XLSI) 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, XLSI achieves a 1.78% return, which is significantly lower than PAPI's 5.81% return.

XLSI

• 1D: 0.33%
• 1M: -1.28%
• YTD: 1.78%
• 6M: 1.76%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAPI

• 1D: -0.26%
• 1M: 0.28%
• YTD: 5.81%
• 6M: 5.78%
• 1Y: 12.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XLSI vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025
XLSI Consumer Staples Select Sector SPDR Premium Income ETF	1.78%	-0.33%
PAPI Parametric Equity Premium Income ETF	5.81%	4.71%

Correlation

The correlation between XLSI and PAPI is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 31, 2025	0.42

XLSI vs. PAPI - Sectors Allocation Comparison

Sectors	XLSI	PAPI
Financial Services	100.1%	9.9%
Basic Materials	-	7.8%
Communication Services	-	5.4%
Consumer Cyclical	-	12.1%
Consumer Defensive	-	10.1%
Energy	-	11.6%
Healthcare	-	10.7%
Industrials	-	9.9%
Real Estate	-	-
Technology	-	12.5%
Utilities	-	10.1%

Return for Risk

XLSI vs. PAPI — Risk / Return Rank

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

PAPI

PAPI Risk / Return Rank: 33
PAPI Sharpe Ratio Rank: 32
PAPI Sortino Ratio Rank: 34
PAPI Omega Ratio Rank: 30
PAPI Calmar Ratio Rank: 37
PAPI Martin Ratio Rank: 33

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.

XLSI vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Consumer Staples Select Sector SPDR Premium Income ETF (XLSI) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	XLSI	PAPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.19	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	0.88	-0.71

Drawdowns

XLSI vs. PAPI - Drawdown Comparison

The maximum XLSI drawdown since its inception was -7.87%, smaller than the maximum PAPI drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for XLSI and PAPI.

Drawdown Indicators

	XLSI	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-7.87%	-14.27%	+6.40%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.86%	—
Current Drawdown Current decline from peak	-6.43%	-5.06%	-1.37%
Average Drawdown Average peak-to-trough decline	-3.21%	-2.73%	-0.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.53%	—

Volatility

Volatility by Period

	XLSI	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.23%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.00%	—
Volatility (1Y) Calculated over the trailing 1-year period	10.44%	10.55%	-0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.44%	11.76%	-1.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.44%	11.76%	-1.32%

XLSI vs. PAPI - Expense Ratio Comparison

XLSI has a 0.35% expense ratio, which is higher than PAPI's 0.29% expense ratio.

Dividends

XLSI vs. PAPI - Dividend Comparison

XLSI's dividend yield for the trailing twelve months is around 10.76%, more than PAPI's 7.62% yield.

Position	TTM	2025	2024	2023
PAPI Parametric Equity Premium Income ETF	7.62%	7.59%	7.07%	1.45%
XLSI Consumer Staples Select Sector SPDR Premium Income ETF	10.76%	5.34%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XLSI and PAPI in my portfolio?

XLSI and PAPI have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XLSI or PAPI?

On fees, PAPI is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XLSI or PAPI?

PAPI is cheaper with a 0.29% expense ratio, compared with 0.35% for XLSI.

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

XLSI has the higher dividend yield at 10.76%, compared with 7.62% for PAPI.

What is the main difference between XLSI and PAPI?

They also come from different issuers: State Street and Morgan Stanley. Their fees differ too: 0.35% for XLSI and 0.29% for PAPI.