XLVI vs. PAPI

Last updated Jun 4, 2026

XLVI (State Street Health Care Select Sector SPDR Premium Income ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. Both are actively managed. At a 0.43 correlation, their price movements are largely independent. XLVI charges 0.35%/yr vs 0.29%/yr for PAPI.

Performance

XLVI vs. PAPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Health Care Select Sector SPDR Premium Income ETF (XLVI) 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, XLVI achieves a -0.67% return, which is significantly lower than PAPI's 5.81% return.

XLVI

• 1D: 0.67%
• 1M: 2.30%
• YTD: -0.67%
• 6M: 0.76%
• 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)

XLVI vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025
XLVI State Street Health Care Select Sector SPDR Premium Income ETF	-0.67%	12.79%
PAPI Parametric Equity Premium Income ETF	5.81%	4.71%

Correlation

The correlation between XLVI and PAPI is 0.43, 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	0.43

XLVI vs. PAPI - Sectors Allocation Comparison

Sectors	XLVI	PAPI
Financial Services	100.6%	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

XLVI 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.

XLVI vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Health Care Select Sector SPDR Premium Income ETF (XLVI) 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

	XLVI	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	1.33	0.88	+0.45

Drawdowns

XLVI vs. PAPI - Drawdown Comparison

The maximum XLVI drawdown since its inception was -8.14%, smaller than the maximum PAPI drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for XLVI and PAPI.

Drawdown Indicators

	XLVI	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-8.14%	-14.27%	+6.13%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.86%	—
Current Drawdown Current decline from peak	-4.02%	-5.06%	+1.04%
Average Drawdown Average peak-to-trough decline	-1.95%	-2.73%	+0.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.53%	—

Volatility

Volatility by Period

	XLVI	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	10.94%	10.55%	+0.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.94%	11.76%	-0.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.94%	11.76%	-0.82%

XLVI vs. PAPI - Expense Ratio Comparison

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

Dividends

XLVI vs. PAPI - Dividend Comparison

XLVI's dividend yield for the trailing twelve months is around 11.53%, 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%
XLVI State Street Health Care Select Sector SPDR Premium Income ETF	11.53%	5.73%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XLVI and PAPI in my portfolio?

XLVI and PAPI have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XLVI 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, XLVI or PAPI?

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

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

XLVI has the higher dividend yield at 11.53%, compared with 7.62% for PAPI.

What is the main difference between XLVI and PAPI?

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