XSPI vs. PAPI

Last updated Jun 24, 2026

XSPI (NEOS Boosted S&P 500 High Income ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. XSPI is passively managed, while PAPI is actively managed. At a 0.19 correlation, their price movements are largely independent. XSPI charges 0.98%/yr vs 0.29%/yr for PAPI.

Performance

XSPI vs. PAPI - Performance Comparison

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

Returns By Period

XSPI

• 1D: -1.72%
• 1M: -1.90%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAPI

• 1D: 0.45%
• 1M: 0.17%
• YTD: 6.57%
• 6M: 5.93%
• 1Y: 12.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XSPI vs. PAPI - Yearly Performance Comparison

	2026 (YTD)
XSPI NEOS Boosted S&P 500 High Income ETF	3.95%
PAPI Parametric Equity Premium Income ETF	-0.22%

Correlation

The correlation between XSPI and PAPI is 0.19, 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 Feb 3, 2026	0.19

Return for Risk

XSPI vs. PAPI — Risk / Return Rank

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

XSPI

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

PAPI

PAPI Risk / Return Rank: 34
PAPI Sharpe Ratio Rank: 33
PAPI Sortino Ratio Rank: 35
PAPI Omega Ratio Rank: 31
PAPI Calmar Ratio Rank: 37
PAPI Martin Ratio Rank: 32

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.

XSPI vs. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Boosted S&P 500 High Income ETF (XSPI) 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.

	XSPI	PAPI	Difference
Sharpe ratio: Return per unit of total volatility	—	1.15	—
Sortino ratio: Return per unit of downside risk	—	1.74	—
Omega ratio: Gain probability vs. loss probability	—	1.20	—
Calmar ratio: Return relative to maximum drawdown	—	1.76	—
Martin ratio: Return relative to average drawdown	—	4.42	—

Drawdowns

XSPI vs. PAPI - Drawdown Comparison

The maximum XSPI drawdown since its inception was -11.78%, smaller than the maximum PAPI drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for XSPI and PAPI.

Drawdown Indicators

	XSPI	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-11.78%	-14.27%	+2.49%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.86%	—
Current Drawdown Current decline from peak	-3.70%	-4.37%	+0.67%
Average Drawdown Average peak-to-trough decline	-2.41%	-2.77%	+0.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.72%	—

Volatility

Volatility by Period

	XSPI	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.68%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.05%	—
Volatility (1Y) Calculated over the trailing 1-year period	18.76%	10.55%	+8.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.76%	11.73%	+7.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.76%	11.73%	+7.03%

XSPI vs. PAPI - Expense Ratio Comparison

XSPI has a 0.98% expense ratio, which is higher than PAPI's 0.29% expense ratio.

Dividends

XSPI vs. PAPI - Dividend Comparison

XSPI's dividend yield for the trailing twelve months is around 7.03%, less than PAPI's 7.56% yield.

Position	TTM	2025	2024	2023
PAPI Parametric Equity Premium Income ETF	7.56%	7.59%	7.07%	1.45%
XSPI NEOS Boosted S&P 500 High Income ETF	7.03%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XSPI and PAPI in my portfolio?

XSPI and PAPI have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XSPI 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, XSPI or PAPI?

PAPI is cheaper with a 0.29% expense ratio, compared with 0.98% for XSPI.

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

PAPI has the higher dividend yield at 7.56%, compared with 7.03% for XSPI.

What is the main difference between XSPI and PAPI?

They also come from different issuers: NEOS Investments and Morgan Stanley. Their fees differ too: 0.98% for XSPI and 0.29% for PAPI.