XSPI vs. PAPI
Compare and contrast key facts about NEOS Boosted S&P 500 High Income ETF (XSPI) and Parametric Equity Premium Income ETF (PAPI).
XSPI and PAPI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XSPI is a passively managed fund by NEOS Investments that tracks the performance of the S&P 500. It was launched on Feb 2, 2026. PAPI is an actively managed fund by Morgan Stanley. It was launched on Oct 16, 2023.
Performance
XSPI vs. PAPI - Performance Comparison
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XSPI vs. PAPI - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
XSPI NEOS Boosted S&P 500 High Income ETF | -6.90% |
PAPI Parametric Equity Premium Income ETF | 1.13% |
Returns By Period
XSPI
- 1D
- 4.33%
- 1M
- -6.55%
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PAPI
- 1D
- 0.54%
- 1M
- -2.62%
- YTD
- 8.31%
- 6M
- 9.20%
- 1Y
- 11.50%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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XSPI vs. PAPI - Expense Ratio Comparison
XSPI has a 0.98% expense ratio, which is higher than PAPI's 0.29% expense ratio.
Return for Risk
XSPI vs. PAPI — Risk / Return Rank
XSPI
PAPI
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.
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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Sharpe Ratios by Period
| XSPI | PAPI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 0.82 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -1.69 | 1.02 | -2.71 |
Correlation
The correlation between XSPI and PAPI is 0.48, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
XSPI vs. PAPI - Dividend Comparison
XSPI's dividend yield for the trailing twelve months is around 3.08%, less than PAPI's 7.50% yield.
| TTM | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
XSPI NEOS Boosted S&P 500 High Income ETF | 3.08% | 0.00% | 0.00% | 0.00% |
PAPI Parametric Equity Premium Income ETF | 7.50% | 7.59% | 7.07% | 1.45% |
Drawdowns
XSPI vs. PAPI - Drawdown Comparison
The maximum XSPI drawdown since its inception was -11.59%, 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.
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Drawdown Indicators
| XSPI | PAPI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.59% | -14.27% | +2.68% |
Max Drawdown (1Y)Largest decline over 1 year | — | -11.59% | — |
Current DrawdownCurrent decline from peak | -7.77% | -2.82% | -4.95% |
Average DrawdownAverage peak-to-trough decline | -3.48% | -2.57% | -0.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 2.72% | — |
Volatility
XSPI vs. PAPI - Volatility Comparison
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Volatility by Period
| XSPI | PAPI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 3.21% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 7.51% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 22.20% | 14.14% | +8.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.20% | 11.96% | +10.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.20% | 11.96% | +10.24% |