Parametric Equity Premium Income ETF (PAPI) Performance
PAPI total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +15.6% since Dec 31, 2025
- 1 year
- +16.5% total return
- 3 years
- +12.9% a year
- Since first price
- +12.1% a year since 2023
PAPI trailing returns vs SPY, QQQ, AGG
| Period | PAPI total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +5.3% | +4.6% | −1.0% | −5.0% | +0.9% |
| 3 months | +4.4% | +2.5% | +3.2% | +1.9% | −0.4% |
| 6 months | +9.2% | +5.2% | +7.8% | +8.4% | −1.5% |
| YTD | +15.6% | +9.1% | +12.3% | +15.1% | −1.0% |
| 1 year | +16.5% | +7.9% | +14.4% | +15.9% | −1.1% |
| 3 years | +43.7%+12.9%/yr | +15.6% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| Since inceptionOct 19, 2023 | +41.0%+12.1%/yr | +13.4% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: PAPI vs SPY
From Oct 19, 2023: PAPI grew to $14,102, SPY to $18,479.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
PAPI returns by calendar year
2 of 2 full years positive. Best 2024 (+8.9%), worst 2025 (+6.3%). 2026 is year to date.
PAPI annual returns table
| Year | PAPI | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +15.6% | −6.9% | +12.3% | +15.1% | −1.0% |
| 2025 | +6.3% | −11.6% | +17.7% | +20.8% | +7.2% |
| 2024 | +8.9% | −7.3% | +24.9% | +25.6% | +1.3% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
PAPI largest drawdowns
Now 0.5% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Nov 25, 2024 | −14.3% | Apr 8, 2025 | Dec 10, 2025 | 4 months | 1.0 years |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
PAPI risk statistics
| Statistic | Since 2023 |
|---|---|
| Annualized return | +10.6% |
| Volatility (annualized) | 10.7% |
| Sharpe ratio | 0.59 |
| Sortino ratio | 0.96 |
| Best month | +6.3% |
| Worst month | −6.1% |
| Best 12 months | +20.9% |
| Worst 12 months | −0.4% |
| Positive months | 57% |
| Beta vs S&P 500 | — |
| Correlation with S&P 500 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
PAPI rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 25 | −0.4% | +10.6% | +20.9% | 96% |
| 3-year (a year) | 1 | +12.8% | +12.8% | +12.8% | 100% |
Every holding period starting at a month-end since 2023. Returns for 3 years and longer are annualized.
PAPI performance overview
Parametric Equity Premium Income ETF (PAPI) returned +16.5% over the past year, with distributions reinvested. Since its first recorded price in 2023 it has returned +12.1% a year, turning $10,000 into about $14,102. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −14.3%, from Nov 25, 2024 to Apr 8, 2025, and it took 8 months to get back to the old high. Volatility has been 10.7% a year.
Related: PAPI chart, PAPI holdings, PAPI dividends, PAPI valuation. See the PAPI overview for the latest quote and fund facts.
PAPI performance FAQ
What is the PAPI return over the past year?
PAPI returned +16.5% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 7.9%.
How much would $10,000 invested in PAPI be worth?
$10,000 invested in PAPI at its first recorded close on October 19, 2023 would be worth about $14,102 on October 23, 2026 with distributions reinvested.
What was the worst year for PAPI?
The worst calendar year was 2025, with a total return of +6.3%. The best was 2024 at +8.9%.
What is the biggest drawdown of PAPI?
The largest peak-to-trough decline was −14.3% between November 25, 2024 and April 8, 2025. It recovered to the old high on December 10, 2025, 8 months after the bottom.
How volatile is PAPI?
Over the past history PAPI had an annualized volatility of 10.7% and a Sharpe ratio of 0.59 (excess return over 1–3 month T-bills per unit of risk).