IVV vs PAPI
iShares Core S&P 500 ETF vs Parametric Equity Premium Income ETF
Which is better, IVV or PAPI?
IVV has been ahead.
IVV has a lower expense ratio. IVV led over 1Y, 3Y and the full window. PAPI is less concentrated, with 7.7% of the fund in its ten largest positions against 37.8%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | IVV | PAPI |
|---|---|---|
| Expense Ratio | 0.03%Best | 0.29% |
| AUM | $876.4B | $473M |
| Dividend Yield | 1.06% | 7.35% |
| Holdings | 508 | 193 |
| YTD Return | +12.27%Best | +10.80% |
| 1Y Return | +17.04%Best | +13.64% |
| 3Y Return (annualized) | +21.24%Best | +11.18% |
| 5Y Return (annualized) | +13.08% | - |
| Volatility (annualized) | 12.4% | 10.2%Best |
| Max Drawdown | -18.8% | -14.3%Best |
| $10,000 over 2.9 years | $18,486Best | $13,598 |
| Top 10 Weight | 37.8% | 7.7%Best |
| Fund Family | iShares by BlackRock (US) | Parametric |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | May 15, 2000 | Oct 16, 2023 |
Volatility and max drawdown, and the $10,000 over 2.9 years row, are measured over the window both funds cover: Oct 19, 2023 to Sep 17, 2026 (2.9 years).
IVV vs PAPI growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 2.9 years both funds cover.
IVV vs PAPI Performance
iShares Core S&P 500 ETF (IVV) is an ETF from iShares by BlackRock (US) and Parametric Equity Premium Income ETF (PAPI) is an ETF from Parametric. Over the past year IVV returned +17.04% while PAPI returned +13.64%. Year to date, IVV is up 12.27% versus a gain of 10.80% for PAPI.
Over three years, IVV compounded at +21.24% per year against +11.18% for PAPI.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IVV has been the more volatile fund, with annualized monthly volatility of 12.4% compared with 10.2% for PAPI. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -18.8% for IVV and -14.3% for PAPI. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.28. They move largely independently of each other.
Fees and Cost Over Time
IVV charges 0.03% per year while PAPI charges 0.29%. On a $10,000 position that is $3 vs $29 annually, a gap of $26 per year that compounds over a long holding period. On income, IVV currently yields 1.06% against 7.35% for PAPI.
Holdings Overlap
26.1% of IVV's money is in holdings PAPI also owns. 59.5% of PAPI's money is in holdings IVV also owns.
The two portfolios partly overlap.
112 positions in common, counted across the 490 positions we hold weights for in IVV and 188 in PAPI, against full books of 508 and 193.
What only one of them owns
Our book lists 71 positions for PAPI that do not appear in our book for IVV (37.8% of the fund), and 371 for IVV that do not appear in PAPI (72.6%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in IVV | Weight in PAPI | Difference |
|---|---|---|---|
| MSFTMicrosoft Corp | 5.69% | 0.66% | 5.03% |
| GOOGLAlphabet Inc,class A | 3.00% | 0.53% | 2.47% |
| XOMExxon Mobil Corp. | 1.01% | 0.53% | 0.48% |
| JNJJohnson & Johnson - Common | 0.97% | 0.53% | 0.44% |
| ABBVAbbvie Inc. | 0.68% | 0.57% | 0.11% |
| CSCOCisco Systems Inc. - Ordinary Shares | 0.66% | 0.54% | 0.12% |
| MRKMerck & Company Inc | 0.55% | 0.60% | 0.05% |
| COSTCostco Wholesale Corp. | 0.63% | 0.51% | 0.12% |
| CVXChevron Corp | 0.58% | 0.55% | 0.03% |
| CRMSalesforce Inc Crm Us Equity | 0.32% | 0.79% | 0.47% |
59.5% of PAPI is already inside IVV.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, IVV or PAPI?
IVV has an expense ratio of 0.03% while PAPI charges 0.29%. IVV is the cheaper option, by $26 a year on a $10,000 investment.
Which performed better, IVV or PAPI?
Over the past year IVV returned +17.04% vs +13.64% for PAPI, so IVV leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, IVV or PAPI?
IVV has been the more volatile fund at 12.4% annualized versus 10.2% for PAPI. Worst drawdown: IVV -18.8% vs PAPI -14.3%.
Should I hold both IVV and PAPI?
IVV and PAPI have a monthly-return correlation of 0.28, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between IVV and PAPI?
59.5% of PAPI's money is in holdings IVV also owns. 59.5% of PAPI's is in holdings IVV also owns. They hold 112 positions in common, counted across the 490 positions we hold weights for in IVV and 188 in PAPI.
Which pays a higher dividend, IVV or PAPI?
IVV yields 1.06% while PAPI yields 7.35%, so PAPI currently pays the higher dividend yield.
Is PAPI better than IVV?
IVV has a lower expense ratio. IVV led over 1Y, 3Y and the full window. PAPI is less concentrated, with 7.7% of the fund in its ten largest positions against 37.8%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.