Volume shrinkage is one of the problems hindering the use of photopolymers as holographic memories. In this study, we examined holographic recording in photopolymers utilizing cationic polymerization reaction with little shrinkage. We utilized oxetane and epoxide as the cationic monomers. Binder and monomer optimization was carried out from the viewpoint of the diffraction efficiency of the recorded hologram and it was clarified that the glass transition temperature of the photosensitive layer and the refractive index difference between the binder and the monomer were correlated with the diffraction efficiency. A low glass transition temperature and a large refractive index difference indicate a high diffraction efficiency.