DIPS vs. GPIX

Last updated Jun 25, 2026

DIPS (YieldMax Short NVDA Option Income Strategy ETF) and GPIX (Goldman Sachs S&P 500 Premium Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, DIPS returned -19.67% vs 20.92% for GPIX. At a correlation of -0.62, they often move in opposite directions. DIPS charges 0.99%/yr vs 0.29%/yr for GPIX.

Performance

DIPS vs. GPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Short NVDA Option Income Strategy ETF (DIPS) and Goldman Sachs S&P 500 Premium Income ETF (GPIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DIPS achieves a -3.11% return, which is significantly lower than GPIX's 7.91% return.

DIPS

• 1D: 0.65%
• 1M: 7.53%
• YTD: -3.11%
• 6M: -2.24%
• 1Y: -19.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GPIX

• 1D: -0.07%
• 1M: -0.85%
• YTD: 7.91%
• 6M: 6.94%
• 1Y: 20.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DIPS vs. GPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DIPS YieldMax Short NVDA Option Income Strategy ETF	-3.11%	-31.46%	-22.13%
GPIX Goldman Sachs S&P 500 Premium Income ETF	7.91%	16.25%	7.14%

Correlation

The correlation between DIPS and GPIX is -0.57, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.57
Correlation (All Time) Calculated using the full available price history since Jul 24, 2024	-0.62

The correlation between DIPS and GPIX has been stable across timeframes, ranging from -0.62 to -0.57 - a consistent structural relationship.

Return for Risk

DIPS vs. GPIX — Risk / Return Rank

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

DIPS

DIPS Risk / Return Rank: 3
DIPS Sharpe Ratio Rank: 4
DIPS Sortino Ratio Rank: 4
DIPS Omega Ratio Rank: 4
DIPS Calmar Ratio Rank: 3
DIPS Martin Ratio Rank: 2

GPIX

GPIX Risk / Return Rank: 68
GPIX Sharpe Ratio Rank: 67
GPIX Sortino Ratio Rank: 65
GPIX Omega Ratio Rank: 69
GPIX Calmar Ratio Rank: 61
GPIX Martin Ratio Rank: 77

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.

DIPS vs. GPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Short NVDA Option Income Strategy ETF (DIPS) and Goldman Sachs S&P 500 Premium Income ETF (GPIX). 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.

	DIPS	GPIX	Difference
Sharpe ratio: Return per unit of total volatility	-0.69	1.95	-2.64
Sortino ratio: Return per unit of downside risk	-0.83	2.68	-3.52
Omega ratio: Gain probability vs. loss probability	0.90	1.37	-0.47
Calmar ratio: Return relative to maximum drawdown	-0.69	2.73	-3.42
Martin ratio: Return relative to average drawdown	-1.39	13.20	-14.59

DIPS vs. GPIX - Sharpe Ratio Comparison

The current DIPS Sharpe Ratio is -0.69, which is lower than the GPIX Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of DIPS and GPIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DIPS vs. GPIX - Drawdown Comparison

The maximum DIPS drawdown since its inception was -59.93%, which is greater than GPIX's maximum drawdown of -17.50%. Use the drawdown chart below to compare losses from any high point for DIPS and GPIX.

Drawdown Indicators

	DIPS	GPIX	Difference
Max Drawdown Largest peak-to-trough decline	-59.93%	-17.50%	-42.43%
Max Drawdown (1Y) Largest decline over 1 year	-28.54%	-7.71%	-20.83%
Current Drawdown Current decline from peak	-53.13%	-2.29%	-50.84%
Average Drawdown Average peak-to-trough decline	-38.61%	-1.48%	-37.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.31%	1.59%	+15.72%

Volatility

DIPS vs. GPIX - Volatility Comparison

YieldMax Short NVDA Option Income Strategy ETF (DIPS) has a higher volatility of 9.79% compared to Goldman Sachs S&P 500 Premium Income ETF (GPIX) at 4.24%. This indicates that DIPS's price experiences larger fluctuations and is considered to be riskier than GPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DIPS	GPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.79%	4.24%	+5.55%
Volatility (6M) Calculated over the trailing 6-month period	21.67%	8.71%	+12.96%
Volatility (1Y) Calculated over the trailing 1-year period	28.80%	10.79%	+18.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.91%	13.88%	+24.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.91%	13.88%	+24.03%

DIPS vs. GPIX - Expense Ratio Comparison

DIPS has a 0.99% expense ratio, which is higher than GPIX's 0.29% expense ratio.

Dividends

DIPS vs. GPIX - Dividend Comparison

DIPS's dividend yield for the trailing twelve months is around 60.12%, more than GPIX's 8.14% yield.

Position	TTM	2025	2024	2023
DIPS YieldMax Short NVDA Option Income Strategy ETF	60.12%	96.20%	24.18%	0.00%
GPIX Goldman Sachs S&P 500 Premium Income ETF	8.14%	8.01%	7.45%	1.40%

Frequently Asked Questions

Can I hold both DIPS and GPIX in my portfolio?

DIPS and GPIX have a correlation of -0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DIPS or GPIX?

DIPS has higher volatility (9.79%) compared to GPIX (4.24%). In terms of maximum drawdown, DIPS dropped -59.93% vs GPIX's -17.50%.

Which ETF is better, DIPS or GPIX?

On 1-year performance, GPIX leads with 20.92% vs -19.67% for DIPS. On fees, GPIX is cheaper at 0.29% per year. On volatility, GPIX has been the lower-risk option at 4.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DIPS or GPIX?

Over the 1-year period, GPIX has performed better with a 20.92% return vs -19.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DIPS or GPIX?

GPIX is cheaper with a 0.29% expense ratio, compared with 0.99% for DIPS.

Which ETF pays a higher dividend yield, DIPS or GPIX?

DIPS has the higher dividend yield at 60.12%, compared with 8.14% for GPIX.

What is the main difference between DIPS and GPIX?

They also come from different issuers: YieldMax and Goldman Sachs. Their fees differ too: 0.99% for DIPS and 0.29% for GPIX.

Which has better risk-adjusted returns?

GPIX currently has the higher Sharpe Ratio (1.95 vs -0.69), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.