GBND vs. GPIX

Last updated Jul 12, 2026

GBND (Goldman Sachs Core Bond ETF) and GPIX (Goldman Sachs S&P 500 Premium Income ETF) are both exchange-traded funds - GBND is a Intermediate Core Bond fund managed by Goldman Sachs, while GPIX is a Derivative Income fund actively managed by Goldman Sachs. Over the past year, GBND returned 4.33% vs 21.63% for GPIX. At a 0.31 correlation, their price movements are largely independent. GBND charges 0.25%/yr vs 0.29%/yr for GPIX.

Performance

GBND vs. GPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Core Bond ETF (GBND) 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, GBND achieves a 0.13% return, which is significantly lower than GPIX's 10.87% return.

GBND

• 1D: -0.04%
• 1M: -0.41%
• 6M: -0.10%
• YTD: 0.13%
• 1Y: 4.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GPIX

• 1D: 0.32%
• 1M: 2.61%
• 6M: 9.21%
• YTD: 10.87%
• 1Y: 21.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GBND vs. GPIX - Yearly Performance Comparison

	2026 (YTD)	2025
GBND Goldman Sachs Core Bond ETF	0.13%	3.68%
GPIX Goldman Sachs S&P 500 Premium Income ETF	10.87%	12.03%

Correlation

The correlation between GBND and GPIX is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.31

Return for Risk

GBND vs. GPIX — Risk / Return Rank

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

GBND

GBND Risk / Return Rank: 36
GBND Sharpe Ratio Rank: 38
GBND Sortino Ratio Rank: 37
GBND Omega Ratio Rank: 36
GBND Calmar Ratio Rank: 35
GBND Martin Ratio Rank: 35

GPIX

GPIX Risk / Return Rank: 77
GPIX Sharpe Ratio Rank: 78
GPIX Sortino Ratio Rank: 76
GPIX Omega Ratio Rank: 80
GPIX Calmar Ratio Rank: 70
GPIX Martin Ratio Rank: 84

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.

GBND vs. GPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Core Bond ETF (GBND) 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.

	GBND	GPIX	Difference
Sharpe ratio: Return per unit of total volatility	1.09	1.97	-0.88
Sortino ratio: Return per unit of downside risk	1.60	2.73	-1.13
Omega ratio: Gain probability vs. loss probability	1.20	1.37	-0.18
Calmar ratio: Return relative to maximum drawdown	1.43	2.78	-1.34
Martin ratio: Return relative to average drawdown	4.09	13.30	-9.21

GBND vs. GPIX - Sharpe Ratio Comparison

The current GBND Sharpe Ratio is 1.09, which is lower than the GPIX Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of GBND 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

GBND vs. GPIX - Drawdown Comparison

The maximum GBND drawdown since its inception was -2.76%, smaller than the maximum GPIX drawdown of -17.50%. Use the drawdown chart below to compare losses from any high point for GBND and GPIX.

Drawdown Indicators

	GBND	GPIX	Difference
Max Drawdown Largest peak-to-trough decline	-2.76%	-17.50%	+14.74%
Max Drawdown (1Y) Largest decline over 1 year	-2.76%	-7.71%	+4.95%
Current Drawdown Current decline from peak	-1.60%	0.00%	-1.60%
Average Drawdown Average peak-to-trough decline	-0.69%	-1.47%	+0.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	1.61%	-0.64%

Volatility

GBND vs. GPIX - Volatility Comparison

The current volatility for Goldman Sachs Core Bond ETF (GBND) is 1.13%, while Goldman Sachs S&P 500 Premium Income ETF (GPIX) has a volatility of 3.91%. This indicates that GBND experiences smaller price fluctuations and is considered to be less risky than GPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GBND	GPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.13%	3.91%	-2.78%
Volatility (6M) Calculated over the trailing 6-month period	2.87%	8.82%	-5.95%
Volatility (1Y) Calculated over the trailing 1-year period	3.64%	10.86%	-7.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.64%	13.81%	-10.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.64%	13.81%	-10.17%

GBND vs. GPIX - Expense Ratio Comparison

GBND has a 0.25% expense ratio, which is lower than GPIX's 0.29% expense ratio.

Dividends

GBND vs. GPIX - Dividend Comparison

GBND's dividend yield for the trailing twelve months is around 3.84%, less than GPIX's 8.06% yield.

Position	TTM	2025	2024	2023
GBND Goldman Sachs Core Bond ETF	3.84%	2.20%	0.00%	0.00%
GPIX Goldman Sachs S&P 500 Premium Income ETF	8.06%	8.01%	7.45%	1.40%

Frequently Asked Questions

Can I hold both GBND and GPIX in my portfolio?

GBND and GPIX have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GBND or GPIX?

GPIX has higher volatility (3.91%) compared to GBND (1.13%). In terms of maximum drawdown, GBND dropped -2.76% vs GPIX's -17.50%.

Which ETF is better, GBND or GPIX?

On 1-year performance, GPIX leads with 21.63% vs 4.33% for GBND. On fees, GBND is cheaper at 0.25% per year. On volatility, GBND has been the lower-risk option at 1.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GBND or GPIX?

Over the 1-year period, GPIX has performed better with a 21.63% return vs 4.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GBND or GPIX?

GBND is cheaper with a 0.25% expense ratio, compared with 0.29% for GPIX.

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

GPIX has the higher dividend yield at 8.06%, compared with 3.84% for GBND.

What is the main difference between GBND and GPIX?

GBND is categorized as Intermediate Core Bond, while GPIX is Derivative Income. Their fees differ too: 0.25% for GBND and 0.29% for GPIX.

Which has better risk-adjusted returns?

GPIX currently has the higher Sharpe Ratio (1.97 vs 1.09), 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.