GDX vs. GPIX

Last updated Jun 16, 2026

GDX (VanEck Gold Miners ETF) and GPIX (Goldman Sachs S&P 500 Premium Income ETF) are both exchange-traded funds - GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index, while GPIX is a Derivative Income fund actively managed by Goldman Sachs. GDX is passively managed, while GPIX is actively managed. Over the past year, GDX returned 57.71% vs 25.72% for GPIX. At a 0.28 correlation, their price movements are largely independent. GDX charges 0.51%/yr vs 0.29%/yr for GPIX.

Performance

GDX vs. GPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Gold Miners ETF (GDX) 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, GDX achieves a -0.58% return, which is significantly lower than GPIX's 10.28% return.

GDX

• 1D: 6.55%
• 1M: -2.38%
• YTD: -0.58%
• 6M: 1.22%
• 1Y: 57.71%
• 3Y*: 41.18%
• 5Y*: 19.97%
• 10Y*: 13.81%

GPIX

• 1D: 1.51%
• 1M: 2.08%
• YTD: 10.28%
• 6M: 10.95%
• 1Y: 25.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GDX vs. GPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GDX VanEck Gold Miners ETF	-0.58%	154.77%	10.63%	9.52%
GPIX Goldman Sachs S&P 500 Premium Income ETF	10.28%	16.25%	21.77%	13.04%

Correlation

The correlation between GDX and GPIX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (All Time) Calculated using the full available price history since Oct 26, 2023	0.28

The correlation between GDX and GPIX shifts across timeframes, from 0.28 (all time) to 0.40 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GDX vs. GPIX — Risk / Return Rank

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

GDX

GDX Risk / Return Rank: 35
GDX Sharpe Ratio Rank: 38
GDX Sortino Ratio Rank: 33
GDX Omega Ratio Rank: 38
GDX Calmar Ratio Rank: 35
GDX Martin Ratio Rank: 33

GPIX

GPIX Risk / Return Rank: 83
GPIX Sharpe Ratio Rank: 84
GPIX Sortino Ratio Rank: 84
GPIX Omega Ratio Rank: 86
GPIX Calmar Ratio Rank: 73
GPIX Martin Ratio Rank: 86

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.

GDX vs. GPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) 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.

	GDX	GPIX	Difference
Sharpe ratio: Return per unit of total volatility	1.23	2.42	-1.19
Sortino ratio: Return per unit of downside risk	1.65	3.30	-1.65
Omega ratio: Gain probability vs. loss probability	1.23	1.46	-0.23
Calmar ratio: Return relative to maximum drawdown	1.60	3.35	-1.75
Martin ratio: Return relative to average drawdown	4.39	16.40	-12.01

GDX vs. GPIX - Sharpe Ratio Comparison

The current GDX Sharpe Ratio is 1.23, which is lower than the GPIX Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of GDX 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

GDX vs. GPIX - Drawdown Comparison

The maximum GDX drawdown since its inception was -80.34%, which is greater than GPIX's maximum drawdown of -17.50%. Use the drawdown chart below to compare losses from any high point for GDX and GPIX.

Drawdown Indicators

	GDX	GPIX	Difference
Max Drawdown Largest peak-to-trough decline	-80.34%	-17.50%	-62.84%
Max Drawdown (1Y) Largest decline over 1 year	-36.28%	-7.71%	-28.57%
Max Drawdown (3Y) Largest decline over 3 years	-36.28%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-46.51%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-49.79%	—	—
Current Drawdown Current decline from peak	-26.39%	-0.14%	-26.25%
Average Drawdown Average peak-to-trough decline	-40.41%	-1.48%	-38.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.22%	1.57%	+11.65%

Volatility

GDX vs. GPIX - Volatility Comparison

VanEck Gold Miners ETF (GDX) has a higher volatility of 18.56% compared to Goldman Sachs S&P 500 Premium Income ETF (GPIX) at 4.00%. This indicates that GDX'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

	GDX	GPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.56%	4.00%	+14.56%
Volatility (6M) Calculated over the trailing 6-month period	39.52%	8.63%	+30.89%
Volatility (1Y) Calculated over the trailing 1-year period	47.30%	10.69%	+36.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.86%	13.88%	+22.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.37%	13.88%	+23.49%

GDX vs. GPIX - Expense Ratio Comparison

GDX has a 0.51% expense ratio, which is higher than GPIX's 0.29% expense ratio.

Dividends

GDX vs. GPIX - Dividend Comparison

GDX's dividend yield for the trailing twelve months is around 0.74%, less than GPIX's 7.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDX VanEck Gold Miners ETF	0.74%	0.74%	1.19%	1.61%	1.66%	1.67%	0.53%	0.67%	0.50%	0.76%	0.26%	0.85%
GPIX Goldman Sachs S&P 500 Premium Income ETF	7.97%	8.01%	7.45%	1.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GDX and GPIX in my portfolio?

GDX and GPIX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GDX or GPIX?

GDX has higher volatility (18.56%) compared to GPIX (4.00%). In terms of maximum drawdown, GDX dropped -80.34% vs GPIX's -17.50%.

Which ETF is better, GDX or GPIX?

On 1-year performance, GDX leads with 57.71% vs 25.72% for GPIX. On fees, GPIX is cheaper at 0.29% per year. On volatility, GPIX has been the lower-risk option at 4.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDX or GPIX?

Over the 1-year period, GDX has performed better with a 57.71% return vs 25.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDX or GPIX?

GPIX is cheaper with a 0.29% expense ratio, compared with 0.51% for GDX.

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

GPIX has the higher dividend yield at 7.97%, compared with 0.74% for GDX.

What is the main difference between GDX and GPIX?

GDX is categorized as Gold, while GPIX is Derivative Income. They also come from different issuers: VanEck and Goldman Sachs. Their fees differ too: 0.51% for GDX and 0.29% for GPIX.

Which has better risk-adjusted returns?

GPIX currently has the higher Sharpe Ratio (2.42 vs 1.23), 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.