GPIX vs. GHYB

Last updated Jun 4, 2026

GPIX (Goldman Sachs S&P 500 Premium Income ETF) and GHYB (Goldman Sachs Access High Yield Corporate Bond ETF) are both exchange-traded funds - GPIX is a Derivative Income fund actively managed by Goldman Sachs, while GHYB is a High Yield Bonds fund tracking the FTSE Goldman Sachs High Yield Corporate Bond Index. GPIX is actively managed, while GHYB is passively managed. Over the past year, GPIX returned 25.55% vs 6.91% for GHYB. A 0.64 correlation means they provide meaningful diversification when combined. GPIX charges 0.29%/yr vs 0.34%/yr for GHYB.

Performance

GPIX vs. GHYB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs S&P 500 Premium Income ETF (GPIX) and Goldman Sachs Access High Yield Corporate Bond ETF (GHYB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GPIX achieves a 9.91% return, which is significantly higher than GHYB's 1.16% return.

GPIX

• 1D: -0.48%
• 1M: 4.27%
• YTD: 9.91%
• 6M: 10.34%
• 1Y: 25.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GHYB

• 1D: -0.36%
• 1M: 0.33%
• YTD: 1.16%
• 6M: 1.43%
• 1Y: 6.91%
• 3Y*: 8.55%
• 5Y*: 3.99%
• 10Y*: —

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

GPIX vs. GHYB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GPIX Goldman Sachs S&P 500 Premium Income ETF	9.91%	16.25%	21.77%	13.45%
GHYB Goldman Sachs Access High Yield Corporate Bond ETF	1.16%	9.38%	7.76%	8.11%

Correlation

The correlation between GPIX and GHYB is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (All Time) Calculated using the full available price history since Oct 27, 2023	0.64

The correlation between GPIX and GHYB has been stable across timeframes, ranging from 0.64 to 0.71 - a consistent structural relationship.

Return for Risk

GPIX vs. GHYB — Risk / Return Rank

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

GPIX

GPIX Risk / Return Rank: 75
GPIX Sharpe Ratio Rank: 76
GPIX Sortino Ratio Rank: 75
GPIX Omega Ratio Rank: 79
GPIX Calmar Ratio Rank: 66
GPIX Martin Ratio Rank: 82

GHYB

GHYB Risk / Return Rank: 60
GHYB Sharpe Ratio Rank: 58
GHYB Sortino Ratio Rank: 62
GHYB Omega Ratio Rank: 62
GHYB Calmar Ratio Rank: 53
GHYB Martin Ratio Rank: 65

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.

GPIX vs. GHYB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs S&P 500 Premium Income ETF (GPIX) and Goldman Sachs Access High Yield Corporate Bond ETF (GHYB). 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.

	GPIX	GHYB	Difference
Sharpe ratio: Return per unit of total volatility	2.52	1.98	+0.54
Sortino ratio: Return per unit of downside risk	3.48	2.94	+0.54
Omega ratio: Gain probability vs. loss probability	1.48	1.38	+0.10
Calmar ratio: Return relative to maximum drawdown	3.33	2.59	+0.74
Martin ratio: Return relative to average drawdown	16.77	11.87	+4.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GPIX vs. GHYB - Sharpe Ratio Comparison

The current GPIX Sharpe Ratio is 2.52, which is comparable to the GHYB Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of GPIX and GHYB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GPIX	GHYB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.52	1.98	+0.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.52	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.78	0.55	+1.24

Drawdowns

GPIX vs. GHYB - Drawdown Comparison

The maximum GPIX drawdown since its inception was -17.50%, smaller than the maximum GHYB drawdown of -21.48%. Use the drawdown chart below to compare losses from any high point for GPIX and GHYB.

Drawdown Indicators

	GPIX	GHYB	Difference
Max Drawdown Largest peak-to-trough decline	-17.50%	-21.48%	+3.98%
Max Drawdown (1Y) Largest decline over 1 year	-7.71%	-2.67%	-5.04%
Max Drawdown (3Y) Largest decline over 3 years	—	-4.66%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-16.08%	—
Current Drawdown Current decline from peak	-0.48%	-0.36%	-0.12%
Average Drawdown Average peak-to-trough decline	-1.48%	-2.57%	+1.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.53%	0.58%	+0.95%

Volatility

GPIX vs. GHYB - Volatility Comparison

Goldman Sachs S&P 500 Premium Income ETF (GPIX) has a higher volatility of 2.26% compared to Goldman Sachs Access High Yield Corporate Bond ETF (GHYB) at 1.08%. This indicates that GPIX's price experiences larger fluctuations and is considered to be riskier than GHYB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GPIX	GHYB	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.26%	1.08%	+1.18%
Volatility (6M) Calculated over the trailing 6-month period	7.89%	2.72%	+5.17%
Volatility (1Y) Calculated over the trailing 1-year period	10.17%	3.51%	+6.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.80%	7.69%	+6.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.80%	8.28%	+5.52%

GPIX vs. GHYB - Expense Ratio Comparison

GPIX has a 0.29% expense ratio, which is lower than GHYB's 0.34% expense ratio.

Dividends

GPIX vs. GHYB - Dividend Comparison

GPIX's dividend yield for the trailing twelve months is around 8.00%, more than GHYB's 6.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
GHYB Goldman Sachs Access High Yield Corporate Bond ETF	6.81%	7.00%	6.65%	6.20%	5.67%	4.46%	4.75%	5.57%	5.68%	1.45%
GPIX Goldman Sachs S&P 500 Premium Income ETF	8.00%	8.01%	7.45%	1.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GPIX and GHYB in my portfolio?

GPIX and GHYB have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GPIX or GHYB?

GPIX has higher volatility (2.26%) compared to GHYB (1.08%). In terms of maximum drawdown, GPIX dropped -17.50% vs GHYB's -21.48%.

Which ETF is better, GPIX or GHYB?

On 1-year performance, GPIX leads with 25.55% vs 6.91% for GHYB. On fees, GPIX is cheaper at 0.29% per year. On volatility, GHYB has been the lower-risk option at 1.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GPIX or GHYB?

Over the 1-year period, GPIX has performed better with a 25.55% return vs 6.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GPIX or GHYB?

GPIX is cheaper with a 0.29% expense ratio, compared with 0.34% for GHYB.

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

GPIX has the higher dividend yield at 8.00%, compared with 6.81% for GHYB.

What is the main difference between GPIX and GHYB?

GPIX is categorized as Derivative Income, while GHYB is High Yield Bonds. Their fees differ too: 0.29% for GPIX and 0.34% for GHYB.

Which has better risk-adjusted returns?

GPIX currently has the higher Sharpe Ratio (2.52 vs 1.98), 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.