GPIX vs. IVVW

Last updated Jun 4, 2026

GPIX (Goldman Sachs S&P 500 Premium Income ETF) and IVVW (iShares S&P 500 BuyWrite ETF) are both Derivative Income funds. GPIX is actively managed, while IVVW is passively managed. Over the past year, GPIX returned 25.55% vs 20.07% for IVVW. Their correlation of 0.89 suggests significant overlap in exposure. GPIX charges 0.29%/yr vs 0.25%/yr for IVVW.

Performance

GPIX vs. IVVW - 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 iShares S&P 500 BuyWrite ETF (IVVW). 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 IVVW's 4.84% return.

GPIX

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

IVVW

• 1D: -0.02%
• 1M: 1.90%
• YTD: 4.84%
• 6M: 6.58%
• 1Y: 20.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GPIX vs. IVVW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GPIX Goldman Sachs S&P 500 Premium Income ETF	9.91%	16.25%	14.56%
IVVW iShares S&P 500 BuyWrite ETF	4.84%	11.71%	12.90%

Correlation

The correlation between GPIX and IVVW is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (All Time) Calculated using the full available price history since Mar 18, 2024	0.89

The correlation between GPIX and IVVW has been stable across timeframes, ranging from 0.86 to 0.89 - a consistent structural relationship.

GPIX vs. IVVW - Sectors Allocation Comparison

Sectors	GPIX	IVVW
Technology	35.5%	35.6%
Financial Services	11.6%	11.8%
Communication Services	11.5%	11.2%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.4%	8.5%
Industrials	8.4%	8.3%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.4%	2.4%
Real Estate	2.0%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

GPIX vs. IVVW — 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

IVVW

IVVW Risk / Return Rank: 82
IVVW Sharpe Ratio Rank: 82
IVVW Sortino Ratio Rank: 83
IVVW Omega Ratio Rank: 91
IVVW Calmar Ratio Rank: 69
IVVW Martin Ratio Rank: 87

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. IVVW - 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 iShares S&P 500 BuyWrite ETF (IVVW). 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	IVVW	Difference
Sharpe ratio: Return per unit of total volatility	2.52	2.73	-0.20
Sortino ratio: Return per unit of downside risk	3.48	3.77	-0.29
Omega ratio: Gain probability vs. loss probability	1.48	1.61	-0.13
Calmar ratio: Return relative to maximum drawdown	3.33	3.47	-0.14
Martin ratio: Return relative to average drawdown	16.77	19.13	-2.36
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. IVVW - Sharpe Ratio Comparison

The current GPIX Sharpe Ratio is 2.52, which is comparable to the IVVW Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of GPIX and IVVW, 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	IVVW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.52	2.73	-0.20
Sharpe Ratio (All Time) Calculated using the full available price history	1.78	1.07	+0.71

Drawdowns

GPIX vs. IVVW - Drawdown Comparison

The maximum GPIX drawdown since its inception was -17.50%, roughly equal to the maximum IVVW drawdown of -16.79%. Use the drawdown chart below to compare losses from any high point for GPIX and IVVW.

Drawdown Indicators

	GPIX	IVVW	Difference
Max Drawdown Largest peak-to-trough decline	-17.50%	-16.79%	-0.71%
Max Drawdown (1Y) Largest decline over 1 year	-7.71%	-5.81%	-1.90%
Current Drawdown Current decline from peak	-0.48%	-0.09%	-0.39%
Average Drawdown Average peak-to-trough decline	-1.48%	-1.75%	+0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.53%	1.05%	+0.48%

Volatility

GPIX vs. IVVW - Volatility Comparison

Goldman Sachs S&P 500 Premium Income ETF (GPIX) has a higher volatility of 2.26% compared to iShares S&P 500 BuyWrite ETF (IVVW) at 1.13%. This indicates that GPIX's price experiences larger fluctuations and is considered to be riskier than IVVW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GPIX	IVVW	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.26%	1.13%	+1.13%
Volatility (6M) Calculated over the trailing 6-month period	7.89%	6.07%	+1.82%
Volatility (1Y) Calculated over the trailing 1-year period	10.17%	7.40%	+2.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.80%	12.66%	+1.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.80%	12.66%	+1.14%

GPIX vs. IVVW - Expense Ratio Comparison

GPIX has a 0.29% expense ratio, which is higher than IVVW's 0.25% expense ratio.

Dividends

GPIX vs. IVVW - Dividend Comparison

GPIX's dividend yield for the trailing twelve months is around 8.00%, less than IVVW's 19.70% yield.

Position	TTM	2025	2024	2023
GPIX Goldman Sachs S&P 500 Premium Income ETF	8.00%	8.01%	7.45%	1.40%
IVVW iShares S&P 500 BuyWrite ETF	19.70%	18.55%	13.72%	0.00%

Frequently Asked Questions

Can I hold both GPIX and IVVW in my portfolio?

GPIX and IVVW have a correlation of 0.86, 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 IVVW?

GPIX has higher volatility (2.26%) compared to IVVW (1.13%). In terms of maximum drawdown, GPIX dropped -17.50% vs IVVW's -16.79%.

Which ETF is better, GPIX or IVVW?

On 1-year performance, GPIX leads with 25.55% vs 20.07% for IVVW. On fees, IVVW is cheaper at 0.25% per year. On volatility, IVVW 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, GPIX or IVVW?

Over the 1-year period, GPIX has performed better with a 25.55% return vs 20.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GPIX or IVVW?

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

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

IVVW has the higher dividend yield at 19.70%, compared with 8.00% for GPIX.

What is the main difference between GPIX and IVVW?

They also come from different issuers: Goldman Sachs and iShares. Their fees differ too: 0.29% for GPIX and 0.25% for IVVW.

Which has better risk-adjusted returns?

IVVW currently has the higher Sharpe Ratio (2.73 vs 2.52), 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.