GPIX vs. JPST

Last updated Jun 16, 2026

GPIX (Goldman Sachs S&P 500 Premium Income ETF) and JPST (JPMorgan Ultra-Short Income ETF) are both exchange-traded funds - GPIX is a Derivative Income fund actively managed by Goldman Sachs, while JPST is a Ultrashort Bond fund actively managed by JPMorgan. Both are actively managed. Over the past year, GPIX returned 25.72% vs 4.34% for JPST. At a 0.18 correlation, their price movements are largely independent. GPIX charges 0.29%/yr vs 0.18%/yr for JPST.

Performance

GPIX vs. JPST - 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 JPMorgan Ultra-Short Income ETF (JPST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GPIX achieves a 10.28% return, which is significantly higher than JPST's 1.56% return.

GPIX

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

JPST

• 1D: 0.06%
• 1M: 0.37%
• YTD: 1.56%
• 6M: 1.76%
• 1Y: 4.34%
• 3Y*: 5.19%
• 5Y*: 3.64%
• 10Y*: —

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

GPIX vs. JPST - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GPIX Goldman Sachs S&P 500 Premium Income ETF	10.28%	16.25%	21.77%	13.04%
JPST JPMorgan Ultra-Short Income ETF	1.56%	4.99%	5.58%	1.50%

Correlation

The correlation between GPIX and JPST is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (All Time) Calculated using the full available price history since Oct 26, 2023	0.18

The correlation between GPIX and JPST shifts across timeframes, from 0.18 (all time) to 0.28 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GPIX vs. JPST — Risk / Return Rank

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

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

JPST

JPST Risk / Return Rank: 99
JPST Sharpe Ratio Rank: 99
JPST Sortino Ratio Rank: 99
JPST Omega Ratio Rank: 99
JPST Calmar Ratio Rank: 99
JPST Martin Ratio Rank: 99

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. JPST - 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 JPMorgan Ultra-Short Income ETF (JPST). 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.

	GPIX	JPST	Difference
Sharpe ratio: Return per unit of total volatility	2.42	8.18	-5.76
Sortino ratio: Return per unit of downside risk	3.30	17.99	-14.70
Omega ratio: Gain probability vs. loss probability	1.46	4.00	-2.53
Calmar ratio: Return relative to maximum drawdown	3.35	29.30	-25.95
Martin ratio: Return relative to average drawdown	16.40	143.82	-127.42

GPIX vs. JPST - Sharpe Ratio Comparison

The current GPIX Sharpe Ratio is 2.42, which is lower than the JPST Sharpe Ratio of 8.18. The chart below compares the historical Sharpe Ratios of GPIX and JPST, 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

GPIX vs. JPST - Drawdown Comparison

The maximum GPIX drawdown since its inception was -17.50%, which is greater than JPST's maximum drawdown of -3.28%. Use the drawdown chart below to compare losses from any high point for GPIX and JPST.

Drawdown Indicators

	GPIX	JPST	Difference
Max Drawdown Largest peak-to-trough decline	-17.50%	-3.28%	-14.22%
Max Drawdown (1Y) Largest decline over 1 year	-7.71%	-0.15%	-7.56%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.30%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.79%	—
Current Drawdown Current decline from peak	-0.14%	0.00%	-0.14%
Average Drawdown Average peak-to-trough decline	-1.48%	-0.08%	-1.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.57%	0.03%	+1.54%

Volatility

GPIX vs. JPST - Volatility Comparison

Goldman Sachs S&P 500 Premium Income ETF (GPIX) has a higher volatility of 4.00% compared to JPMorgan Ultra-Short Income ETF (JPST) at 0.16%. This indicates that GPIX's price experiences larger fluctuations and is considered to be riskier than JPST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GPIX	JPST	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.00%	0.16%	+3.84%
Volatility (6M) Calculated over the trailing 6-month period	8.63%	0.36%	+8.27%
Volatility (1Y) Calculated over the trailing 1-year period	10.69%	0.53%	+10.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.88%	0.58%	+13.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.88%	0.93%	+12.95%

GPIX vs. JPST - Expense Ratio Comparison

GPIX has a 0.29% expense ratio, which is higher than JPST's 0.18% expense ratio.

Dividends

GPIX vs. JPST - Dividend Comparison

GPIX's dividend yield for the trailing twelve months is around 7.97%, more than JPST's 4.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
JPST JPMorgan Ultra-Short Income ETF	4.25%	4.43%	5.16%	4.79%	1.83%	0.73%	1.43%	2.69%	2.07%	0.96%

Frequently Asked Questions

Can I hold both GPIX and JPST in my portfolio?

GPIX and JPST have a correlation of 0.28, 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 JPST?

GPIX has higher volatility (4.00%) compared to JPST (0.16%). In terms of maximum drawdown, GPIX dropped -17.50% vs JPST's -3.28%.

Which ETF is better, GPIX or JPST?

On 1-year performance, GPIX leads with 25.72% vs 4.34% for JPST. On fees, JPST is cheaper at 0.18% per year. On volatility, JPST has been the lower-risk option at 0.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GPIX or JPST?

Over the 1-year period, GPIX has performed better with a 25.72% return vs 4.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GPIX or JPST?

JPST is cheaper with a 0.18% expense ratio, compared with 0.29% for GPIX.

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

GPIX has the higher dividend yield at 7.97%, compared with 4.25% for JPST.

What is the main difference between GPIX and JPST?

GPIX is categorized as Derivative Income, while JPST is Ultrashort Bond. They also come from different issuers: Goldman Sachs and JPMorgan. Their fees differ too: 0.29% for GPIX and 0.18% for JPST.

Which has better risk-adjusted returns?

JPST currently has the higher Sharpe Ratio (8.18 vs 2.42), 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.