GPIX vs. MTUM

Last updated Jun 16, 2026

GPIX (Goldman Sachs S&P 500 Premium Income ETF) and MTUM (iShares MSCI USA Momentum Factor ETF) are both exchange-traded funds - GPIX is a Derivative Income fund actively managed by Goldman Sachs, while MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index. GPIX is actively managed, while MTUM is passively managed. Over the past year, GPIX returned 25.72% vs 46.22% for MTUM. Their correlation of 0.86 suggests significant overlap in exposure. GPIX charges 0.29%/yr vs 0.15%/yr for MTUM.

Performance

GPIX vs. MTUM - 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 MSCI USA Momentum Factor ETF (MTUM). 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 lower than MTUM's 33.55% return.

GPIX

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

MTUM

• 1D: 2.96%
• 1M: 11.98%
• YTD: 33.55%
• 6M: 34.98%
• 1Y: 46.22%
• 3Y*: 33.86%
• 5Y*: 15.90%
• 10Y*: 17.54%

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

GPIX vs. MTUM - 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%
MTUM iShares MSCI USA Momentum Factor ETF	33.55%	22.15%	32.89%	14.16%

Correlation

The correlation between GPIX and MTUM is 0.84, 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	0.84
Correlation (All Time) Calculated using the full available price history since Oct 26, 2023	0.86

The correlation between GPIX and MTUM has been stable across timeframes, ranging from 0.84 to 0.86 - a consistent structural relationship.

GPIX vs. MTUM - Sectors Allocation Comparison

Sectors	GPIX	MTUM
Technology	39.2%	50.2%
Financial Services	10.9%	5.0%
Communication Services	10.7%	5.1%
Consumer Cyclical	10.1%	2.9%
Healthcare	8.3%	3.5%
Industrials	7.7%	15.0%
Consumer Defensive	4.4%	3.7%
Energy	3.2%	10.5%
Utilities	2.2%	0.6%
Real Estate	1.8%	1.3%
Basic Materials	1.7%	2.3%

Return for Risk

GPIX vs. MTUM — 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

MTUM

MTUM Risk / Return Rank: 79
MTUM Sharpe Ratio Rank: 77
MTUM Sortino Ratio Rank: 72
MTUM Omega Ratio Rank: 76
MTUM Calmar Ratio Rank: 83
MTUM 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.

GPIX vs. MTUM - 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 MSCI USA Momentum Factor ETF (MTUM). 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	MTUM	Difference
Sharpe ratio: Return per unit of total volatility	2.42	2.21	+0.22
Sortino ratio: Return per unit of downside risk	3.30	2.90	+0.40
Omega ratio: Gain probability vs. loss probability	1.46	1.40	+0.06
Calmar ratio: Return relative to maximum drawdown	3.35	4.02	-0.67
Martin ratio: Return relative to average drawdown	16.40	15.48	+0.92

GPIX vs. MTUM - Sharpe Ratio Comparison

The current GPIX Sharpe Ratio is 2.42, which is comparable to the MTUM Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of GPIX and MTUM, 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. MTUM - Drawdown Comparison

The maximum GPIX drawdown since its inception was -17.50%, smaller than the maximum MTUM drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for GPIX and MTUM.

Drawdown Indicators

	GPIX	MTUM	Difference
Max Drawdown Largest peak-to-trough decline	-17.50%	-34.08%	+16.58%
Max Drawdown (1Y) Largest decline over 1 year	-7.71%	-11.54%	+3.83%
Max Drawdown (3Y) Largest decline over 3 years	—	-20.99%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-32.28%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-34.08%	—
Current Drawdown Current decline from peak	-0.14%	0.00%	-0.14%
Average Drawdown Average peak-to-trough decline	-1.48%	-6.20%	+4.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.57%	2.99%	-1.42%

Volatility

GPIX vs. MTUM - Volatility Comparison

The current volatility for Goldman Sachs S&P 500 Premium Income ETF (GPIX) is 4.00%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 11.20%. This indicates that GPIX experiences smaller price fluctuations and is considered to be less risky than MTUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GPIX	MTUM	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.00%	11.20%	-7.20%
Volatility (6M) Calculated over the trailing 6-month period	8.63%	18.83%	-10.20%
Volatility (1Y) Calculated over the trailing 1-year period	10.69%	21.08%	-10.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.88%	20.99%	-7.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.88%	21.23%	-7.35%

GPIX vs. MTUM - Expense Ratio Comparison

GPIX has a 0.29% expense ratio, which is higher than MTUM's 0.15% expense ratio.

Dividends

GPIX vs. MTUM - Dividend Comparison

GPIX's dividend yield for the trailing twelve months is around 7.97%, more than MTUM's 0.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
MTUM iShares MSCI USA Momentum Factor ETF	0.70%	0.91%	0.75%	1.35%	1.80%	0.55%	0.83%	1.48%	1.27%	1.02%	1.43%	1.12%

Frequently Asked Questions

Can I hold both GPIX and MTUM in my portfolio?

GPIX and MTUM have a correlation of 0.84, 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 MTUM?

MTUM has higher volatility (11.20%) compared to GPIX (4.00%). In terms of maximum drawdown, GPIX dropped -17.50% vs MTUM's -34.08%.

Which ETF is better, GPIX or MTUM?

On 1-year performance, MTUM leads with 46.22% vs 25.72% for GPIX. On fees, MTUM is cheaper at 0.15% 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, GPIX or MTUM?

Over the 1-year period, MTUM has performed better with a 46.22% return vs 25.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GPIX or MTUM?

MTUM is cheaper with a 0.15% expense ratio, compared with 0.29% for GPIX.

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

GPIX has the higher dividend yield at 7.97%, compared with 0.70% for MTUM.

What is the main difference between GPIX and MTUM?

GPIX is categorized as Derivative Income, while MTUM is Momentum. They also come from different issuers: Goldman Sachs and iShares. Their fees differ too: 0.29% for GPIX and 0.15% for MTUM.

Which has better risk-adjusted returns?

GPIX currently has the higher Sharpe Ratio (2.42 vs 2.21), 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.