GPIX vs. OVL

Last updated Jun 9, 2026

GPIX (Goldman Sachs S&P 500 Premium Income ETF) and OVL (Overlay Shares Large Cap Equity ETF) are both exchange-traded funds - GPIX is a Derivative Income fund actively managed by Goldman Sachs, while OVL is a Large Cap Growth Equities fund actively managed by Liquid Strategies. Both are actively managed. Over the past year, GPIX returned 22.98% vs 29.22% for OVL. With a 0.96 correlation, they move nearly in lockstep. GPIX charges 0.29%/yr vs 0.79%/yr for OVL.

Performance

GPIX vs. OVL - 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 Overlay Shares Large Cap Equity ETF (OVL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GPIX achieves a 8.17% return, which is significantly lower than OVL's 10.47% return.

GPIX

• 1D: 0.29%
• 1M: 0.38%
• YTD: 8.17%
• 6M: 8.56%
• 1Y: 22.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

OVL

• 1D: 0.14%
• 1M: -0.14%
• YTD: 10.47%
• 6M: 10.55%
• 1Y: 29.22%
• 3Y*: 23.11%
• 5Y*: 13.78%
• 10Y*: —

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

GPIX vs. OVL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GPIX Goldman Sachs S&P 500 Premium Income ETF	8.17%	16.25%	21.77%	13.04%
OVL Overlay Shares Large Cap Equity ETF	10.47%	17.81%	27.91%	16.86%

Correlation

The correlation between GPIX and OVL is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (All Time) Calculated using the full available price history since Oct 26, 2023	0.96

The correlation between GPIX and OVL has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

GPIX vs. OVL - Sectors Allocation Comparison

Sectors	GPIX	OVL
Technology	35.5%	35.7%
Financial Services	11.6%	11.6%
Communication Services	11.5%	11.3%
Consumer Cyclical	10.1%	10.2%
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. OVL — Risk / Return Rank

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

GPIX

GPIX Risk / Return Rank: 76
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

OVL

OVL Risk / Return Rank: 72
OVL Sharpe Ratio Rank: 70
OVL Sortino Ratio Rank: 66
OVL Omega Ratio Rank: 69
OVL Calmar Ratio Rank: 73
OVL Martin Ratio Rank: 82

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. OVL - 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 Overlay Shares Large Cap Equity ETF (OVL). 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	OVL	Difference
Sharpe ratio: Return per unit of total volatility	2.22	2.06	+0.17
Sortino ratio: Return per unit of downside risk	3.03	2.73	+0.30
Omega ratio: Gain probability vs. loss probability	1.42	1.37	+0.05
Calmar ratio: Return relative to maximum drawdown	2.99	3.36	-0.37
Martin ratio: Return relative to average drawdown	14.96	14.80	+0.16
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. OVL - Sharpe Ratio Comparison

The current GPIX Sharpe Ratio is 2.22, which is comparable to the OVL Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of GPIX and OVL, 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	OVL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	2.06	+0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.70	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.71	0.78	+0.94

Drawdowns

GPIX vs. OVL - Drawdown Comparison

The maximum GPIX drawdown since its inception was -17.50%, smaller than the maximum OVL drawdown of -35.49%. Use the drawdown chart below to compare losses from any high point for GPIX and OVL.

Drawdown Indicators

	GPIX	OVL	Difference
Max Drawdown Largest peak-to-trough decline	-17.50%	-35.49%	+17.99%
Max Drawdown (1Y) Largest decline over 1 year	-7.71%	-8.73%	+1.02%
Max Drawdown (3Y) Largest decline over 3 years	—	-21.73%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-29.23%	—
Current Drawdown Current decline from peak	-2.06%	-3.33%	+1.27%
Average Drawdown Average peak-to-trough decline	-1.48%	-6.70%	+5.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.54%	1.98%	-0.44%

Volatility

GPIX vs. OVL - Volatility Comparison

The current volatility for Goldman Sachs S&P 500 Premium Income ETF (GPIX) is 3.07%, while Overlay Shares Large Cap Equity ETF (OVL) has a volatility of 4.23%. This indicates that GPIX experiences smaller price fluctuations and is considered to be less risky than OVL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GPIX	OVL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.07%	4.23%	-1.16%
Volatility (6M) Calculated over the trailing 6-month period	8.22%	10.95%	-2.73%
Volatility (1Y) Calculated over the trailing 1-year period	10.40%	14.31%	-3.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.84%	19.84%	-6.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.84%	22.55%	-8.71%

GPIX vs. OVL - Expense Ratio Comparison

GPIX has a 0.29% expense ratio, which is lower than OVL's 0.79% expense ratio.

Dividends

GPIX vs. OVL - Dividend Comparison

GPIX's dividend yield for the trailing twelve months is around 8.13%, more than OVL's 6.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
GPIX Goldman Sachs S&P 500 Premium Income ETF	8.13%	8.01%	7.45%	1.40%	0.00%	0.00%	0.00%	0.00%
OVL Overlay Shares Large Cap Equity ETF	6.33%	2.99%	3.10%	3.33%	3.85%	3.63%	2.43%	0.50%

Frequently Asked Questions

Can I hold both GPIX and OVL in my portfolio?

With a correlation of 0.98, GPIX and OVL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, GPIX or OVL?

OVL has higher volatility (4.23%) compared to GPIX (3.07%). In terms of maximum drawdown, GPIX dropped -17.50% vs OVL's -35.49%.

Which ETF is better, GPIX or OVL?

On 1-year performance, OVL leads with 29.22% vs 22.98% for GPIX. On fees, GPIX is cheaper at 0.29% per year. On volatility, GPIX has been the lower-risk option at 3.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GPIX or OVL?

Over the 1-year period, OVL has performed better with a 29.22% return vs 22.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GPIX or OVL?

GPIX is cheaper with a 0.29% expense ratio, compared with 0.79% for OVL.

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

GPIX has the higher dividend yield at 8.13%, compared with 6.33% for OVL.

What is the main difference between GPIX and OVL?

GPIX is categorized as Derivative Income, while OVL is Large Cap Growth Equities. They also come from different issuers: Goldman Sachs and Liquid Strategies. Their fees differ too: 0.29% for GPIX and 0.79% for OVL.

Which has better risk-adjusted returns?

GPIX currently has the higher Sharpe Ratio (2.22 vs 2.06), 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.