GPIX vs. PAPI

Last updated Jun 24, 2026

GPIX (Goldman Sachs S&P 500 Premium Income ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, GPIX returned 22.07% vs 12.01% for PAPI. At a 0.39 correlation, their price movements are largely independent. Both charge a 0.29% expense ratio.

Performance

GPIX vs. PAPI - 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 Parametric Equity Premium Income ETF (PAPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GPIX achieves a 7.99% return, which is significantly higher than PAPI's 6.57% return.

GPIX

• 1D: -1.30%
• 1M: -0.78%
• YTD: 7.99%
• 6M: 7.32%
• 1Y: 22.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAPI

• 1D: 0.45%
• 1M: 0.17%
• YTD: 6.57%
• 6M: 5.93%
• 1Y: 12.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GPIX vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GPIX Goldman Sachs S&P 500 Premium Income ETF	7.99%	16.25%	21.77%	13.04%
PAPI Parametric Equity Premium Income ETF	6.57%	6.33%	8.90%	7.19%

Correlation

The correlation between GPIX and PAPI is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (All Time) Calculated using the full available price history since Oct 26, 2023	0.39

The correlation between GPIX and PAPI shifts across timeframes, from 0.27 (1 year) to 0.39 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GPIX vs. PAPI — Risk / Return Rank

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

GPIX

GPIX Risk / Return Rank: 66
GPIX Sharpe Ratio Rank: 65
GPIX Sortino Ratio Rank: 63
GPIX Omega Ratio Rank: 67
GPIX Calmar Ratio Rank: 60
GPIX Martin Ratio Rank: 76

PAPI

PAPI Risk / Return Rank: 34
PAPI Sharpe Ratio Rank: 33
PAPI Sortino Ratio Rank: 35
PAPI Omega Ratio Rank: 31
PAPI Calmar Ratio Rank: 37
PAPI Martin Ratio Rank: 32

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. PAPI - 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 Parametric Equity Premium Income ETF (PAPI). 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	PAPI	Difference
Sharpe ratio: Return per unit of total volatility	2.05	1.15	+0.91
Sortino ratio: Return per unit of downside risk	2.81	1.74	+1.07
Omega ratio: Gain probability vs. loss probability	1.39	1.20	+0.19
Calmar ratio: Return relative to maximum drawdown	2.88	1.76	+1.12
Martin ratio: Return relative to average drawdown	13.99	4.42	+9.56

GPIX vs. PAPI - Sharpe Ratio Comparison

The current GPIX Sharpe Ratio is 2.05, which is higher than the PAPI Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of GPIX and PAPI, 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. PAPI - Drawdown Comparison

The maximum GPIX drawdown since its inception was -17.50%, which is greater than PAPI's maximum drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for GPIX and PAPI.

Drawdown Indicators

	GPIX	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-17.50%	-14.27%	-3.23%
Max Drawdown (1Y) Largest decline over 1 year	-7.71%	-6.86%	-0.85%
Current Drawdown Current decline from peak	-2.22%	-4.37%	+2.15%
Average Drawdown Average peak-to-trough decline	-1.48%	-2.77%	+1.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.58%	2.72%	-1.14%

Volatility

GPIX vs. PAPI - Volatility Comparison

Goldman Sachs S&P 500 Premium Income ETF (GPIX) has a higher volatility of 4.26% compared to Parametric Equity Premium Income ETF (PAPI) at 2.68%. This indicates that GPIX's price experiences larger fluctuations and is considered to be riskier than PAPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GPIX	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.26%	2.68%	+1.58%
Volatility (6M) Calculated over the trailing 6-month period	8.75%	7.05%	+1.70%
Volatility (1Y) Calculated over the trailing 1-year period	10.82%	10.55%	+0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.89%	11.73%	+2.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.89%	11.73%	+2.16%

GPIX vs. PAPI - Expense Ratio Comparison

Both GPIX and PAPI have an expense ratio of 0.29%.

Dividends

GPIX vs. PAPI - Dividend Comparison

GPIX's dividend yield for the trailing twelve months is around 8.14%, more than PAPI's 7.56% yield.

Position	TTM	2025	2024	2023
GPIX Goldman Sachs S&P 500 Premium Income ETF	8.14%	8.01%	7.45%	1.40%
PAPI Parametric Equity Premium Income ETF	7.56%	7.59%	7.07%	1.45%

Frequently Asked Questions

Can I hold both GPIX and PAPI in my portfolio?

GPIX and PAPI have a correlation of 0.27, 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 PAPI?

GPIX has higher volatility (4.26%) compared to PAPI (2.68%). In terms of maximum drawdown, GPIX dropped -17.50% vs PAPI's -14.27%.

Which ETF is better, GPIX or PAPI?

On 1-year performance, GPIX leads with 22.07% vs 12.01% for PAPI. Both ETFs have the same 0.29% expense ratio. On volatility, PAPI has been the lower-risk option at 2.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GPIX or PAPI?

Over the 1-year period, GPIX has performed better with a 22.07% return vs 12.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GPIX or PAPI?

GPIX and PAPI have the same expense ratio: 0.29% per year.

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

GPIX has the higher dividend yield at 8.14%, compared with 7.56% for PAPI.

What is the main difference between GPIX and PAPI?

They also come from different issuers: Goldman Sachs and Morgan Stanley.

Which has better risk-adjusted returns?

GPIX currently has the higher Sharpe Ratio (2.05 vs 1.15), 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.