GPIX vs. PAUG

Last updated Jun 16, 2026

GPIX (Goldman Sachs S&P 500 Premium Income ETF) and PAUG (Innovator U.S. Equity Power Buffer ETF - August) are both exchange-traded funds - GPIX is a Derivative Income fund actively managed by Goldman Sachs, while PAUG is a Defined Outcome fund tracking the Cboe S&P 500 15% Buffer Protect August Series Index. GPIX is actively managed, while PAUG is passively managed. Over the past year, GPIX returned 25.72% vs 15.45% for PAUG. Their correlation of 0.93 suggests significant overlap in exposure. GPIX charges 0.29%/yr vs 0.79%/yr for PAUG.

Performance

GPIX vs. PAUG - 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 Innovator U.S. Equity Power Buffer ETF - August (PAUG). 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 PAUG's 5.25% return.

GPIX

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

PAUG

• 1D: 0.40%
• 1M: 1.02%
• YTD: 5.25%
• 6M: 5.77%
• 1Y: 15.45%
• 3Y*: 13.76%
• 5Y*: 9.23%
• 10Y*: —

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

GPIX vs. PAUG - 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%
PAUG Innovator U.S. Equity Power Buffer ETF - August	5.25%	12.34%	15.37%	8.91%

Correlation

The correlation between GPIX and PAUG is 0.94, 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	0.95
Correlation (All Time) Calculated using the full available price history since Oct 26, 2023	0.93

The correlation between GPIX and PAUG has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.

GPIX vs. PAUG - Sectors Allocation Comparison

Sectors	GPIX	PAUG
Technology	39.2%	38.4%
Financial Services	10.9%	11.0%
Communication Services	10.7%	10.8%
Consumer Cyclical	10.1%	10.0%
Healthcare	8.3%	8.4%
Industrials	7.7%	7.9%
Consumer Defensive	4.4%	4.6%
Energy	3.2%	3.2%
Utilities	2.2%	2.1%
Real Estate	1.8%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

GPIX vs. PAUG — 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

PAUG

PAUG Risk / Return Rank: 90
PAUG Sharpe Ratio Rank: 90
PAUG Sortino Ratio Rank: 93
PAUG Omega Ratio Rank: 93
PAUG Calmar Ratio Rank: 80
PAUG Martin Ratio Rank: 92

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. PAUG - 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 Innovator U.S. Equity Power Buffer ETF - August (PAUG). 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	PAUG	Difference
Sharpe ratio: Return per unit of total volatility	2.42	2.80	-0.38
Sortino ratio: Return per unit of downside risk	3.30	4.19	-0.89
Omega ratio: Gain probability vs. loss probability	1.46	1.60	-0.14
Calmar ratio: Return relative to maximum drawdown	3.35	3.92	-0.57
Martin ratio: Return relative to average drawdown	16.40	21.35	-4.95

GPIX vs. PAUG - Sharpe Ratio Comparison

The current GPIX Sharpe Ratio is 2.42, which is comparable to the PAUG Sharpe Ratio of 2.80. The chart below compares the historical Sharpe Ratios of GPIX and PAUG, 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. PAUG - Drawdown Comparison

The maximum GPIX drawdown since its inception was -17.50%, roughly equal to the maximum PAUG drawdown of -17.88%. Use the drawdown chart below to compare losses from any high point for GPIX and PAUG.

Drawdown Indicators

	GPIX	PAUG	Difference
Max Drawdown Largest peak-to-trough decline	-17.50%	-17.88%	+0.38%
Max Drawdown (1Y) Largest decline over 1 year	-7.71%	-3.96%	-3.75%
Max Drawdown (3Y) Largest decline over 3 years	—	-10.45%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-11.76%	—
Current Drawdown Current decline from peak	-0.14%	0.00%	-0.14%
Average Drawdown Average peak-to-trough decline	-1.48%	-1.81%	+0.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.57%	0.72%	+0.85%

Volatility

GPIX vs. PAUG - Volatility Comparison

Goldman Sachs S&P 500 Premium Income ETF (GPIX) has a higher volatility of 4.00% compared to Innovator U.S. Equity Power Buffer ETF - August (PAUG) at 1.01%. This indicates that GPIX's price experiences larger fluctuations and is considered to be riskier than PAUG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GPIX	PAUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.00%	1.01%	+2.99%
Volatility (6M) Calculated over the trailing 6-month period	8.63%	4.26%	+4.37%
Volatility (1Y) Calculated over the trailing 1-year period	10.69%	5.55%	+5.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.88%	8.72%	+5.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.88%	10.58%	+3.30%

GPIX vs. PAUG - Expense Ratio Comparison

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

Dividends

GPIX vs. PAUG - Dividend Comparison

GPIX's dividend yield for the trailing twelve months is around 7.97%, while PAUG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
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%
PAUG Innovator U.S. Equity Power Buffer ETF - August	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.33%

Frequently Asked Questions

Can I hold both GPIX and PAUG in my portfolio?

With a correlation of 0.94, GPIX and PAUG 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 PAUG?

GPIX has higher volatility (4.00%) compared to PAUG (1.01%). In terms of maximum drawdown, GPIX dropped -17.50% vs PAUG's -17.88%.

Which ETF is better, GPIX or PAUG?

On 1-year performance, GPIX leads with 25.72% vs 15.45% for PAUG. On fees, GPIX is cheaper at 0.29% per year. On volatility, PAUG has been the lower-risk option at 1.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GPIX or PAUG?

Over the 1-year period, GPIX has performed better with a 25.72% return vs 15.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GPIX or PAUG?

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

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

GPIX has the higher dividend yield at 7.97%, compared with 0.00% for PAUG.

What is the main difference between GPIX and PAUG?

GPIX is categorized as Derivative Income, while PAUG is Defined Outcome. They also come from different issuers: Goldman Sachs and Innovator. Their fees differ too: 0.29% for GPIX and 0.79% for PAUG.

Which has better risk-adjusted returns?

PAUG currently has the higher Sharpe Ratio (2.80 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.