PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
GPIX vs. PBP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GPIX vs. PBP

Last updated Jun 4, 2026

GPIX (Goldman Sachs S&P 500 Premium Income ETF) and PBP (Invesco S&P 500 BuyWrite ETF) are both Derivative Income funds. GPIX is actively managed, while PBP is passively managed. Over the past year, GPIX returned 25.55% vs 18.32% for PBP. A 0.74 correlation means they provide meaningful diversification when combined. Both charge a 0.29% expense ratio.

Performance

GPIX vs. PBP - 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 Invesco S&P 500 BuyWrite ETF (PBP). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, GPIX achieves a 9.91% return, which is significantly higher than PBP's 4.90% return.

GPIX

1D
-0.48%
1M
4.27%
YTD
9.91%
6M
10.34%
1Y
25.55%
3Y*
—
5Y*
—
10Y*
—

PBP

1D
-0.17%
1M
2.03%
YTD
4.90%
6M
6.44%
1Y
18.32%
3Y*
11.58%
5Y*
8.10%
10Y*
7.14%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GPIX vs. PBP - Yearly Performance Comparison

2026 (YTD)202520242023
GPIX
Goldman Sachs S&P 500 Premium Income ETF		9.91%16.25%21.77%13.45%
PBP
Invesco S&P 500 BuyWrite ETF		4.90%8.49%19.83%6.29%

Correlation

The correlation between GPIX and PBP is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.76

Correlation (All Time)
Calculated using the full available price history since Oct 27, 2023

0.74

The correlation between GPIX and PBP has been stable across timeframes, ranging from 0.74 to 0.76 - a consistent structural relationship.

GPIX vs. PBP - Sectors Allocation Comparison

Sectors
GPIX
PBP

Technology

35.5%
39.5%

Financial Services

11.6%
11.4%

Communication Services

11.5%
10.9%

Consumer Cyclical

10.1%
10.2%

Healthcare

8.4%
8.6%

Industrials

8.4%
7.8%

Consumer Defensive

4.9%
4.7%

Energy

3.5%
3.3%

Utilities

2.4%
2.6%

Real Estate

2.0%
1.8%

Basic Materials

1.8%
1.8%

Technology

GPIX
35.5%
PBP
39.5%

Financial Services

GPIX
11.6%
PBP
11.4%

Communication Services

GPIX
11.5%
PBP
10.9%

Consumer Cyclical

GPIX
10.1%
PBP
10.2%

Healthcare

GPIX
8.4%
PBP
8.6%

Industrials

GPIX
8.4%
PBP
7.8%

Consumer Defensive

GPIX
4.9%
PBP
4.7%

Energy

GPIX
3.5%
PBP
3.3%

Utilities

GPIX
2.4%
PBP
2.6%

Real Estate

GPIX
2.0%
PBP
1.8%

Basic Materials

GPIX
1.8%
PBP
1.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Goldman Sachs S&P 500 Premium Income ETF

Invesco S&P 500 BuyWrite ETF

Often compared with GPIX:
GPIX vs. GPIQGPIX vs. SPYIGPIX vs. JEPIGPIX vs. SPYGPIX vs. VOOGPIX vs. JEPQGPIX vs. BALI
Often compared with PBP:
PBP vs. SPYPBP vs. XYLDPBP vs. JEPIPBP vs. VOOPBP vs. SCHDPBP vs. FTHIPBP vs. JEPQ

Return for Risk

GPIX vs. PBP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GPIX
GPIX Risk / Return Rank: 7575
Overall Rank
GPIX Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
GPIX Sortino Ratio Rank: 7575
Sortino Ratio Rank
GPIX Omega Ratio Rank: 7979
Omega Ratio Rank
GPIX Calmar Ratio Rank: 6666
Calmar Ratio Rank
GPIX Martin Ratio Rank: 8282
Martin Ratio Rank
PBP
PBP Risk / Return Rank: 8282
Overall Rank
PBP Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
PBP Sortino Ratio Rank: 8585
Sortino Ratio Rank
PBP Omega Ratio Rank: 9090
Omega Ratio Rank
PBP Calmar Ratio Rank: 7070
Calmar Ratio Rank
PBP Martin Ratio Rank: 8686
Martin Ratio Rank
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. PBP - 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 Invesco S&P 500 BuyWrite ETF (PBP). 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.

GPIXPBPDifference
Sharpe ratioReturn per unit of total volatility
2.52
2.68

-0.15

Sortino ratioReturn per unit of downside risk
3.48
3.86

-0.38

Omega ratioGain probability vs. loss probability

1.48

1.60

-0.11

Calmar ratioReturn relative to maximum drawdown

3.33

3.52

-0.19

Martin ratioReturn relative to average drawdown

16.77

18.66

-1.89

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. PBP - Sharpe Ratio Comparison

The current GPIX Sharpe Ratio is 2.52, which is comparable to the PBP Sharpe Ratio of 2.68. The chart below compares the historical Sharpe Ratios of GPIX and PBP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

GPIXPBPDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.52

2.68

-0.15

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.69

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.52

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.78

0.35

+1.44

Drawdowns

GPIX vs. PBP - Drawdown Comparison

The maximum GPIX drawdown since its inception was -17.50%, smaller than the maximum PBP drawdown of -43.43%. Use the drawdown chart below to compare losses from any high point for GPIX and PBP.

Loading charts...

Drawdown Indicators

GPIXPBPDifference

Max Drawdown

Largest peak-to-trough decline

-17.50%

-43.43%

+25.93%

Max Drawdown (1Y)

Largest decline over 1 year

-7.71%

-5.22%

-2.49%

Max Drawdown (3Y)

Largest decline over 3 years

—

-15.42%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-18.61%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-33.31%

—

Current Drawdown

Current decline from peak

-0.48%

-0.17%

-0.31%

Average Drawdown

Average peak-to-trough decline

-1.48%

-6.69%

+5.21%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.53%

0.98%

+0.55%

Volatility

GPIX vs. PBP - Volatility Comparison

Goldman Sachs S&P 500 Premium Income ETF (GPIX) has a higher volatility of 2.26% compared to Invesco S&P 500 BuyWrite ETF (PBP) at 0.93%. This indicates that GPIX's price experiences larger fluctuations and is considered to be riskier than PBP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

GPIXPBPDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.26%

0.93%

+1.33%

Volatility (6M)

Calculated over the trailing 6-month period

7.89%

5.53%

+2.36%

Volatility (1Y)

Calculated over the trailing 1-year period

10.17%

6.87%

+3.30%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.80%

11.86%

+1.94%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.80%

13.66%

+0.14%

GPIX vs. PBP - Expense Ratio Comparison

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

Dividends

GPIX vs. PBP - Dividend Comparison

GPIX's dividend yield for the trailing twelve months is around 8.00%, less than PBP's 11.16% yield.

PositionTTM20252024202320222021202020192018201720162015
GPIX
Goldman Sachs S&P 500 Premium Income ETF		8.00%8.01%7.45%1.40%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
PBP
Invesco S&P 500 BuyWrite ETF		11.16%11.12%9.36%3.35%1.33%6.21%1.41%5.04%2.59%10.86%2.56%6.19%

Frequently Asked Questions

GPIX and PBP have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

GPIX has higher volatility (2.26%) compared to PBP (0.93%). In terms of maximum drawdown, GPIX dropped -17.50% vs PBP's -43.43%.

On 1-year performance, GPIX leads with 25.55% vs 18.32% for PBP. Both ETFs have the same 0.29% expense ratio. On volatility, PBP has been the lower-risk option at 0.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 1-year period, GPIX has performed better with a 25.55% return vs 18.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

PBP has the higher dividend yield at 11.16%, compared with 8.00% for GPIX.

They also come from different issuers: Goldman Sachs and Invesco.

PBP currently has the higher Sharpe Ratio (2.68 vs 2.52), 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.

Portfolio Optimizer

Find the right allocation for GPIX and PBP

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer