GPIX vs. SPAXX
GPIX (Goldman Sachs S&P 500 Premium Income ETF) and SPAXX (Fidelity Government Money Market Fund) are both funds - GPIX is a Derivative Income fund actively managed by Goldman Sachs, while SPAXX is a Money Market fund actively managed by Fidelity. Both are actively managed. Over the past year, GPIX returned 25.72% vs 3.66% for SPAXX. At a 0.02 correlation, their price movements are largely independent. GPIX charges 0.29%/yr vs 0.42%/yr for SPAXX.
Performance
GPIX vs. SPAXX - Performance Comparison
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Returns By Period
In the year-to-date period, GPIX achieves a 10.28% return, which is significantly higher than SPAXX's 1.37% return.
GPIX
- 1D
- 1.51%
- 1M
- 2.08%
- YTD
- 10.28%
- 6M
- 10.95%
- 1Y
- 25.72%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPAXX
- 1D
- 0.00%
- 1M
- 0.28%
- YTD
- 1.37%
- 6M
- 1.67%
- 1Y
- 3.66%
- 3Y*
- 2.42%
- 5Y*
- 1.45%
- 10Y*
- —
GPIX vs. SPAXX - 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% |
SPAXX Fidelity Government Money Market Fund | 1.37% | 3.96% | 1.54% | 0.00% |
Correlation
The correlation between GPIX and SPAXX is -0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2023 | 0.02 |
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Return for Risk
GPIX vs. SPAXX — Risk / Return Rank
GPIX
SPAXX
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
GPIX vs. SPAXX - 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 Fidelity Government Money Market Fund (SPAXX). 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 | SPAXX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.23 | ||
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.46 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 3.35 | — | — |
| Martin ratioReturn relative to average drawdown | 16.40 | — | — |
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Drawdowns
GPIX vs. SPAXX - Drawdown Comparison
The maximum GPIX drawdown since its inception was -17.50%, which is greater than SPAXX's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for GPIX and SPAXX.
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Drawdown Indicators
| GPIX | SPAXX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.50% | 0.00% | -17.50% |
Max Drawdown (1Y)Largest decline over 1 year | -7.71% | 0.00% | -7.71% |
Max Drawdown (3Y)Largest decline over 3 years | — | 0.00% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | 0.00% | — |
Current DrawdownCurrent decline from peak | -0.14% | 0.00% | -0.14% |
Average DrawdownAverage peak-to-trough decline | -1.48% | 0.00% | -1.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.57% | 0.00% | +1.57% |
Volatility
GPIX vs. SPAXX - Volatility Comparison
Goldman Sachs S&P 500 Premium Income ETF (GPIX) has a higher volatility of 4.00% compared to Fidelity Government Money Market Fund (SPAXX) at 0.28%. This indicates that GPIX's price experiences larger fluctuations and is considered to be riskier than SPAXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GPIX | SPAXX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.00% | 0.28% | +3.72% |
Volatility (6M)Calculated over the trailing 6-month period | 8.63% | 0.66% | +7.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.69% | 1.03% | +9.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.88% | 0.69% | +13.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.88% | 0.69% | +13.19% |
GPIX vs. SPAXX - Expense Ratio Comparison
GPIX has a 0.29% expense ratio, which is lower than SPAXX's 0.42% expense ratio.
Dividends
GPIX vs. SPAXX - Dividend Comparison
GPIX's dividend yield for the trailing twelve months is around 7.97%, more than SPAXX's 3.59% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
GPIX Goldman Sachs S&P 500 Premium Income ETF | 7.97% | 8.01% | 7.45% | 1.40% |
SPAXX Fidelity Government Money Market Fund | 3.59% | 3.88% | 1.53% | 0.41% |
Frequently Asked Questions
GPIX and SPAXX have a correlation of -0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GPIX has higher volatility (4.00%) compared to SPAXX (0.28%). In terms of maximum drawdown, GPIX dropped -17.50% vs SPAXX's 0.00%.
SPAXX currently has the higher Sharpe Ratio (3.65 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.
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