GPIX vs. SPY

Last updated Jun 23, 2026

GPIX (Goldman Sachs S&P 500 Premium Income ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - GPIX is a Derivative Income fund actively managed by Goldman Sachs, while SPY is a S&P 500 fund tracking the S&P 500 Index. GPIX is actively managed, while SPY is passively managed. Over the past year, GPIX returned 24.71% vs 26.65% for SPY. With a 0.98 correlation, they move nearly in lockstep. GPIX charges 0.29%/yr vs 0.09%/yr for SPY.

Performance

GPIX vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with GPIX having a 9.41% return and SPY slightly higher at 9.74%.

GPIX

• 1D: -0.25%
• 1M: 0.53%
• YTD: 9.41%
• 6M: 9.08%
• 1Y: 24.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

GPIX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GPIX Goldman Sachs S&P 500 Premium Income ETF	9.41%	16.25%	21.77%	13.04%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	14.29%

Correlation

The correlation between GPIX and SPY is 1.00 - 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	1.00
Correlation (All Time) Calculated using the full available price history since Oct 26, 2023	0.98

The correlation between GPIX and SPY has been stable across timeframes, ranging from 0.98 to 1.00 - a consistent structural relationship.

GPIX vs. SPY - Sectors Allocation Comparison

Sectors	GPIX	SPY
Technology	39.2%	39.0%
Financial Services	10.9%	11.1%
Communication Services	10.7%	10.6%
Consumer Cyclical	10.1%	9.9%
Healthcare	8.3%	8.3%
Industrials	7.7%	7.8%
Consumer Defensive	4.4%	4.5%
Energy	3.2%	3.1%
Utilities	2.2%	2.1%
Real Estate	1.8%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

GPIX vs. SPY — Risk / Return Rank

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

GPIX

GPIX Risk / Return Rank: 75
GPIX Sharpe Ratio Rank: 75
GPIX Sortino Ratio Rank: 73
GPIX Omega Ratio Rank: 78
GPIX Calmar Ratio Rank: 67
GPIX Martin Ratio Rank: 82

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.31	2.16	+0.16
Sortino ratio: Return per unit of downside risk	3.16	2.91	+0.24
Omega ratio: Gain probability vs. loss probability	1.44	1.39	+0.05
Calmar ratio: Return relative to maximum drawdown	3.22	3.01	+0.21
Martin ratio: Return relative to average drawdown	15.72	13.54	+2.18

GPIX vs. SPY - Sharpe Ratio Comparison

The current GPIX Sharpe Ratio is 2.31, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of GPIX and SPY, 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. SPY - Drawdown Comparison

The maximum GPIX drawdown since its inception was -17.50%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for GPIX and SPY.

Drawdown Indicators

	GPIX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-17.50%	-55.19%	+37.69%
Max Drawdown (1Y) Largest decline over 1 year	-7.71%	-8.88%	+1.17%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-0.93%	-1.75%	+0.82%
Average Drawdown Average peak-to-trough decline	-1.48%	-9.04%	+7.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.58%	1.97%	-0.39%

Volatility

GPIX vs. SPY - Volatility Comparison

The current volatility for Goldman Sachs S&P 500 Premium Income ETF (GPIX) is 4.04%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that GPIX experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GPIX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.04%	4.64%	-0.60%
Volatility (6M) Calculated over the trailing 6-month period	8.65%	9.75%	-1.10%
Volatility (1Y) Calculated over the trailing 1-year period	10.75%	12.43%	-1.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.87%	17.14%	-3.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.87%	17.99%	-4.12%

GPIX vs. SPY - Expense Ratio Comparison

GPIX has a 0.29% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

GPIX vs. SPY - Dividend Comparison

GPIX's dividend yield for the trailing twelve months is around 8.03%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GPIX Goldman Sachs S&P 500 Premium Income ETF	8.03%	8.01%	7.45%	1.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both GPIX and SPY in my portfolio?

With a correlation of 1.00, GPIX and SPY 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 SPY?

SPY has higher volatility (4.64%) compared to GPIX (4.04%). In terms of maximum drawdown, GPIX dropped -17.50% vs SPY's -55.19%.

Which ETF is better, GPIX or SPY?

On 1-year performance, SPY leads with 26.65% vs 24.71% for GPIX. On fees, SPY is cheaper at 0.09% per year. On volatility, GPIX has been the lower-risk option at 4.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GPIX or SPY?

Over the 1-year period, SPY has performed better with a 26.65% return vs 24.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GPIX or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.29% for GPIX.

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

GPIX has the higher dividend yield at 8.03%, compared with 1.01% for SPY.

What is the main difference between GPIX and SPY?

GPIX is categorized as Derivative Income, while SPY is S&P 500. They also come from different issuers: Goldman Sachs and State Street. Their fees differ too: 0.29% for GPIX and 0.09% for SPY.

Which has better risk-adjusted returns?

GPIX currently has the higher Sharpe Ratio (2.31 vs 2.16), 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.