GPIX vs. SPYI

Last updated Jun 13, 2026

GPIX (Goldman Sachs S&P 500 Premium Income ETF) and SPYI (NEOS S&P 500 High Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, GPIX returned 22.76% vs 19.90% for SPYI. With a 0.97 correlation, they move nearly in lockstep. GPIX charges 0.29%/yr vs 0.68%/yr for SPYI.

Performance

GPIX vs. SPYI - 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 NEOS S&P 500 High Income ETF (SPYI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GPIX achieves a 8.64% return, which is significantly higher than SPYI's 6.31% return.

GPIX

• 1D: 0.55%
• 1M: 0.31%
• YTD: 8.64%
• 6M: 9.22%
• 1Y: 22.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPYI

• 1D: 0.53%
• 1M: -0.01%
• YTD: 6.31%
• 6M: 6.98%
• 1Y: 19.90%
• 3Y*: 15.48%
• 5Y*: —
• 10Y*: —

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

GPIX vs. SPYI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GPIX Goldman Sachs S&P 500 Premium Income ETF	8.64%	16.25%	21.77%	13.04%
SPYI NEOS S&P 500 High Income ETF	6.31%	16.67%	19.03%	7.37%

Correlation

The correlation between GPIX and SPYI is 0.99 - 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	0.99
Correlation (All Time) Calculated using the full available price history since Oct 26, 2023	0.97

The correlation between GPIX and SPYI has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.

GPIX vs. SPYI - Sectors Allocation Comparison

Sectors	GPIX	SPYI
Technology	35.5%	35.5%
Financial Services	11.6%	11.8%
Communication Services	11.5%	11.2%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.4%	8.5%
Industrials	8.4%	8.4%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.4%	2.3%
Real Estate	2.0%	2.0%
Basic Materials	1.8%	1.8%

Return for Risk

GPIX vs. SPYI — Risk / Return Rank

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

GPIX

GPIX Risk / Return Rank: 77
GPIX Sharpe Ratio Rank: 78
GPIX Sortino Ratio Rank: 76
GPIX Omega Ratio Rank: 80
GPIX Calmar Ratio Rank: 68
GPIX Martin Ratio Rank: 83

SPYI

SPYI Risk / Return Rank: 71
SPYI Sharpe Ratio Rank: 71
SPYI Sortino Ratio Rank: 69
SPYI Omega Ratio Rank: 76
SPYI Calmar Ratio Rank: 60
SPYI Martin Ratio Rank: 78

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. SPYI - 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 NEOS S&P 500 High Income ETF (SPYI). 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	SPYI	Difference
Sharpe ratio: Return per unit of total volatility	2.15	1.98	+0.18
Sortino ratio: Return per unit of downside risk	2.94	2.68	+0.26
Omega ratio: Gain probability vs. loss probability	1.41	1.39	+0.02
Calmar ratio: Return relative to maximum drawdown	2.97	2.59	+0.38
Martin ratio: Return relative to average drawdown	14.51	13.05	+1.47

GPIX vs. SPYI - Sharpe Ratio Comparison

The current GPIX Sharpe Ratio is 2.15, which is comparable to the SPYI Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of GPIX and SPYI, 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. SPYI - Drawdown Comparison

The maximum GPIX drawdown since its inception was -17.50%, which is greater than SPYI's maximum drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for GPIX and SPYI.

Drawdown Indicators

	GPIX	SPYI	Difference
Max Drawdown Largest peak-to-trough decline	-17.50%	-16.47%	-1.03%
Max Drawdown (1Y) Largest decline over 1 year	-7.71%	-7.72%	+0.01%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.47%	—
Current Drawdown Current decline from peak	-1.63%	-1.79%	+0.16%
Average Drawdown Average peak-to-trough decline	-1.49%	-1.81%	+0.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.57%	1.53%	+0.04%

Volatility

GPIX vs. SPYI - Volatility Comparison

Goldman Sachs S&P 500 Premium Income ETF (GPIX) and NEOS S&P 500 High Income ETF (SPYI) have volatilities of 3.77% and 3.62%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GPIX	SPYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.77%	3.62%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	8.51%	8.07%	+0.44%
Volatility (1Y) Calculated over the trailing 1-year period	10.62%	10.10%	+0.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.86%	12.99%	+0.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.86%	12.99%	+0.87%

GPIX vs. SPYI - Expense Ratio Comparison

GPIX has a 0.29% expense ratio, which is lower than SPYI's 0.68% expense ratio.

Dividends

GPIX vs. SPYI - Dividend Comparison

GPIX's dividend yield for the trailing twelve months is around 8.09%, less than SPYI's 11.80% yield.

Position	TTM	2025	2024	2023	2022
GPIX Goldman Sachs S&P 500 Premium Income ETF	8.09%	8.01%	7.45%	1.40%	0.00%
SPYI NEOS S&P 500 High Income ETF	11.80%	11.70%	12.04%	12.01%	4.10%

Frequently Asked Questions

Can I hold both GPIX and SPYI in my portfolio?

With a correlation of 0.99, GPIX and SPYI 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 SPYI?

GPIX has higher volatility (3.77%) compared to SPYI (3.62%). In terms of maximum drawdown, GPIX dropped -17.50% vs SPYI's -16.47%.

Which ETF is better, GPIX or SPYI?

On 1-year performance, GPIX leads with 22.76% vs 19.90% for SPYI. On fees, GPIX is cheaper at 0.29% per year. On volatility, SPYI has been the lower-risk option at 3.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GPIX or SPYI?

Over the 1-year period, GPIX has performed better with a 22.76% return vs 19.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GPIX or SPYI?

GPIX is cheaper with a 0.29% expense ratio, compared with 0.68% for SPYI.

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

SPYI has the higher dividend yield at 11.80%, compared with 8.09% for GPIX.

What is the main difference between GPIX and SPYI?

They also come from different issuers: Goldman Sachs and Neos. Their fees differ too: 0.29% for GPIX and 0.68% for SPYI.

Which has better risk-adjusted returns?

GPIX currently has the higher Sharpe Ratio (2.15 vs 1.98), 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.