GPIX vs. TLTW
GPIX (Goldman Sachs S&P 500 Premium Income ETF) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both Derivative Income funds. GPIX is actively managed, while TLTW is passively managed. Over the past year, GPIX returned 25.72% vs 9.50% for TLTW. At a 0.19 correlation, their price movements are largely independent. GPIX charges 0.29%/yr vs 0.35%/yr for TLTW.
Performance
GPIX vs. TLTW - 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 TLTW's 1.94% return.
GPIX
- 1D
- 1.51%
- 1M
- 2.08%
- YTD
- 10.28%
- 6M
- 10.95%
- 1Y
- 25.72%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TLTW
- 1D
- 0.05%
- 1M
- 2.89%
- YTD
- 1.94%
- 6M
- 2.24%
- 1Y
- 9.50%
- 3Y*
- 0.63%
- 5Y*
- —
- 10Y*
- —
GPIX vs. TLTW - 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% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 1.94% | 11.36% | -2.18% | 8.33% |
Correlation
The correlation between GPIX and TLTW is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2023 | 0.19 |
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Return for Risk
GPIX vs. TLTW — Risk / Return Rank
GPIX
TLTW
GPIX vs. TLTW - 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 iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW). 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 | TLTW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.18 | ||
| Sortino ratioReturn per unit of downside risk | +1.49 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.22 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 3.35 | 1.60 | +1.75 |
| Martin ratioReturn relative to average drawdown | 16.40 | 4.63 | +11.77 |
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Drawdowns
GPIX vs. TLTW - Drawdown Comparison
The maximum GPIX drawdown since its inception was -17.50%, smaller than the maximum TLTW drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for GPIX and TLTW.
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Drawdown Indicators
| GPIX | TLTW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.50% | -18.61% | +1.11% |
Max Drawdown (1Y)Largest decline over 1 year | -7.71% | -5.97% | -1.74% |
Max Drawdown (3Y)Largest decline over 3 years | — | -17.19% | — |
Current DrawdownCurrent decline from peak | -0.14% | -2.50% | +2.36% |
Average DrawdownAverage peak-to-trough decline | -1.48% | -8.20% | +6.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.57% | 2.06% | -0.49% |
Volatility
GPIX vs. TLTW - Volatility Comparison
Goldman Sachs S&P 500 Premium Income ETF (GPIX) has a higher volatility of 4.00% compared to iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) at 2.31%. This indicates that GPIX's price experiences larger fluctuations and is considered to be riskier than TLTW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GPIX | TLTW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.00% | 2.31% | +1.69% |
Volatility (6M)Calculated over the trailing 6-month period | 8.63% | 5.84% | +2.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.69% | 7.66% | +3.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.88% | 11.35% | +2.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.88% | 11.35% | +2.53% |
GPIX vs. TLTW - Expense Ratio Comparison
GPIX has a 0.29% expense ratio, which is lower than TLTW's 0.35% expense ratio.
Dividends
GPIX vs. TLTW - Dividend Comparison
GPIX's dividend yield for the trailing twelve months is around 7.97%, less than TLTW's 11.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
GPIX Goldman Sachs S&P 500 Premium Income ETF | 7.97% | 8.01% | 7.45% | 1.40% | 0.00% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 11.67% | 14.82% | 14.47% | 19.59% | 8.71% |
Frequently Asked Questions
GPIX and TLTW have a correlation of 0.27, 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 TLTW (2.31%). In terms of maximum drawdown, GPIX dropped -17.50% vs TLTW's -18.61%.
On 1-year performance, GPIX leads with 25.72% vs 9.50% for TLTW. On fees, GPIX is cheaper at 0.29% per year. On volatility, TLTW has been the lower-risk option at 2.31%. 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 25.72% return vs 9.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GPIX is cheaper with a 0.29% expense ratio, compared with 0.35% for TLTW.
TLTW has the higher dividend yield at 11.67%, compared with 7.97% for GPIX.
They also come from different issuers: Goldman Sachs and iShares. Their fees differ too: 0.29% for GPIX and 0.35% for TLTW.
GPIX currently has the higher Sharpe Ratio (2.42 vs 1.25), 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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