GPIX vs. USO
GPIX (Goldman Sachs S&P 500 Premium Income ETF) and USO (United States Oil Fund LP) are both exchange-traded funds - GPIX is a Derivative Income fund actively managed by Goldman Sachs, while USO is a Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. GPIX is actively managed, while USO is passively managed. Over the past year, GPIX returned 17.54% vs 82.62% for USO. Their -0.07 correlation means they have often moved in opposite directions in the past. GPIX charges 0.29%/yr vs 0.86%/yr for USO.
Performance
GPIX vs. USO - Performance Comparison
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Returns By Period
In the year-to-date period, GPIX achieves a 9.04% return, which is significantly lower than USO's 97.64% return.
GPIX
- 1D
- 0.09%
- 1M
- 1.01%
- 6M
- 7.83%
- YTD
- 9.04%
- 1Y
- 17.54%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 22.49%
USO
- 1D
- -2.01%
- 1M
- 25.05%
- 6M
- 84.84%
- YTD
- 97.64%
- 1Y
- 82.62%
- 3Y*
- 24.31%
- 5Y*
- 22.54%
- 10Y*
- 5.42%
- ALL TIME*
- -6.60%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $50.34M | $51.86M | $49.74M | |
| $1.02B | $802.47M | $996.79M |
GPIX vs. USO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
GPIX Goldman Sachs S&P 500 Premium Income ETF | 9.04% | 16.25% | 21.77% | 13.04% |
USO United States Oil Fund LP | 97.64% | -8.46% | 13.35% | -15.05% |
Correlation
The correlation between GPIX and USO is -0.27, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.27 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2023 | -0.07 |
The correlation between GPIX and USO shifts across timeframes, from -0.27 (1 year) to -0.07 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GPIX vs. USO — Risk / Return Rank
GPIX
USO
GPIX vs. USO - 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 United States Oil Fund LP (USO). 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 | USO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.30 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.33 | 2.46 | -0.13 |
| Martin ratioReturn relative to average drawdown | 11.09 | 6.41 | +4.68 |
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Drawdowns
GPIX vs. USO - Drawdown Comparison
The maximum GPIX drawdown since its inception was -17.50%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for GPIX and USO.
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Drawdown Indicators
| GPIX | USO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.50% | -98.19% | +80.69% |
Max Drawdown (1Y)Largest decline over 1 year | -7.71% | -32.49% | +24.78% |
Max Drawdown (3Y)Largest decline over 3 years | — | -32.49% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -36.23% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -86.75% | — |
Current DrawdownCurrent decline from peak | -1.65% | -85.46% | +83.81% |
Average DrawdownAverage peak-to-trough decline | -1.46% | -75.37% | +73.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.62% | 12.47% | -10.85% |
Volatility
GPIX vs. USO - Volatility Comparison
The current volatility for Goldman Sachs S&P 500 Premium Income ETF (GPIX) is 2.63%, while United States Oil Fund LP (USO) has a volatility of 13.60%. This indicates that GPIX experiences smaller price fluctuations and is considered to be less risky than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GPIX | USO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.63% | 13.60% | -10.97% |
Volatility (6M)Calculated over the trailing 6-month period | 8.74% | 41.19% | -32.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.98% | 45.56% | -34.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.75% | 36.67% | -22.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.75% | 39.13% | -25.38% |
GPIX vs. USO - Expense Ratio Comparison
GPIX has a 0.29% expense ratio, which is lower than USO's 0.86% expense ratio.
Dividends
GPIX vs. USO - Dividend Comparison
GPIX's dividend yield for the trailing twelve months is around 8.19%, while USO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
GPIX Goldman Sachs S&P 500 Premium Income ETF | 8.19% | 8.01% | 7.45% | 1.40% |
USO United States Oil Fund LP | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GPIX and USO 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.
USO has higher volatility (13.60%) compared to GPIX (2.63%). In terms of maximum drawdown, GPIX dropped -17.50% vs USO's -98.19%.
On 1-year performance, USO leads with 82.62% vs 17.54% for GPIX. On fees, GPIX is cheaper at 0.29% per year. On volatility, GPIX has been the lower-risk option at 2.63%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, USO has performed better with a 82.62% return vs 17.54%. 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 0.86% for USO.
GPIX has the higher dividend yield at 8.19%, compared with 0.00% for USO.
GPIX is categorized as Derivative Income, while USO is Oil & Gas. They also come from different issuers: Goldman Sachs and USCF. Their fees differ too: 0.29% for GPIX and 0.86% for USO.
USO currently has the higher Sharpe Ratio (1.76 vs 1.64), 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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