GSPAX vs. CAIFX

Last updated Jun 24, 2026

GSPAX (Goldman Sachs U.S. Equity Dividend and Premium Fund Class A) and CAIFX (American Funds Capital Income Builder Fund Class F-2) are both Dividend funds. Both are actively managed. Over the past 10 years, GSPAX returned 12.90%/yr vs 8.40%/yr for CAIFX. Their correlation of 0.85 suggests significant overlap in exposure. GSPAX charges 1.01%/yr vs 0.37%/yr for CAIFX.

Performance

GSPAX vs. CAIFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs U.S. Equity Dividend and Premium Fund Class A (GSPAX) and American Funds Capital Income Builder Fund Class F-2 (CAIFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GSPAX achieves a 9.73% return, which is significantly higher than CAIFX's 7.58% return. Over the past 10 years, GSPAX has outperformed CAIFX with an annualized return of 12.90%, while CAIFX has yielded a comparatively lower 8.40% annualized return.

GSPAX

• 1D: -0.25%
• 1M: 0.86%
• YTD: 9.73%
• 6M: 9.13%
• 1Y: 22.71%
• 3Y*: 19.91%
• 5Y*: 12.52%
• 10Y*: 12.90%

CAIFX

• 1D: 0.06%
• 1M: 0.16%
• YTD: 7.58%
• 6M: 7.44%
• 1Y: 17.66%
• 3Y*: 15.26%
• 5Y*: 8.90%
• 10Y*: 8.40%

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

GSPAX vs. CAIFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GSPAX Goldman Sachs U.S. Equity Dividend and Premium Fund Class A	9.73%	13.27%	29.10%	21.09%	-15.36%	22.39%	13.66%	24.67%	-6.63%	14.84%
CAIFX American Funds Capital Income Builder Fund Class F-2	7.58%	20.63%	10.47%	9.21%	-6.95%	15.26%	3.41%	17.49%	-7.10%	14.19%

Correlation

The correlation between GSPAX and CAIFX is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Aug 1, 2008	0.85

The correlation between GSPAX and CAIFX shifts across timeframes, from 0.74 (1 year) to 0.85 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GSPAX vs. CAIFX — Risk / Return Rank

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

GSPAX

GSPAX Risk / Return Rank: 74
GSPAX Sharpe Ratio Rank: 75
GSPAX Sortino Ratio Rank: 71
GSPAX Omega Ratio Rank: 74
GSPAX Calmar Ratio Rank: 67
GSPAX Martin Ratio Rank: 85

CAIFX

CAIFX Risk / Return Rank: 64
CAIFX Sharpe Ratio Rank: 67
CAIFX Sortino Ratio Rank: 68
CAIFX Omega Ratio Rank: 66
CAIFX Calmar Ratio Rank: 58
CAIFX Martin Ratio Rank: 60

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.

GSPAX vs. CAIFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs U.S. Equity Dividend and Premium Fund Class A (GSPAX) and American Funds Capital Income Builder Fund Class F-2 (CAIFX). 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.

	GSPAX	CAIFX	Difference
Sharpe ratio: Return per unit of total volatility	2.32	2.21	+0.12
Sortino ratio: Return per unit of downside risk	3.20	3.13	+0.07
Omega ratio: Gain probability vs. loss probability	1.44	1.41	+0.03
Calmar ratio: Return relative to maximum drawdown	3.01	2.81	+0.20
Martin ratio: Return relative to average drawdown	14.93	11.13	+3.80

GSPAX vs. CAIFX - Sharpe Ratio Comparison

The current GSPAX Sharpe Ratio is 2.32, which is comparable to the CAIFX Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of GSPAX and CAIFX, 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

GSPAX vs. CAIFX - Drawdown Comparison

The maximum GSPAX drawdown since its inception was -52.07%, which is greater than CAIFX's maximum drawdown of -36.83%. Use the drawdown chart below to compare losses from any high point for GSPAX and CAIFX.

Drawdown Indicators

	GSPAX	CAIFX	Difference
Max Drawdown Largest peak-to-trough decline	-52.07%	-36.83%	-15.24%
Max Drawdown (1Y) Largest decline over 1 year	-7.92%	-6.47%	-1.45%
Max Drawdown (3Y) Largest decline over 3 years	-20.51%	-8.88%	-11.63%
Max Drawdown (5Y) Largest decline over 5 years	-22.39%	-17.51%	-4.88%
Max Drawdown (10Y) Largest decline over 10 years	-32.71%	-25.27%	-7.44%
Current Drawdown Current decline from peak	-0.60%	-0.66%	+0.06%
Average Drawdown Average peak-to-trough decline	-6.16%	-4.70%	-1.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.59%	1.63%	-0.04%

Volatility

GSPAX vs. CAIFX - Volatility Comparison

Goldman Sachs U.S. Equity Dividend and Premium Fund Class A (GSPAX) has a higher volatility of 3.50% compared to American Funds Capital Income Builder Fund Class F-2 (CAIFX) at 2.49%. This indicates that GSPAX's price experiences larger fluctuations and is considered to be riskier than CAIFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSPAX	CAIFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.50%	2.49%	+1.01%
Volatility (6M) Calculated over the trailing 6-month period	8.34%	6.61%	+1.73%
Volatility (1Y) Calculated over the trailing 1-year period	10.28%	8.24%	+2.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.06%	10.00%	+6.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.91%	10.88%	+6.03%

GSPAX vs. CAIFX - Expense Ratio Comparison

GSPAX has a 1.01% expense ratio, which is higher than CAIFX's 0.37% expense ratio.

Dividends

GSPAX vs. CAIFX - Dividend Comparison

GSPAX's dividend yield for the trailing twelve months is around 5.71%, less than CAIFX's 7.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CAIFX American Funds Capital Income Builder Fund Class F-2	7.51%	7.93%	5.98%	3.69%	3.66%	3.36%	3.60%	4.31%	3.76%	4.63%	3.73%	3.82%
GSPAX Goldman Sachs U.S. Equity Dividend and Premium Fund Class A	5.71%	6.05%	12.41%	6.14%	6.12%	5.67%	6.81%	6.47%	7.50%	5.73%	5.25%	5.86%

Frequently Asked Questions

Can I hold both GSPAX and CAIFX in my portfolio?

GSPAX and CAIFX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GSPAX or CAIFX?

GSPAX has higher volatility (3.50%) compared to CAIFX (2.49%). In terms of maximum drawdown, GSPAX dropped -52.07% vs CAIFX's -36.83%.

Which has better risk-adjusted returns?

GSPAX currently has the higher Sharpe Ratio (2.32 vs 2.21), 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.