IAU vs. GPIX

Last updated Jul 26, 2026

IAU (iShares Gold Trust) and GPIX (Goldman Sachs S&P 500 Premium Income ETF) are both exchange-traded funds - IAU is a Gold fund tracking the LBMA Gold Price, while GPIX is a Derivative Income fund actively managed by Goldman Sachs. IAU is passively managed, while GPIX is actively managed. Over the past year, IAU returned 21.17% vs 17.54% for GPIX. Their 0.16 correlation means their historical movements had little consistent relationship. IAU charges 0.25%/yr vs 0.29%/yr for GPIX.

Performance

IAU vs. GPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Gold Trust (IAU) and Goldman Sachs S&P 500 Premium Income ETF (GPIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IAU achieves a -6.09% return, which is significantly lower than GPIX's 9.04% return.

IAU

• 1D: 0.11%
• 1M: 0.69%
• 6M: -18.72%
• YTD: -6.09%
• 1Y: 21.17%
• 3Y*: 26.99%
• 5Y*: 17.33%
• 10Y*: 11.59%
• ALL TIME*: 10.72%

GPIX

• 1D: 0.09%
• 1M: 1.01%
• 6M: 7.83%
• YTD: 9.04%
• 1Y: 17.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 22.49%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GPIX Goldman Sachs S&P 500 Premium Income ETF	$50.34M	$51.86M	$49.74M
IAU iShares Gold Trust	$367.78M	$389.80M	$488.83M

IAU vs. GPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IAU iShares Gold Trust	-6.09%	63.95%	26.85%	4.05%
GPIX Goldman Sachs S&P 500 Premium Income ETF	9.04%	16.25%	21.77%	13.04%

Correlation

The correlation between IAU and GPIX is 0.31, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.31
Correlation (All Time) Calculated using the full available price history since Oct 26, 2023	0.16

The correlation between IAU and GPIX shifts across timeframes, from 0.16 (all time) to 0.31 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

IAU vs. GPIX — Risk / Return Rank

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

IAU

IAU Risk / Return Rank: 28
IAU Sharpe Ratio Rank: 30
IAU Sortino Ratio Rank: 29
IAU Omega Ratio Rank: 33
IAU Calmar Ratio Rank: 25
IAU Martin Ratio Rank: 24

GPIX

GPIX Risk / Return Rank: 73
GPIX Sharpe Ratio Rank: 72
GPIX Sortino Ratio Rank: 71
GPIX Omega Ratio Rank: 73
GPIX Calmar Ratio Rank: 67
GPIX Martin Ratio Rank: 82

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.

IAU vs. GPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Gold Trust (IAU) and Goldman Sachs S&P 500 Premium Income ETF (GPIX). 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.

	IAU	GPIX	Difference
Sharpe ratio: Return per unit of total volatility	0.72	1.64	-0.92
Sortino ratio: Return per unit of downside risk	1.07	2.30	-1.23
Omega ratio: Gain probability vs. loss probability	1.15	1.30	-0.15
Calmar ratio: Return relative to maximum drawdown	0.76	2.33	-1.57
Martin ratio: Return relative to average drawdown	1.72	11.09	-9.37

IAU vs. GPIX - Sharpe Ratio Comparison

The current IAU Sharpe Ratio is 0.72, which is lower than the GPIX Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of IAU and GPIX, 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

IAU vs. GPIX - Drawdown Comparison

The maximum IAU drawdown since its inception was -45.14%, which is greater than GPIX's maximum drawdown of -17.50%. Use the drawdown chart below to compare losses from any high point for IAU and GPIX.

Drawdown Indicators

	IAU	GPIX	Difference
Max Drawdown Largest peak-to-trough decline	-45.14%	-17.50%	-27.64%
Max Drawdown (1Y) Largest decline over 1 year	-26.36%	-7.71%	-18.65%
Max Drawdown (3Y) Largest decline over 3 years	-26.36%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.36%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-26.36%	—	—
Current Drawdown Current decline from peak	-24.95%	-1.65%	-23.30%
Average Drawdown Average peak-to-trough decline	-16.01%	-1.46%	-14.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.65%	1.62%	+10.03%

Volatility

IAU vs. GPIX - Volatility Comparison

iShares Gold Trust (IAU) has a higher volatility of 6.07% compared to Goldman Sachs S&P 500 Premium Income ETF (GPIX) at 2.63%. This indicates that IAU's price experiences larger fluctuations and is considered to be riskier than GPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IAU	GPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.07%	2.63%	+3.44%
Volatility (6M) Calculated over the trailing 6-month period	23.78%	8.74%	+15.04%
Volatility (1Y) Calculated over the trailing 1-year period	27.88%	10.98%	+16.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.39%	13.75%	+4.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.06%	13.75%	+2.31%

IAU vs. GPIX - Expense Ratio Comparison

IAU has a 0.25% expense ratio, which is lower than GPIX's 0.29% expense ratio.

Dividends

IAU vs. GPIX - Dividend Comparison

IAU has not paid dividends to shareholders, while GPIX's dividend yield for the trailing twelve months is around 8.19%.

Position	TTM	2025	2024	2023
GPIX Goldman Sachs S&P 500 Premium Income ETF	8.19%	8.01%	7.45%	1.40%
IAU iShares Gold Trust	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IAU and GPIX in my portfolio?

IAU and GPIX have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IAU or GPIX?

IAU has higher volatility (6.07%) compared to GPIX (2.63%). In terms of maximum drawdown, IAU dropped -45.14% vs GPIX's -17.50%.

Which ETF is better, IAU or GPIX?

On 1-year performance, IAU leads with 21.17% vs 17.54% for GPIX. On fees, IAU is cheaper at 0.25% 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.

Which ETF has performed better, IAU or GPIX?

Over the 1-year period, IAU has performed better with a 21.17% return vs 17.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IAU or GPIX?

IAU is cheaper with a 0.25% expense ratio, compared with 0.29% for GPIX.

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

GPIX has the higher dividend yield at 8.19%, compared with 0.00% for IAU.

What is the main difference between IAU and GPIX?

IAU is categorized as Gold, while GPIX is Derivative Income. They also come from different issuers: iShares and Goldman Sachs. Their fees differ too: 0.25% for IAU and 0.29% for GPIX.

Which has better risk-adjusted returns?

GPIX currently has the higher Sharpe Ratio (1.64 vs 0.72), 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.