IEMG vs. GPIX

Last updated Jul 26, 2026

IEMG (iShares Core MSCI Emerging Markets ETF) and GPIX (Goldman Sachs S&P 500 Premium Income ETF) are both exchange-traded funds - IEMG is a Emerging Markets Equities fund tracking the MSCI Emerging Markets Investable Market Index (USD) (Net), while GPIX is a Derivative Income fund actively managed by Goldman Sachs. IEMG is passively managed, while GPIX is actively managed. Over the past year, IEMG returned 28.48% vs 17.54% for GPIX. Their 0.66 correlation means they have sometimes moved together and sometimes differently. IEMG charges 0.09%/yr vs 0.29%/yr for GPIX.

Performance

IEMG vs. GPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core MSCI Emerging Markets ETF (IEMG) 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, IEMG achieves a 15.55% return, which is significantly higher than GPIX's 9.04% return.

IEMG

• 1D: -1.78%
• 1M: -6.23%
• 6M: 7.28%
• YTD: 15.55%
• 1Y: 28.48%
• 3Y*: 17.89%
• 5Y*: 6.77%
• 10Y*: 8.78%
• ALL TIME*: 6.06%

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
IEMG iShares Core MSCI Emerging Markets ETF	$959.90M	$1.12B	$1.07B

IEMG vs. GPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IEMG iShares Core MSCI Emerging Markets ETF	15.55%	32.56%	6.50%	12.05%
GPIX Goldman Sachs S&P 500 Premium Income ETF	9.04%	16.25%	21.77%	13.04%

Correlation

The correlation between IEMG and GPIX is 0.76, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.76
Correlation (All Time) Calculated using the full available price history since Oct 26, 2023	0.66

The correlation between IEMG and GPIX shifts across timeframes, from 0.66 (all time) to 0.76 (1 year), reflecting how their relationship changes across market environments.

IEMG vs. GPIX - Sectors Allocation Comparison

Sectors	IEMG	GPIX
Technology	43.6%	38.5%
Financial Services	17.3%	11.9%
Consumer Cyclical	7.7%	9.5%
Industrials	7.7%	8.4%
Basic Materials	5.8%	1.7%
Communication Services	5.6%	9.5%
Healthcare	3.2%	8.9%
Energy	3.0%	3.0%
Consumer Defensive	2.8%	4.7%
Utilities	1.9%	2.2%
Real Estate	1.5%	1.8%

Return for Risk

IEMG vs. GPIX — Risk / Return Rank

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

IEMG

IEMG Risk / Return Rank: 54
IEMG Sharpe Ratio Rank: 50
IEMG Sortino Ratio Rank: 47
IEMG Omega Ratio Rank: 54
IEMG Calmar Ratio Rank: 61
IEMG Martin Ratio Rank: 57

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.

IEMG vs. GPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Emerging Markets ETF (IEMG) 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.

	IEMG	GPIX	Difference
Sharpe ratio: Return per unit of total volatility	1.21	1.64	-0.43
Sortino ratio: Return per unit of downside risk	1.69	2.30	-0.61
Omega ratio: Gain probability vs. loss probability	1.24	1.30	-0.07
Calmar ratio: Return relative to maximum drawdown	2.13	2.33	-0.20
Martin ratio: Return relative to average drawdown	6.72	11.09	-4.38

IEMG vs. GPIX - Sharpe Ratio Comparison

The current IEMG Sharpe Ratio is 1.21, which is comparable to the GPIX Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of IEMG 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

IEMG vs. GPIX - Drawdown Comparison

The maximum IEMG drawdown since its inception was -38.71%, which is greater than GPIX's maximum drawdown of -17.50%. Use the drawdown chart below to compare losses from any high point for IEMG and GPIX.

Drawdown Indicators

	IEMG	GPIX	Difference
Max Drawdown Largest peak-to-trough decline	-38.71%	-17.50%	-21.21%
Max Drawdown (1Y) Largest decline over 1 year	-13.21%	-7.71%	-5.50%
Max Drawdown (3Y) Largest decline over 3 years	-17.21%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-33.61%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-38.71%	—	—
Current Drawdown Current decline from peak	-10.41%	-1.65%	-8.76%
Average Drawdown Average peak-to-trough decline	-12.90%	-1.46%	-11.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.19%	1.62%	+2.57%

Volatility

IEMG vs. GPIX - Volatility Comparison

iShares Core MSCI Emerging Markets ETF (IEMG) has a higher volatility of 7.86% compared to Goldman Sachs S&P 500 Premium Income ETF (GPIX) at 2.63%. This indicates that IEMG'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

	IEMG	GPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.86%	2.63%	+5.23%
Volatility (6M) Calculated over the trailing 6-month period	21.27%	8.74%	+12.53%
Volatility (1Y) Calculated over the trailing 1-year period	23.23%	10.98%	+12.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.21%	13.75%	+5.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.26%	13.75%	+6.51%

IEMG vs. GPIX - Expense Ratio Comparison

IEMG has a 0.09% expense ratio, which is lower than GPIX's 0.29% expense ratio.

Dividends

IEMG vs. GPIX - Dividend Comparison

IEMG's dividend yield for the trailing twelve months is around 2.33%, less than GPIX's 8.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GPIX Goldman Sachs S&P 500 Premium Income ETF	8.19%	8.01%	7.45%	1.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IEMG iShares Core MSCI Emerging Markets ETF	2.33%	2.75%	3.20%	2.89%	2.71%	3.06%	1.87%	3.15%	2.76%	2.35%	2.28%	2.53%

Frequently Asked Questions

Can I hold both IEMG and GPIX in my portfolio?

IEMG and GPIX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IEMG or GPIX?

IEMG has higher volatility (7.86%) compared to GPIX (2.63%). In terms of maximum drawdown, IEMG dropped -38.71% vs GPIX's -17.50%.

Which ETF is better, IEMG or GPIX?

On 1-year performance, IEMG leads with 28.48% vs 17.54% for GPIX. On fees, IEMG is cheaper at 0.09% 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, IEMG or GPIX?

Over the 1-year period, IEMG has performed better with a 28.48% return vs 17.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IEMG or GPIX?

IEMG is cheaper with a 0.09% expense ratio, compared with 0.29% for GPIX.

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

GPIX has the higher dividend yield at 8.19%, compared with 2.33% for IEMG.

What is the main difference between IEMG and GPIX?

IEMG is categorized as Emerging Markets Equities, while GPIX is Derivative Income. They also come from different issuers: iShares and Goldman Sachs. Their fees differ too: 0.09% for IEMG and 0.29% for GPIX.

Which has better risk-adjusted returns?

GPIX currently has the higher Sharpe Ratio (1.64 vs 1.21), 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.