ISPY vs. GPIX

Last updated Aug 2, 2026

ISPY (ProShares S&P 500 High Income ETF) and GPIX (Goldman Sachs S&P 500 Premium Income ETF) are both Derivative Income funds. ISPY is passively managed, while GPIX is actively managed. Over the past year, ISPY returned 18.57% vs 21.14% for GPIX. Their 0.96 correlation means they have historically moved very closely together. ISPY charges 0.55%/yr vs 0.29%/yr for GPIX.

Performance

ISPY vs. GPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 High Income ETF (ISPY) 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, ISPY achieves a 8.64% return, which is significantly lower than GPIX's 10.23% return.

ISPY

• 1D: 0.74%
• 1M: 0.25%
• 6M: 6.88%
• YTD: 8.64%
• 1Y: 18.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 16.69%

GPIX

• 1D: 0.62%
• 1M: 0.62%
• 6M: 8.56%
• YTD: 10.23%
• 1Y: 21.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 22.80%

*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	$55.40M	$53.93M	$51.40M
ISPY ProShares S&P 500 High Income ETF	$3.40M	$3.93M	$4.90M

ISPY vs. GPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ISPY ProShares S&P 500 High Income ETF	8.64%	13.15%	21.31%	0.35%
GPIX Goldman Sachs S&P 500 Premium Income ETF	10.23%	16.25%	21.77%	0.17%

Correlation

The correlation between ISPY and GPIX is 0.96 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.96
Correlation (All Time) Calculated using the full available price history since Dec 20, 2023	0.96

The correlation between ISPY and GPIX has been stable across timeframes, ranging from 0.96 to 0.96 - a consistent structural relationship.

ISPY vs. GPIX - Sectors Allocation Comparison

Sectors	ISPY	GPIX
Technology	32.2%	38.5%
Financial Services	20.9%	11.9%
Communication Services	7.9%	9.5%
Healthcare	7.7%	8.9%
Consumer Cyclical	7.4%	9.5%
Industrials	6.6%	8.4%
Consumer Defensive	3.9%	4.7%
Energy	2.9%	3.0%
Utilities	2.3%	2.2%
Real Estate	1.6%	1.8%
Basic Materials	1.6%	1.7%

Return for Risk

ISPY vs. GPIX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ISPY

ISPY Risk / Return Rank: 55
ISPY Sharpe Ratio Rank: 55
ISPY Sortino Ratio Rank: 50
ISPY Omega Ratio Rank: 52
ISPY Calmar Ratio Rank: 56
ISPY Martin Ratio Rank: 64

GPIX

GPIX Risk / Return Rank: 78
GPIX Sharpe Ratio Rank: 77
GPIX Sortino Ratio Rank: 76
GPIX Omega Ratio Rank: 78
GPIX Calmar Ratio Rank: 73
GPIX Martin Ratio Rank: 86

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ISPY vs. GPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 High Income ETF (ISPY) 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.

	ISPY	GPIX	Difference
Sharpe ratio: Return per unit of total volatility	1.31	1.75	-0.44
Sortino ratio: Return per unit of downside risk	1.78	2.43	-0.65
Omega ratio: Gain probability vs. loss probability	1.23	1.32	-0.09
Calmar ratio: Return relative to maximum drawdown	1.97	2.53	-0.56
Martin ratio: Return relative to average drawdown	7.66	11.97	-4.32

ISPY vs. GPIX - Sharpe Ratio Comparison

The current ISPY Sharpe Ratio is 1.31, which is comparable to the GPIX Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of ISPY 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

ISPY vs. GPIX - Drawdown Comparison

The maximum ISPY drawdown since its inception was -16.88%, roughly equal to the maximum GPIX drawdown of -17.50%. Use the drawdown chart below to compare losses from any high point for ISPY and GPIX.

Drawdown Indicators

	ISPY	GPIX	Difference
Max Drawdown Largest peak-to-trough decline	-16.88%	-17.50%	+0.62%
Max Drawdown (1Y) Largest decline over 1 year	-8.43%	-7.71%	-0.72%
Current Drawdown Current decline from peak	-1.59%	-0.57%	-1.02%
Average Drawdown Average peak-to-trough decline	-2.09%	-1.46%	-0.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.17%	1.63%	+0.54%

Volatility

ISPY vs. GPIX - Volatility Comparison

ProShares S&P 500 High Income ETF (ISPY) has a higher volatility of 3.79% compared to Goldman Sachs S&P 500 Premium Income ETF (GPIX) at 3.07%. This indicates that ISPY'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

	ISPY	GPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.79%	3.07%	+0.72%
Volatility (6M) Calculated over the trailing 6-month period	10.17%	8.97%	+1.20%
Volatility (1Y) Calculated over the trailing 1-year period	12.68%	11.17%	+1.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.75%	13.76%	-0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.75%	13.76%	-0.01%

ISPY vs. GPIX - Expense Ratio Comparison

ISPY has a 0.55% expense ratio, which is higher than GPIX's 0.29% expense ratio.

Dividends

ISPY vs. GPIX - Dividend Comparison

ISPY's dividend yield for the trailing twelve months is around 4.65%, less than GPIX's 8.11% yield.

Position	TTM	2025	2024	2023
GPIX Goldman Sachs S&P 500 Premium Income ETF	7.46%	8.01%	7.45%	1.40%
ISPY ProShares S&P 500 High Income ETF	4.56%	8.56%	9.84%	0.00%

Frequently Asked Questions

Can I hold both ISPY and GPIX in my portfolio?

With a correlation of 0.96, ISPY and GPIX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, ISPY or GPIX?

ISPY has higher volatility (3.79%) compared to GPIX (3.07%). In terms of maximum drawdown, ISPY dropped -16.88% vs GPIX's -17.50%.

Which ETF is better, ISPY or GPIX?

On 1-year performance, GPIX leads with 21.14% vs 18.57% for ISPY. On fees, GPIX is cheaper at 0.29% per year. On volatility, GPIX has been the lower-risk option at 3.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ISPY or GPIX?

Over the 1-year period, GPIX has performed better with a 21.14% return vs 18.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ISPY or GPIX?

GPIX is cheaper with a 0.29% expense ratio, compared with 0.55% for ISPY.

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

GPIX has the higher dividend yield at 7.46%, compared with 4.56% for ISPY.

What is the main difference between ISPY and GPIX?

They also come from different issuers: ProShares and Goldman Sachs. Their fees differ too: 0.55% for ISPY and 0.29% for GPIX.

Which has better risk-adjusted returns?

GPIX currently has the higher Sharpe Ratio (1.75 vs 1.31), 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.