JUST vs. GPIX

Last updated Jun 25, 2026

JUST (Goldman Sachs JUST U.S. Large Cap Equity ETF) and GPIX (Goldman Sachs S&P 500 Premium Income ETF) are both exchange-traded funds - JUST is a Large Cap Growth Equities fund tracking the JUST US Large Cap Diversified Index, while GPIX is a Derivative Income fund actively managed by Goldman Sachs. JUST is passively managed, while GPIX is actively managed. Over the past year, JUST returned 23.04% vs 20.92% for GPIX. With a 0.96 correlation, they move nearly in lockstep. JUST charges 0.20%/yr vs 0.29%/yr for GPIX.

Performance

JUST vs. GPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs JUST U.S. Large Cap Equity ETF (JUST) 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, JUST achieves a 8.81% return, which is significantly higher than GPIX's 7.91% return.

JUST

• 1D: -0.50%
• 1M: -1.46%
• YTD: 8.81%
• 6M: 7.80%
• 1Y: 23.04%
• 3Y*: 20.62%
• 5Y*: 12.37%
• 10Y*: —

GPIX

• 1D: -0.07%
• 1M: -0.85%
• YTD: 7.91%
• 6M: 6.94%
• 1Y: 20.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JUST vs. GPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF	8.81%	17.60%	23.73%	14.56%
GPIX Goldman Sachs S&P 500 Premium Income ETF	7.91%	16.25%	21.77%	13.04%

Correlation

The correlation between JUST and GPIX is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (All Time) Calculated using the full available price history since Oct 26, 2023	0.96

The correlation between JUST and GPIX has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

JUST vs. GPIX - Sectors Allocation Comparison

Sectors	JUST	GPIX
Technology	37.9%	39.2%
Financial Services	12.6%	10.9%
Consumer Cyclical	8.9%	10.1%
Healthcare	8.6%	8.3%
Communication Services	8.4%	10.7%
Industrials	8.3%	7.7%
Consumer Defensive	5.1%	4.4%
Energy	3.3%	3.2%
Utilities	2.6%	2.2%
Basic Materials	2.1%	1.7%
Real Estate	2.0%	1.8%

Return for Risk

JUST vs. GPIX — Risk / Return Rank

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

JUST

JUST Risk / Return Rank: 64
JUST Sharpe Ratio Rank: 64
JUST Sortino Ratio Rank: 63
JUST Omega Ratio Rank: 62
JUST Calmar Ratio Rank: 60
JUST Martin Ratio Rank: 71

GPIX

GPIX Risk / Return Rank: 68
GPIX Sharpe Ratio Rank: 67
GPIX Sortino Ratio Rank: 65
GPIX Omega Ratio Rank: 69
GPIX Calmar Ratio Rank: 61
GPIX Martin Ratio Rank: 77

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.

JUST vs. GPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs JUST U.S. Large Cap Equity ETF (JUST) 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.

	JUST	GPIX	Difference
Sharpe ratio: Return per unit of total volatility	1.86	1.95	-0.09
Sortino ratio: Return per unit of downside risk	2.58	2.68	-0.10
Omega ratio: Gain probability vs. loss probability	1.33	1.37	-0.04
Calmar ratio: Return relative to maximum drawdown	2.64	2.73	-0.08
Martin ratio: Return relative to average drawdown	11.78	13.20	-1.42

JUST vs. GPIX - Sharpe Ratio Comparison

The current JUST Sharpe Ratio is 1.86, which is comparable to the GPIX Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of JUST 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

JUST vs. GPIX - Drawdown Comparison

The maximum JUST drawdown since its inception was -33.83%, which is greater than GPIX's maximum drawdown of -17.50%. Use the drawdown chart below to compare losses from any high point for JUST and GPIX.

Drawdown Indicators

	JUST	GPIX	Difference
Max Drawdown Largest peak-to-trough decline	-33.83%	-17.50%	-16.33%
Max Drawdown (1Y) Largest decline over 1 year	-8.76%	-7.71%	-1.05%
Max Drawdown (3Y) Largest decline over 3 years	-19.34%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.72%	—	—
Current Drawdown Current decline from peak	-3.26%	-2.29%	-0.97%
Average Drawdown Average peak-to-trough decline	-5.08%	-1.48%	-3.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.96%	1.59%	+0.37%

Volatility

JUST vs. GPIX - Volatility Comparison

Goldman Sachs JUST U.S. Large Cap Equity ETF (JUST) has a higher volatility of 4.61% compared to Goldman Sachs S&P 500 Premium Income ETF (GPIX) at 4.24%. This indicates that JUST'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

	JUST	GPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.61%	4.24%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	9.85%	8.71%	+1.14%
Volatility (1Y) Calculated over the trailing 1-year period	12.48%	10.79%	+1.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.87%	13.88%	+2.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.11%	13.88%	+5.23%

JUST vs. GPIX - Expense Ratio Comparison

JUST has a 0.20% expense ratio, which is lower than GPIX's 0.29% expense ratio.

Dividends

JUST vs. GPIX - Dividend Comparison

JUST's dividend yield for the trailing twelve months is around 0.72%, less than GPIX's 8.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
GPIX Goldman Sachs S&P 500 Premium Income ETF	8.14%	8.01%	7.45%	1.40%	0.00%	0.00%	0.00%	0.00%	0.00%
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF	0.72%	1.02%	1.11%	1.37%	1.51%	1.07%	1.36%	1.86%	1.11%

Frequently Asked Questions

Can I hold both JUST and GPIX in my portfolio?

With a correlation of 0.98, JUST 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, JUST or GPIX?

JUST has higher volatility (4.61%) compared to GPIX (4.24%). In terms of maximum drawdown, JUST dropped -33.83% vs GPIX's -17.50%.

Which ETF is better, JUST or GPIX?

On 1-year performance, JUST leads with 23.04% vs 20.92% for GPIX. On fees, JUST is cheaper at 0.20% per year. On volatility, GPIX has been the lower-risk option at 4.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JUST or GPIX?

Over the 1-year period, JUST has performed better with a 23.04% return vs 20.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JUST or GPIX?

JUST is cheaper with a 0.20% expense ratio, compared with 0.29% for GPIX.

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

GPIX has the higher dividend yield at 8.14%, compared with 0.72% for JUST.

What is the main difference between JUST and GPIX?

JUST is categorized as Large Cap Growth Equities, while GPIX is Derivative Income. Their fees differ too: 0.20% for JUST and 0.29% for GPIX.

Which has better risk-adjusted returns?

GPIX currently has the higher Sharpe Ratio (1.95 vs 1.86), 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.