MTUM vs. GPIX

Last updated Jun 16, 2026

MTUM (iShares MSCI USA Momentum Factor ETF) and GPIX (Goldman Sachs S&P 500 Premium Income ETF) are both exchange-traded funds - MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index, while GPIX is a Derivative Income fund actively managed by Goldman Sachs. MTUM is passively managed, while GPIX is actively managed. Over the past year, MTUM returned 46.22% vs 25.72% for GPIX. Their correlation of 0.86 suggests significant overlap in exposure. MTUM charges 0.15%/yr vs 0.29%/yr for GPIX.

Performance

MTUM vs. GPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Momentum Factor ETF (MTUM) 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, MTUM achieves a 33.55% return, which is significantly higher than GPIX's 10.28% return.

MTUM

• 1D: 2.96%
• 1M: 11.98%
• YTD: 33.55%
• 6M: 34.98%
• 1Y: 46.22%
• 3Y*: 33.86%
• 5Y*: 15.90%
• 10Y*: 17.54%

GPIX

• 1D: 1.51%
• 1M: 2.08%
• YTD: 10.28%
• 6M: 10.95%
• 1Y: 25.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MTUM vs. GPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MTUM iShares MSCI USA Momentum Factor ETF	33.55%	22.15%	32.89%	14.16%
GPIX Goldman Sachs S&P 500 Premium Income ETF	10.28%	16.25%	21.77%	13.04%

Correlation

The correlation between MTUM and GPIX is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (All Time) Calculated using the full available price history since Oct 26, 2023	0.86

The correlation between MTUM and GPIX has been stable across timeframes, ranging from 0.84 to 0.86 - a consistent structural relationship.

MTUM vs. GPIX - Sectors Allocation Comparison

Sectors	MTUM	GPIX
Technology	50.2%	39.2%
Industrials	15.0%	7.7%
Energy	10.5%	3.2%
Communication Services	5.1%	10.7%
Financial Services	5.0%	10.9%
Consumer Defensive	3.7%	4.4%
Healthcare	3.5%	8.3%
Consumer Cyclical	2.9%	10.1%
Basic Materials	2.3%	1.7%
Real Estate	1.3%	1.8%
Utilities	0.6%	2.2%

Return for Risk

MTUM vs. GPIX — Risk / Return Rank

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

MTUM

MTUM Risk / Return Rank: 79
MTUM Sharpe Ratio Rank: 77
MTUM Sortino Ratio Rank: 72
MTUM Omega Ratio Rank: 76
MTUM Calmar Ratio Rank: 83
MTUM Martin Ratio Rank: 84

GPIX

GPIX Risk / Return Rank: 83
GPIX Sharpe Ratio Rank: 84
GPIX Sortino Ratio Rank: 84
GPIX Omega Ratio Rank: 86
GPIX Calmar Ratio Rank: 73
GPIX Martin Ratio Rank: 86

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.

MTUM vs. GPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Momentum Factor ETF (MTUM) 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.

	MTUM	GPIX	Difference
Sharpe ratio: Return per unit of total volatility	2.21	2.42	-0.22
Sortino ratio: Return per unit of downside risk	2.90	3.30	-0.40
Omega ratio: Gain probability vs. loss probability	1.40	1.46	-0.06
Calmar ratio: Return relative to maximum drawdown	4.02	3.35	+0.67
Martin ratio: Return relative to average drawdown	15.48	16.40	-0.92

MTUM vs. GPIX - Sharpe Ratio Comparison

The current MTUM Sharpe Ratio is 2.21, which is comparable to the GPIX Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of MTUM 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

MTUM vs. GPIX - Drawdown Comparison

The maximum MTUM drawdown since its inception was -34.08%, which is greater than GPIX's maximum drawdown of -17.50%. Use the drawdown chart below to compare losses from any high point for MTUM and GPIX.

Drawdown Indicators

	MTUM	GPIX	Difference
Max Drawdown Largest peak-to-trough decline	-34.08%	-17.50%	-16.58%
Max Drawdown (1Y) Largest decline over 1 year	-11.54%	-7.71%	-3.83%
Max Drawdown (3Y) Largest decline over 3 years	-20.99%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-32.28%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-34.08%	—	—
Current Drawdown Current decline from peak	0.00%	-0.14%	+0.14%
Average Drawdown Average peak-to-trough decline	-6.20%	-1.48%	-4.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.99%	1.57%	+1.42%

Volatility

MTUM vs. GPIX - Volatility Comparison

iShares MSCI USA Momentum Factor ETF (MTUM) has a higher volatility of 11.20% compared to Goldman Sachs S&P 500 Premium Income ETF (GPIX) at 4.00%. This indicates that MTUM'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

	MTUM	GPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.20%	4.00%	+7.20%
Volatility (6M) Calculated over the trailing 6-month period	18.83%	8.63%	+10.20%
Volatility (1Y) Calculated over the trailing 1-year period	21.08%	10.69%	+10.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.99%	13.88%	+7.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.23%	13.88%	+7.35%

MTUM vs. GPIX - Expense Ratio Comparison

MTUM has a 0.15% expense ratio, which is lower than GPIX's 0.29% expense ratio.

Dividends

MTUM vs. GPIX - Dividend Comparison

MTUM's dividend yield for the trailing twelve months is around 0.70%, less than GPIX's 7.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GPIX Goldman Sachs S&P 500 Premium Income ETF	7.97%	8.01%	7.45%	1.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MTUM iShares MSCI USA Momentum Factor ETF	0.70%	0.91%	0.75%	1.35%	1.80%	0.55%	0.83%	1.48%	1.27%	1.02%	1.43%	1.12%

Frequently Asked Questions

Can I hold both MTUM and GPIX in my portfolio?

MTUM and GPIX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MTUM or GPIX?

MTUM has higher volatility (11.20%) compared to GPIX (4.00%). In terms of maximum drawdown, MTUM dropped -34.08% vs GPIX's -17.50%.

Which ETF is better, MTUM or GPIX?

On 1-year performance, MTUM leads with 46.22% vs 25.72% for GPIX. On fees, MTUM is cheaper at 0.15% per year. On volatility, GPIX has been the lower-risk option at 4.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MTUM or GPIX?

Over the 1-year period, MTUM has performed better with a 46.22% return vs 25.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MTUM or GPIX?

MTUM is cheaper with a 0.15% expense ratio, compared with 0.29% for GPIX.

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

GPIX has the higher dividend yield at 7.97%, compared with 0.70% for MTUM.

What is the main difference between MTUM and GPIX?

MTUM is categorized as Momentum, while GPIX is Derivative Income. They also come from different issuers: iShares and Goldman Sachs. Their fees differ too: 0.15% for MTUM and 0.29% for GPIX.

Which has better risk-adjusted returns?

GPIX currently has the higher Sharpe Ratio (2.42 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.