PEPS vs. GPIX

Last updated Jun 24, 2026

PEPS (Parametric Equity Plus ETF) and GPIX (Goldman Sachs S&P 500 Premium Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, PEPS returned 26.19% vs 22.07% for GPIX. With a 0.97 correlation, they move nearly in lockstep. PEPS charges 0.10%/yr vs 0.29%/yr for GPIX.

Performance

PEPS vs. GPIX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with PEPS having a 7.86% return and GPIX slightly higher at 7.99%.

PEPS

• 1D: -1.38%
• 1M: -0.55%
• YTD: 7.86%
• 6M: 7.03%
• 1Y: 26.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GPIX

• 1D: -1.30%
• 1M: -0.78%
• YTD: 7.99%
• 6M: 7.32%
• 1Y: 22.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PEPS vs. GPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PEPS Parametric Equity Plus ETF	7.86%	20.32%	-1.42%
GPIX Goldman Sachs S&P 500 Premium Income ETF	7.99%	16.25%	-0.52%

Correlation

The correlation between PEPS 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 Nov 8, 2024	0.97

The correlation between PEPS and GPIX has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

Return for Risk

PEPS vs. GPIX — Risk / Return Rank

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

PEPS

PEPS Risk / Return Rank: 62
PEPS Sharpe Ratio Rank: 62
PEPS Sortino Ratio Rank: 57
PEPS Omega Ratio Rank: 62
PEPS Calmar Ratio Rank: 58
PEPS Martin Ratio Rank: 70

GPIX

GPIX Risk / Return Rank: 66
GPIX Sharpe Ratio Rank: 65
GPIX Sortino Ratio Rank: 63
GPIX Omega Ratio Rank: 67
GPIX Calmar Ratio Rank: 60
GPIX Martin Ratio Rank: 76

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.

PEPS vs. GPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Parametric Equity Plus ETF (PEPS) 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.

	PEPS	GPIX	Difference
Sharpe ratio: Return per unit of total volatility	1.91	2.05	-0.14
Sortino ratio: Return per unit of downside risk	2.53	2.81	-0.28
Omega ratio: Gain probability vs. loss probability	1.35	1.39	-0.04
Calmar ratio: Return relative to maximum drawdown	2.69	2.88	-0.19
Martin ratio: Return relative to average drawdown	12.10	13.99	-1.89

PEPS vs. GPIX - Sharpe Ratio Comparison

The current PEPS Sharpe Ratio is 1.91, which is comparable to the GPIX Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of PEPS 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

PEPS vs. GPIX - Drawdown Comparison

The maximum PEPS drawdown since its inception was -21.26%, which is greater than GPIX's maximum drawdown of -17.50%. Use the drawdown chart below to compare losses from any high point for PEPS and GPIX.

Drawdown Indicators

	PEPS	GPIX	Difference
Max Drawdown Largest peak-to-trough decline	-21.26%	-17.50%	-3.76%
Max Drawdown (1Y) Largest decline over 1 year	-9.80%	-7.71%	-2.09%
Current Drawdown Current decline from peak	-3.04%	-2.22%	-0.82%
Average Drawdown Average peak-to-trough decline	-2.75%	-1.48%	-1.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.17%	1.58%	+0.59%

Volatility

PEPS vs. GPIX - Volatility Comparison

Parametric Equity Plus ETF (PEPS) has a higher volatility of 5.38% compared to Goldman Sachs S&P 500 Premium Income ETF (GPIX) at 4.26%. This indicates that PEPS'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

	PEPS	GPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.38%	4.26%	+1.12%
Volatility (6M) Calculated over the trailing 6-month period	10.82%	8.75%	+2.07%
Volatility (1Y) Calculated over the trailing 1-year period	13.80%	10.82%	+2.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.43%	13.89%	+4.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.43%	13.89%	+4.54%

PEPS vs. GPIX - Expense Ratio Comparison

PEPS has a 0.10% expense ratio, which is lower than GPIX's 0.29% expense ratio.

Dividends

PEPS vs. GPIX - Dividend Comparison

PEPS's dividend yield for the trailing twelve months is around 0.95%, less than GPIX's 8.14% yield.

Position	TTM	2025	2024	2023
GPIX Goldman Sachs S&P 500 Premium Income ETF	8.14%	8.01%	7.45%	1.40%
PEPS Parametric Equity Plus ETF	0.95%	1.00%	0.17%	0.00%

Frequently Asked Questions

Can I hold both PEPS and GPIX in my portfolio?

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

PEPS has higher volatility (5.38%) compared to GPIX (4.26%). In terms of maximum drawdown, PEPS dropped -21.26% vs GPIX's -17.50%.

Which ETF is better, PEPS or GPIX?

On 1-year performance, PEPS leads with 26.19% vs 22.07% for GPIX. On fees, PEPS is cheaper at 0.10% per year. On volatility, GPIX has been the lower-risk option at 4.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PEPS or GPIX?

Over the 1-year period, PEPS has performed better with a 26.19% return vs 22.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PEPS or GPIX?

PEPS is cheaper with a 0.10% expense ratio, compared with 0.29% for GPIX.

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

GPIX has the higher dividend yield at 8.14%, compared with 0.95% for PEPS.

What is the main difference between PEPS and GPIX?

They also come from different issuers: Parametric and Goldman Sachs. Their fees differ too: 0.10% for PEPS and 0.29% for GPIX.

Which has better risk-adjusted returns?

GPIX currently has the higher Sharpe Ratio (2.05 vs 1.91), 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.