SPYD vs. GPIX

Last updated Jun 9, 2026

SPYD (State Street SPDR Portfolio S&P 500 High Dividend ETF) and GPIX (Goldman Sachs S&P 500 Premium Income ETF) are both exchange-traded funds - SPYD is a S&P 500 fund tracking the S&P 500 High Dividend Index, while GPIX is a Derivative Income fund actively managed by Goldman Sachs. SPYD is passively managed, while GPIX is actively managed. Over the past year, SPYD returned 17.47% vs 22.98% for GPIX. At a 0.45 correlation, their price movements are largely independent. SPYD charges 0.07%/yr vs 0.29%/yr for GPIX.

Performance

SPYD vs. GPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) 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, SPYD achieves a 11.34% return, which is significantly higher than GPIX's 8.17% return.

SPYD

• 1D: -0.48%
• 1M: 2.10%
• YTD: 11.34%
• 6M: 13.02%
• 1Y: 17.47%
• 3Y*: 13.94%
• 5Y*: 7.02%
• 10Y*: 8.65%

GPIX

• 1D: 0.29%
• 1M: 0.38%
• YTD: 8.17%
• 6M: 8.56%
• 1Y: 22.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPYD vs. GPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF	11.34%	4.65%	15.34%	17.90%
GPIX Goldman Sachs S&P 500 Premium Income ETF	8.17%	16.25%	21.77%	13.45%

Correlation

The correlation between SPYD and GPIX is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (All Time) Calculated using the full available price history since Oct 27, 2023	0.45

SPYD vs. GPIX - Sectors Allocation Comparison

Sectors	SPYD	GPIX
Real Estate	25.8%	2.0%
Consumer Defensive	16.3%	4.9%
Financial Services	12.1%	11.6%
Utilities	11.4%	2.4%
Energy	9.2%	3.5%
Consumer Cyclical	6.5%	10.1%
Healthcare	5.2%	8.4%
Communication Services	5.1%	11.5%
Basic Materials	3.4%	1.8%
Technology	2.7%	35.5%
Industrials	2.3%	8.4%

Return for Risk

SPYD vs. GPIX — Risk / Return Rank

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

SPYD

SPYD Risk / Return Rank: 49
SPYD Sharpe Ratio Rank: 48
SPYD Sortino Ratio Rank: 52
SPYD Omega Ratio Rank: 45
SPYD Calmar Ratio Rank: 55
SPYD Martin Ratio Rank: 47

GPIX

GPIX Risk / Return Rank: 76
GPIX Sharpe Ratio Rank: 76
GPIX Sortino Ratio Rank: 75
GPIX Omega Ratio Rank: 79
GPIX Calmar Ratio Rank: 66
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.

SPYD vs. GPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) 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.

	SPYD	GPIX	Difference
Sharpe ratio: Return per unit of total volatility	1.51	2.22	-0.72
Sortino ratio: Return per unit of downside risk	2.28	3.03	-0.75
Omega ratio: Gain probability vs. loss probability	1.26	1.42	-0.16
Calmar ratio: Return relative to maximum drawdown	2.49	2.99	-0.51
Martin ratio: Return relative to average drawdown	7.22	14.96	-7.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPYD vs. GPIX - Sharpe Ratio Comparison

The current SPYD Sharpe Ratio is 1.51, which is lower than the GPIX Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of SPYD 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.

Sharpe Ratios by Period

	SPYD	GPIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.51	2.22	-0.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.44	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	1.71	-1.24

Drawdowns

SPYD vs. GPIX - Drawdown Comparison

The maximum SPYD drawdown since its inception was -46.42%, which is greater than GPIX's maximum drawdown of -17.50%. Use the drawdown chart below to compare losses from any high point for SPYD and GPIX.

Drawdown Indicators

	SPYD	GPIX	Difference
Max Drawdown Largest peak-to-trough decline	-46.42%	-17.50%	-28.92%
Max Drawdown (1Y) Largest decline over 1 year	-7.05%	-7.71%	+0.66%
Max Drawdown (3Y) Largest decline over 3 years	-16.13%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.25%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-46.42%	—	—
Current Drawdown Current decline from peak	-0.48%	-2.06%	+1.58%
Average Drawdown Average peak-to-trough decline	-6.16%	-1.48%	-4.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.42%	1.54%	+0.88%

Volatility

SPYD vs. GPIX - Volatility Comparison

The current volatility for State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) is 2.68%, while Goldman Sachs S&P 500 Premium Income ETF (GPIX) has a volatility of 3.07%. This indicates that SPYD experiences smaller price fluctuations and is considered to be less risky than GPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYD	GPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.68%	3.07%	-0.39%
Volatility (6M) Calculated over the trailing 6-month period	7.74%	8.22%	-0.48%
Volatility (1Y) Calculated over the trailing 1-year period	11.65%	10.40%	+1.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.14%	13.84%	+2.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.78%	13.84%	+5.94%

SPYD vs. GPIX - Expense Ratio Comparison

SPYD has a 0.07% expense ratio, which is lower than GPIX's 0.29% expense ratio.

Dividends

SPYD vs. GPIX - Dividend Comparison

SPYD's dividend yield for the trailing twelve months is around 4.17%, less than GPIX's 8.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GPIX Goldman Sachs S&P 500 Premium Income ETF	8.13%	8.01%	7.45%	1.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF	4.17%	4.52%	4.31%	4.66%	5.01%	3.68%	4.95%	4.42%	4.75%	4.63%	4.34%	1.13%

Frequently Asked Questions

Can I hold both SPYD and GPIX in my portfolio?

SPYD and GPIX have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYD or GPIX?

GPIX has higher volatility (3.07%) compared to SPYD (2.68%). In terms of maximum drawdown, SPYD dropped -46.42% vs GPIX's -17.50%.

Which ETF is better, SPYD or GPIX?

On 1-year performance, GPIX leads with 22.98% vs 17.47% for SPYD. On fees, SPYD is cheaper at 0.07% per year. On volatility, SPYD has been the lower-risk option at 2.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYD or GPIX?

Over the 1-year period, GPIX has performed better with a 22.98% return vs 17.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYD or GPIX?

SPYD is cheaper with a 0.07% expense ratio, compared with 0.29% for GPIX.

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

GPIX has the higher dividend yield at 8.13%, compared with 4.17% for SPYD.

What is the main difference between SPYD and GPIX?

SPYD is categorized as S&P 500, while GPIX is Derivative Income. They also come from different issuers: State Street and Goldman Sachs. Their fees differ too: 0.07% for SPYD and 0.29% for GPIX.

Which has better risk-adjusted returns?

GPIX currently has the higher Sharpe Ratio (2.22 vs 1.51), 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.