SPYT vs. GPIX

Last updated Jun 4, 2026

SPYT (Defiance S&P 500 Income Target ETF) and GPIX (Goldman Sachs S&P 500 Premium Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, SPYT returned 23.29% vs 25.55% for GPIX. Their correlation of 0.94 suggests significant overlap in exposure. SPYT charges 0.87%/yr vs 0.29%/yr for GPIX.

Performance

SPYT vs. GPIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance S&P 500 Income Target ETF (SPYT) 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 SPYT having a 9.70% return and GPIX slightly higher at 9.91%.

SPYT

• 1D: -0.68%
• 1M: 3.81%
• YTD: 9.70%
• 6M: 9.51%
• 1Y: 23.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GPIX

• 1D: -0.48%
• 1M: 4.27%
• YTD: 9.91%
• 6M: 10.34%
• 1Y: 25.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPYT vs. GPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPYT Defiance S&P 500 Income Target ETF	9.70%	12.41%	12.94%
GPIX Goldman Sachs S&P 500 Premium Income ETF	9.91%	16.25%	14.04%

Correlation

The correlation between SPYT and GPIX is 0.95 - 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	0.95
Correlation (All Time) Calculated using the full available price history since Mar 8, 2024	0.94

The correlation between SPYT and GPIX has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

SPYT vs. GPIX - Sectors Allocation Comparison

Sectors	SPYT	GPIX
Technology	36.2%	35.5%
Financial Services	11.9%	11.6%
Communication Services	10.9%	11.5%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.4%	8.4%
Industrials	8.1%	8.4%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.3%	2.4%
Real Estate	1.9%	2.0%
Basic Materials	1.8%	1.8%

Return for Risk

SPYT vs. GPIX — Risk / Return Rank

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

SPYT

SPYT Risk / Return Rank: 65
SPYT Sharpe Ratio Rank: 63
SPYT Sortino Ratio Rank: 63
SPYT Omega Ratio Rank: 70
SPYT Calmar Ratio Rank: 58
SPYT Martin Ratio Rank: 72

GPIX

GPIX Risk / Return Rank: 75
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.

SPYT vs. GPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance S&P 500 Income Target ETF (SPYT) 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.

	SPYT	GPIX	Difference
Sharpe ratio: Return per unit of total volatility	2.16	2.52	-0.37
Sortino ratio: Return per unit of downside risk	2.98	3.48	-0.50
Omega ratio: Gain probability vs. loss probability	1.43	1.48	-0.05
Calmar ratio: Return relative to maximum drawdown	2.93	3.33	-0.41
Martin ratio: Return relative to average drawdown	13.59	16.77	-3.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPYT vs. GPIX - Sharpe Ratio Comparison

The current SPYT Sharpe Ratio is 2.16, which is comparable to the GPIX Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of SPYT 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

	SPYT	GPIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.16	2.52	-0.37
Sharpe Ratio (All Time) Calculated using the full available price history	1.08	1.78	-0.70

Drawdowns

SPYT vs. GPIX - Drawdown Comparison

The maximum SPYT drawdown since its inception was -18.25%, roughly equal to the maximum GPIX drawdown of -17.50%. Use the drawdown chart below to compare losses from any high point for SPYT and GPIX.

Drawdown Indicators

	SPYT	GPIX	Difference
Max Drawdown Largest peak-to-trough decline	-18.25%	-17.50%	-0.75%
Max Drawdown (1Y) Largest decline over 1 year	-8.00%	-7.71%	-0.29%
Current Drawdown Current decline from peak	-0.68%	-0.48%	-0.20%
Average Drawdown Average peak-to-trough decline	-2.00%	-1.48%	-0.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.72%	1.53%	+0.19%

Volatility

SPYT vs. GPIX - Volatility Comparison

Defiance S&P 500 Income Target ETF (SPYT) has a higher volatility of 2.54% compared to Goldman Sachs S&P 500 Premium Income ETF (GPIX) at 2.26%. This indicates that SPYT'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

	SPYT	GPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.54%	2.26%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	8.32%	7.89%	+0.43%
Volatility (1Y) Calculated over the trailing 1-year period	10.86%	10.17%	+0.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.80%	13.80%	+1.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.80%	13.80%	+1.00%

SPYT vs. GPIX - Expense Ratio Comparison

SPYT has a 0.87% expense ratio, which is higher than GPIX's 0.29% expense ratio.

Dividends

SPYT vs. GPIX - Dividend Comparison

SPYT's dividend yield for the trailing twelve months is around 20.73%, more than GPIX's 8.00% yield.

Position	TTM	2025	2024	2023
GPIX Goldman Sachs S&P 500 Premium Income ETF	8.00%	8.01%	7.45%	1.40%
SPYT Defiance S&P 500 Income Target ETF	20.73%	21.40%	17.37%	0.00%

Frequently Asked Questions

Can I hold both SPYT and GPIX in my portfolio?

With a correlation of 0.95, SPYT 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, SPYT or GPIX?

SPYT has higher volatility (2.54%) compared to GPIX (2.26%). In terms of maximum drawdown, SPYT dropped -18.25% vs GPIX's -17.50%.

Which ETF is better, SPYT or GPIX?

On 1-year performance, GPIX leads with 25.55% vs 23.29% for SPYT. On fees, GPIX is cheaper at 0.29% per year. On volatility, GPIX has been the lower-risk option at 2.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYT or GPIX?

Over the 1-year period, GPIX has performed better with a 25.55% return vs 23.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYT or GPIX?

GPIX is cheaper with a 0.29% expense ratio, compared with 0.87% for SPYT.

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

SPYT has the higher dividend yield at 20.73%, compared with 8.00% for GPIX.

What is the main difference between SPYT and GPIX?

They also come from different issuers: Defiance and Goldman Sachs. Their fees differ too: 0.87% for SPYT and 0.29% for GPIX.

Which has better risk-adjusted returns?

GPIX currently has the higher Sharpe Ratio (2.52 vs 2.16), 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.