Data as of Oct 28, 2026.

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GPIX vs SPY: Differences, Returns & Fees

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Over the year to Oct 28, 2026, GPIX returned +14.7% to SPY's +13.6%, and SPY charges 0.09% to GPIX's 0.29%.

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Net assets on Oct 27, 2026: $6.5bn for Goldman Sachs S&P 500 Premium Income ETF and $814.8bn for SPDR S&P 500 ETF Trust.

At a glance
+14.7%
GPIX total return, 1 year
+13.6%
SPY total return, 1 year
0.29%
GPIX expense ratio
0.09%
SPY expense ratio

Pair scorecard

SPY costs 0.20 points a year less; their one-year returns differ by 1.1 points; SPY is far larger, $814.8bn against $6.5bn.

GPIX vs SPY: Differences, Returns & Fees
MeasureGPIXSPY
Return
Total return, 1 year+14.7%+13.6%
Price change, 1 yearrose 5.3%rose 12.4%
Latest payout, annualized8.5%
Benchmark
What it tracksBenchmark: S&P 500, measured through SPYS&P 500 Index
Cost and size
Expense ratio0.29%0.09%
Net assets, as of Oct 27, 2026$6.5bn$814.8bn
Holdings
Holdings in common87%
In the S&P 500, by weight100%
Top ten holdings, share of the fund38.1%

Holdings in common uses holdings dated Jun 30, 2026 and Oct 27, 2026. Method

Risk and return

Nov 3, 2023 to Oct 23, 2026 · 155 weekly returns
GPIX SPY
Return
Total return edge SPY +72.5% +81.3%
Annualized edge SPY (slight) +20.1% +22.1%
Price return edge SPY +34.5% +74.8%
Risk
Volatility edge GPIX 12.1% 13.9%
Max drawdown edge GPIX (slight) −15.7% −16.9%
Downside capture 86.9% 100.0%
Beta 0.87 1.00
Risk-adjusted
Sharpe edge Tie 1.20 1.19
Sortino edge Tie 1.82 1.84
Treynor 0.168 0.133
Calmar edge SPY (slight) 1.28 1.31
Against the benchmark
Alpha +0.3% a year −0.1% a year
Alpha t-stat 0.35 −0.51
Information ratio −0.85 −0.15
Tracking error 2.2% 0.4%

Each against its own benchmark: GPIX against SPY, Nov 3, 2023 to Oct 23, 2026; SPY against VOO, Sep 17, 2010 to Oct 23, 2026.

Reading

SPY returned more: +81.3% to +72.5%. GPIX swung less: 12.1% to 13.9%. GPIX fell slightly less at its worst: −15.7% to −16.9%.

Full scorecard

19 measures, with how each is measured
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Risk and return: GPIX vs SPY: Differences, Returns & Fees
MeasureGPIXSPYEdgeHow it is measured
Return
Total return+72.5%+81.3%SPYPrice change plus distributions, reinvested.
Annualized+20.1%+22.1%SPY (slight)Total return as a yearly rate.
Price return+34.5%+74.8%SPYPrice change alone, distributions left out.
Risk
Volatility12.1%13.9%GPIXSpread of weekly returns, annualized. Lower is steadier.
Downside deviation8.0%9.0%GPIXLike volatility, counting only weeks below the Treasury bill rate.
Max drawdown−15.7%−16.9%GPIX (slight)Deepest fall from a high to the low after it.
Upside capture80.8%99.8%Share of its benchmark's rise caught in the weeks it rose.
Downside capture86.9%100.0%Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta0.871.00Not an edgeHow far it moves for each 1% its benchmark moves.
R squared0.991.00Not an edgeShare of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe1.201.19TieReturn above Treasury bills per unit of volatility.
Sortino1.821.84TieReturn above Treasury bills per unit of downside deviation.
Treynor0.1680.133Return above Treasury bills per unit of beta.
Calmar1.281.31SPY (slight)Annualized return divided by the max drawdown.
Against the benchmark
BenchmarkSPYVOOThe ETF each fund is measured against.
Alpha+0.3% a year−0.1% a yearNot significantYearly return beyond what its beta to the benchmark predicts.
Alpha t-stat0.35−0.51Not an edgeHow sure the alpha is. Below 2, it could be chance.
Alpha range−1.3% to +1.8%−0.3% to +0.1%Includes zeroThe 95% range for the yearly alpha.
Information ratio−0.85−0.15Return against its benchmark per unit of tracking error.
Tracking error2.2%0.4%Not an edgeHow far weekly returns stray from the benchmark, annualized.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 155 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

87%

By the books each fund has filed, GPIX and SPY hold 87% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Oct 27, 2026.

0 half 100%

half

87% in common

Positions both hold · largest shared weight first GPIX SPY
NVIDIA CORP 7.31% 7.92%
APPLE INC 6.45% 7.61%
MICROSOFT CORP 3.89% 5.93%
AMAZON.COM INC 3.38% 3.73%
ALPHABET INC 4.35% 2.83%
BROADCOM INC 2.79% 2.45%
TESLA INC 1.88% 1.73%
META PLATFORMS INC 1.67% 2.06%
MICRON TECHNOLOGY INC 2.02% 1.58%
BERKSHIRE HATHAWAY INC 1.50% 1.52%
ELI LILLY & COMPANY 1.48% 1.54%
ALPHABET INC 1.46% 2.26%
Only in one fund ↓
Only in GPIX
ELECTRONIC ARTS INC 0.15%
WARNER BROS. DISCOVERY INC 0.14%
CORTEVA INC 0.07%
AVALONBAY COMMUNITIES INC 0.04%
EQUITY RESIDENTIAL 0.03%
BUILDERS FIRSTSOURCE INC 0.01%
PARAMOUNT SKYDANCE CORP 0.01%
TRADE DESK INC (THE) 0.00%
Only in SPY
GOLDMAN SACHS GROUP INC 0.40%
BLOOM ENERGY CORP A 0.10%
VYLOR INC 0.07%
EVERPURE INC A 0.07%
FERGUSON ENTERPRISES INC 0.07%
VIVMARK RESIDENTIAL 0.07%
ILLUMINA INC 0.06%
TWILIO INC A 0.06%
Check overlap with more funds →

Side by side

GPIX Goldman Sachs S&P 500 Premium Income ETF SPY SPDR S&P 500 ETF Trust
Where it sits Income ETF Stock ETF
What it is covered call, vs SPY Tracks the S&P 500
Total return, 1 year +14.7% +13.6%
Its benchmark over the same days +13.6% (SPY) +13.7% (VOO)
Gap to its benchmark +1.1 pts vs SPY −0.1 pts vs VOO
Cash paid, 1 year 8.6% not an income fund
Expense ratio 0.29% 0.09%
Holdings not read by ETFIQ 504
Net assets, as of Oct 27, 2026 $6.5bn $814.8bn

GPIX and SPY on the fields both publish, as of Oct 28, 2026. Source: ETFIQ. Cash paid: distributions over the window, as a share of the starting price.

Client brief

No client brief for this pair: the two funds' holdings are dated 119 days apart.

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About each fund
GPIX

Over the year to Oct 28, 2026, GPIX paid 8.6% of its starting value in cash distributions while its price rose 5.3%. With every distribution reinvested, the fund returned +14.7%. S&P 500 (SPY) returned +13.6% over the same days, so a holder was ahead by 1.1 pts. At its price on Oct 28, 2026 the latest distribution annualizes to 8.5%, paid monthly.

SPY

SPY tracks the S&P 500. Over the year to Oct 28, 2026 it returned +13.6% with distributions reinvested, against +13.7% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.09% a year. By its holdings published by its issuer for Oct 27, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 504 positions, with the top ten at 38.1%.

Questions people ask

Are GPIX and SPY in the same category?
GPIX is an option-income ETF and SPY is a stock ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
Which returned more over the last year, GPIX or SPY?
In the year to Oct 28, 2026, with distributions reinvested, GPIX returned +14.7% and SPY +13.6%.
Which is cheaper, GPIX or SPY?
SPY is cheaper, by 0.20 percentage points a year. That is about $20 on $10,000 held for a year. Fees come from each fund's prospectus.
Other comparisons
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ETFIQ, GPIX against SPY, data as of Oct 28, 2026. https://etfiq.com/compare/any/gpix-vs-spy

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