Which paid more, GPIX or PAPI?

Over the year to Nov 4, 2026, GPIX paid 8.8% of its starting price in cash and PAPI paid 8.2%, so GPIX paid more. Cash paid is not the same as money made: the price change matters too.

Which returned more once distributions are counted, GPIX or PAPI?

With every distribution reinvested, GPIX returned +15.6% and PAPI +23.4% over the year to Nov 4, 2026.

Which is cheaper, GPIX or PAPI?

GPIX and PAPI both charge 0.29% a year, so neither is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Income ETFs

GPIX vs PAPI: Dividend Yield & Total Return

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Over the year to Nov 4, 2026, GPIX paid 8.8% of its price in cash against PAPI’s 8.2%, though PAPI returned more with it reinvested.

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Net assets: $6.4bn on Nov 3, 2026 for Goldman Sachs S&P 500 Premium Income ETF, and $400m on Jun 30, 2026 for Parametric Equity Premium Income ETF.

GPIX on its own →PAPI on its own →

At a glance

8.8%

GPIX cash paid, 1 year

8.2%

PAPI cash paid, 1 year

+15.6%

GPIX total return, 1 year

+23.4%

PAPI total return, 1 year

GPIX · 1 year to Nov 4, 2026 0.8 pts ahead of SPY

GPIX

+15.6%

SPY

+14.8%

0.8 pts ahead of SPY

GPIX over 1 year: paid 8.8%, price +6.2%, total +15.6%, SPY +14.8%, +0.8 pts. Data to Nov 4, 2026.

SPY

+14.8%

GPIX

+15.6%

8.8% as cash

0.8 pts ahead of SPY

Total return, distributions reinvested

0.8 pts ahead of SPY

GPIX over 1 year: paid 8.8%, price +6.2%, total +15.6%, SPY +14.8%, +0.8 pts. Data to Nov 4, 2026.

SPY

+14.8%

GPIX

+15.6%

0.8 pts ahead of SPY

8.8% of it arrived as cash. Total return, distributions reinvested. GPIX over 1 year: paid 8.8%, price +6.2%, total +15.6%, SPY +14.8%, +0.8 pts. Data to Nov 4, 2026.

Data to Nov 4, 2026.

PAPI · 1 year to Nov 4, 2026 9.4 pts behind IWD

PAPI

+23.4%

IWD

+32.8%

9.4 pts behind IWD

PAPI over 1 year: paid 8.2%, price +14.3%, total +23.4%, IWD +32.8%, −9.4 pts. Data to Nov 4, 2026.

IWD

+32.8%

PAPI

+23.4%

8.2% as cash

9.4 pts behind IWD

Total return, distributions reinvested

9.4 pts behind IWD

PAPI over 1 year: paid 8.2%, price +14.3%, total +23.4%, IWD +32.8%, −9.4 pts. Data to Nov 4, 2026.

IWD

+32.8%

PAPI

+23.4%

9.4 pts behind IWD

8.2% of it arrived as cash. Both charts share one scale, 0 to +32.8%. PAPI over 1 year: paid 8.2%, price +14.3%, total +23.4%, IWD +32.8%, −9.4 pts. Data to Nov 4, 2026.

Both charts share one scale, 0 to +32.8%. Data to Nov 4, 2026.

Pair scorecard

Both cost 0.29% a year; their one-year returns differ by 7.8 points.

Points (pts) are percentage points.

GPIX vs PAPI: Dividend Yield & Total Return
Measure	GPIX	PAPI
Paid and earned
Measure	GPIX	PAPI
Total return, 1 year	+15.6%	+23.4%
Price change, 1 year	rose 6.2%	rose 14.3%
Against its benchmark
Measure	GPIX	PAPI
Benchmark	S&P 500, measured through SPY	iShares Russell 1000 Value ETF, measured through IWD
Cost and size
Measure	GPIX	PAPI
Expense ratio	0.29%	0.29%
Net assets, GPIX as of Nov 3, 2026 and PAPI as of Jun 30, 2026	$6.4bn	$400m
Holdings
Measure	GPIX	PAPI
Holdings in common	17%

ETFIQ Distribution Coverage Score · PAPI scores higher How much of what it paid out did its total return cover?

IQ Income Score82.9GPIX96.1PAPI

How much of its payouts the fund's total return covered, ranked against 167 income ETFs not writing on a single company. 100 is best. How it is computed

GPIX 82.9

PAPI 96.1

0.3, the lowest in this set 99.7, the highest

One year only, and a ratio of two published numbers: it says nothing about where a distribution came from. All income ETFs ranked by it →

Method

Risk and return

Nov 3, 2023 to Oct 30, 2026 · 156 weekly returns

GPIX PAPI

Return

Total return edge GPIX +71.6% +41.5%

Annualized edge GPIX +19.7% +12.3%

Price return edge GPIX +33.8% +13.2%

Risk

Volatility edge PAPI 12.1% 10.7%

Max drawdown edge PAPI −15.7% −10.6%

Downside capture 86.9% 82.0%

Beta 0.87 0.69

Risk-adjusted

Sharpe edge GPIX 1.18 0.72

Sortino edge GPIX 1.79 1.00

Treynor 0.165 0.129

Calmar edge GPIX (slight) 1.25 1.16

Against the benchmark

Alpha +0.3% a year −3.2% a year

Alpha t-stat 0.33 −0.80

Information ratio −0.84 −1.11

Tracking error 2.2% 7.8%

Each against its own benchmark: GPIX against SPY, Nov 3, 2023 to Oct 30, 2026; PAPI against IWD, Oct 27, 2023 to Oct 30, 2026.

Reading

From Nov 2023 to Oct 2026, GPIX returned more: +71.6% to +41.5%. PAPI swung less: 10.7% to 12.1%. PAPI fell less at its worst: −10.6% to −15.7%.

Full scorecard

19 measures, with how each is measured Open ↓

Risk and return: GPIX vs PAPI: Dividend Yield & Total Return
Measure	GPIX	PAPI	Edge	How it is measured
Return
Total return	+71.6%	+41.5%	GPIX	Price change plus distributions, reinvested.
Annualized	+19.7%	+12.3%	GPIX	Total return as a yearly rate.
Price return	+33.8%	+13.2%	GPIX	Price change alone, distributions left out.
Risk
Volatility	12.1%	10.7%	PAPI	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	8.0%	7.7%	PAPI (slight)	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−15.7%	−10.6%	PAPI	Deepest fall from a high to the low after it.
Upside capture	80.8%	61.0%		Share of its benchmark's rise caught in the weeks it rose.
Downside capture	86.9%	82.0%		Share of its benchmark's fall taken in the weeks it fell. Lower is better.
Beta	0.87	0.69	Not an edge	How far it moves for each 1% its benchmark moves.
R squared	0.99	0.60	Not an edge	Share of its weekly moves its benchmark explains.
Risk-adjusted
Sharpe	1.18	0.72	GPIX	Return above Treasury bills per unit of volatility.
Sortino	1.79	1.00	GPIX	Return above Treasury bills per unit of downside deviation.
Treynor	0.165	0.129		Return above Treasury bills per unit of beta.
Calmar	1.25	1.16	GPIX (slight)	Annualized return divided by the max drawdown.
Against the benchmark
Benchmark	SPY	IWD		The ETF each fund is measured against.
Alpha	+0.3% a year	−3.2% a year	Not significant	Yearly return beyond what its beta to the benchmark predicts.
Alpha t-stat	0.33	−0.80	Not an edge	How sure the alpha is. Below 2, it could be chance.
Alpha range	−1.3% to +1.8%	−11.2% to +4.7%	Includes zero	The 95% range for the yearly alpha.
Information ratio	−0.84	−1.11		Return against its benchmark per unit of tracking error.
Tracking error	2.2%	7.8%	Not an edge	How far weekly returns stray from the benchmark, annualized.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 156 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

17%

By the books each fund has filed, GPIX and PAPI hold 17% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026.

50%

0 half 100%

half

17% in common

Positions both hold · largest shared weight first GPIX PAPI

CISCO SYSTEMS INC 0.73% 0.76%

ABBVIE INC 0.71% 0.64%

ALPHABET INC 4.35% 0.59%

JOHNSON & JOHNSON 0.95% 0.56%

HOME DEPOT INC (THE) 0.68% 0.54%

COCA-COLA COMPANY (THE) 0.53% 0.56%

MERCK & COMPANY INC 0.49% 0.59%

PROCTER & GAMBLE COMPANY (THE) 0.60% 0.49%

COSTCO WHOLESALE CORP 0.64% 0.48%

RTX CORP 0.47% 0.51%

TEXAS INSTRUMENTS INC 0.47% 0.70%

EXXONMOBIL HOLDINGS CORP 0.96% 0.46%

Only in one fund ↓

Only in GPIX

NVIDIA CORP 7.31%

APPLE INC 6.45%

AMAZON.COM INC 3.38%

BROADCOM INC 2.79%

MICRON TECHNOLOGY INC 2.02%

TESLA INC 1.88%

META PLATFORMS INC 1.67%

BERKSHIRE HATHAWAY INC 1.50%

Only in PAPI

TD SYNNEX Corp. 0.80%

Power Integrations, Inc. 0.73%

Royalty Pharma plc 0.72%

Millicom International Cellular SA 0.72%

Avnet, Inc. 0.70%

Reynolds Consumer Products, Inc. 0.68%

MSC Industrial Direct Co., Inc. 0.66%

Wendy's Co. (The) 0.63%

Check overlap with more funds →

Side by side

GPIX Goldman Sachs S&P 500 Premium Income ETF · Covered call on SPY, paying monthly PAPI Parametric Equity Premium Income ETF · Writes options on the S&P 500, measured against the Russell 1000 Value Index, paying monthly

Issuer Goldman Sachs Parametric

Strategy covered call covered call

Benchmark S&P 500 (SPY) iShares Russell 1000 Value ETF (IWD)

Pays monthly monthly

Payout rate, annualized 8.4% 6.8%

Expense ratio 0.29% 0.29%

Cash paid, 1 year 8.8% 8.2%

Price change, 1 year +6.2% +14.3%

Total return, 1 year +15.6% +23.4%

Benchmark return, 1 year +14.8% +32.8%

Ahead or behind +0.8 pts −9.4 pts

Return of capital, latest estimate not published not published

Age 3.0 years 3.0 years

Net assets, GPIX as of Nov 3, 2026 and PAPI as of Jun 30, 2026 $6.4bn $400m

As of Nov 4, 2026. Source: ETFIQ. Cash paid: distributions over the window, as a share of the starting price. Payout rate: the latest payment, annualized, over today’s price.

Window by window

Window by window: GPIX vs PAPI: Dividend Yield & Total Return
	Total return		Cash paid		Against the benchmark
Window	GPIX	PAPI	GPIX	PAPI	GPIX	PAPI
3 months	+0.9%	+6.6%	2.1%	1.8%	+1.0 pts	+2.6 pts
6 months	+6.0%	+13.2%	4.3%	3.9%	+1.0 pts	−0.7 pts
1 year	+15.6%	+23.4%	8.8%	8.2%	+0.9 pts	−9.4 pts
3 years	+73.9%	+44.5%	31.0%	23.7%	−9.0 pts	−39.8 pts
Since launchNot the same days: GPIX Oct 2023 · PAPI Oct 2023	+82.5%	+45.5%	32.5%	23.9%	−10.2 pts	−42.4 pts

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About each fund

GPIX

Over the year to Nov 4, 2026, GPIX paid 8.8% of its starting value in cash distributions while its price rose 6.2%. With every distribution reinvested, the fund returned +15.6%. S&P 500 (SPY) returned +14.8% over the same days, so a holder was ahead by 0.8 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 8.4%, paid monthly.

PAPI

Over the year to Nov 4, 2026, PAPI paid 8.2% of its starting value in cash distributions while its price rose 14.3%. With every distribution reinvested, the fund returned +23.4%. iShares Russell 1000 Value ETF (IWD) returned +32.8% over the same days, so a holder was behind by 9.4 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 6.8%, paid monthly.

Questions people ask

Which paid more, GPIX or PAPI?: Over the year to Nov 4, 2026, GPIX paid 8.8% of its starting price in cash and PAPI paid 8.2%, so GPIX paid more. Cash paid is not the same as money made: the price change matters too.
Which returned more once distributions are counted, GPIX or PAPI?: With every distribution reinvested, GPIX returned +15.6% and PAPI +23.4% over the year to Nov 4, 2026.
Which is cheaper, GPIX or PAPI?: GPIX and PAPI both charge 0.29% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

GPIX vs TSLY GPIX vs YLDE GPIX vs SDVD GPIX vs MSTY PAPI vs SPYI PAPI vs JEPI PAPI vs ROCY PAPI vs KHPI

Where to next

S&P 500 (SPY) →iShares Russell 1000 Value ETF (IWD) →GPIX on its own →PAPI on its own →GPIX dividend history →GPIX holdings →PAPI dividend history →PAPI holdings →Method →Standards and sources →

Sources and dates

GPIX filings on SEC EDGAR ↗

GPIX prospectus with the expense ratio (SEC) ↗

Goldman Sachs website ↗

PAPI filings on SEC EDGAR ↗

PAPI prospectus with the expense ratio (SEC) ↗

Parametric website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

It is a place in a set, not a rating or a recommendation.

Overlap adds up the smaller of the two weights for each security both funds hold.

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, GPIX against PAPI, data as of Nov 4, 2026. https://etfiq.com/compare/income/gpix-vs-papi

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.