GPIX vs SPY
GPIX vs SPY
Goldman Sachs S&P 500 Premium Income ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | GPIX | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.29% | 0.09% | |
| AUM | $4.9B | $789.1B | |
| Dividend Yield | 8.15% | 1.01% | |
| Holdings | 496 | 505 | |
| YTD Return | +11.62% | +13.28% | |
| 1Y Return | +21.73% | +23.94% | |
| 3Y Return (annualized) | - | +21.07% | |
| 5Y Return (annualized) | - | +13.27% | |
| Volatility (annualized) | 10.7% | 15.3% | |
| Max Drawdown | -17.5% | -56.5% | |
| Fund Family | Goldman Sachs Asset Management | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Oct 24, 2023 | Jan 22, 1993 |
GPIX vs SPY Performance
Goldman Sachs S&P 500 Premium Income ETF (GPIX) is a ETF from Goldman Sachs Asset Management and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year GPIX returned +21.73% while SPY returned +23.94%. Year to date, GPIX is up 11.62% versus a gain of 13.28% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 10.7% for GPIX. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -17.5% for GPIX and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.99. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
GPIX charges 0.29% per year while SPY charges 0.09%. On a $10,000 position that is $29 vs $9 annually, a gap of $20 per year that compounds over a long holding period. On income, GPIX currently yields 8.15% against 1.01% for SPY.
Holdings Overlap
GPIX and SPY share 484 holdings out of 512 unique holdings combined, representing a 91.7% weight overlap.
High overlap means holding both may not provide much additional diversification.
Top Shared Holdings
| Stock | Weight in GPIX | Weight in SPY | Difference |
|---|---|---|---|
| NVDA | 7.26% | 7.31% | 0.05% |
| AAPL | 6.98% | 7.09% | 0.11% |
| MSFT | 4.10% | 4.43% | 0.33% |
| GOOGL | Pro | Pro | Pro |
| AMZN | Pro | Pro | Pro |
| AVGO | Pro | Pro | Pro |
| GOOG | Pro | Pro | Pro |
| META | Pro | Pro | Pro |
| TSLA | Pro | Pro | Pro |
| MU | Pro | Pro | Pro |
See all 10 holdings GPIX shares with SPY Exact weights in each fund and the difference, for every overlapping position. Get FundXLS Pro: $29/moFirst 500 subscribers, then $49/mo. Cancel anytime. | |||
Frequently Asked Questions
Which is cheaper, GPIX or SPY?
GPIX has an expense ratio of 0.29% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $20 per year of difference.
Which performed better, GPIX or SPY?
Over the past year GPIX returned +21.73% vs +23.94% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (3 years), GPIX annualized +24.44% vs +8.84% for SPY. Past performance does not guarantee future results.
Which is riskier, GPIX or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 10.7% for GPIX. Worst drawdown: GPIX -17.5% vs SPY -56.5%.
Should I hold both GPIX and SPY?
GPIX and SPY have a monthly-return correlation of 0.99, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between GPIX and SPY?
GPIX and SPY share 484 common holdings with a 91.7% weight overlap. Combined, they hold 512 unique securities.
Which pays a higher dividend, GPIX or SPY?
GPIX yields 8.15% while SPY yields 1.01%, so GPIX currently pays the higher dividend yield.
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