Dividend comparison

GPIX vs FEPI: Which Is Better for Income?

Fees, yield, total returns, drawdowns, holdings overlap and dividend history for Goldman Sachs S&P 500 Premium Income ETF and REX FANG & Innovation Equity Premium Income ETF, side by side. Updated October 21, 2026.

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GPIX vs FEPI: key differences
The short answer, from the latest data on this page.
  • Fees. GPIX is cheaper at 0.35% a year versus 0.65% for FEPI. On $10,000 that is $30 a year less in fees.
  • Income. FEPI pays more income, yielding 26.40% over the last twelve months versus 8.20% for GPIX. That is about $1,820 more a year on $10,000. Both pay monthly.
  • Performance. Over the last 3 years, GPIX returned 567.8% versus 40.7% for FEPI, with dividends reinvested. $10,000 would have grown to $66,778 in GPIX and $14,073 in FEPI.
  • Risk. Their worst declines over the last 3 years were similar: -100.0% for GPIX and -100.0% for FEPI from peak to trough.
  • Diversification. GPIX holds 488 positions and FEPI holds 50. The ten largest positions make up 39.4% of GPIX and 66.7% of FEPI.
  • Overlap. At least 37% of the two portfolios overlap by weight, across 15 shared holdings.
  • Size. GPIX is the larger fund with $6.2 billion in assets, against $726 million for FEPI.

Bottom line: GPIX fits better if you care most about lower fees, stronger 3-year returns and broader diversification. FEPI fits better if you care most about more income today.

Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
MetricGPIX
Goldman Sachs S&P 500 Premium Income ETF
FEPI
REX FANG & Innovation Equity Premium Income ETF
Dividend yield (TTM)8.20%26.40%
Dividend / share (TTM)$4.59$10.94
Payout frequencyMonthlyMonthly
Last dividend$0.3970 on Oct 7, 2026$0.2094 on Oct 15, 2026
Ex-dividend dateOct 1, 2026Oct 14, 2026
Price$55.96$41.43
Dividend growth streak1 year—
Beta0.841.09
Max drawdown (5Y)-100.0%-100.0%
Market cap$1.16B$715.1M
ExchangeNASDAQNASDAQ
Expense ratio0.35%0.65%
Assets under management$6.24B$725.7M
Number of holdings48850
Top 10 concentration39.4%66.7%
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.

GPIX

$68.30/mo

$820 /yr at 8.20% yield

FEPI

$219.98/mo

$2640 /yr at 26.40% yield

Dividend history
Total dividends paid per share in each calendar year. GPIX pays monthly; FEPI pays monthly.
YearGPIXFEPI
2025$4.2301$11.6079
2024$3.9993$13.4931
Strategy: Options income
These funds own equities and sell call options against them, converting a share of future price appreciation into cash paid out now. How much upside is surrendered depends on the design: writing at the money on the whole portfolio pays the most and keeps the least, while writing on a partial slice or using purchased offsets keeps more of a rally. Distributions come mainly from option premium rather than from company dividends, so the headline yield is not comparable to a dividend fund's.

Payouts are variable rather than contractual, are often taxed as ordinary income, and a fund that pays out more than the strategy earns will see its net asset value drift down over time.

What GPIX vs FEPI actually do

GPIX
The S&P 500 sibling of Goldman Sachs's premium income range, holding large-cap US equity with a dynamic call-writing overlay.

The fund writes calls on a varying portion of the portfolio rather than a fixed slice, so the manager can lean into premium when volatility is rich and pull back when it is not. Because the underlying index is broader and less volatile than the Nasdaq-100, the premium collected is lower and the distribution is smaller than the technology-focused version. Like its sibling, it is priced far closer to a plain index fund than to a typical derivative-income product.

Suits an investor who wants most of the S&P 500 experience with a meaningfully larger cash payout and low fee drag. Not for someone who wants either an untouched index return or the largest distribution on the shelf.

Balanced income and growth

Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Oct 19, 2023 would now be worth $66,778 in GPIX and $13,898 in FEPI.
PeriodGPIXFEPI
1 month0.43%-2.95%
3 months1.69%1.94%
Year to date6.75%-9.05%
1 year8.41%-9.97%
3 years567.78%40.73%
5 years——
  • GPIX
  • FEPI
513867222023202420252026668139

Both series indexed to 100 on 2023-10-19 using the adjusted closing price series. Past performance does not guarantee future results.

Sector allocation
Weight of each sector within the fund. Sectors are aligned on the same row so the two funds can be read against each other directly.
  • GPIX
  • FEPI
0%17%34%51%68%Technology38.8%67.5%Communication Services6.5%19.3%Consumer Cyclical9.0%13.2%Financial Services15.2%Healthcare9.5%Industrials7.3%Consumer Defensive4.6%Energy3.7%Utilities2.0%Basic Materials1.8%Other1.7%0.0%
GPIX vs FEPI holdings overlap
At least 37% overlap by weight, with 15 holdings in common. Overlap adds up the smaller of the two weights for every stock both funds own, so 100% would mean identical portfolios.
Largest shared holdingsGPIX weightFEPI weight
AAPLAPPLE INC.7.55%6.87%
NVDANVIDIA CORPORATION7.99%6.54%
MSFTMICROSOFT CORPORATION5.99%6.69%
AMZNAMAZON.COM INC3.81%6.94%
GOOGLALPHABET INC.3.36%6.66%
AVGOBROADCOM INC.2.34%6.42%
MUMICRON TECHNOLOGY, INC.1.55%6.60%
METAMETA PLATFORMS INC-CLASS A1.54%6.33%
TSLATESLA INC.1.48%6.75%
AMDADVANCED MICRO DEVICES INC.1.33%6.17%
Top 10 holdings
Largest positions by portfolio weight.

GPIX488 holdings total

NameWeight
NVDANVIDIA CORPORATION7.99%
AAPLAPPLE INC.7.55%
MSFTMICROSOFT CORPORATION5.99%
AMZNAMAZON.COM INC3.81%
XLCSTATE STREET COMMUNICATION SERVICES SELECT SECTOR3.77%
GOOGLALPHABET INC.3.36%
AVGOBROADCOM INC.2.34%
MUMICRON TECHNOLOGY, INC.1.55%
METAMETA PLATFORMS INC-CLASS A1.54%
BRK-BBERKSHIRE HATHAWAY INC.1.51%

FEPI50 holdings total

NameWeight
AMZNAMAZON.COM INC6.94%
AAPLAPPLE INC6.87%
NFLXNETFLIX INC6.76%
TSLATesla Inc.6.75%
MSFTMICROSOFT CORP6.69%
GOOGLALPHABET INC-CL A6.66%
MUMICRON TECHNOLOGY INC6.60%
NVDANVIDIA CORP6.54%
SNDKSANDISK CORP/DE SNDKV6.50%
AVGOBroadcom Inc.6.42%

Quick verdict

GPIX fits better if you care most about lower fees, stronger 3-year returns and broader diversification. FEPI fits better if you care most about more income today. Model the holding inside your real portfolio before deciding.

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Frequently asked questions

Is GPIX or FEPI better for dividend income?
It depends on your goals. GPIX currently yields 8.20% Trailing Twelve Months (TTM) while FEPI yields 26.40%. Higher yield means more current income per dollar invested, but may come with different risk, growth, or NAV characteristics. Compare total return and payout sustainability — not just the headline yield.
What is the difference between GPIX and FEPI?
Goldman Sachs S&P 500 Premium Income ETF (GPIX) is an ETF listed on NASDAQ. REX FANG & Innovation Equity Premium Income ETF (FEPI) is an ETF listed on NASDAQ. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, GPIX or FEPI?
GPIX has the lower expense ratio. GPIX charges 0.35% a year and FEPI charges 0.65%, a difference of $30 a year on a $10,000 investment.
Which has performed better, GPIX or FEPI?
Over the last 3 years, GPIX has the higher total return with dividends reinvested: GPIX returned 567.8% and FEPI returned 40.7%. Past performance does not predict future returns.
Which is riskier, GPIX or FEPI?
Measured by the worst peak-to-trough decline over the last five years, FEPI has been riskier: GPIX fell as much as 100.0% and FEPI as much as 100.0%. Their betas are 0.84 and 1.09.
How much do GPIX and FEPI overlap?
At least 37% of the two portfolios overlap by weight, across 15 shared holdings. The largest shared positions are AAPL, NVDA, MSFT. Holding both still adds meaningful diversification.
How often do GPIX and FEPI pay dividends?
Both pay monthly. The most recent payments were $0.3970 for GPIX and $0.2094 for FEPI.
How much income does $10,000 in GPIX vs FEPI generate?
At current TTM yields, $10,000 in GPIX would generate roughly $68.30 per month ($820 annually). The same amount in FEPI would produce about $219.98 per month ($2640 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both GPIX and FEPI?
Yes. Many income investors hold both to diversify strategy or index exposure. Whether the combination actually diversifies depends on overlapping holdings and factor exposure. Model both inside Dividend Wealth to see combined income, sector mix, and forecast impact.
Where can I compare GPIX vs FEPI with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how GPIX and FEPI fit alongside the rest of your portfolio. A 14-day free trial of Standard is available with no credit card required; a limited Free plan is also available.

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For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.