Dividend comparison

GPIX vs ISPY: 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 ProShares - S&P 500 High Income ETF, side by side. Updated October 21, 2026.

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GPIX vs ISPY: key differences
The short answer, from the latest data on this page.
  • Fees. GPIX is cheaper at 0.35% a year versus 0.55% for ISPY. On $10,000 that is $20 a year less in fees.
  • Income. GPIX pays more income, yielding 8.20% over the last twelve months versus 5.52% for ISPY. That is about $268 more a year on $10,000. Both pay monthly.
  • Performance. Over the last 1 year, GPIX returned 8.4% versus 6.6% for ISPY, with dividends reinvested. $10,000 would have grown to $10,841 in GPIX and $10,661 in ISPY.
  • Risk. GPIX has been the bumpier ride. Its worst peak-to-trough decline over the last 1 year was -100.0%, against -16.9% for ISPY.
  • Diversification. ISPY holds 514 positions and GPIX holds 488. The ten largest positions make up 39.4% of GPIX and 44.4% of ISPY.
  • Overlap. At least 59% of the two portfolios overlap by weight, across 85 shared holdings.
  • Size. GPIX is the larger fund with $6.2 billion in assets, against $1.2 billion for ISPY.

Bottom line: GPIX fits better if you care most about lower fees and more income today. ISPY fits better if you care most about smaller drawdowns.

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
ISPY
ProShares - S&P 500 High Income ETF
Dividend yield (TTM)8.20%5.52%
Dividend / share (TTM)$4.59$2.65
Payout frequencyMonthlyMonthly
Last dividend$0.3970 on Oct 7, 2026$0.2523 on Oct 7, 2026
Ex-dividend dateOct 1, 2026Oct 1, 2026
Price$55.96$48.05
Dividend growth streak1 year—
Beta0.840.86
Max drawdown (5Y)-100.0%-16.9%
Market cap$1.16B$1.15B
ExchangeNASDAQCBOE
Expense ratio0.35%0.55%
Assets under management$6.24B$1.16B
Number of holdings488514
Top 10 concentration39.4%44.4%
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

ISPY

$46.00/mo

$552 /yr at 5.52% yield

Dividend history
Total dividends paid per share in each calendar year. GPIX pays monthly; ISPY pays monthly.
YearGPIXISPY
2025$4.2301$3.9051
2024$3.9993—
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 ISPY 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 Dec 20, 2023 would now be worth $15,169 in GPIX and $14,654 in ISPY.
PeriodGPIXISPY
1 month0.43%-0.08%
3 months1.69%1.14%
Year to date6.75%5.30%
1 year8.41%6.61%
3 years567.78%—
5 years——
  • GPIX
  • ISPY
961261572023202420252026152147

Both series indexed to 100 on 2023-12-20 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
  • ISPY
0%10%19%29%39%Technology38.8%33.5%Financial Services15.2%22.5%Healthcare9.5%8.0%Consumer Cyclical9.0%7.4%Communication Services6.5%8.3%Industrials7.3%6.2%Consumer Defensive4.6%3.9%Energy3.7%3.2%Utilities2.0%1.7%Basic Materials1.8%1.5%Other1.7%4.0%
GPIX vs ISPY holdings overlap
At least 59% overlap by weight, with 85 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 weightISPY weight
NVDANVIDIA CORPORATION7.99%6.70%
AAPLAPPLE INC.7.55%6.38%
MSFTMICROSOFT CORPORATION5.99%5.05%
AMZNAMAZON.COM INC3.81%3.28%
GOOGLALPHABET INC.3.36%2.58%
AVGOBROADCOM INC.2.34%2.03%
METAMETA PLATFORMS INC-CLASS A1.54%1.98%
TSLATESLA INC.1.48%1.32%
MUMICRON TECHNOLOGY, INC.1.55%1.30%
LLYELI LILLY & CO1.50%1.27%
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%

ISPY514 holdings total

NameWeight
IQMMPROSHARES GENIUS MNY MKT ETF12.97%
NVDANVIDIA CORP6.70%
AAPLAPPLE INC6.38%
MSFTMICROSOFT CORP5.05%
AMZNAMAZON.COM INC3.28%
GOOGLALPHABET INC-CL A2.58%
GOOGALPHABET INC-CL C2.06%
AVGOBROADCOM INC2.03%
METAMETA PLATFORMS INC-CLASS A1.98%
TSLATESLA INC1.32%

Quick verdict

GPIX fits better if you care most about lower fees and more income today. ISPY fits better if you care most about smaller drawdowns. Model the holding inside your real portfolio before deciding.

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Frequently asked questions

Is GPIX or ISPY better for dividend income?
It depends on your goals. GPIX currently yields 8.20% Trailing Twelve Months (TTM) while ISPY yields 5.52%. 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 ISPY?
Goldman Sachs S&P 500 Premium Income ETF (GPIX) is an ETF listed on NASDAQ. ProShares - S&P 500 High Income ETF (ISPY) is an ETF listed on CBOE. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, GPIX or ISPY?
GPIX has the lower expense ratio. GPIX charges 0.35% a year and ISPY charges 0.55%, a difference of $20 a year on a $10,000 investment.
Which has performed better, GPIX or ISPY?
Over the last 1 year, GPIX has the higher total return with dividends reinvested: GPIX returned 8.4% and ISPY returned 6.6%. Past performance does not predict future returns.
Which is riskier, GPIX or ISPY?
Measured by the worst peak-to-trough decline over the last five years, GPIX has been riskier: GPIX fell as much as 100.0% and ISPY as much as 16.9%. Their betas are 0.84 and 0.86.
How much do GPIX and ISPY overlap?
At least 59% of the two portfolios overlap by weight, across 85 shared holdings. The largest shared positions are NVDA, AAPL, MSFT. Holding both still adds meaningful diversification.
How often do GPIX and ISPY pay dividends?
Both pay monthly. The most recent payments were $0.3970 for GPIX and $0.2523 for ISPY.
How much income does $10,000 in GPIX vs ISPY generate?
At current TTM yields, $10,000 in GPIX would generate roughly $68.30 per month ($820 annually). The same amount in ISPY would produce about $46.00 per month ($552 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both GPIX and ISPY?
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 ISPY with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how GPIX and ISPY 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.