GPIX review: total return vs SPY and JEPI, measured
GPIX, the Goldman Sachs S&P 500 Premium Income ETF, returned about 21.5% a year since October 2023 with payouts reinvested, against SPY's 23.5% and JEPI's 12.6% on the same days. It pays about 0.71% of its price every month.
Short answers
Is GPIX better than JEPI?
On the record so far GPIX has returned more. From October 27, 2023 to November 13, 2026, GPIX returned about 21.5% a year with payouts reinvested against JEPI's 12.6%, and beat it in every calendar year. JEPI fell less in the 2025 sell-off (-13.3% against -17.5%) and pays from a different design, so the gap is the price of JEPI's smoother ride.
How much does GPIX pay a month?
The latest GPIX payout, ex-date November 2, 2026, was 0.390 a share. Every payout since December 2023 has been between 0.70% and 0.73% of the share price, so the amount moves with the S&P 500. Over the last twelve months it paid about 8.4% of its price.
Does GPIX have NAV erosion?
Not so far: its share price rose about 40% since October 2023 while SPY's rose about 84%. It pays out less than the 12% to 15% funds, and keeps more of the index's growth.
The record
From GPIX's first close on October 27, 2023 to November 13, 2026 (3.0 years), with every payout reinvested: about 21.5% a year against SPY's 23.5% on the same days. Its share price rose about 40% against SPY's 84%. Worst drawdown -17.5% against -18.8%. It caught about 88% of SPY's up months and 79% of its down months.
By calendar year: 2023 (from October 27) +14.1% vs SPY +16.2%. 2024 +21.8% vs +24.9%. 2025 +16.2% vs +17.7%. 2026 so far +11.9% vs +11.5%.
GPIX against JEPI and SPYI
JEPI, the largest S&P 500 income fund, returned about 12.6% a year over the same days, and GPIX beat it in 2024 (+21.8% vs +12.6%), 2025 (+16.2% vs +8.1%) and 2026 so far (+11.9% vs +8.2%). JEPI pays roughly as much cash (about 7.9% of its price over twelve months against GPIX's 8.4%) but holds a different, lower-volatility portfolio and sells options on only part of it.
SPYI pays more, about 12% of its price a year, and returned about 14.2% a year since August 2022 against SPY's 18.0%; the SPYI review has its record. The Nasdaq-100 version of GPIX is GPIQ.
The payout
GPIX has paid every month since December 2023, always between 0.70% and 0.73% of the price on the ex-date. Per share it rose from 0.303 in December 2023 to between 0.35 and 0.40 in 2026. Summed by year: 2024 3.687 a share (7.8% of the price), 2025 4.232 (8.5%), 2026 through November 4.226 (7.8%). The dividend calculator works out the income for any amount.
How we measured
Daily closing prices and distributions from Yahoo Finance through the November 13, 2026 close, split adjusted. Total return reinvests each distribution on its ex-date. Each fund is compared with what it is measured against on exactly the same days, from the fund's first close. No taxes or trading costs are included, and past returns do not predict future ones. This is a measurement, not advice for anyone's account.
Measured from daily closes and distributions, every payout reinvested, each fund against its index on the same days. Past returns do not predict future ones. This is education, not a recommendation to buy or sell anything.