GPIX
Safe
High confidence
ETF Comparison
GPIX vs OVL: Put Overlay Income, or S&P 500 Call Writing?
A head-to-head of Overlay Shares Large Cap Equity and Goldman Sachs S&P 500 Core Premium Income covering the option contract and the book.
Updated November 6, 2026
How these figures are calculated: methodology.
Best for
- GPIXInvestors who want equity exposure with dynamic call writing and accept its upside tradeoff.
- OVLInvestors who want equity exposure with a put overlay and accept additional option risk.
Price and total return
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Distribution Safety Score
An estimate of distribution reliability, not price or principal safety, a probability, or a guarantee. Score methodology.
OVL
Safe
High confidence
Score snapshot as of . Method 1.11.
Side-by-side snapshot
| Metric |  GPIX |  OVL |
|---|---|---|
| Full name | Goldman Sachs S&P 500 Premium Income ETF | Overlay Shares Large Cap Equity ETF |
| Issuer | Goldman Sachs | Overlay Shares |
| Last Close | $53.36 as of November 6, 2026 | $53.22 as of November 6, 2026 |
| Distribution rate | 8.74% | 11.14% |
| Trailing 12-month yield | 8.62% | 9.81% |
| Distribution Safety Score™ | 84 | 92 |
| Safety-Adjusted Yield | 7.34% | 10.25% |
| Expense ratio | 0.29% | 0.79% |
| AUM | $6.40B | $510M |
| Distribution frequency | Monthly | Monthly |
| Underlying index | S&P 500 | S&P 500 (VOO) |
| Objective | Seeks current income while maintaining prospects for capital appreciation by investing at least 80% of net assets in companies included in the S&P 500 and selling call options with exposure to the benchmark. | Put-selling overlay on large cap equity exposure via VOO (Vanguard S&P 500 ETF) to generate additional income. |
| Asset class | Equity | Equity |
| Inception date | 10/24/2023 | 09/30/2019 |
| Beta | 0.81 | 1.12 |
| Last dividend | $0.38852 payable 11/06/2026 | $0.494 |
| Ex-dividend date | 11/02/2026 | 10/28/2026 |
Total returns
100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.
GPIX has outpaced OVL over the trailing twelve months, posting a 10.53% total return against 10.48%. The picture flips over 3 years, though — OVL has compounded at 22.12% a year, ahead of GPIX at 18.53%. GPIX has been the steadier holding, though — annualized volatility of 13.6% against 18.8% for OVL. Figures are total returns: price change plus every distribution reinvested.
| Symbol | YTD cumulative | 1Y cumulative | 3Y annualized | Since Oct 2023 | Volatility | Sharpe | Sortino | Max drawdown |
|---|---|---|---|---|---|---|---|---|
| GPIX | 8.94% | 10.53% | 18.53% | 20.29% | 13.6% | 0.96 | 1.36 | -17.5% |
| OVL | 8.89% | 10.48% | 22.12% | 24.61% | 18.8% | 0.85 | 1.18 | -21.7% |
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of November 5, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Oct 2023” measures every fund from October 26, 2023 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the trailing 3 years. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.
Visual comparison
Key metrics
Projected income on $10K
Projections assume the current yield and share price remain constant. Actual results will vary.
Bottom lineChoose GPIX if you want equity exposure with dynamic call writing and accept its upside tradeoff. Choose OVL if you want equity exposure with a put overlay and accept additional option risk. Distributions can change and may include return of capital. A payout rate is not total return, and tax character alone does not establish economic loss.
Dynamic call writing versus a put overlay
GPIX combines S&P 500 equity exposure with a dynamic call overwrite. OVL combines large-cap equity exposure with active put selling. The option contracts create different tradeoffs even when the equity portfolios overlap.
| GPIX | OVL | |
|---|---|---|
| Approach | S&P 500 exposure with dynamic call writing | Large-cap equity exposure with active put selling |
| Risk review | Equity losses and reduced upside on overwritten exposure | Equity losses and additional option-related losses |
| Expense ratio | 0.29% | 0.79% |
| Portfolio fit | Review combined holdings and weights | Review combined holdings and weights |
How the risk works
Read this before the income numbers below: the strategy mechanics on this page shape what those payouts can cost you.
- Capped upside and premium dependence. GPIX generates income by selling options, which trades away part of a strong rally in exchange for premium. Distributions can include return of capital, and a payout the underlying assets cannot sustain shows up as NAV erosion over time — the big yield number is not free.
- Added downside and premium dependence. OVL generates income by selling puts, which adds losses when the underlying falls; the premium collected is the most the puts can earn. Distributions can include return of capital, and a payout the strategy cannot sustain shows up as NAV erosion over time — the big yield number is not free.
Learn the mechanics: Return of capital, explained · NAV erosion, explained
Income calculator
See how much monthly income a hypothetical investment would generate in each ETF at current yields.
ETFs48
Total AUM$69.2B
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
Goldman Sachs Asset Management is known for offering a comprehensive suite of ETFs spanning traditional and alternative investment strategies across multiple asset classes. The fund lineup encompasses income-focused offerings, factor-based strategies, thematic investments, ESG solutions, international exposure, commodities, bonds, and indexed products, reflecting a broad approach to meeting diverse investor needs. The issuer's portfolio demonstrates significant breadth, with funds serving income investors, factor-based strategists, and those seeking specialized exposure to emerging themes and alternative assets.
See our curated list of related YouTube videos on GPIX.
ETFs8
Total AUM$898M
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
Overlay Shares specializes in option overlay strategies built on puts rather than covered calls: its funds, trading under tickers OVF, OVL, OVLH and OVS, hold a core equity or bond portfolio and add an S&P 500 put overlay. The sold put spreads add income and leave the core portfolio's upside in place, but they add losses when the market falls sharply; OVLH also buys longer-dated puts to limit that downside.
See our curated list of related YouTube videos on OVL.
Quick verdict
GPIX (Goldman Sachs S&P 500 Premium Income ETF) and OVL (Overlay Shares Large Cap Equity ETF) are both monthly-pay dividend ETFs, but they take different approaches.
OVL offers the higher yield at 11.14% vs 8.74% for GPIX. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
GPIX is cheaper with an expense ratio of 0.29% compared to 0.79%.
GPIX is the larger fund by assets ($6.40B), but assets alone do not establish trading costs or liquidity.
Top-holdings overlap
Positions that appear in every fund's top 10. Issuers disclose only the largest weights, so this captures the overlap of the concentrated end of each book — not the full portfolios.
0 shared positions
GPIX 0.0% of its top-10 weight
OVL 0.0% of its top-10 weight
No overlap among the top-10 disclosed holdings of GPIX, OVL. These funds draw from largely different positions at the top of their books.
Deep dive
Yield & income
On a $10,000 investment at current distribution rates, GPIX would pay about $874.00 a year (about $72.83 per monthly distribution), while OVL would pay about $1,114.00 a year (about $92.83 per monthly distribution). Both pay monthly distributions.
GPIX yield8.74%
OVL yield11.14%
Annual cash diff on $10K$240.00
Cost & efficiency
Over 10 years on $10,000, GPIX would cost approximately $290 in fees vs $790 for OVL (simplified, not compounded). The $500.00 difference may be offset by yield or performance.
GPIX ER0.29%
OVL ER0.79%
Strategy & risk
GPIX combines S&P 500 equity exposure with a dynamic call overwrite. OVL combines large-cap equity exposure with active put selling. The option contracts create different tradeoffs even when the equity portfolios overlap. Beta describes historical benchmark sensitivity, not guaranteed downside protection.
GPIX beta0.81
OVL beta1.12
Fund details
GPIX is managed by Goldman Sachs (launched 10/24/2023) with $6.40B in assets. OVL is managed by Overlay Shares (launched 09/30/2019) with $510M in assets.
GPIX AUM$6.40B
OVL AUM$510M
Frequently asked questions
Does GPIX have a fixed upside cap, and does OVL guarantee full upside capture?
Neither description is accurate. GPIX dynamically adjusts its call overwrite, so a fixed cap on the entire fund is misleading. OVL's put overlay differs from call writing, but option results and expenses still affect its total return. Neither fund guarantees market participation, principal protection, or a stable payout.
What is the difference between OVL and GPIX?
OVL (Overlay Shares Large Cap Equity ETF) sells puts on large-cap equity exposure. GPIX (Goldman Sachs S&P 500 Premium Income ETF) writes calls on S&P 500-oriented equities. Both keep equity downside; the option payoff differs. Cost is 0.29% versus 0.79%; size is $6.40B versus $510M. Distributions are 8.74% and 11.14% as of November 2026. Contract type, not a one-date yield, is the split.
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Learn the method
The metrics behind this comparison, explained in the Academy.
These comparisons follow the Dividend Vision methodology.