Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings.
GPIX has lagged OVL over the trailing twelve months, posting a 17.38% total return against 19.89%. Measured from Oct 2023 — the start of shared available history — OVL has compounded at 28.08% a year versus 22.66% for GPIX. GPIX has been the steadier holding, though — annualized volatility of 11.2% against 15.2% for OVL. Figures are total returns: price change plus every distribution reinvested.
Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 18, 2026. YTD and 1Y are cumulative; windows of one year or longer are annualized. “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 past year. 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 past year) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.
Side-by-side snapshot
Side-by-side snapshot. Each row is one metric;
each column is one fund.
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.
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 and OVL generate 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.
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.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
Overlay Shares operates a focused lineup of four income-focused ETFs designed to generate regular distributions for investors. The company specializes in option overlay strategies that aim to enhance yield through covered call and similar income-generating techniques, with its funds trading under tickers OVF, OVL, OVLH, and OVS. This niche approach to dividend enhancement differentiates Overlay Shares within the broader ETF marketplace, appealing to investors seeking higher current income through systematic option strategies.
See our curated list of related YouTube videos on OVL.
GPIX (Goldman Sachs S&P 500 Core 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 10.43% vs 8.56% 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%.
They have different reference exposures: GPIX is linked to S&P 500 while OVL is linked to S&P 500 (VOO), which means their performance drivers differ.
GPIX is the larger fund by assets ($5.72B), but assets alone do not establish trading costs or liquidity.
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On a $10,000 investment, GPIX would generate roughly $71.33/month, while OVL would produce $86.92/month, at current distribution rates. Both pay monthly distributions.
GPIX yield8.56%
OVL yield10.43%
Monthly diff on $10K$15.58
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 beta0.8543
OVL beta1.17
Fund details
GPIX is managed by Goldman Sachs (launched 10/24/2023) with $5.72B in assets. OVL is managed by Overlay Shares (launched 09/30/2019) with $443M in assets.
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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 Core 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 $5.72B versus $443M. Distributions are 8.56% and 10.43% as of September 2026. Contract type, not a one-date yield, is the split.
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