GPIX vs OVL vs SPY: Which Is the Better Pick in 2026?
A side-by-side comparison of Goldman Sachs S&P 500 Core Premium Income ETF, Overlay Shares Large Cap Equity ETF and SPDR S&P 500 ETF Trust covering yield, cost, risk, and income potential.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
Goldman Sachs operates a 15-fund ETF lineup spanning diverse asset classes including bonds, commodities, factor-based strategies, income-focused funds, and international equities. The issuer is known for its specialized offerings in income generation and factor investing, with popular tickers including GSIE (a U.S. equity income fund) and GBIL (a short-duration bond fund). Their fund families emphasize both traditional index-based approaches and actively managed strategies across fixed income, commodities, and international markets.
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.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
State Street Global Advisors (SSGA) is one of the largest ETF providers globally, known for its flagship SPDR suite of exchange-traded products that serve both institutional and retail investors across a broad range of asset classes. Their 88-fund lineup spans diverse strategies including sector exposure (Select Sector SPDR), income generation (Income and Select Sector SPDR Premium Income families), commodities (including the widely-held GLD gold ETF), bonds, ESG-focused investments, and thematic allocations, with popular tickers like DIA (Diamonds Trust), FEZ (Eurozone exposure), and JNK (high-yield bonds) among their most recognized funds. The issuer is characterized by its comprehensive coverage across multiple market segments and its emphasis on both traditional index-based products and specialized strategies like covered call income funds and factor-based investing.
See our curated list of related YouTube videos on SPY.
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.
Track the S&P 500 Index before expenses.
Asset class
Equity
Equity
Equity
Inception date
03/20/2024
09/30/2019
01/22/1993
Beta
0.8543
1.16
1.0
Last dividend
$0.3969
$0.4980
$1.7970
Ex-dividend date
06/01/2026
05/27/2026
06/18/2026
Most used
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Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
OVL tops the group on trailing twelve-month total return at 30.19%, with GPIX at 23.92% and SPY at 26.68%. Figures are total returns: price change plus every distribution reinvested.
Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of June 15, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Oct 2023” measures every fund from October 26, 2023 — the youngest fund's first trading day — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the past year.
Quick verdict
GPIX (Goldman Sachs S&P 500 Core Premium Income ETF), OVL (Overlay Shares Large Cap Equity ETF), SPY (SPDR S&P 500 ETF Trust) are dividend ETFs that take different approaches.
GPIX offers the highest reported yield at 8.29%, followed by OVL at 6.15%, SPY at 0.98%.
SPY is the cheapest with an expense ratio of 0.10%, compared to 0.29% for GPIX and 0.79% for OVL.
SPY is the largest fund by assets ($783B), which generally means tighter spreads and better liquidity.
Deep dive
Yield & income
On a $10,000 investment: GPIX generates ~$69.08/month, OVL generates ~$51.25/month, SPY generates ~$8.17/month at current distribution rates.
GPIX yield8.29%
OVL yield6.15%
SPY yield0.98%
Cost & efficiency
Over 10 years on $10,000: GPIX costs ~$290, OVL costs ~$790, SPY costs ~$100 in fees (simplified, not compounded).
GPIX ER0.29%
OVL ER0.79%
SPY ER0.10%
Strategy & risk
GPIX tracks SPX with a s&p500 approach; OVL tracks S&P 500 (VOO) with a fund of funds approach; SPY tracks S&P 500 Index with a large cap approach.
GPIX beta0.8543
OVL beta1.16
SPY beta1.0
Fund details
GPIX is managed by Goldman Sachs (launched 03/20/2024) with $4.40B in assets. OVL is managed by Overlay Shares (launched 09/30/2019) with $277M in assets. SPY is managed by State Street (launched 01/22/1993) with $783B in assets.
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Frequently asked questions
Which of GPIX, OVL, SPY is best for dividend income?
It depends on your goals. GPIX currently offers the highest reported distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility, and funds without an established distribution history have no comparable yield to evaluate. Consider your time horizon and risk tolerance.
What is the difference between GPIX, OVL, SPY?
GPIX (Goldman Sachs S&P 500 Core Premium Income ETF) tracks SPX with a s&p500 approach, issued by Goldman Sachs. OVL (Overlay Shares Large Cap Equity ETF) tracks S&P 500 (VOO) with a fund of funds approach, issued by Overlay Shares. SPY (SPDR S&P 500 ETF Trust) tracks S&P 500 Index with a large cap approach, issued by State Street.
Can I hold GPIX, OVL, SPY together?
Yes. Many income investors hold multiple dividend ETFs to diversify across different strategies and underlying indexes. This can reduce concentration risk while maintaining a strong income stream.
Which has the lowest fees among GPIX, OVL, SPY?
GPIX has an expense ratio of 0.29%, OVL has an expense ratio of 0.79%, SPY has an expense ratio of 0.10%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 generate in each?
$10,000 in GPIX yields ~$69.08/month ($829.00/year). $10,000 in OVL yields ~$51.25/month ($615.00/year). $10,000 in SPY yields ~$8.17/month ($98.00/year).
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