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ETF Comparison

GPIX vs SCHD: Option Income or a Dividend Screen?

A head-to-head of Goldman's S&P 500 Core Premium Income ETF and Schwab's U.S. Dividend Equity ETF covering cash, drawdown, and job.

Updated September 30, 2026

How these figures are calculated: methodology.

Best for

  • GPIXInvestors who want to maximize current income — roughly 8.54%, generated by selling options premium.
  • SCHDInvestors who want a quality-dividend tilt rather than the whole market.

Jump to the side-by-side numbers

Visual comparison

Key metrics

Projected income on $10K

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. 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 lagged SCHD over the trailing twelve months, posting a 16.76% total return against 24.24%. Measured from Oct 2023 — the start of shared available history — GPIX has compounded at 22.46% a year versus 17.33% for SCHD. 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.
SymbolYTD cumulative1Y cumulativeSince Oct 2023Volatility Sharpe Sortino Max drawdown
GPIX12.49%16.76%22.46%11.2%0.981.41-7.7%
SCHD20.19%24.24%17.33%11.2%1.542.49-6.9%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 30, 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 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.
MetricGPIXSCHD
Full nameGoldman Sachs S&P 500 Premium Income ETFSchwab U.S. Dividend Equity ETF
IssuerGoldman SachsSchwab
Underlying indexS&P 500Dow Jones U.S. Dividend 100 Index
Last Close$55.83 as of September 30, 2026$32.53 as of September 30, 2026
Distribution rate8.54%3.28%
Trailing 12-month yield8.16%3.24%
Distribution Safety Score™ 84100
Safety-Adjusted Yield 7.17%3.28%
Expense ratio0.29%0.06%
AUM$5.97B$110B
Distribution frequencyMonthlyQuarterly
ObjectiveSeeks 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.Seeks to track as closely as possible, before fees and expenses, the total return of the Dow Jones U.S. Dividend 100 Index, which measures the performance of high dividend yielding stocks issued by U.S. companies with a record of consistently paying dividends, selected for fundamental strength relative to their peers based on financial ratios.
Asset classEquityEquity
Inception date10/24/202310/20/2011
Beta0.85430.56
Last dividend$0.39738$0.2665
Ex-dividend date09/01/202609/23/2026

Bottom lineChoose GPIX if you want to maximize current income — roughly 8.54%, generated by selling options premium. Choose SCHD if you want a quality-dividend tilt rather than the whole market. There's no free lunch: GPIX's payout comes from selling options, which caps upside and can erode the share price over time, while SCHD keeps full price exposure.

GPIX vs SCHD: S&P overlay or dividend quality?

GPIX sells S&P 500 options for monthly cash. SCHD screens US dividend payers for quality. Opposite jobs.

GPIXSCHD
What it ownsS&P 500 plus a Goldman overlayQuality US dividend payers
Expense ratio0.29%0.06%
Distribution rate8.54%3.28%

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.

Learn the mechanics: Return of capital, explained · NAV erosion, explained

Model this comparison:
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Income calculator

See how much monthly income a hypothetical investment would generate in each ETF at current yields.

Goldman Sachs
ETFs48
Total AUM$68.9B

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.

See all Goldman Sachs ETFs
Schwab
ETFs33
Total AUM$612B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

Schwab is a major provider of low-cost, broad-based ETFs known for making investing accessible to individual investors through its discount brokerage platform. The issuer's fund lineup spans multiple categories including core index funds, dividend and income-focused strategies, factor-based approaches, international exposure, fixed income, and digital assets, with popular core holdings like SCHB (U.S. broad market) and SCHD (dividend appreciation) alongside more specialized thematic offerings. Schwab's ETF suite is characterized by its breadth across asset classes and investment styles, competitive expense ratios, and integration with its retail brokerage ecosystem.

See our curated list of related YouTube videos on SCHD.

See all Schwab ETFs

Want to go deeper?

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Quick verdict

GPIX (Goldman Sachs S&P 500 Premium Income ETF) and SCHD (Schwab U.S. Dividend Equity ETF) are both dividend ETFs, but they take different approaches.

GPIX offers the higher yield at 8.54% vs 3.28% for SCHD. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

SCHD is cheaper with an expense ratio of 0.06% compared to 0.29%.

They have different reference exposures: GPIX is linked to S&P 500 while SCHD is linked to Dow Jones U.S. Dividend 100 Index, which means their performance drivers differ.

SCHD is the larger fund by assets ($110B), but assets alone do not establish trading costs or liquidity.

Who should choose each?

Choose GPIX

Goldman Sachs S&P 500 Premium Income ETF

  • Want to maximize current income — GPIX distributes roughly 8.54% from selling options premium, vs 3.28% for SCHD.
  • Are comfortable with an options-income strategy — a large payout in exchange for capped upside.

Choose SCHD

Schwab U.S. Dividend Equity ETF

  • Want a quality-dividend tilt — screened payers rather than the broad index.
  • Want to keep costs low — a 0.06% expense ratio vs 0.29% for GPIX.
  • Prefer lower volatility — a beta of 0.6 vs 0.9 for GPIX.

Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.

Deep dive

Yield & income

On a $10,000 investment, GPIX would generate roughly $71.17 cash per distribution, while SCHD would produce $82.00 cash per distribution, at current distribution rates.

GPIX yield8.54%
SCHD yield3.28%
Cash diff on $10K$10.83

Cost & efficiency

Over 10 years on $10,000, GPIX would cost approximately $290 in fees vs $60 for SCHD (simplified, not compounded). The $230.00 difference may be offset by yield or performance.

GPIX ER0.29%
SCHD ER0.06%

Strategy & risk

GPIX tracks S&P 500 with a covered call approach, while SCHD tracks Dow Jones U.S. Dividend 100 Index. Beta is 0.8543 for GPIX and 0.56 for SCHD, making SCHD the less volatile of the two by this measure.

GPIX beta0.8543
SCHD beta0.56

Fund details

GPIX is managed by Goldman Sachs (launched 10/24/2023) with $5.97B in assets. SCHD is managed by Schwab (launched 10/20/2011) with $110B in assets.

GPIX AUM$5.97B
SCHD AUM$110B
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Frequently asked questions

What is the difference between GPIX and SCHD?

GPIX (Goldman Sachs S&P 500 Premium Income ETF) holds S&P 500 exposure and sells options for monthly cash — 8.54%. SCHD (Schwab U.S. Dividend Equity ETF) screens US dividend payers for quality and distributes 3.28% quarterly. Cost is 0.29% versus 0.06%. Overlay cash versus a dividend screen is the decision. Figures as of September 2026.

What is the current distribution rate for GPIX and SCHD?

GPIX currently distributes 8.54% and SCHD 3.28%, based on fund data updated September 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is GPIX or SCHD better for dividend income?

It depends on your goals. GPIX currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.

Can I hold both GPIX and SCHD?

Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Is GPIX or SCHD safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — SCHD scores 100, GPIX scores 84, so SCHD's payout currently looks the more resilient of the two. SCHD has also shown lower price volatility (beta 0.56 vs 0.85 for GPIX). No score makes an investment risk-free — treat this as a screening signal, not a guarantee, and the leverage, options-income, or crypto caveats flagged on this page apply regardless of score.

Which has lower fees, GPIX or SCHD?

GPIX has an expense ratio of 0.29% while SCHD charges 0.06%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in GPIX vs SCHD generate?

At current rates, $10,000 in GPIX would generate roughly $71.17 cash per distribution ($854.00 annually). The same in SCHD would produce about $82.00 cash per distribution ($328.00 annually).

Which has performed better historically, GPIX or SCHD?

GPIX has lagged SCHD over the trailing twelve months, posting a 16.76% total return against 24.24%. Measured from Oct 2023 — the start of shared available history — GPIX has compounded at 22.46% a year versus 17.33% for SCHD. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

GPIX vs SCHD — at a glance

Generated September 26, 2026.

Overview

GPIX and SCHD are both large-cap equity ETFs that emphasize dividend income, but they pursue fundamentally different strategies. GPIX sells call options against S&P 500 holdings to generate premium income on top of dividends, while SCHD tracks an index of 100 established U.S. dividend payers selected for consistency and financial strength. The choice between them hinges on whether you prioritize near-term income yield or long-term capital preservation.

How they differ

GPIX's defining feature is its covered-call strategy: it captures S&P 500 exposure but systematically sells call options to harvest additional premium, producing a 8.54% yield with monthly payouts. SCHD takes a simpler approach, holding a fixed basket of high-dividend stocks and distributing 3.28% quarterly, with no options overlay.

The yield gap reflects the cost of that premium income. GPIX's 0.8543 beta reveals call-capped upside—it moves less than the S&P 500 in both directions. SCHD's 0.56 beta, lower still, suggests its dividend-selected holdings are more defensive. On fees, SCHD's 0.06% expense ratio is five times cheaper than GPIX's 0.29%, though GPIX's option income helps offset that structural cost. SCHD's $110B AUM dwarfs GPIX's $5.97B, giving it a substantially larger asset base. SCHD has been running since 10/20/2011, while GPIX launched 10/24/2023—only 2 years old, with limited track record through a full market cycle.

Who each is best for

GPIX: Fits investors seeking maximum current income and willing to trade capped capital gains for outsized monthly payouts. Works best in portfolios that tolerate lower price participation in strong bull rallies. Suits allocations that value lower volatility and lower leverage to the broader market.

Key risks to know

  • NAV erosion at elevated yields. GPIX's 8.54% distribution rate substantially exceeds historical S&P 500 dividend yields. If option premiums compress or underlying dividends decline, distributions may rely increasingly on return of capital, which erodes net asset value over time.
  • Call-option cap on upside. GPIX's systematic call selling caps gains when the S&P 500 rallies sharply. In a strong bull market, the fund's 0.8543 dampened beta will lag materially, and shareholders forgo the excess returns that uncapped index holders capture.
  • Concentration in dividend-selected universe. SCHD holds only 100 stocks selected for dividend history and financial metrics, narrower than the full S&P 500. If those criteria fall out of favor or dividend-paying mega-caps underperform growth stocks, the fund may lag broad-market peers.
  • Inception and track record. GPIX is 2 years and has not weathered a significant correction or bear market; its premium income and capital preservation claims remain untested across a full cycle. Past performance does not predict future results, and neither fund's recent payouts guarantee sustainable distributions.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

Learn the method

The metrics behind this comparison, explained in the Academy.

How covered-call funds work How to read a fund's stats The covered-call opportunity cost

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These comparisons follow the Dividend Vision methodology.