FTHI vs GPIX: Which Covered Call ETF Is Better?

FTHI and GPIX are both covered call ETFs tracking the same benchmark, but with different approaches. FTHI offers a 8.97% yield, while GPIX provides a 8.22% yield. Compare their scores, yields, and performance metrics to find the best fit for your portfolio.

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Compare covered call ETFs with the same benchmark side by side

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FTHI

First Trust BuyWrite Income ETF

S&P 500Inception: Jan 6, 2014

5.78

Overall Score

GPIX

Goldman Sachs S&P 500 Premium Income ETF

S&P 500Inception: Mar 1, 2023

7.60

Overall Score

CriteriaFTHIGPIX
Overall Score
5.78
7.60
Total Return (25%)
3.80
8.82
Downside Protection (25%)
5.38
4.10
Upside Participation (25%)
6.54
8.76
Consistency (15%)
9.93
9.70
Expense Ratio (5%)
1.88
8.88
Liquidity (5%)
5.27
5.54
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Key Metrics

MetricFTHIGPIX
Expense Ratio0.750%0.290%
Inception DateJan 6, 2014Mar 1, 2023
IssuerFirst TrustGoldman Sachs
Distribution FrequencyMonthlyMonthly
Maturity Rating5/5 stars2/5 stars

Verdicts

FTHI

A 9.0% yield with a 69% overwrite, but the worst drawdown (-23.6%) was nearly identical to SPY's (-23.9%).

Investor Profile:

FTHI holds about 192 U.S.-listed equities of all sizes and writes covered calls on the S&P 500 Index. The overwrite averages 69% of NAV, with calls about 0.6% out of the money and 26 days to expiry on average. First Trust Advisors manages it and the fund pays monthly.

GPIX

Matched SPY's 2026 return (+12.7%) while paying 8.2%, but yields 3.7 points less than SPYI.

Investor Profile:

GPIX is an actively managed Goldman Sachs fund that holds 488 stocks in the S&P 500. It sells call options on a variable share of the portfolio, between 25% and 75%, which keeps part of the portfolio exposed to rallies. It pays monthly and charges 0.29%.

Full scores for these funds

FTHI scorecardGPIX scorecard

Other comparisons in this benchmark group

See where these rank against every SPY fund

Both funds are scored on total return, downside protection, upside participation, distribution consistency, cost and liquidity, against the same benchmark and the same window.

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