GPIX vs PBP: Which Covered Call ETF Is Better?

GPIX and PBP are both covered call ETFs tracking the same benchmark, but with different approaches. GPIX offers a 8.22% yield, while PBP provides a 11.36% 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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GPIX

Goldman Sachs S&P 500 Premium Income ETF

S&P 500Inception: Mar 1, 2023

7.60

Overall Score

PBP

Invesco S&P 500 BuyWrite ETF

S&P 500Inception: Dec 20, 2007

5.76

Overall Score

CriteriaGPIXPBP
Overall Score
7.60
5.76
Total Return (25%)
8.82
2.53
Downside Protection (25%)
4.10
8.47
Upside Participation (25%)
8.76
5.37
Consistency (15%)
9.70
7.22
Expense Ratio (5%)
8.88
6.38
Liquidity (5%)
5.54
5.41
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Key Metrics

MetricGPIXPBP
Expense Ratio0.290%0.490%
Inception DateMar 1, 2023Dec 20, 2007
IssuerGoldman SachsInvesco
Distribution FrequencyMonthlyMonthly
Maturity Rating2/5 stars5/5 stars

Verdicts

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%.

PBP

Cut volatility to 8.9% (SPY 15.7%) and pays 11.4%, but it captured 54% of S&P 500 upside and 58% of the downside.

Investor Profile:

PBP tracks the Cboe S&P 500 BuyWrite Index. It holds the S&P 500 stocks, about 507 positions, and sells at-the-money one-month call options on the S&P 500 index. The rules are mechanical, with no active manager decisions. It pays monthly.

Full scores for these funds

GPIX scorecardPBP 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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