GPIX vs PUTW: Which Covered Call ETF Is Better?

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

Compare ETFs

Compare covered call ETFs with the same benchmark side by side

Step 1: Select Benchmark

Step 2: Select ETFs to Compare

GPIX

Goldman Sachs S&P 500 Premium Income ETF

S&P 500Inception: Mar 1, 2023

7.60

Overall Score

PUTW

WisdomTree PutWrite Strategy Fund

S&P 500Inception: Feb 24, 2016

6.13

Overall Score

CriteriaGPIXPUTW
Overall Score
7.60
6.13
Total Return (25%)
8.82
3.71
Downside Protection (25%)
4.10
6.98
Upside Participation (25%)
8.76
5.96
Consistency (15%)
9.70
8.82
Expense Ratio (5%)
8.88
7.00
Liquidity (5%)
5.54
5.91
🔒

Compare Across All Time Windows

Since Inception

3 Years

Pro only

1 Year

Pro only

3 Months

Pro only

Upgrade to Pro — $34/month

Key Metrics

MetricGPIXPUTW
Expense Ratio0.290%0.440%
Inception DateMar 1, 2023Feb 24, 2016
IssuerGoldman SachsWisdomTree
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%.

PUTW

Put-writing delivered 61% of S&P 500 upside and 63% of the downside, and the April 2025 index change limits how far its history can be trusted.

Investor Profile:

Since April 4, 2025 the fund trades under the ticker WTPI and tracks the Volos US Large Cap Target 2.5% PutWrite Index. It sells put options on SPY and holds U.S. Treasury bills as collateral, 96% T-bills and 4% a Treasury floating-rate fund as of October 2026. The index replaced the earlier CBOE PUT index approach, so earlier history reflects a different strategy. It pays monthly.

Full scores for these funds

GPIX scorecardPUTW 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.

View the full rankingsHow the scores are built

Get the monthly ranking by email

28 covered call ETFs, rescored every month on total return, downside protection and NAV stability. One email a month, no promotions.

We store your email to send the monthly ranking. Unsubscribe any time by replying to any email. We never share or sell it.