FMCX vs GPIX
FM Focus Equity ETF vs Goldman Sachs S&P 500 Premium Income ETF
Which is better, FMCX or GPIX?
GPIX has been ahead.
GPIX has a lower expense ratio. GPIX led over 1Y, 3Y and the full window. The two have moved almost in lockstep, correlation 0.92. GPIX is less concentrated, with 38.9% of the fund in its ten largest positions against 54.3%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | FMCX | GPIX |
|---|---|---|
| Expense Ratio | 0.72% | 0.29%Best |
| AUM | $118M | $6.3B |
| Dividend Yield | 0.29% | 8.16% |
| Holdings | 32 | 496 |
| YTD Return | +5.03% | +13.52%Best |
| 1Y Return | +3.97% | +17.92%Best |
| 3Y Return (annualized) | +15.01% | +23.39%Best |
| Volatility (annualized) | 13.9% | 10.5%Best |
| Max Drawdown | -18.5% | -17.5%Best |
| $10,000 over 3 years | $16,086 | $18,786Best |
| Top 10 Weight | 54.3% | 38.9%Best |
| Fund Family | First Manhattan | Goldman Sachs Asset Management |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Apr 22, 2022 | Oct 24, 2023 |
Not shown on this pair: 5Y Return (annualized).
Volatility and max drawdown, and the $10,000 over 3 years row, are measured over the window both funds cover: Oct 26, 2023 to Oct 14, 2026 (3 years).
FMCX vs GPIX growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 3 years both funds cover.
FMCX vs GPIX Performance
FM Focus Equity ETF (FMCX) is an ETF from First Manhattan and Goldman Sachs S&P 500 Premium Income ETF (GPIX) is an ETF from Goldman Sachs Asset Management. Over the past year FMCX returned +3.97% while GPIX returned +17.92%. Year to date, FMCX is up 5.03% versus a gain of 13.52% for GPIX.
Over three years, FMCX compounded at +15.01% per year against +23.39% for GPIX.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
FMCX has been the more volatile fund, with annualized monthly volatility of 13.9% compared with 10.5% for GPIX. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -18.5% for FMCX and -17.5% for GPIX. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.92. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
FMCX charges 0.72% per year while GPIX charges 0.29%. On a $10,000 position that is $72 vs $29 annually, a gap of $43 per year that compounds over a long holding period. On income, FMCX currently yields 0.29% against 8.16% for GPIX.
Holdings Overlap
81.7% of FMCX's money is in holdings GPIX also owns. 32.4% of GPIX's money is in holdings FMCX also owns.
Most of FMCX is already inside GPIX. Owning both mostly buys the same companies twice.
The two holdings books were reported 107 days apart, FMCX as of May 31, 2026 and GPIX as of Sep 15, 2026, so some of the difference between them is the time between the two reports rather than the funds.
27 positions in common, counted across the 32 positions we hold weights for in FMCX and 491 in GPIX, against full books of 32 and 496.
What only one of them owns
Our book lists 441 positions for GPIX that do not appear in our book for FMCX (67.2% of the fund), and 3 for FMCX that do not appear in GPIX (15.1%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in FMCX | Weight in GPIX | Difference |
|---|---|---|---|
| MSFTMicrosoft Corp | 6.63% | 5.50% | 1.13% |
| NVDANvidia Corp | 1.93% | 8.14% | 6.21% |
| AMZNAmazon.Com Inc | 4.87% | 3.83% | 1.04% |
| AVGOBroadcom Inc | 3.83% | 2.51% | 1.32% |
| GEGeneral Electric Co. | 5.69% | 0.52% | 5.17% |
| INTCIntel Corporation | 5.38% | 0.76% | 4.62% |
| KKRKkr & Co. Inc. Class a | 5.21% | 0.16% | 5.05% |
| HONHoneywell International Inc | 4.41% | 0.10% | 4.31% |
| GOOGLAlphabet Inc | 0.53% | 3.25% | 2.72% |
| ORLYO'Eilly Automotive, Inc. | 3.56% | 0.11% | 3.45% |
81.7% of FMCX is already inside GPIX.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, FMCX or GPIX?
FMCX has an expense ratio of 0.72% while GPIX charges 0.29%. GPIX is the cheaper option, by $43 a year on a $10,000 investment.
Which performed better, FMCX or GPIX?
Over the past year FMCX returned +3.97% vs +17.92% for GPIX, so GPIX leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FMCX or GPIX?
FMCX has been the more volatile fund at 13.9% annualized versus 10.5% for GPIX. Worst drawdown: FMCX -18.5% vs GPIX -17.5%.
Should I hold both FMCX and GPIX?
FMCX and GPIX have a monthly-return correlation of 0.92, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
What is the holdings overlap between FMCX and GPIX?
81.7% of FMCX's money is in holdings GPIX also owns. 32.4% of GPIX's is in holdings FMCX also owns. They hold 27 positions in common, counted across the 32 positions we hold weights for in FMCX and 491 in GPIX.
Which pays a higher dividend, FMCX or GPIX?
FMCX yields 0.29% while GPIX yields 8.16%, so GPIX currently pays the higher dividend yield.
Is GPIX better than FMCX?
GPIX has a lower expense ratio. GPIX led over 1Y, 3Y and the full window. The two have moved almost in lockstep, correlation 0.92. GPIX is less concentrated, with 38.9% of the fund in its ten largest positions against 54.3%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.