$100K in Goldman’s GPIX Collected $8,187 Over the Past Year. Forget the Dividend Aristocrats
Dividend Aristocrats have earned their reputation, but a newer options-income ETF is quietly handing retirees a very different size check each month while keeping total returns surprisingly close. The real question is which kind of income you actually need.
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.
For many retirees, the ProShares S&P 500 Dividend Aristocrats ETF (CBOE:NOBL) is the default income holding. NOBL owns S&P 500 companies with long records of raising dividends, and that track record explains much of its appeal. Over the trailing twelve months, a $100,000 position in NOBL produced $2,020.60 in split-adjusted income across four quarterly payments. The same investment in the Goldman Sachs S&P 500 Premium Income ETF (NASDAQ:GPIX) produced $8,187.20, paid in twelve monthly installments. For anyone relying on NOBL to cover living expenses, that gap is worth a close look.
What $100,000 Paid in Each Fund
GPIX distributed $4.58647 per share over the twelve months ending October 27, 2026. On $100,000, that averaged $682.27 a month. Its most recent payment was $0.39702 per share, ex-dividend October 1, 2026.
Over the same period, NOBL paid $1.172959 per share, split-adjusted, or an average of $168.38 a month on $100,000. Positions are sized at delayed quotes from the Tuesday afternoon session: $56.02 for GPIX and $58.05 for NOBL.
NOBL completed a two-for-one share split effective May 28, 2026, and the per-share figures above are adjusted so payments before and after that date compare directly. If you scan NOBL’s raw payment history, distributions appear to halve around the split. That drop reflects twice as many shares sharing the same payout.
Total Returns Stayed Close Despite the Bigger Checks
| Period | GPIX | NOBL |
|---|---|---|
| One year | 15.68% | 14.91% |
| Year to date | 13.89% | 13.29% |
| One month | 0.16% | 5.6% |
These returns reflect reinvested distributions. Over one year and year-to-date, the funds finished close, with GPIX slightly ahead on both. So GPIX holders kept pace on total return while collecting the larger income stream over those stretches. Over the past month, NOBL was well ahead, a reminder that short periods can favor either fund.
Where the Aristocrats Still Earn Their Place
NOBL’s split-adjusted payout grew 9.09% over the past twelve months compared with the prior twelve. That growth comes from the fund’s core design, since it owns companies selected for raising dividends year after year.
GPIX’s income works differently. It comes partly from selling options, so it moves with market conditions rather than reflecting companies lifting their dividends. A retiree who wants income that has historically tended to rise over time is buying a different product than a retiree who wants the largest check today. Neither payout is promised going forward.
How Each Fund Builds Its Payout
Its summary prospectus dated September 28, 2026 shows NOBL tries to track the S&P 500 Dividend Aristocrats Index, which holds S&P 500 companies that have increased dividends every year for at least 25 years. The index holds a minimum of 40 companies, weights them equally, and caps any sector at 30%.
GPIX “seeks current income while maintaining prospects for capital appreciation,” investing primarily in stocks while selling call options with exposure to the S&P 500. Its June 30, 2026 holdings report included Apple, Alphabet, Amazon, and Broadcom, giving it broad market exposure, including big technology names that NOBL’s dividend-streak screen leaves out.
Check Every Distribution for Return of Capital
Some options-income fund distributions can include a return of your own invested money rather than earnings. That portion lowers your cost basis instead of counting as income. Before relying on any payout, read the fund’s distribution notices and your year-end tax forms to see how each payment was classified.
Taxes also shape the switch itself. Selling NOBL in a taxable account can trigger capital gains, while trades inside an IRA or other tax-advantaged account generally do not. Taxable holders often review lot-level gains with a tax professional before making changes.
Limits of This Comparison
GPIX’s trading history begins October 26, 2023, so no five-year or ten-year comparison exists. GPIX has not yet been tested across a full market cycle the way NOBL has, and these results cover one strong stretch for stocks.
Which Income Needs Each Fund Has Served Best
For investors focused on current cash flow, GPIX paid more over the past year, with $8,187.20 on $100,000, paid monthly, with total return close to NOBL’s. If you are years from drawing income, or you want a payout tied to companies raising their dividends, NOBL’s 9.09% payout growth is the more relevant figure. Retirees with both needs may find a mix of the two worth exploring.
Contact [email protected] for any questions or corrections.
Ryne Mauck is an investment writer covering exchange-traded funds, retirement planning, and portfolio strategy. Through his work at 24/7 Wall St. and other investment platforms, including Seeking Alpha, he aims to provide clear, research-driven insights that help investors make more informed decisions while maintaining a long-term approach to investing.
Ryne holds a B.Sc. in Finance and an M.A. in Political Science. He is a formerly registered Municipal Advisor Representative and has passed the Series 50, Series 63, and Series 65 exams. His articles are not intended to be, nor should they be interpreted as, financial advice.
