Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.
GPIQ has outpaced OVL over the trailing twelve months, posting a 23.08% total return against 18.66%. Measured from Oct 2023 — the start of shared available history — OVL has compounded at 27.68% a year versus 27.15% for GPIQ. Figures are total returns: price change plus every distribution reinvested.
Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 30, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Oct 2023” measures every fund from October 26, 2023 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the past year. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the past year) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.
Side-by-side snapshot
Side-by-side snapshot. Each row is one metric;
each column is one fund.
Seeks current income while maintaining prospects for capital appreciation by investing at least 80% of net assets in companies included in the Nasdaq-100 and selling call options with exposure to the benchmark.
Put-selling overlay on large cap equity exposure via VOO (Vanguard S&P 500 ETF) to generate additional income.
Bottom lineChoose GPIQ if you want Nasdaq-100 exposure with a call overwrite and accept limited upside participation. Choose OVL if you want large-cap equity with a put overlay and accept the added option risk. GPIQ and OVL both use option or derivative overlays. Their tradeoff is the underlying exposure, how each option strategy is implemented, and the yield each targets; either overlay can limit upside participation, so neither offers uncapped price exposure.
Call overwrite versus put-selling overlay
Compare the underlying equities and the option payoff together. An income target is not a total-return forecast, and distribution tax character alone does not establish whether a strategy is eroding economic value.
GPIQ
OVL
Equity exposure
Nasdaq-100 companies
Large-cap equity exposure via VOO
Option strategy
Dynamic call overwrite
Active put-selling overlay
Tradeoff
Option premium in exchange for some upside participation
Option premium with additional downside exposure from the overlay
Expense ratio
0.29%
0.79%
Income review
Check declared payments and tax notices
Check declared payments and tax notices
Risk review
Equity concentration and call-writing risk
Equity-market and put-overlay risk
How the risk works
Read this before the income numbers below: the strategy mechanics on this page shape what those payouts can cost you.
Capped upside and premium dependence. GPIQ and OVL generate income by selling options, which trades away part of a strong rally in exchange for premium. Distributions can include return of capital, and a payout the underlying assets cannot sustain shows up as NAV erosion over time — the big yield number is not free.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
Goldman Sachs Asset Management is known for offering a comprehensive suite of ETFs spanning traditional and alternative investment strategies across multiple asset classes. The fund lineup encompasses income-focused offerings, factor-based strategies, thematic investments, ESG solutions, international exposure, commodities, bonds, and indexed products, reflecting a broad approach to meeting diverse investor needs. The issuer's portfolio demonstrates significant breadth, with funds serving income investors, factor-based strategists, and those seeking specialized exposure to emerging themes and alternative assets.
See our curated list of related YouTube videos on GPIQ.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
Overlay Shares operates a focused lineup of four income-focused ETFs designed to generate regular distributions for investors. The company specializes in option overlay strategies that aim to enhance yield through covered call and similar income-generating techniques, with its funds trading under tickers OVF, OVL, OVLH, and OVS. This niche approach to dividend enhancement differentiates Overlay Shares within the broader ETF marketplace, appealing to investors seeking higher current income through systematic option strategies.
See our curated list of related YouTube videos on OVL.
GPIQ (Goldman Sachs Nasdaq-100 Premium Income ETF) and OVL (Overlay Shares Large Cap Equity ETF) are both monthly-pay dividend ETFs, but they take different approaches.
OVL offers the higher yield at 10.51% vs 10.28% for GPIQ. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
GPIQ is cheaper with an expense ratio of 0.29% compared to 0.79%.
They have different reference exposures: GPIQ is linked to Nasdaq-100 while OVL is linked to S&P 500 (VOO), which means their performance drivers differ.
GPIQ is the larger fund by assets ($6.12B), but assets alone do not establish trading costs or liquidity.
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On a $10,000 investment, GPIQ would generate roughly $85.67 cash per distribution, while OVL would produce $87.58 cash per distribution, at current distribution rates. Both pay monthly distributions.
GPIQ yield10.28%
OVL yield10.51%
Cash diff on $10K$1.92
Cost & efficiency
Over 10 years on $10,000, GPIQ would cost approximately $290 in fees vs $790 for OVL (simplified, not compounded). The $500.00 difference may be offset by yield or performance.
GPIQ ER0.29%
OVL ER0.79%
Strategy & risk
GPIQ tracks Nasdaq-100 with a covered call approach, while OVL tracks S&P 500 (VOO) with a fund of funds approach. Beta is 1.0964 for GPIQ and 1.17 for OVL, making GPIQ the less volatile of the two by this measure.
GPIQ beta1.0964
OVL beta1.17
Fund details
GPIQ is managed by Goldman Sachs (launched 10/24/2023) with $6.12B in assets. OVL is managed by Overlay Shares (launched 09/30/2019) with $462M in assets.
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Frequently asked questions
Do GPIQ and OVL generate option income the same way?
No. GPIQ combines Nasdaq-100 equity exposure with call writing on a varying portion of its portfolio. OVL combines large-cap equity exposure with a put-selling overlay. Call writing can limit upside participation; a put overlay can add losses when markets fall. Neither strategy guarantees distributions or principal protection.
What is the current distribution rate for GPIQ and OVL?
GPIQ currently distributes 10.28% and OVL 10.51%, based on fund data updated September 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.
Is GPIQ or OVL better for dividend income?
It depends on your goals. OVL currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.
Can I hold both GPIQ and OVL?
Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.
Is GPIQ or OVL safer?
By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — OVL scores 92, GPIQ scores 84, so OVL's payout currently looks the more resilient of the two. No score makes an investment risk-free — treat this as a screening signal, not a guarantee, and the leverage, options-income, or crypto caveats flagged on this page apply regardless of score.
Which has lower fees, GPIQ or OVL?
GPIQ has an expense ratio of 0.29% while OVL charges 0.79%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in GPIQ vs OVL generate?
At current rates, $10,000 in GPIQ would generate roughly $85.67 cash per distribution ($1,028.00 annually). The same in OVL would produce about $87.58 cash per distribution ($1,051.00 annually).
Which has performed better historically, GPIQ or OVL?
GPIQ has outpaced OVL over the trailing twelve months, posting a 23.08% total return against 18.66%. Measured from Oct 2023 — the start of shared available history — OVL has compounded at 27.68% a year versus 27.15% for GPIQ. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
Explore related screeners
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