A head-to-head comparison of Goldman Sachs Nasdaq-100 Core Premium Income ETF and Overlay Shares Large Cap Equity ETF covering yield, cost, risk, and income potential.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
Goldman Sachs operates a 15-fund ETF lineup spanning diverse asset classes including bonds, commodities, factor-based strategies, income-focused funds, and international equities. The issuer is known for its specialized offerings in income generation and factor investing, with popular tickers including GSIE (a U.S. equity income fund) and GBIL (a short-duration bond fund). Their fund families emphasize both traditional index-based approaches and actively managed strategies across fixed income, commodities, and international markets.
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.
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.
Asset class
Equity
Equity
Inception date
10/24/2023
09/30/2019
Beta
1.0964
1.17
Last dividend
$0.5191
$0.4850
Ex-dividend date
07/01/2026
06/26/2026
Bottom lineChoose GPIQ if you want to maximize current income — roughly 10.98%, generated by selling options premium. Choose OVL if you are comfortable trading away most upside for a large, steady payout.
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Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
GPIQ has outpaced OVL over the trailing twelve months, posting a 24.23% total return against 23.19%. Measured from Oct 2023 — when the younger fund began trading — OVL has compounded at 28.80% a year versus 27.07% for GPIQ. Figures are total returns: price change plus every distribution reinvested.
Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of July 22, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Oct 2023” measures every fund from October 26, 2023 — the youngest fund's first trading day — 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.
Quick verdict
GPIQ (Goldman Sachs Nasdaq-100 Core Premium Income ETF) and OVL (Overlay Shares Large Cap Equity ETF) are both monthly-pay dividend ETFs, but they take different approaches.
GPIQ offers the higher yield at 10.98% vs 10.30% for OVL. 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 track different benchmarks: GPIQ is linked to NASDAQ 100 while OVL tracks S&P 500 (VOO), which means their performance drivers differ.
GPIQ is the larger fund by assets ($5.02B), which generally means tighter spreads and better liquidity.
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On a $10,000 investment, GPIQ would generate roughly $91.50/month, while OVL would produce $85.83/month, at current distribution rates. Both pay monthly distributions.
GPIQ yield10.98%
OVL yield10.30%
Monthly diff on $10K$5.67
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, indicating GPIQ is less volatile relative to the market.
GPIQ beta1.0964
OVL beta1.17
Fund details
GPIQ is managed by Goldman Sachs (launched 10/24/2023) with $5.02B in assets. OVL is managed by Overlay Shares (launched 09/30/2019) with $331M in assets.
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Frequently asked questions
Is GPIQ or OVL better for dividend income?
It depends on your goals. GPIQ 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.
What is the difference between GPIQ and OVL?
GPIQ (Goldman Sachs Nasdaq-100 Core Premium Income ETF) tracks NASDAQ 100 with a covered call approach, while OVL (Overlay Shares Large Cap Equity ETF) tracks S&P 500 (VOO) with a fund of funds approach. They are issued by Goldman Sachs and Overlay Shares respectively.
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.
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 $91.50 per month ($1,098.00 annually). The same in OVL would produce about $85.83 per month ($1,030.00 annually).
Which has performed better historically, GPIQ or OVL?
GPIQ has outpaced OVL over the trailing twelve months, posting a 24.23% total return against 23.19%. Measured from Oct 2023 — when the younger fund began trading — OVL has compounded at 28.80% a year versus 27.07% for GPIQ. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
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