GPIQ vs QQQM: Nasdaq-100 Income Overlay or Plain Index?
Both funds own the Nasdaq-100. QQQM holds it at Invesco's low fee and pays a small quarterly dividend. GPIQ, Goldman Sachs Nasdaq-100 Premium Income ETF, holds the same stocks and sells index call options on a varying share of the portfolio to fund a monthly distribution. The overlay converts part of the index's future gains into current cash, so the pair is growth versus income on one underlying.
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 lagged QQQM over the trailing twelve months, posting a 18.63% total return against 18.90%. Measured from Oct 2023 — the start of shared available history — QQQM has compounded at 28.47% a year versus 25.26% 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 October 16, 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.
Track the NASDAQ-100 Index with a lower expense ratio alternative to QQQ.
Bottom lineChoose GPIQ if you want monthly cash from Nasdaq-100 exposure and accept giving up part of rallies. Choose QQQM if you want full Nasdaq-100 upside and do not need current income. No. GPIQ's distribution is mostly option premium, paid for by selling away part of the index's upside above the strike prices. In a strong rally GPIQ lags QQQM; in a flat or falling market the premium cushions GPIQ's total return. Over a full cycle the two can finish close or far apart depending on how much of the period was spent rallying. Compare total return with distributions reinvested over matching dates, and read GPIQ's distribution rate as a payout, not an expected return.
GPIQ vs QQQM: Nasdaq-100 Income Overlay or Plain Index?
Both funds own the Nasdaq-100. QQQM holds it at Invesco's low fee and pays a small quarterly dividend. GPIQ, Goldman Sachs Nasdaq-100 Premium Income ETF, holds the same stocks and sells index call options on a varying share of the portfolio to fund a monthly distribution. The overlay converts part of the index's future gains into current cash, so the pair is growth versus income on one underlying.
GPIQ
QQQM
Approach
Nasdaq-100 with a dynamic covered-call overlay, monthly distribution
Nasdaq-100 index fund, quarterly dividend
Risk review
Same equity losses plus capped participation in rallies; variable payouts
Large-company and technology concentration, equity losses
Expense ratio
0.29%
0.15%
Portfolio fit
Review combined holdings and weights
Review combined holdings and weights
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 generates 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.
Invesco is a major ETF provider known for offering a comprehensive lineup spanning multiple asset classes and investment strategies. The company specializes in income-focused products including dividend, covered call, and bond strategies, while also maintaining broad exposure across equity, factor-based, thematic, and ESG investing themes. Invesco's portfolio ranges from index-tracking funds to alternatives and specialized offerings like digital assets and BulletShares, making it one of the more expansive ETF families available to investors.
See our curated list of related YouTube videos on QQQM.
Both funds own the Nasdaq-100. QQQM holds it at Invesco's low fee and pays a small quarterly dividend. GPIQ, Goldman Sachs Nasdaq-100 Premium Income ETF, holds the same stocks and sells index call options on a varying share of the portfolio to fund a monthly distribution. The overlay converts part of the index's future gains into current cash, so the pair is growth versus income on one underlying.
No. GPIQ's distribution is mostly option premium, paid for by selling away part of the index's upside above the strike prices. In a strong rally GPIQ lags QQQM; in a flat or falling market the premium cushions GPIQ's total return. Over a full cycle the two can finish close or far apart depending on how much of the period was spent rallying. Compare total return with distributions reinvested over matching dates, and read GPIQ's distribution rate as a payout, not an expected return.
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GPIQ varies how much of the portfolio it covers with calls, so the cap on rallies is not fixed. In months when a large share is covered, the fund captures less of a surge; when less is covered, it behaves more like the index with a smaller payout. Read the issuer's current coverage range and compare several months of distributions rather than one, because the payout moves with volatility.
Current metrics use the dated snapshot above. Distributions can vary and may include return of capital; a distribution rate is not an expected total return.
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Frequently asked questions
Is GPIQ just QQQM with a dividend?
No. GPIQ's distribution is mostly option premium, paid for by selling away part of the index's upside above the strike prices. In a strong rally GPIQ lags QQQM; in a flat or falling market the premium cushions GPIQ's total return. Over a full cycle the two can finish close or far apart depending on how much of the period was spent rallying. Compare total return with distributions reinvested over matching dates, and read GPIQ's distribution rate as a payout, not an expected return.
How should I compare risk and ownership costs?
GPIQ charges a higher expense ratio than QQQM; compare the current figures on the issuer pages. GPIQ's distributions can include return of capital, which changes tax timing and cost basis. QQQM's quarterly dividend is largely qualified. Use the same dates and reinvestment assumption when comparing returns, and do not substitute QQQ's longer history for QQQM's.
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