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ETF Comparison

GPIQ vs SCHD: Option Income or a Dividend Screen?

A head-to-head of Goldman's Nasdaq-100 Core Premium Income ETF and Schwab's U.S. Dividend Equity ETF covering cash, drawdown, and job in a portfolio.

Data updated September 21, 2026

Best for

  • GPIQInvestors who want to maximize current income — roughly 10.27%, generated by selling options premium.
  • SCHDInvestors who want a quality-dividend tilt rather than the whole market.

Jump to the side-by-side numbers

Visual comparison

Key metrics

Projected income on $10K

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.

GPIQ has lagged SCHD over the trailing twelve months, posting a 23.46% total return against 28.36%. Measured from Oct 2023 — the start of shared available history — GPIQ has compounded at 27.66% a year versus 18.63% for SCHD. SCHD has been the steadier holding, though — annualized volatility of 11.2% against 17.1% 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.
SymbolYTD1YSince Oct 2023Volatility Sharpe Sortino Max drawdown
GPIQ19.64%23.46%27.66%17.1%0.971.41-9.5%
SCHD23.68%28.36%18.63%11.2%1.843.03-4.6%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 22, 2026. YTD and 1Y are cumulative; windows of one year or longer are annualized. “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.
MetricGPIQSCHD
Full nameGoldman Sachs Nasdaq-100 Premium Income ETFSchwab U.S. Dividend Equity ETF
IssuerGoldman SachsSchwab
Underlying indexNasdaq-100Dow Jones U.S. Dividend 100 Index
Last Close$58.03 as of September 21, 2026$33.72 as of September 21, 2026
Distribution rate10.27%3.00%
Distribution Safety Score™ 84100
Safety-Adjusted Yield 8.63%3.00%
Expense ratio0.29%0.06%
AUM$5.84B$113B
Distribution frequencyMonthlyQuarterly
ObjectiveSeeks 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.Seeks to track as closely as possible, before fees and expenses, the total return of the Dow Jones U.S. Dividend 100 Index, which measures the performance of high dividend yielding stocks issued by U.S. companies with a record of consistently paying dividends, selected for fundamental strength relative to their peers based on financial ratios.
Asset classEquityEquity
Inception date10/24/202310/20/2011
Beta1.09640.56
Last dividend$0.4968$0.2525
Ex-dividend date09/01/202606/24/2026

Bottom lineChoose GPIQ if you want to maximize current income — roughly 10.27%, generated by selling options premium. Choose SCHD if you want a quality-dividend tilt rather than the whole market. There's no free lunch: GPIQ's payout comes from selling options, which caps upside and can erode the share price over time, while SCHD keeps full price exposure.

GPIQ vs SCHD: different jobs, not two yields

GPIQ sells Nasdaq-100 upside for monthly cash. SCHD screens US dividend payers for quality. Treating them as like-for-like income funds is the trap.

GPIQSCHD
What it ownsNasdaq-100 plus a call overlayQuality US dividend payers
Where cash comes fromOption premiumDividends the holdings declare
Expense ratio0.29%0.06%
Distribution rate10.27%3.00%
Market sensitivity1.09640.56

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.

Learn the mechanics: Return of capital, explained · NAV erosion, explained

Model this comparison:
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Income calculator

See how much monthly income a hypothetical investment would generate in each ETF at current yields.

Goldman Sachs
ETFs48
Total AUM$68.1B

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.

See all Goldman Sachs ETFs
Schwab
ETFs33
Total AUM$623B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

Schwab is a major provider of low-cost, broad-based ETFs known for making investing accessible to individual investors through its discount brokerage platform. The issuer's fund lineup spans multiple categories including core index funds, dividend and income-focused strategies, factor-based approaches, international exposure, fixed income, and digital assets, with popular core holdings like SCHB (U.S. broad market) and SCHD (dividend appreciation) alongside more specialized thematic offerings. Schwab's ETF suite is characterized by its breadth across asset classes and investment styles, competitive expense ratios, and integration with its retail brokerage ecosystem.

See our curated list of related YouTube videos on SCHD.

See all Schwab ETFs

Want to go deeper?

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Quick verdict

GPIQ (Goldman Sachs Nasdaq-100 Premium Income ETF) and SCHD (Schwab U.S. Dividend Equity ETF) are both dividend ETFs, but they take different approaches.

GPIQ offers the higher yield at 10.27% vs 3.00% for SCHD. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

SCHD is cheaper with an expense ratio of 0.06% compared to 0.29%.

They have different reference exposures: GPIQ is linked to Nasdaq-100 while SCHD is linked to Dow Jones U.S. Dividend 100 Index, which means their performance drivers differ.

SCHD is the larger fund by assets ($113B), but assets alone do not establish trading costs or liquidity.

Who should choose each?

Choose GPIQ

Goldman Sachs Nasdaq-100 Premium Income ETF

  • Want to maximize current income — GPIQ distributes roughly 10.27% from selling options premium, vs 3.00% for SCHD.
  • Are comfortable with an options-income strategy — a large payout in exchange for capped upside.

Choose SCHD

Schwab U.S. Dividend Equity ETF

  • Want a quality-dividend tilt — screened payers rather than the broad index.
  • Want to keep costs low — a 0.06% expense ratio vs 0.29% for GPIQ.
  • Prefer lower volatility — a beta of 0.6 vs 1.1 for GPIQ.

Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.

Deep dive

Yield & income

On a $10,000 investment, GPIQ would generate roughly $85.58 cash per distribution, while SCHD would produce $75.00 cash per distribution, at current distribution rates.

GPIQ yield10.27%
SCHD yield3.00%
Cash diff on $10K$10.58

Cost & efficiency

Over 10 years on $10,000, GPIQ would cost approximately $290 in fees vs $60 for SCHD (simplified, not compounded). The $230.00 difference may be offset by yield or performance.

GPIQ ER0.29%
SCHD ER0.06%

Strategy & risk

GPIQ tracks Nasdaq-100 with an active approach, while SCHD tracks Dow Jones U.S. Dividend 100 Index. Beta is 1.0964 for GPIQ and 0.56 for SCHD, making SCHD the less volatile of the two by this measure.

GPIQ beta1.0964
SCHD beta0.56

Fund details

GPIQ is managed by Goldman Sachs (launched 10/24/2023) with $5.84B in assets. SCHD is managed by Schwab (launched 10/20/2011) with $113B in assets.

GPIQ AUM$5.84B
SCHD AUM$113B
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Frequently asked questions

What is the difference between GPIQ and SCHD?

They are different jobs. GPIQ (Goldman Sachs Nasdaq-100 Premium Income ETF) sells Nasdaq-100 calls for monthly cash (10.27%). SCHD (Schwab U.S. Dividend Equity ETF) screens Dow Jones U.S. Dividend 100 Index for quality dividend payers and distributes 3.00% quarterly. Cost is 0.29% versus 0.06%. Beta is 1.0964 versus 0.56. The larger yield is option premium on a growth index, not a safer dividend. Figures as of September 2026.

What is the current distribution rate for GPIQ and SCHD?

GPIQ currently distributes 10.27% and SCHD 3.00%, 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 SCHD 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.

Can I hold both GPIQ and SCHD?

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 SCHD safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — SCHD scores 100, GPIQ scores 84, so SCHD's payout currently looks the more resilient of the two. SCHD has also shown lower price volatility (beta 0.56 vs 1.10 for GPIQ). 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 SCHD?

GPIQ has an expense ratio of 0.29% while SCHD charges 0.06%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in GPIQ vs SCHD generate?

At current rates, $10,000 in GPIQ would generate roughly $85.58 cash per distribution ($1,027.00 annually). The same in SCHD would produce about $75.00 cash per distribution ($300.00 annually).

Which has performed better historically, GPIQ or SCHD?

GPIQ has lagged SCHD over the trailing twelve months, posting a 23.46% total return against 28.36%. Measured from Oct 2023 — the start of shared available history — GPIQ has compounded at 27.66% a year versus 18.63% for SCHD. SCHD has been the steadier holding, though — annualized volatility of 11.2% against 17.1% for GPIQ. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

GPIQ vs SCHD — at a glance

Generated September 19, 2026.

Overview

GPIQ and SCHD are both U.S. equity ETFs, but they pursue radically different income strategies. Dividend 100 Index and distributes 3.00% quarterly. The core distinction is that GPIQ sacrifices upside through options to boost yield, while SCHD captures the underlying dividend growth of established dividend aristocrats with minimal cost.

How they differ

GPIQ's covered-call strategy against the Nasdaq-100 is its defining feature: it caps gains by selling monthly calls, which generates outsized income but limits capital appreciation when tech rallies. SCHD, by contrast, buys and holds dividend stocks without derivatives, so it participates fully in upside but accepts lower current yield.

The income gap is stark. That structural difference shows in beta: GPIQ's 1.0964 beta means it moves closer to the Nasdaq-100's swings, whereas SCHD's 0.56 suggests it dampens broader market moves, a benefit of being anchored to lower-volatility dividend stocks rather than growth-heavy tech.

The fee environment strongly favors SCHD. At 0.06%, it costs a fifth of GPIQ's 0.29%.

Who each is best for

GPIQ: Fits investors seeking maximum current monthly income from large-cap tech exposure and willing to accept that call sales will cap upside in strong rallies; appeals to those who view Nasdaq-100 optionality as a feature, not a bug.

SCHD: Designed for dividend-focused allocators who want broad exposure to established dividend growers with minimal fees, full upside participation, and quarterly distributions; suits longer time horizons where reinvestment of dividends compounds.

Key risks to know

  • NAV erosion at elevated yields. GPIQ's 10.27% distribution rate is more than three times the market average. When yields this high are funded by options premium rather than underlying capital gains or cash flow, the NAV tends to drift downward over full market cycles, especially in strong bull markets when call obligations bite hardest.
  • Capped upside in tech rallies. GPIQ's covered-call structure means missed gains if the Nasdaq-100 rallies sharply; investors receive premium only up to the strike price. This trade-off is deliberate, but it becomes acute during sustained growth-stock outperformance.
  • Concentration in Nasdaq-100. GPIQ's 1.0964 indicates it moves more than the market; it carries all the concentration risk of the Nasdaq-100 (heavy tech weighting) amplified by the call overlay. SCHD's 0.56 and dividend-stock focus reduce concentration, though both funds' holdings may overlap in mega-cap dividend payers.
  • Options pricing risk. GPIQ's income depends on continued call premium availability. In low-volatility environments or if implied volatility compresses, the premium available to sell declines, potentially lowering future distributions.
  • Interest rate sensitivity for dividend valuations. Both funds' values hinge on dividend yield as an income alternative; rising rates can pressure dividend multiples, but SCHD's lower beta and more stable dividend history may absorb this better than GPIQ's tech-heavy, derivatives-dependent model. Past performance doesn't predict future results, and option premiums that fuel GPIQ's yield today may not persist indefinitely.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

Learn the method

The metrics behind this comparison, explained in the Academy.

How covered-call funds work How to read a fund's stats The covered-call opportunity cost

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