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Dividend Vision

ETF Comparison

GPIQ vs SPYI: Same Idea, Different Index

A head-to-head of Goldman's Nasdaq-100 Core Premium Income ETF and NEOS's S&P 500 High Income ETF covering index, overlay, cost, and payout.

Updated September 30, 2026

How these figures are calculated: methodology.

Best for

  • GPIQInvestors who want Nasdaq-100 exposure and can accept a more concentrated book.
  • SPYIInvestors who want broader S&P 500 exposure and lower measured market sensitivity.

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. 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 SPYI over the trailing twelve months, posting a 23.08% total return against 14.93%. Measured from Oct 2023 — the start of shared available history — GPIQ has compounded at 27.15% a year versus 19.15% for SPYI. SPYI has been the steadier holding, though — annualized volatility of 10.8% 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.
SymbolYTD cumulative1Y cumulativeSince Oct 2023Volatility Sharpe Sortino Max drawdown
GPIQ18.90%23.08%27.15%17.1%0.951.38-9.5%
SPYI10.68%14.93%19.15%10.8%0.871.24-7.7%

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.

Distribution rate and SEC yield

MetricGPIQSPYI
Forward distribution rate10.28%12.05%
Trailing 12-month yield9.86%11.93%
30-day SEC yield—0.46%

Total return (price change plus reinvested distributions) is the Total returns section above. A 30-day SEC yield can sit far from the headline distribution rate; both numbers are the fund's own published fields.

Total return against the stated underlying is on GPIQ vs QQQ, SPYI vs SPY.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricGPIQSPYI
Full nameGoldman Sachs Nasdaq-100 Premium Income ETFNEOS S&P 500 High Income ETF
IssuerGoldman SachsNEOS
Underlying indexNasdaq-100S&P 500 Index
Last Close$57.98 as of September 30, 2026$53.17 as of September 30, 2026
Distribution rate10.28%12.05%
Trailing 12-month yield9.86%11.93%
30-day SEC yield—0.46%
Distribution Safety Score™ 8490
Safety-Adjusted Yield 8.64%10.85%
Expense ratio0.29%0.68%
AUM$6.12B$12.4B
Distribution frequencyMonthlyMonthly
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 generate high monthly income in a tax efficient manner while targeting equity appreciation.
Asset classEquityEquity
Inception date10/24/202308/29/2022
Beta1.09640.7
Last dividend$0.49683$0.5338
Ex-dividend date09/01/202609/16/2026

Bottom lineChoose GPIQ if you want Nasdaq-100 exposure and can accept a more concentrated book. Choose SPYI if you want broader S&P 500 exposure and lower measured market sensitivity. GPIQ and SPYI 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.

GPIQ vs SPYI: Nasdaq income or S&P 500 income?

Both sell index calls for monthly cash. The index underneath explains most of the yield and volatility gap.

GPIQSPYI
IndexNasdaq-100S&P 500
IssuerGoldman SachsNEOS
Expense ratio0.29%0.68%
Distribution rate10.28%12.05%

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 SPYI 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.

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$68.9B

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
NEOS
ETFs19
Total AUM$34.7B

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

NEOS is known for developing specialized income-focused ETFs that employ strategies like covered calls, hedging, and enhanced yields across various asset classes. The firm manages 19 funds organized into nine distinct families, including offerings in equity high income, fixed income enhancement, digital assets, and alternative strategies, with popular tickers like SPYI (S&P 500 covered call), QQQI (Nasdaq-100 covered call), and QQQH (Nasdaq-100 hedged equity income). NEOS distinguishes itself in the ETF landscape through its emphasis on income generation and downside protection strategies rather than traditional growth approaches.

See our curated list of related YouTube videos on SPYI.

See all NEOS ETFs

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Quick verdict

GPIQ (Goldman Sachs Nasdaq-100 Premium Income ETF) and SPYI (NEOS S&P 500 High Income ETF) are both monthly-pay dividend ETFs, but they take different approaches.

SPYI offers the higher yield at 12.05% 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 0.68%.

They have different reference exposures: GPIQ is linked to Nasdaq-100 while SPYI is linked to S&P 500 Index, which means their performance drivers differ.

SPYI is the larger fund by assets ($12.4B), but assets alone do not establish trading costs or liquidity.

Who should choose each?

Choose GPIQ

Goldman Sachs Nasdaq-100 Premium Income ETF

  • Want Nasdaq-100 exposure — fewer names, heavier technology weight, and typically a higher current distribution.
  • Want a covered-call overwrite on the stocks the fund holds.
  • Are comfortable with an options-income strategy — a large payout in exchange for capped upside.
  • Want to keep costs low — a 0.29% expense ratio vs 0.68% for SPYI.

Choose SPYI

NEOS S&P 500 High Income ETF

  • Want broader S&P 500 exposure — more sectors, less mega-cap concentration, and typically lower beta.
  • Want index call spreads structured for Section 1256 tax treatment.
  • Want to maximize current income — SPYI distributes roughly 12.05% from selling options premium, vs 10.28% for GPIQ.
  • Are comfortable with an options-income strategy — a large payout in exchange for capped upside.

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 $85.67 cash per distribution, while SPYI would produce $100.42 cash per distribution, at current distribution rates. Both pay monthly distributions.

GPIQ yield10.28%
SPYI yield12.05%
Cash diff on $10K$14.75

Cost & efficiency

Over 10 years on $10,000, GPIQ would cost approximately $290 in fees vs $680 for SPYI (simplified, not compounded). The $390.00 difference may be offset by yield or performance.

GPIQ ER0.29%
SPYI ER0.68%

Strategy & risk

GPIQ tracks Nasdaq-100 with a covered call approach, while SPYI tracks S&P 500 Index with an active approach. Beta is 1.0964 for GPIQ and 0.7 for SPYI, making SPYI the less volatile of the two by this measure.

GPIQ beta1.0964
SPYI beta0.7

Fund details

GPIQ is managed by Goldman Sachs (launched 10/24/2023) with $6.12B in assets. SPYI is managed by NEOS (launched 08/29/2022) with $12.4B in assets.

GPIQ AUM$6.12B
SPYI AUM$12.4B
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Frequently asked questions

What is the difference between GPIQ and SPYI?

The choice is the index. GPIQ (Goldman Sachs Nasdaq-100 Premium Income ETF) writes options on the Nasdaq-100. SPYI (NEOS S&P 500 High Income ETF) writes options on the S&P 500. That is why GPIQ usually pays more and swings more. Cost is 0.29% versus 0.68%; distributions are 10.28% and 12.05% as of September 2026. Goldman's overlay and NEOS's tax-aware overlay are the second axis. Neither is universally better.

What is the current distribution rate for GPIQ and SPYI?

GPIQ currently distributes 10.28% and SPYI 12.05%, 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 SPYI better for dividend income?

It depends on your goals. SPYI 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 SPYI?

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 SPYI safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — SPYI scores 90, GPIQ scores 84, so SPYI's payout currently looks the more resilient of the two. SPYI has also shown lower price volatility (beta 0.70 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 SPYI?

GPIQ has an expense ratio of 0.29% while SPYI charges 0.68%. Lower fees mean more of your investment returns stay in your pocket over time.

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

At current rates, $10,000 in GPIQ would generate roughly $85.67 cash per distribution ($1,028.00 annually). The same in SPYI would produce about $100.42 cash per distribution ($1,205.00 annually).

Which has performed better historically, GPIQ or SPYI?

GPIQ has outpaced SPYI over the trailing twelve months, posting a 23.08% total return against 14.93%. Measured from Oct 2023 — the start of shared available history — GPIQ has compounded at 27.15% a year versus 19.15% for SPYI. SPYI has been the steadier holding, though — annualized volatility of 10.8% 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 SPYI — at a glance

Generated September 27, 2026.

Overview

GPIQ and SPYI are both covered-call equity ETFs that generate income by selling call options against a core stock portfolio, but they target different indexes and employ different risk profiles. GPIQ writes calls on the Nasdaq-100—a concentrated tech-heavy benchmark—while SPYI overlays calls on the broader S&P 500. The key distinction is their underlying exposures: GPIQ aims for 10.28% distribution rate via call premium on high-beta growth stocks, while SPYI targets 12.05% through options strategies on a larger, more diversified equity base.

How they differ

SPYI's yield is 12.05% versus GPIQ's 10.28%, a gap of 170 basis points—the largest single difference between them. GPIQ's 1.0964 beta reflects the volatility of the Nasdaq-100, while SPYI's 0.7 beta signals dampened participation in broader market moves, a direct result of its S&P 500 weighting. On cost, SPYI's 0.68% expense ratio trails GPIQ's 0.29%, though both are competitive for covered-call strategies. SPYI also holds $12.4B in assets versus $6.12B for GPIQ, giving it a substantially larger fund base. GPIQ trades considerably younger at 2 years old, while SPYI has been operating since 08/29/2022.

Who each is best for

GPIQ: Fits investors comfortable with concentrated tech exposure who prioritize maximum current income and view call cap risk as acceptable in exchange for a leaner expense ratio.

SPYI: Designed for income-focused investors who prefer broader S&P 500 diversification and are willing to accept a lower yield and slightly higher fees in exchange for reduced single-sector volatility and tax-efficient structuring. SPYI's 12.05% yield particularly warrants monitoring for signs that price appreciation is insufficient to sustain distributions without portfolio depreciation.

  • Call cap risk. Both ETFs cap upside through covered calls; in a strong rally, holders of GPIQ (especially given its Nasdaq-100 tilt) may see shares called away at predetermined strike prices while the underlying index continues higher.
  • Tech concentration in GPIQ. The Nasdaq-100 is technology-heavy by design. GPIQ's 1.0964 beta and leverage to large-cap growth mean it underperforms in periods when tech leadership breaks and value or defensive sectors outperform.
  • Reinvestment risk. Monthly distributions require reinvestment discipline; falling dividend or interest rates may reduce the yield available on dividend cash, especially if market volatility compresses option premiums that fund both payouts.

Bottom line

GPIQ offers higher current income with concentrated Nasdaq-100 exposure and lower fees; SPYI provides broader S&P 500 diversification with a lower yield and tax-efficient design. The yield gap raises questions about the composition and sustainability of distributions in each fund—investors evaluating either should research recent payout sources and call-cap mechanics to understand how returns may be constrained in strong rallies. Past performance does not predict future results.

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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These comparisons follow the Dividend Vision methodology.