ETF Comparison

GPIQ vs SPYI: Which Is the Better Pick in 2026?

A head-to-head comparison of Goldman Sachs Nasdaq-100 Core Premium Income ETF and NEOS S&P 500 High Income ETF covering yield, cost, risk, and income potential.

Data updated June 29, 2026

Goldman Sachs

ETFs35

Total AUM$62.0B

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.

See all Goldman Sachs ETFs

NEOS

ETFs19

Total AUM$24.2B

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

Side-by-side snapshot

	GPIQ	SPYI
Full name	Goldman Sachs Nasdaq-100 Core Premium Income ETF	NEOS S&P 500 High Income ETF
Issuer	Goldman Sachs	NEOS
Last Close	$57.10 as of June 29, 2026	$51.99 as of June 29, 2026
Distribution yield	10.91%	12.26%
Distribution Safety Score	97	92
Expense ratio	0.29%	0.68%
AUM	$4.62B	$6.20B
Distribution frequency	Monthly	Monthly
Underlying index	NASDAQ 100	S&P 500 Index
Objective	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.	Seeks to generate high monthly income in a tax efficient manner while targeting equity appreciation.
Asset class	Equity	Equity
Inception date	10/24/2023	08/29/2022
Beta	1.0964	0.69
Last dividend	$0.5192	$0.5310
Ex-dividend date	06/01/2026	01/21/2026

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Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

GPIQ has outpaced SPYI over the trailing twelve months, posting a 29.15% total return against 15.28%. Measured from Oct 2023 — when the younger fund began trading — GPIQ has compounded at 28.18% a year versus 17.97% for SPYI. SPYI has been the steadier holding, though — annualized volatility of 10.5% against 15.2% for GPIQ. Figures are total returns: price change plus every distribution reinvested.

Symbol	YTD	1Y	Since Oct 2023	Volatility	Sharpe	Sortino	Max drawdown
GPIQ	14.05%	29.15%	28.18%	15.2%	1.38	1.97	-9.5%
SPYI	2.93%	15.28%	17.97%	10.5%	0.94	1.30	-7.7%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of June 26, 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 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 12.26% vs 10.91% 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 track different benchmarks: GPIQ is linked to NASDAQ 100 while SPYI tracks S&P 500 Index, which means their performance drivers differ.

SPYI is the larger fund by assets ($6.20B), which generally means tighter spreads and better liquidity.

Deep dive

Yield & income

On a $10,000 investment, GPIQ would generate roughly $90.92/month, while SPYI would produce $102.17/month, at current distribution rates. Both pay monthly distributions.

GPIQ yield10.91%

SPYI yield12.26%

Monthly diff on $10K$11.25

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 nasdaq100 approach, while SPYI tracks S&P 500 Index with an options approach. Beta is 1.0964 for GPIQ and 0.69 for SPYI, indicating SPYI is less volatile relative to the market.

GPIQ beta1.0964

SPYI beta0.69

Fund details

GPIQ is managed by Goldman Sachs (launched 10/24/2023) with $4.62B in assets. SPYI is managed by NEOS (launched 08/29/2022) with $6.20B in assets.

GPIQ AUM$4.62B

SPYI AUM$6.20B

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Frequently asked questions

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.

What is the difference between GPIQ and SPYI?

GPIQ (Goldman Sachs Nasdaq-100 Core Premium Income ETF) tracks NASDAQ 100 with a nasdaq100 approach, while SPYI (NEOS S&P 500 High Income ETF) tracks S&P 500 Index with an options approach. They are issued by Goldman Sachs and NEOS respectively.

Can I hold both GPIQ and SPYI?

Yes. Many income investors hold both to diversify across different strategies and underlying indexes. This can reduce concentration risk while maintaining a strong income stream.

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 $90.92 per month ($1,091.00 annually). The same in SPYI would produce about $102.17 per month ($1,226.00 annually).

Which has performed better historically, GPIQ or SPYI?

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GPIQ vs SPYI — at a glance

Generated June 2026 from current fund data.

Overview

Both GPIQ and SPYI are equity ETFs built on call-option overlay strategies to generate high monthly income from blue-chip stock exposure. GPIQ tracks the Nasdaq-100 and has been operating for just over a year, while SPYI targets the S&P 500 and has nearly two years of track record. The key distinction: SPYI aims for tax efficiency alongside income, while GPIQ prioritizes simplicity and exposure to high-growth technology and communication stocks.

How they differ

The funds differ fundamentally in underlying index and beta profile. GPIQ holds Nasdaq-100 stocks (tech and communication heavy) with a beta of 1.0964, meaning it amplifies market moves; SPYI holds the broader S&P 500 with a beta of 0.69, dampening volatility. That structural difference shapes yield too: SPYI's 12.26% distribution rate exceeds GPIQ's 10.91%, but SPYI's expense ratio of 0.68% is more than double GPIQ's 0.29%, eating into net income. SPYI was designed with tax efficiency in mind and has nearly twice the AUM ($6.20B vs. $4.62B), suggesting more institutional adoption of its approach.

Who each is best for

GPIQ: Fits investors seeking concentrated exposure to large-cap tech and communication companies who are willing to accept higher beta in exchange for lower fees and monthly income from an options overlay.

SPYI: Designed for income-focused investors who hold positions in taxable accounts and prefer broader market exposure with lower volatility, even if that means paying higher fees for the tax-efficiency feature.

Key risks to know

NAV erosion potential at yields above 12%. Both funds distribute at elevated rates (GPIQ 10.91%, SPYI 12.26%). If the underlying equities and option premiums don't fully support those payouts, distributions may include return of capital, slowly eroding share value over time.

Call-option cap on upside. Selling calls to generate income caps gains when the underlying index rallies sharply. In a sustained bull market for tech (GPIQ) or broad equities (SPYI), investors forgo the full appreciation they'd capture owning the stocks outright.

Beta and volatility mismatch. GPIQ's beta of 1.0964 means it will swing harder than the Nasdaq-100 in down markets, amplifying losses in a correction. SPYI's 0.69 beta is less volatile but may underperform in strong equity rallies.

Tax-efficiency claims dependent on implementation. SPYI is marketed as tax-efficient, but that benefit is only realized if the fund's option strategy and trading activity actually minimize taxable events. Market conditions and call-assignment mechanics can still trigger unexpected capital gains.

Bottom line

If you want to bet on Nasdaq growth with lower fees and are comfortable with higher volatility, GPIQ offers a leaner structure; if you prioritize income stability and broader diversification across a larger asset base, SPYI's higher yield and lower beta appeal, though its fee burden is meaningful. Both rely on sustained option premium generation to support their headline yields—a dynamic that will fluctuate with market conditions and volatility. Past performance doesn't predict future results.

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