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ETF Comparison

GPIX vs QQQI: Same Idea, Different Index and Manager

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

Updated September 30, 2026

How these figures are calculated: methodology.

Best for

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

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.

GPIX has lagged QQQI over the trailing twelve months, posting a 16.76% total return against 18.23%. Measured from Jan 2024 — the start of shared available history — QQQI has compounded at 20.10% a year versus 17.91% for GPIX. GPIX has been the steadier holding, though — annualized volatility of 11.2% against 16.7% for QQQI. 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 Jan 2024Volatility Sharpe Sortino Max drawdown
GPIX12.49%16.76%17.91%11.2%0.981.41-7.7%
QQQI14.86%18.23%20.10%16.7%0.731.04-9.6%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 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 Jan 2024” measures every fund from January 30, 2024 — 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

MetricGPIXQQQI
Forward distribution rate8.54%13.69%
Trailing 12-month yield8.16%13.76%
30-day SEC yield—-0.05%

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 QQQI vs QQQ.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricGPIXQQQI
Full nameGoldman Sachs S&P 500 Premium Income ETFNEOS Nasdaq-100 High Income ETF
IssuerGoldman SachsNEOS
Underlying indexS&P 500Nasdaq-100
Last Close$55.83 as of September 30, 2026$55.55 as of September 30, 2026
Distribution rate8.54%13.69%
Trailing 12-month yield8.16%13.76%
30-day SEC yield—-0.05%
Distribution Safety Score™ 8484
Safety-Adjusted Yield 7.17%11.50%
Expense ratio0.29%0.68%
AUM$5.97B$15.0B
Distribution frequencyMonthlyMonthly
ObjectiveSeeks current income while maintaining prospects for capital appreciation by investing at least 80% of net assets in companies included in the S&P 500 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 date10/24/202301/29/2024
Beta0.85431.0553
Last dividend$0.39738$0.6339
Ex-dividend date09/01/202609/16/2026

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

GPIX vs QQQI: S&P 500 income or Nasdaq income?

Both sell index calls for monthly cash. The index underneath — S&P 500 versus Nasdaq-100 — explains most of the yield and volatility gap.

GPIXQQQI
IndexS&P 500Nasdaq-100
IssuerGoldman SachsNEOS
Expense ratio0.29%0.68%
Distribution rate8.54%13.69%
Market sensitivity0.85431.0553

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. GPIX and QQQI 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 GPIX.

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 QQQI.

See all NEOS ETFs

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Quick verdict

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

QQQI offers the higher yield at 13.69% vs 8.54% for GPIX. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

GPIX is cheaper with an expense ratio of 0.29% compared to 0.68%.

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

QQQI is the larger fund by assets ($15.0B), but assets alone do not establish trading costs or liquidity.

Who should choose each?

Choose GPIX

Goldman Sachs S&P 500 Premium Income ETF

  • Want broader S&P 500 exposure — more sectors, less mega-cap concentration, and typically lower beta.
  • 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 QQQI.

Choose QQQI

NEOS Nasdaq-100 High Income ETF

  • Want Nasdaq-100 exposure — fewer names, heavier technology weight, and typically a higher current distribution.
  • Want index call spreads structured for Section 1256 tax treatment.
  • Want to maximize current income — QQQI distributes roughly 13.69% from selling options premium, vs 8.54% for GPIX.
  • 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, GPIX would generate roughly $71.17 cash per distribution, while QQQI would produce $114.08 cash per distribution, at current distribution rates. Both pay monthly distributions.

GPIX yield8.54%
QQQI yield13.69%
Cash diff on $10K$42.92

Cost & efficiency

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

GPIX ER0.29%
QQQI ER0.68%

Strategy & risk

GPIX tracks S&P 500 with a covered call approach, while QQQI is actively managed around Nasdaq-100 exposure with an active approach. Beta is 0.8543 for GPIX and 1.0553 for QQQI, making GPIX the less volatile of the two by this measure.

GPIX beta0.8543
QQQI beta1.0553

Fund details

GPIX is managed by Goldman Sachs (launched 10/24/2023) with $5.97B in assets. QQQI is managed by NEOS (launched 01/29/2024) with $15.0B in assets.

GPIX AUM$5.97B
QQQI AUM$15.0B
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Frequently asked questions

What is the difference between GPIX and QQQI?

The choice is the index, then the manager. GPIX (Goldman Sachs S&P 500 Premium Income ETF) writes options on the S&P 500. QQQI (NEOS Nasdaq-100 High Income ETF) writes options on the Nasdaq-100. That is why QQQI usually pays more and swings more. Cost is 0.29% versus 0.68%; distributions are 8.54% and 13.69% 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 GPIX and QQQI?

GPIX currently distributes 8.54% and QQQI 13.69%, 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 GPIX or QQQI better for dividend income?

It depends on your goals. QQQI 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 GPIX and QQQI?

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 GPIX or QQQI safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — they are effectively tied: GPIX scores 84, QQQI scores 84. Neither has a clear safety edge on that measure. GPIX has also shown lower price volatility (beta 0.85 vs 1.06 for QQQI). 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, GPIX or QQQI?

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

How much income does $10,000 in GPIX vs QQQI generate?

At current rates, $10,000 in GPIX would generate roughly $71.17 cash per distribution ($854.00 annually). The same in QQQI would produce about $114.08 cash per distribution ($1,369.00 annually).

Which has performed better historically, GPIX or QQQI?

GPIX has lagged QQQI over the trailing twelve months, posting a 16.76% total return against 18.23%. Measured from Jan 2024 — the start of shared available history — QQQI has compounded at 20.10% a year versus 17.91% for GPIX. GPIX has been the steadier holding, though — annualized volatility of 11.2% against 16.7% for QQQI. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

GPIX vs QQQI — at a glance

Generated September 26, 2026.

Overview

GPIX and QQQI are both covered-call ETFs that sell options on stock-index holdings to generate monthly distributions, but they target different underlying indexes and income strategies. GPIX writes calls against S&P 500 holdings with a 8.54% distribution rate, while QQQI uses a Nasdaq-100 overlay to deliver a 13.69% yield. The core difference is exposure: large-cap blend versus technology-concentrated, and the income tradeoff that comes with each.

How they differ

QQQI yields significantly higher than GPIX—13.69% versus 8.54%—but achieves this partly through a derivative overlay strategy on the Nasdaq-100, a 100-stock tech-heavy index, versus GPIX's direct S&P 500 covered-call approach. QQQI's underlying also carries higher beta (1.0553 versus 0.8543), meaning its call writing operates on a more volatile foundation. Expense-wise, QQQI charges 0.68% against GPIX's 0.29%, a 39-basis-point gap that compounds over time. QQQI is also the newer fund, having launched 2 years after GPIX.

Who each is best for

  • GPIX: Fits investors seeking moderate, predictable income from broad large-cap exposure without the technology concentration and volatility that comes with Nasdaq-100 weightings.
  • QQQI: Fits investors comfortable with higher volatility and technology-sector concentration who prioritize maximum current income and are willing to accept steeper NAV drawdown risk in exchange for a substantially higher yield.

Key risks to know

  • NAV erosion at elevated yields. At 13.69%, QQQI's payout ratio is 15 percentage points higher than GPIX's, raising the probability that distributions will eventually include return-of-capital elements and erode per-share NAV over multi-year holding periods if underlying total returns do not keep pace.
  • Volatility and cap risk on QQQI. With a beta of 1.0553, QQQI amplifies market moves compared to the S&P 500 (GPIX's beta: 0.8543). A sharp tech or broad-market selloff will compress QQQI's NAV more sharply and potentially restrict the fund's ability to continue its call-selling program without forced assignment.
  • Concentration in Nasdaq-100. QQQI's 100-stock weighting creates sector and single-name concentration risk compared to GPIX's 500-stock S&P 500 base, particularly in mega-cap technology. Holdings overlap may mean exposure to the same dominant names.
  • Options exercise risk. Both funds face call assignment risk if underlying holdings gap higher; QQQI's higher yield and steeper call premium structure increase the probability of assignment and capital capping.

Bottom line

If you want broad large-cap income with lower volatility and a moderate yield, GPIX's S&P 500 platform and 0.29% expense ratio offer a steadier foundation; if you're willing to absorb Nasdaq-100 concentration and higher tech beta for 13.69% income, QQQI delivers substantially more current cash, though at the cost of higher NAV erosion risk and expense drag. Past performance does not guarantee future results, and both funds' distributions depend on continuing call premiums and underlying total returns.

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.