GPIX vs QQQI vs SPYI: S&P Calls or Nasdaq Calls? 2026
GPIX and SPYI target S&P 500-oriented equity exposure; QQQI invests in Nasdaq-100 constituents. GPIX uses an actively managed dynamic call overwrite, while SPYI and QQQI can combine sold and purchased index calls. Choose the equity allocation first, then compare option coverage and costs. A higher distribution rate does not establish better total return or reveal the manager's current option strikes.
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.
QQQI tops the group over the trailing twelve months with a 18.23% total return, against GPIX at 16.76% and SPYI at 14.93%. 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 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
Metric
GPIX
QQQI
SPYI
Forward distribution rate
8.54%
13.69%
12.05%
Trailing 12-month yield
8.16%
13.76%
11.93%
30-day SEC yield
—
-0.05%
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.
Seeks 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.
Seeks to generate high monthly income in a tax efficient manner while targeting equity appreciation.
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, QQQI, 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.
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.
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 and SPYI.
GPIX (Goldman Sachs S&P 500 Premium Income ETF), QQQI (NEOS Nasdaq-100 High Income ETF), SPYI (NEOS S&P 500 High Income ETF) are dividend ETFs that take different approaches.
QQQI offers the highest reported yield at 13.69%, followed by SPYI at 12.05%, GPIX at 8.54%.
GPIX is the cheapest with an expense ratio of 0.29%, compared to 0.68% for QQQI and 0.68% for SPYI.
QQQI is the largest fund by assets ($15.0B), but assets alone do not establish trading costs or liquidity.
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On a $10,000 investment: GPIX generates ~$71.17 cash per distribution, QQQI generates ~$114.08 cash per distribution, SPYI generates ~$100.42 cash per distribution at current distribution rates.
GPIX yield8.54%
QQQI yield13.69%
SPYI yield12.05%
Cost & efficiency
Over 10 years on $10,000: GPIX costs ~$290, QQQI costs ~$680, SPYI costs ~$680 in fees (simplified, not compounded).
GPIX ER0.29%
QQQI ER0.68%
SPYI ER0.68%
Strategy & risk
GPIX and SPYI target S&P 500-oriented equity exposure; QQQI invests in Nasdaq-100 constituents. GPIX uses an actively managed dynamic call overwrite, while SPYI and QQQI can combine sold and purchased index calls. Choose the equity allocation first, then compare option coverage and costs. A higher distribution rate does not establish better total return or reveal the manager's current option strikes.
GPIX beta0.8543
QQQI beta1.0553
SPYI beta0.7
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. SPYI is managed by NEOS (launched 08/29/2022) with $12.4B in assets.
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Frequently asked questions
What is the difference between GPIX and QQQI?
GPIX writes calls on S&P 500-oriented equities. QQQI writes calls on Nasdaq-100 exposure. Both keep equity downside; the index is the split. SPYI also overwrites S&P 500 names, so it sits next to GPIX on the stock book. Compare holdings and net total return, not a yield ranking.
How should I choose between GPIX, QQQI, and SPYI?
Start with the stock exposure: GPIX and SPYI are S&P 500-oriented, while QQQI uses Nasdaq-100 constituents. Then compare actual holdings, option coverage, net total returns over matching periods, expenses, and tax reporting. All retain equity downside; none guarantees income or capital preservation. A distribution-rate ranking is not a risk ranking.
Does holding GPIX, QQQI, and SPYI together add diversification?
It can spread manager and option-implementation exposure, but the funds can share substantial large-company stock holdings. GPIX and SPYI have similar equity universes; adding QQQI changes stock and sector weights. Measure combined holdings and weights rather than counting fund names. Historical beta does not guarantee a particular future drawdown.
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