Comparisons of ETFs GPIQ and GPIX

Comparisons of GPIQ and GPIX

I am a big proponent of ETFs that use covered calls to get above-average yields. Goldman Sachs has two such ETFs (GPIQ and GPIX) and I want to compare the two for your consideration for purchase in your Roth IRA or 401K.

Link to ETFs using Covered Call Options

In 2025, these ETFs have outperformed peers like JEPI (11.7% yield but more NAV decay) in total returns, with distributions providing reliable income (~$800/month on $100K GPIQ allocation). However, in bull markets, capped upside from calls may limit growth beyond yields.

The Goldman Sachs S&P 500 Premium Income ETF (GPIX) and Goldman Sachs Nasdaq-100 Premium Income ETF (GPIQ) are generally considered strong options for income-focused investors in 2025, particularly those seeking high monthly distributions with some equity exposure.

As of September 26, 2025, the Goldman Sachs Nasdaq-100 Premium Income ETF (GPIQ) and Goldman Sachs S&P 500 Premium Income ETF (GPIX) continue to provide attractive monthly distributions, primarily derived from option premiums via their covered call strategies rather than traditional dividends.

These "dividend returns" are often referred to as distributions and include a mix of income, capital gains, and return of capital (ROC), with yields calculated based on trailing 12-month (TTM) data.

Goldman Sachs S&P 500 Premium Income ETF(GPIX)

Sep 26, 02:36 PM

51.96 USD

Yield 8.04%

Net Assets 1.41B

Expense Ratio 0.29%

52wk High 52.26

52wk Low 40.01

Here’s a detailed comparison of GPIQ and GPIX ETFs for 2025 year-to-date performance, including price appreciation, dividend yield, and total return:

📊 ETF Performance Comparison (YTD 2025)

Metric

GPIQ (Nasdaq-100 Premium Income)

GPIX (S&P 500 Premium Income)

Price on Jan 1, 2025

$45.22 (estimated from YTD gain)

$46.30 (estimated from YTD gain)

Current Price (Sep 2025)

$52.151

$51.962

YTD Price Appreciation

+15.29%3

+12.17%4

Dividend Yield (TTM)

9.64%

8.11%

Total Return (YTD)

~25.0% (price + dividends)

~20.3% (price + dividends)

🧮 How These Numbers Were Calculated

• Starting Price was reverse-engineered using current price and YTD return:

  • GPIQ: $52.15 ÷ 1.1529 ≈ $45.22

  • GPIX: $51.96 ÷ 1.1217 ≈ $46.30

• Total Return includes both price appreciation and dividend yield, assuming monthly payouts and reinvestment.

🏆 Summary

• GPIQ outperforms GPIX in both price appreciation and dividend yield, delivering a stronger total return YTD.

• GPIQ’s Nasdaq-100 exposure and higher overwrite strategy contribute to its superior income and growth profile.

Why They're Good for Income in 2025

These ETFs have gained traction in 2025 amid market volatility and rate uncertainty, with AUM growing rapidly (GPIX ~$1B+, GPIQ ~$1.28B as of mid-September). Analysts from Seeking Alpha and ETF Database highlight their tax efficiency (e.g., ~90% return of capital or 60/40 treatment, reducing immediate tax burdens in taxable accounts) and outperformance in total returns (income + growth).

However, they're not without risks—full equity downside exposure, capped upside in bull markets, and tech-heavy tilts (especially GPIQ) make them unsuitable for conservative or growth-only portfolios. They're best in tax-advantaged accounts like IRAs for retirees or income seekers.

High and Sustainable Yields: Unlike pure dividend ETFs, these derive ~70-80% of income from option premiums, providing consistent monthly cash flow (e.g., $470/month on a $100K hybrid portfolio including both).

In 2025's moderate VIX (~15-20), premiums remain elevated, supporting yields without aggressive risk. Seeking Alpha rates both as "strong buys" for balancing income (8-10%) with total returns (outpacing S&P/Nasdaq in flat/volatile periods).

Performance Edge: GPIX has returned 15.29% over the past year, beating category averages; GPIQ's 12.17% since inception includes 22.27% yield on cost, outperforming JEPQ (4.56% YTD) and QYLD (-16.93%). Dynamic overwriting (adjusting call coverage) minimizes NAV erosion, unlike static peers.

I believe both of these are quality ETFs and I have added them to our IRA portfolios. Always consult with your broker or tax professional before making any investments.

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