GCAL vs QQQ
Goldman Sachs Dynamic California Municipal Income ETF vs Invesco QQQ Trust, Series 1
Quick Verdict
QQQ has a lower expense ratio. QQQ delivered stronger 1-year returns. GCAL offers more diversification with 342 holdings.
Side-by-Side Comparison
| Metric | GCAL | QQQ | Winner |
|---|---|---|---|
| Expense Ratio | 0.30% | 0.18% | |
| AUM | $180M | $496.3B | |
| Dividend Yield | 3.42% | 0.44% | |
| Holdings | 342 | 108 | |
| YTD Return | +1.25% | +16.64% | |
| 1Y Return | +5.21% | +27.27% | |
| 3Y Return (annualized) | - | +25.96% | |
| 5Y Return (annualized) | - | +14.54% | |
| Volatility (annualized) | 3.3% | 30.6% | |
| Max Drawdown | -4.4% | -83.0% | |
| Fund Family | Goldman Sachs Asset Management | Invesco (US) | |
| Category | Fixed Income | Equity | |
| Inception | Jul 23, 2024 | Mar 10, 1999 |
GCAL vs QQQ Performance
Goldman Sachs Dynamic California Municipal Income ETF (GCAL) is a ETF from Goldman Sachs Asset Management and Invesco QQQ Trust, Series 1 (QQQ) is a ETF from Invesco (US). Over the past year GCAL returned +5.21% while QQQ returned +27.27%. Year to date, GCAL is up 1.25% versus a gain of 16.64% for QQQ.
Risk: Volatility and Drawdowns
QQQ has been the more volatile fund, with annualized monthly volatility of 30.6% compared with 3.3% for GCAL. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -4.4% for GCAL and -83.0% for QQQ. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.50. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
GCAL charges 0.30% per year while QQQ charges 0.18%. On a $10,000 position that is $30 vs $18 annually, a gap of $12 per year that compounds over a long holding period. On income, GCAL currently yields 3.42% against 0.44% for QQQ.
Holdings Overlap
GCAL and QQQ share 0 holdings out of 185 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, GCAL or QQQ?
GCAL has an expense ratio of 0.30% while QQQ charges 0.18%. QQQ is the cheaper option. On a $10,000 investment, that is $12 per year of difference.
Which performed better, GCAL or QQQ?
Over the past year GCAL returned +5.21% vs +27.27% for QQQ, so QQQ leads on 1-year performance. Over the longest common window we track (2 years), GCAL annualized +3.51% vs +13.03% for QQQ. Past performance does not guarantee future results.
Which is riskier, GCAL or QQQ?
QQQ has been the more volatile fund at 30.6% annualized versus 3.3% for GCAL. Worst drawdown: GCAL -4.4% vs QQQ -83.0%.
Should I hold both GCAL and QQQ?
GCAL and QQQ have a monthly-return correlation of 0.50, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between GCAL and QQQ?
GCAL and QQQ share 0 common holdings with a 0.0% weight overlap. Combined, they hold 185 unique securities.
Which pays a higher dividend, GCAL or QQQ?
GCAL yields 3.42% while QQQ yields 0.44%, so GCAL currently pays the higher dividend yield.
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