GPIQ vs SPY
Goldman Sachs Nasdaq-100 Premium Income ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. GPIQ delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | GPIQ | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.29% | 0.09% | |
| AUM | $5.5B | $821.1B | |
| Dividend Yield | 9.90% | 1.01% | |
| Holdings | 109 | 505 | |
| YTD Return | +15.16% | +12.68% | |
| 1Y Return | +25.78% | +21.82% | |
| 3Y Return (annualized) | - | +21.98% | |
| 5Y Return (annualized) | - | +12.89% | |
| Volatility (annualized) | 14.3% | 15.3% | |
| Max Drawdown | -21.1% | -56.5% | |
| Fund Family | Goldman Sachs Asset Management | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Oct 24, 2023 | Jan 22, 1993 |
GPIQ vs SPY Performance
Goldman Sachs Nasdaq-100 Premium Income ETF (GPIQ) is a ETF from Goldman Sachs Asset Management and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year GPIQ returned +25.78% while SPY returned +21.82%. Year to date, GPIQ is up 15.16% versus a gain of 12.68% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 14.3% for GPIQ. 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 -21.1% for GPIQ and -56.5% for SPY. 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 0.92. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
GPIQ charges 0.29% per year while SPY charges 0.09%. On a $10,000 position that is $29 vs $9 annually, a gap of $20 per year that compounds over a long holding period. On income, GPIQ currently yields 9.90% against 1.01% for SPY.
Holdings Overlap
GPIQ and SPY share 87 holdings out of 520 unique holdings combined, representing a 52.7% weight overlap.
High overlap means holding both may not provide much additional diversification.
Frequently Asked Questions
Which is cheaper, GPIQ or SPY?
GPIQ has an expense ratio of 0.29% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $20 per year of difference.
Which performed better, GPIQ or SPY?
Over the past year GPIQ returned +25.78% vs +21.82% for SPY, so GPIQ leads on 1-year performance. Over the longest common window we track (3 years), GPIQ annualized +26.89% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, GPIQ or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 14.3% for GPIQ. Worst drawdown: GPIQ -21.1% vs SPY -56.5%.
Should I hold both GPIQ and SPY?
GPIQ and SPY have a monthly-return correlation of 0.92, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between GPIQ and SPY?
GPIQ and SPY share 87 common holdings with a 52.7% weight overlap. Combined, they hold 520 unique securities.
Which pays a higher dividend, GPIQ or SPY?
GPIQ yields 9.90% while SPY yields 1.01%, so GPIQ currently pays the higher dividend yield.
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