GMUN vs. GPIQ

Last updated Apr 2, 2026

Compare and contrast key facts about Goldman Sachs Community Municipal Bond ETF (GMUN) and Goldman Sachs Nasdaq-100 Core Premium Income ETF (GPIQ).

GMUN and GPIQ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GMUN is a passively managed fund by Goldman Sachs that tracks the performance of the Bloomberg Goldman Sachs Community Municipal Index. It was launched on Mar 7, 2023. GPIQ is an actively managed fund by Goldman Sachs. It was launched on Oct 24, 2023.

Performance

GMUN vs. GPIQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Community Municipal Bond ETF (GMUN) and Goldman Sachs Nasdaq-100 Core Premium Income ETF (GPIQ). The values are adjusted to include any dividend payments, if applicable.

GMUN vs. GPIQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GMUN Goldman Sachs Community Municipal Bond ETF	-0.23%	5.92%	0.31%	5.53%
GPIQ Goldman Sachs Nasdaq-100 Core Premium Income ETF	-2.85%	19.77%	23.22%	15.38%

Returns By Period

In the year-to-date period, GMUN achieves a -0.23% return, which is significantly higher than GPIQ's -2.85% return.

GMUN

• 1D: 0.24%
• 1M: -1.90%
• YTD: -0.23%
• 6M: 1.15%
• 1Y: 5.05%
• 3Y*: 2.59%
• 5Y*: —
• 10Y*: —

GPIQ

• 1D: 1.08%
• 1M: -2.99%
• YTD: -2.85%
• 6M: 0.19%
• 1Y: 23.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

GMUN vs. GPIQ - Expense Ratio Comparison

GMUN has a 0.15% expense ratio, which is lower than GPIQ's 0.29% expense ratio.

GPIQ

Goldman Sachs Nasdaq-100 Core Premium Income ETF

GMUN

Goldman Sachs Community Municipal Bond ETF

Return for Risk

GMUN vs. GPIQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GMUN

GMUN Risk / Return Rank: 75
GMUN Sharpe Ratio Rank: 81
GMUN Sortino Ratio Rank: 77
GMUN Omega Ratio Rank: 91
GMUN Calmar Ratio Rank: 67
GMUN Martin Ratio Rank: 60

GPIQ

GPIQ Risk / Return Rank: 72
GPIQ Sharpe Ratio Rank: 64
GPIQ Sortino Ratio Rank: 70
GPIQ Omega Ratio Rank: 71
GPIQ Calmar Ratio Rank: 75
GPIQ Martin Ratio Rank: 81

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GMUN vs. GPIQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Community Municipal Bond ETF (GMUN) and Goldman Sachs Nasdaq-100 Core Premium Income ETF (GPIQ). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	GMUN	GPIQ	Difference
Sharpe ratio Return per unit of total volatility	1.65	1.17	+0.49
Sortino ratio Return per unit of downside risk	2.08	1.80	+0.29
Omega ratio Gain probability vs. loss probability	1.41	1.27	+0.14
Calmar ratio Return relative to maximum drawdown	1.91	2.04	-0.12
Martin ratio Return relative to average drawdown	6.60	9.31	-2.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GMUN vs. GPIQ - Sharpe Ratio Comparison

The current GMUN Sharpe Ratio is 1.65, which is higher than the GPIQ Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of GMUN and GPIQ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GMUN	GPIQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.65	1.17	+0.49
Sharpe Ratio (All Time) Calculated using the full available price history	1.07	1.31	-0.24

Correlation

The correlation between GMUN and GPIQ is 0.08, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

GMUN vs. GPIQ - Dividend Comparison

GMUN's dividend yield for the trailing twelve months is around 3.08%, less than GPIQ's 10.75% yield.

	TTM	2025	2024	2023
GMUN Goldman Sachs Community Municipal Bond ETF	3.08%	2.94%	3.22%	2.20%
GPIQ Goldman Sachs Nasdaq-100 Core Premium Income ETF	10.75%	9.81%	9.18%	1.74%

Drawdowns

GMUN vs. GPIQ - Drawdown Comparison

The maximum GMUN drawdown since its inception was -4.35%, smaller than the maximum GPIQ drawdown of -21.06%. Use the drawdown chart below to compare losses from any high point for GMUN and GPIQ.

Drawdown Indicators

	GMUN	GPIQ	Difference
Max Drawdown Largest peak-to-trough decline	-4.35%	-21.06%	+16.71%
Max Drawdown (1Y) Largest decline over 1 year	-2.83%	-12.08%	+9.25%
Current Drawdown Current decline from peak	-2.19%	-5.62%	+3.43%
Average Drawdown Average peak-to-trough decline	-0.98%	-2.38%	+1.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	2.64%	-1.82%

Volatility

GMUN vs. GPIQ - Volatility Comparison

The current volatility for Goldman Sachs Community Municipal Bond ETF (GMUN) is 1.22%, while Goldman Sachs Nasdaq-100 Core Premium Income ETF (GPIQ) has a volatility of 6.15%. This indicates that GMUN experiences smaller price fluctuations and is considered to be less risky than GPIQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GMUN	GPIQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.22%	6.15%	-4.93%
Volatility (6M) Calculated over the trailing 6-month period	1.62%	11.22%	-9.60%
Volatility (1Y) Calculated over the trailing 1-year period	3.09%	20.45%	-17.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.95%	17.74%	-14.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.95%	17.74%	-14.79%