GPIQ vs. IWMI

Last updated Jun 24, 2026

GPIQ (Goldman Sachs Nasdaq-100 Core Premium Income ETF) and IWMI (NEOS Russell 2000 High Income ETF) are both exchange-traded funds - GPIQ is a Nasdaq-100 fund actively managed by Goldman Sachs, while IWMI is a Derivative Income fund actively managed by Neos. Both are actively managed. Over the past year, GPIQ returned 32.06% vs 35.89% for IWMI. A 0.71 correlation means they provide meaningful diversification when combined. GPIQ charges 0.29%/yr vs 0.68%/yr for IWMI.

Performance

GPIQ vs. IWMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Nasdaq-100 Core Premium Income ETF (GPIQ) and NEOS Russell 2000 High Income ETF (IWMI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GPIQ achieves a 14.86% return, which is significantly lower than IWMI's 16.33% return.

GPIQ

• 1D: -2.96%
• 1M: -0.00%
• YTD: 14.86%
• 6M: 13.78%
• 1Y: 32.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IWMI

• 1D: -0.73%
• 1M: 3.68%
• YTD: 16.33%
• 6M: 14.17%
• 1Y: 35.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GPIQ vs. IWMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GPIQ Goldman Sachs Nasdaq-100 Core Premium Income ETF	14.86%	19.77%	8.45%
IWMI NEOS Russell 2000 High Income ETF	16.33%	14.97%	6.58%

Correlation

The correlation between GPIQ and IWMI is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (All Time) Calculated using the full available price history since Jun 25, 2024	0.71

The correlation between GPIQ and IWMI has been stable across timeframes, ranging from 0.71 to 0.72 - a consistent structural relationship.

GPIQ vs. IWMI - Sectors Allocation Comparison

Sectors	GPIQ	IWMI
Technology	58.7%	17.0%
Communication Services	14.1%	2.4%
Consumer Cyclical	11.6%	8.4%
Consumer Defensive	6.4%	2.4%
Healthcare	3.6%	16.5%
Industrials	2.6%	17.7%
Utilities	1.3%	2.9%
Basic Materials	1.0%	4.8%
Energy	0.5%	6.1%
Financial Services	0.2%	15.7%
Real Estate	0.1%	6.1%

Return for Risk

GPIQ vs. IWMI — Risk / Return Rank

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

GPIQ

GPIQ Risk / Return Rank: 69
GPIQ Sharpe Ratio Rank: 68
GPIQ Sortino Ratio Rank: 62
GPIQ Omega Ratio Rank: 68
GPIQ Calmar Ratio Rank: 70
GPIQ Martin Ratio Rank: 77

IWMI

IWMI Risk / Return Rank: 79
IWMI Sharpe Ratio Rank: 77
IWMI Sortino Ratio Rank: 76
IWMI Omega Ratio Rank: 72
IWMI Calmar Ratio Rank: 83
IWMI Martin Ratio Rank: 87

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.

GPIQ vs. IWMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Nasdaq-100 Core Premium Income ETF (GPIQ) and NEOS Russell 2000 High Income ETF (IWMI). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	GPIQ	IWMI	Difference
Sharpe ratio: Return per unit of total volatility	2.12	2.34	-0.22
Sortino ratio: Return per unit of downside risk	2.79	3.23	-0.44
Omega ratio: Gain probability vs. loss probability	1.39	1.40	-0.02
Calmar ratio: Return relative to maximum drawdown	3.38	4.29	-0.91
Martin ratio: Return relative to average drawdown	14.28	17.68	-3.40

GPIQ vs. IWMI - Sharpe Ratio Comparison

The current GPIQ Sharpe Ratio is 2.12, which is comparable to the IWMI Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of GPIQ and IWMI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GPIQ vs. IWMI - Drawdown Comparison

The maximum GPIQ drawdown since its inception was -21.06%, smaller than the maximum IWMI drawdown of -23.88%. Use the drawdown chart below to compare losses from any high point for GPIQ and IWMI.

Drawdown Indicators

	GPIQ	IWMI	Difference
Max Drawdown Largest peak-to-trough decline	-21.06%	-23.88%	+2.82%
Max Drawdown (1Y) Largest decline over 1 year	-9.51%	-8.40%	-1.11%
Current Drawdown Current decline from peak	-3.21%	-0.73%	-2.48%
Average Drawdown Average peak-to-trough decline	-2.27%	-4.03%	+1.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.25%	2.04%	+0.21%

Volatility

GPIQ vs. IWMI - Volatility Comparison

Goldman Sachs Nasdaq-100 Core Premium Income ETF (GPIQ) has a higher volatility of 7.78% compared to NEOS Russell 2000 High Income ETF (IWMI) at 5.22%. This indicates that GPIQ's price experiences larger fluctuations and is considered to be riskier than IWMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GPIQ	IWMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.78%	5.22%	+2.56%
Volatility (6M) Calculated over the trailing 6-month period	12.52%	11.45%	+1.07%
Volatility (1Y) Calculated over the trailing 1-year period	15.17%	15.41%	-0.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.88%	17.95%	-0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.88%	17.95%	-0.07%

GPIQ vs. IWMI - Expense Ratio Comparison

GPIQ has a 0.29% expense ratio, which is lower than IWMI's 0.68% expense ratio.

Dividends

GPIQ vs. IWMI - Dividend Comparison

GPIQ's dividend yield for the trailing twelve months is around 9.60%, less than IWMI's 14.53% yield.

Position	TTM	2025	2024	2023
GPIQ Goldman Sachs Nasdaq-100 Core Premium Income ETF	9.60%	9.81%	9.18%	1.74%
IWMI NEOS Russell 2000 High Income ETF	14.53%	14.05%	8.78%	0.00%

Frequently Asked Questions

Can I hold both GPIQ and IWMI in my portfolio?

GPIQ and IWMI have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GPIQ or IWMI?

GPIQ has higher volatility (7.78%) compared to IWMI (5.22%). In terms of maximum drawdown, GPIQ dropped -21.06% vs IWMI's -23.88%.

Which ETF is better, GPIQ or IWMI?

On 1-year performance, IWMI leads with 35.89% vs 32.06% for GPIQ. On fees, GPIQ is cheaper at 0.29% per year. On volatility, IWMI has been the lower-risk option at 5.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GPIQ or IWMI?

Over the 1-year period, IWMI has performed better with a 35.89% return vs 32.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GPIQ or IWMI?

GPIQ is cheaper with a 0.29% expense ratio, compared with 0.68% for IWMI.

Which ETF pays a higher dividend yield, GPIQ or IWMI?

IWMI has the higher dividend yield at 14.53%, compared with 9.60% for GPIQ.

What is the main difference between GPIQ and IWMI?

GPIQ is categorized as Nasdaq-100, while IWMI is Derivative Income. They also come from different issuers: Goldman Sachs and Neos. Their fees differ too: 0.29% for GPIQ and 0.68% for IWMI.

Which has better risk-adjusted returns?

IWMI currently has the higher Sharpe Ratio (2.34 vs 2.12), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.