GPIQ vs. PAAA

Last updated Jun 14, 2026

GPIQ (Goldman Sachs Nasdaq-100 Core Premium Income ETF) and PAAA (PGIM AAA CLO ETF) are both exchange-traded funds - GPIQ is a Nasdaq-100 fund actively managed by Goldman Sachs, while PAAA is a CLO fund actively managed by PGIM. Both are actively managed. Over the past year, GPIQ returned 34.42% vs 5.10% for PAAA. At a 0.19 correlation, their price movements are largely independent. GPIQ charges 0.29%/yr vs 0.19%/yr for PAAA.

Performance

GPIQ vs. PAAA - 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 PGIM AAA CLO ETF (PAAA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GPIQ achieves a 15.73% return, which is significantly higher than PAAA's 2.14% return.

GPIQ

• 1D: 0.71%
• 1M: 0.64%
• YTD: 15.73%
• 6M: 16.33%
• 1Y: 34.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAAA

• 1D: 0.00%
• 1M: 0.32%
• YTD: 2.14%
• 6M: 2.42%
• 1Y: 5.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GPIQ vs. PAAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GPIQ Goldman Sachs Nasdaq-100 Core Premium Income ETF	15.73%	19.77%	23.22%	15.17%
PAAA PGIM AAA CLO ETF	2.14%	5.37%	7.47%	1.93%

Correlation

The correlation between GPIQ and PAAA is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (All Time) Calculated using the full available price history since Oct 26, 2023	0.19

Return for Risk

GPIQ vs. PAAA — Risk / Return Rank

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

GPIQ

GPIQ Risk / Return Rank: 81
GPIQ Sharpe Ratio Rank: 83
GPIQ Sortino Ratio Rank: 78
GPIQ Omega Ratio Rank: 81
GPIQ Calmar Ratio Rank: 78
GPIQ Martin Ratio Rank: 84

PAAA

PAAA Risk / Return Rank: 99
PAAA Sharpe Ratio Rank: 100
PAAA Sortino Ratio Rank: 99
PAAA Omega Ratio Rank: 99
PAAA Calmar Ratio Rank: 99
PAAA Martin Ratio Rank: 99

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. PAAA - 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 PGIM AAA CLO ETF (PAAA). 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	PAAA	Difference
Sharpe ratio: Return per unit of total volatility	2.29	10.94	-8.64
Sortino ratio: Return per unit of downside risk	3.00	21.40	-18.40
Omega ratio: Gain probability vs. loss probability	1.42	6.66	-5.25
Calmar ratio: Return relative to maximum drawdown	3.50	29.67	-26.17
Martin ratio: Return relative to average drawdown	14.86	183.78	-168.92

GPIQ vs. PAAA - Sharpe Ratio Comparison

The current GPIQ Sharpe Ratio is 2.29, which is lower than the PAAA Sharpe Ratio of 10.94. The chart below compares the historical Sharpe Ratios of GPIQ and PAAA, 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. PAAA - Drawdown Comparison

The maximum GPIQ drawdown since its inception was -21.06%, which is greater than PAAA's maximum drawdown of -1.04%. Use the drawdown chart below to compare losses from any high point for GPIQ and PAAA.

Drawdown Indicators

	GPIQ	PAAA	Difference
Max Drawdown Largest peak-to-trough decline	-21.06%	-1.04%	-20.02%
Max Drawdown (1Y) Largest decline over 1 year	-9.51%	-0.17%	-9.34%
Current Drawdown Current decline from peak	-2.35%	0.00%	-2.35%
Average Drawdown Average peak-to-trough decline	-2.28%	-0.02%	-2.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	0.03%	+2.21%

Volatility

GPIQ vs. PAAA - Volatility Comparison

Goldman Sachs Nasdaq-100 Core Premium Income ETF (GPIQ) has a higher volatility of 6.42% compared to PGIM AAA CLO ETF (PAAA) at 0.11%. This indicates that GPIQ's price experiences larger fluctuations and is considered to be riskier than PAAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GPIQ	PAAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.42%	0.11%	+6.31%
Volatility (6M) Calculated over the trailing 6-month period	11.92%	0.35%	+11.57%
Volatility (1Y) Calculated over the trailing 1-year period	14.53%	0.47%	+14.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.72%	0.97%	+16.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.72%	0.97%	+16.75%

GPIQ vs. PAAA - Expense Ratio Comparison

GPIQ has a 0.29% expense ratio, which is higher than PAAA's 0.19% expense ratio.

Dividends

GPIQ vs. PAAA - Dividend Comparison

GPIQ's dividend yield for the trailing twelve months is around 9.53%, more than PAAA's 4.88% yield.

Position	TTM	2025	2024	2023
GPIQ Goldman Sachs Nasdaq-100 Core Premium Income ETF	9.53%	9.81%	9.18%	1.74%
PAAA PGIM AAA CLO ETF	4.88%	5.12%	5.88%	2.76%

Frequently Asked Questions

Can I hold both GPIQ and PAAA in my portfolio?

GPIQ and PAAA have a correlation of 0.29, 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 PAAA?

GPIQ has higher volatility (6.42%) compared to PAAA (0.11%). In terms of maximum drawdown, GPIQ dropped -21.06% vs PAAA's -1.04%.

Which ETF is better, GPIQ or PAAA?

On 1-year performance, GPIQ leads with 34.42% vs 5.10% for PAAA. On fees, PAAA is cheaper at 0.19% per year. On volatility, PAAA has been the lower-risk option at 0.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GPIQ or PAAA?

Over the 1-year period, GPIQ has performed better with a 34.42% return vs 5.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GPIQ or PAAA?

PAAA is cheaper with a 0.19% expense ratio, compared with 0.29% for GPIQ.

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

GPIQ has the higher dividend yield at 9.53%, compared with 4.88% for PAAA.

What is the main difference between GPIQ and PAAA?

GPIQ is categorized as Nasdaq-100, while PAAA is CLO. They also come from different issuers: Goldman Sachs and PGIM. Their fees differ too: 0.29% for GPIQ and 0.19% for PAAA.

Which has better risk-adjusted returns?

PAAA currently has the higher Sharpe Ratio (10.94 vs 2.29), 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.