GPIQ vs. QNDX

Last updated Jul 17, 2026

GPIQ (Goldman Sachs Nasdaq-100 Core Premium Income ETF) and QNDX (SPDR Portfolio Nasdaq 100 ETF) are both Nasdaq-100 funds. GPIQ is actively managed, while QNDX is passively managed. With a 0.99 correlation, they move nearly in lockstep. GPIQ charges 0.29%/yr vs 0.10%/yr for QNDX.

Performance

GPIQ vs. QNDX - 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 SPDR Portfolio Nasdaq 100 ETF (QNDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

GPIQ

• 1D: -1.49%
• 1M: -2.44%
• 6M: 12.67%
• YTD: 14.10%
• 1Y: 26.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QNDX

• 1D: -1.56%
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GPIQ vs. QNDX - Yearly Performance Comparison

	2026 (YTD)
GPIQ Goldman Sachs Nasdaq-100 Core Premium Income ETF	-0.66%
QNDX SPDR Portfolio Nasdaq 100 ETF	-1.16%

Correlation

The correlation between GPIQ and QNDX is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 24, 2026	0.99

Return for Risk

GPIQ vs. QNDX — Risk / Return Rank

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

GPIQ

GPIQ Risk / Return Rank: 65
GPIQ Sharpe Ratio Rank: 62
GPIQ Sortino Ratio Rank: 59
GPIQ Omega Ratio Rank: 61
GPIQ Calmar Ratio Rank: 69
GPIQ Martin Ratio Rank: 76

QNDX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. QNDX - 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 SPDR Portfolio Nasdaq 100 ETF (QNDX). 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	QNDX	Difference
Sharpe ratio: Return per unit of total volatility	1.66	—	—
Sortino ratio: Return per unit of downside risk	2.25	—	—
Omega ratio: Gain probability vs. loss probability	1.30	—	—
Calmar ratio: Return relative to maximum drawdown	2.79	—	—
Martin ratio: Return relative to average drawdown	11.26	—	—

Drawdowns

GPIQ vs. QNDX - Drawdown Comparison

The maximum GPIQ drawdown since its inception was -21.06%, which is greater than QNDX's maximum drawdown of -4.09%. Use the drawdown chart below to compare losses from any high point for GPIQ and QNDX.

Drawdown Indicators

	GPIQ	QNDX	Difference
Max Drawdown Largest peak-to-trough decline	-21.06%	-4.09%	-16.97%
Max Drawdown (1Y) Largest decline over 1 year	-9.51%	—	—
Current Drawdown Current decline from peak	-3.85%	-4.09%	+0.24%
Average Drawdown Average peak-to-trough decline	-2.28%	-1.91%	-0.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.35%	—	—

Volatility

Volatility by Period

	GPIQ	QNDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.67%	—	—
Volatility (6M) Calculated over the trailing 6-month period	13.44%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	15.94%	22.37%	-6.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.95%	22.37%	-4.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.95%	22.37%	-4.42%

GPIQ vs. QNDX - Expense Ratio Comparison

GPIQ has a 0.29% expense ratio, which is higher than QNDX's 0.10% expense ratio.

Dividends

GPIQ vs. QNDX - Dividend Comparison

GPIQ's dividend yield for the trailing twelve months is around 9.90%, while QNDX has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
GPIQ Goldman Sachs Nasdaq-100 Core Premium Income ETF	9.90%	9.81%	9.18%	1.74%
QNDX SPDR Portfolio Nasdaq 100 ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GPIQ and QNDX in my portfolio?

With a correlation of 0.99, GPIQ and QNDX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, GPIQ or QNDX?

On fees, QNDX is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GPIQ or QNDX?

QNDX is cheaper with a 0.10% expense ratio, compared with 0.29% for GPIQ.

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

GPIQ has the higher dividend yield at 9.90%, compared with 0.00% for QNDX.

What is the main difference between GPIQ and QNDX?

They also come from different issuers: Goldman Sachs and State Street. Their fees differ too: 0.29% for GPIQ and 0.10% for QNDX.