GPIQ vs. TPYP

Last updated Aug 6, 2026

GPIQ (Goldman Sachs Nasdaq-100 Core Premium Income ETF) and TPYP (Tortoise North American Pipeline Fund) are both exchange-traded funds - GPIQ is a Nasdaq-100 fund actively managed by Goldman Sachs, while TPYP is a Energy Equities fund tracking the Tortoise North American Pipeline Index. GPIQ is actively managed, while TPYP is passively managed. Over the past year, GPIQ returned 27.03% vs 22.13% for TPYP. Their 0.09 correlation means their historical movements had little consistent relationship. GPIQ charges 0.29%/yr vs 0.40%/yr for TPYP.

Performance

GPIQ vs. TPYP - 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 Tortoise North American Pipeline Fund (TPYP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GPIQ achieves a 15.41% return, which is significantly lower than TPYP's 20.31% return.

GPIQ

• 1D: -0.68%
• 1M: -0.86%
• 6M: 16.15%
• YTD: 15.41%
• 1Y: 27.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 27.47%

TPYP

• 1D: -1.47%
• 1M: 0.33%
• 6M: 10.96%
• YTD: 20.31%
• 1Y: 22.13%
• 3Y*: 23.42%
• 5Y*: 18.93%
• 10Y*: 11.32%
• ALL TIME*: 9.51%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GPIQ Goldman Sachs Nasdaq-100 Core Premium Income ETF	$96.19M	$82.14M	$83.71M
TPYP Tortoise North American Pipeline Fund	$2.68M	$2.32M	$2.66M

GPIQ vs. TPYP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GPIQ Goldman Sachs Nasdaq-100 Core Premium Income ETF	15.41%	19.77%	23.22%	15.17%
TPYP Tortoise North American Pipeline Fund	20.31%	7.59%	37.37%	6.87%

Correlation

The correlation between GPIQ and TPYP is -0.21, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.21
Correlation (All Time) Calculated using the full available price history since Oct 26, 2023	0.09

The correlation between GPIQ and TPYP shifts across timeframes, from -0.21 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.

GPIQ vs. TPYP - Sectors Allocation Comparison

Sectors	GPIQ	TPYP
Technology	60.7%	-
Communication Services	11.8%	-
Consumer Cyclical	10.1%	-
Consumer Defensive	6.4%	-
Industrials	4.2%	0.1%
Healthcare	3.7%	-
Utilities	1.4%	21.2%
Basic Materials	1.1%	0.1%
Energy	0.5%	69.6%
Financial Services	0.2%	2.4%
Real Estate	0.1%	-

Return for Risk

GPIQ vs. TPYP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GPIQ

GPIQ Risk / Return Rank: 63
GPIQ Sharpe Ratio Rank: 59
GPIQ Sortino Ratio Rank: 56
GPIQ Omega Ratio Rank: 57
GPIQ Calmar Ratio Rank: 72
GPIQ Martin Ratio Rank: 71

TPYP

TPYP Risk / Return Rank: 61
TPYP Sharpe Ratio Rank: 58
TPYP Sortino Ratio Rank: 58
TPYP Omega Ratio Rank: 52
TPYP Calmar Ratio Rank: 80
TPYP Martin Ratio Rank: 57

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GPIQ vs. TPYP - 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 Tortoise North American Pipeline Fund (TPYP). 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	TPYP	Difference
Sharpe ratio: Return per unit of total volatility	1.62	1.60	+0.02
Sortino ratio: Return per unit of downside risk	2.23	2.26	-0.03
Omega ratio: Gain probability vs. loss probability	1.29	1.27	+0.01
Calmar ratio: Return relative to maximum drawdown	2.85	3.25	-0.40
Martin ratio: Return relative to average drawdown	10.04	7.64	+2.40

GPIQ vs. TPYP - Sharpe Ratio Comparison

The current GPIQ Sharpe Ratio is 1.62, which is comparable to the TPYP Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of GPIQ and TPYP, 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. TPYP - Drawdown Comparison

The maximum GPIQ drawdown since its inception was -21.06%, smaller than the maximum TPYP drawdown of -51.91%. Use the drawdown chart below to compare losses from any high point for GPIQ and TPYP.

Drawdown Indicators

	GPIQ	TPYP	Difference
Max Drawdown Largest peak-to-trough decline	-21.06%	-51.91%	+30.85%
Max Drawdown (1Y) Largest decline over 1 year	-9.51%	-6.84%	-2.67%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.17%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-17.96%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-51.91%	—
Current Drawdown Current decline from peak	-2.74%	-5.54%	+2.80%
Average Drawdown Average peak-to-trough decline	-2.34%	-7.82%	+5.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.70%	2.91%	-0.21%

Volatility

GPIQ vs. TPYP - Volatility Comparison

Goldman Sachs Nasdaq-100 Core Premium Income ETF (GPIQ) has a higher volatility of 6.66% compared to Tortoise North American Pipeline Fund (TPYP) at 4.74%. This indicates that GPIQ's price experiences larger fluctuations and is considered to be riskier than TPYP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GPIQ	TPYP	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.66%	4.74%	+1.92%
Volatility (6M) Calculated over the trailing 6-month period	14.27%	11.18%	+3.09%
Volatility (1Y) Calculated over the trailing 1-year period	16.80%	13.98%	+2.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.11%	17.41%	+0.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.11%	21.90%	-3.79%

GPIQ vs. TPYP - Expense Ratio Comparison

GPIQ has a 0.29% expense ratio, which is lower than TPYP's 0.40% expense ratio.

Dividends

GPIQ vs. TPYP - Dividend Comparison

GPIQ's dividend yield for the trailing twelve months is around 9.95%, more than TPYP's 3.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GPIQ Goldman Sachs Nasdaq-100 Core Premium Income ETF	9.95%	9.81%	9.18%	1.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TPYP Tortoise North American Pipeline Fund	3.28%	3.91%	3.95%	4.83%	4.48%	4.86%	6.14%	4.45%	4.58%	3.71%	3.49%	2.56%

Frequently Asked Questions

Can I hold both GPIQ and TPYP in my portfolio?

GPIQ and TPYP have a correlation of -0.21, 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 TPYP?

GPIQ has higher volatility (6.66%) compared to TPYP (4.74%). In terms of maximum drawdown, GPIQ dropped -21.06% vs TPYP's -51.91%.

Which ETF is better, GPIQ or TPYP?

On 1-year performance, GPIQ leads with 27.03% vs 22.13% for TPYP. On fees, GPIQ is cheaper at 0.29% per year. On volatility, TPYP has been the lower-risk option at 4.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GPIQ or TPYP?

Over the 1-year period, GPIQ has performed better with a 27.03% return vs 22.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GPIQ or TPYP?

GPIQ is cheaper with a 0.29% expense ratio, compared with 0.40% for TPYP.

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

GPIQ has the higher dividend yield at 9.95%, compared with 3.28% for TPYP.

What is the main difference between GPIQ and TPYP?

GPIQ is categorized as Nasdaq-100, while TPYP is Energy Equities. They also come from different issuers: Goldman Sachs and Tortoise. Their fees differ too: 0.29% for GPIQ and 0.40% for TPYP.

Which has better risk-adjusted returns?

GPIQ currently has the higher Sharpe Ratio (1.62 vs 1.60), 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.