GSPAX vs. QQQ

Last updated Aug 1, 2026

GSPAX (Goldman Sachs U.S. Equity Dividend and Premium Fund Class A) and QQQ (Invesco QQQ ETF) are both funds - GSPAX is a Dividend fund actively managed by Goldman Sachs, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. GSPAX is actively managed, while QQQ is passively managed. Over the past 10 years, GSPAX returned 12.27%/yr vs 20.44%/yr for QQQ. Their correlation of 0.87 means they have usually moved in the same direction. GSPAX charges 1.01%/yr vs 0.18%/yr for QQQ.

Performance

GSPAX vs. QQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs U.S. Equity Dividend and Premium Fund Class A (GSPAX) and Invesco QQQ ETF (QQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GSPAX achieves a 10.21% return, which is significantly lower than QQQ's 12.26% return. Over the past 10 years, GSPAX has underperformed QQQ with an annualized return of 12.27%, while QQQ has yielded a comparatively higher 20.44% annualized return.

GSPAX

• 1D: 1.37%
• 1M: -0.10%
• 6M: 8.61%
• YTD: 10.21%
• 1Y: 19.91%
• 3Y*: 18.49%
• 5Y*: 12.08%
• 10Y*: 12.27%
• ALL TIME*: 9.33%

QQQ

• 1D: 0.65%
• 1M: -3.45%
• 6M: 10.89%
• YTD: 12.26%
• 1Y: 24.81%
• 3Y*: 22.29%
• 5Y*: 14.23%
• 10Y*: 20.44%
• ALL TIME*: 10.64%

*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)
GSPAX Goldman Sachs U.S. Equity Dividend and Premium Fund Class A	$0.00	$0.00	$0.00
QQQ Invesco QQQ ETF	$30.32B	$28.40B	$31.45B

GSPAX vs. QQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GSPAX Goldman Sachs U.S. Equity Dividend and Premium Fund Class A	10.21%	13.27%	29.10%	21.09%	-15.36%	22.39%	13.66%	24.67%	-6.63%	14.84%
QQQ Invesco QQQ ETF	12.26%	20.77%	25.58%	54.86%	-32.58%	27.42%	48.62%	38.96%	-0.13%	32.66%

Correlation

The correlation between GSPAX and QQQ is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.91
Correlation (3Y) Balances recent behavior with more history.	0.90
Correlation (5Y) Shows whether the relationship held over a longer period.	0.91
Correlation (10Y) Provides a long-term view across more market conditions.	0.88
Correlation (All Time) Calculated using the full available price history since Jan 3, 2006	0.87

The correlation between GSPAX and QQQ has been stable across timeframes, ranging from 0.87 to 0.91 - a consistent structural relationship.

Return for Risk

GSPAX vs. QQQ — Risk / Return Rank

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

GSPAX

GSPAX Risk / Return Rank: 74
GSPAX Sharpe Ratio Rank: 73
GSPAX Sortino Ratio Rank: 70
GSPAX Omega Ratio Rank: 71
GSPAX Calmar Ratio Rank: 69
GSPAX Martin Ratio Rank: 86

QQQ

QQQ Risk / Return Rank: 49
QQQ Sharpe Ratio Rank: 47
QQQ Sortino Ratio Rank: 46
QQQ Omega Ratio Rank: 45
QQQ Calmar Ratio Rank: 53
QQQ Martin Ratio Rank: 52

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.

GSPAX vs. QQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs U.S. Equity Dividend and Premium Fund Class A (GSPAX) and Invesco QQQ ETF (QQQ). 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.

	GSPAX	QQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.73	1.16	+0.57
Sortino ratio: Return per unit of downside risk	2.42	1.65	+0.77
Omega ratio: Gain probability vs. loss probability	1.32	1.21	+0.11
Calmar ratio: Return relative to maximum drawdown	2.31	1.88	+0.43
Martin ratio: Return relative to average drawdown	11.21	6.00	+5.21

GSPAX vs. QQQ - Sharpe Ratio Comparison

The current GSPAX Sharpe Ratio is 1.73, which is higher than the QQQ Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of GSPAX and QQQ, 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

GSPAX vs. QQQ - Drawdown Comparison

The maximum GSPAX drawdown since its inception was -52.07%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for GSPAX and QQQ.

Drawdown Indicators

	GSPAX	QQQ	Difference
Max Drawdown Largest peak-to-trough decline	-52.07%	-82.97%	+30.90%
Max Drawdown (1Y) Largest decline over 1 year	-7.92%	-11.96%	+4.04%
Max Drawdown (3Y) Largest decline over 3 years	-20.51%	-22.77%	+2.26%
Max Drawdown (5Y) Largest decline over 5 years	-22.39%	-35.12%	+12.73%
Max Drawdown (10Y) Largest decline over 10 years	-32.71%	-35.12%	+2.41%
Current Drawdown Current decline from peak	-1.23%	-7.69%	+6.46%
Average Drawdown Average peak-to-trough decline	-6.13%	-32.62%	+26.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.63%	3.74%	-2.11%

Volatility

GSPAX vs. QQQ - Volatility Comparison

The current volatility for Goldman Sachs U.S. Equity Dividend and Premium Fund Class A (GSPAX) is 2.79%, while Invesco QQQ ETF (QQQ) has a volatility of 6.87%. This indicates that GSPAX experiences smaller price fluctuations and is considered to be less risky than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSPAX	QQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.79%	6.87%	-4.08%
Volatility (6M) Calculated over the trailing 6-month period	8.48%	16.08%	-7.60%
Volatility (1Y) Calculated over the trailing 1-year period	10.57%	19.38%	-8.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.08%	22.90%	-6.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.87%	22.50%	-5.63%

GSPAX vs. QQQ - Expense Ratio Comparison

GSPAX has a 1.01% expense ratio, which is higher than QQQ's 0.18% expense ratio.

Dividends

GSPAX vs. QQQ - Dividend Comparison

GSPAX's dividend yield for the trailing twelve months is around 5.68%, more than QQQ's 0.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GSPAX Goldman Sachs U.S. Equity Dividend and Premium Fund Class A	5.68%	6.05%	12.41%	6.14%	6.12%	5.67%	6.81%	6.47%	7.50%	5.73%	5.25%	5.86%
QQQ Invesco QQQ ETF	0.44%	0.45%	0.56%	0.62%	0.80%	0.43%	0.55%	0.74%	0.91%	0.84%	1.06%	0.99%

Frequently Asked Questions

Can I hold both GSPAX and QQQ in my portfolio?

With a correlation of 0.91, GSPAX and QQQ 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 is riskier, GSPAX or QQQ?

QQQ has higher volatility (6.87%) compared to GSPAX (2.79%). In terms of maximum drawdown, GSPAX dropped -52.07% vs QQQ's -82.97%.

Which has better risk-adjusted returns?

GSPAX currently has the higher Sharpe Ratio (1.73 vs 1.16), 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.