GVIP vs. GPIQ

Last updated Jun 3, 2026

GVIP (Goldman Sachs Hedge Industry VIP ETF) and GPIQ (Goldman Sachs Nasdaq-100 Core Premium Income ETF) are both exchange-traded funds - GVIP is a Large Cap Growth Equities fund tracking the Goldman Sachs Hedge Fund VIP Index, while GPIQ is a Nasdaq-100 fund actively managed by Goldman Sachs. GVIP is passively managed, while GPIQ is actively managed. Over the past year, GVIP returned 38.46% vs 38.62% for GPIQ. Their correlation of 0.86 suggests significant overlap in exposure. GVIP charges 0.45%/yr vs 0.29%/yr for GPIQ.

Performance

GVIP vs. GPIQ - Performance Comparison

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

Returns By Period

In the year-to-date period, GVIP achieves a 16.55% return, which is significantly lower than GPIQ's 18.52% return.

GVIP

• 1D: 0.24%
• 1M: 7.07%
• YTD: 16.55%
• 6M: 18.55%
• 1Y: 38.46%
• 3Y*: 30.64%
• 5Y*: 13.25%
• 10Y*: —

GPIQ

• 1D: 0.39%
• 1M: 8.59%
• YTD: 18.52%
• 6M: 18.10%
• 1Y: 38.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GVIP vs. GPIQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GVIP Goldman Sachs Hedge Industry VIP ETF	16.55%	25.27%	29.82%	17.48%
GPIQ Goldman Sachs Nasdaq-100 Core Premium Income ETF	18.52%	19.77%	23.22%	15.38%

Correlation

The correlation between GVIP and GPIQ is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (All Time) Calculated using the full available price history since Oct 27, 2023	0.86

The correlation between GVIP and GPIQ has been stable across timeframes, ranging from 0.86 to 0.86 - a consistent structural relationship.

GVIP vs. GPIQ - Sectors Allocation Comparison

Sectors	GVIP	GPIQ
Technology	38.6%	53.8%
Financial Services	15.8%	0.2%
Communication Services	11.5%	15.8%
Industrials	9.5%	2.9%
Utilities	8.4%	1.4%
Healthcare	8.0%	4.2%
Consumer Cyclical	8.0%	12.3%
Consumer Defensive	1.2%	7.7%
Basic Materials	-	1.1%
Energy	-	0.6%
Real Estate	-	0.1%

Return for Risk

GVIP vs. GPIQ — Risk / Return Rank

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

GVIP

GVIP Risk / Return Rank: 61
GVIP Sharpe Ratio Rank: 63
GVIP Sortino Ratio Rank: 60
GVIP Omega Ratio Rank: 61
GVIP Calmar Ratio Rank: 57
GVIP Martin Ratio Rank: 66

GPIQ

GPIQ Risk / Return Rank: 84
GPIQ Sharpe Ratio Rank: 86
GPIQ Sortino Ratio Rank: 84
GPIQ Omega Ratio Rank: 84
GPIQ Calmar Ratio Rank: 80
GPIQ Martin Ratio Rank: 86

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.

GVIP vs. GPIQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Hedge Industry VIP ETF (GVIP) and Goldman Sachs Nasdaq-100 Core Premium Income ETF (GPIQ). 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.

	GVIP	GPIQ	Difference
Sharpe ratio Return per unit of total volatility	2.13	2.90	-0.77
Sortino ratio Return per unit of downside risk	2.84	3.81	-0.97
Omega ratio Gain probability vs. loss probability	1.37	1.52	-0.15
Calmar ratio Return relative to maximum drawdown	2.87	4.15	-1.29
Martin ratio Return relative to average drawdown	12.50	18.37	-5.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GVIP vs. GPIQ - Sharpe Ratio Comparison

The current GVIP Sharpe Ratio is 2.13, which is comparable to the GPIQ Sharpe Ratio of 2.90. The chart below compares the historical Sharpe Ratios of GVIP and GPIQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GVIP	GPIQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	2.90	-0.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	1.79	-0.97

Drawdowns

GVIP vs. GPIQ - Drawdown Comparison

The maximum GVIP drawdown since its inception was -37.09%, which is greater than GPIQ's maximum drawdown of -21.06%. Use the drawdown chart below to compare losses from any high point for GVIP and GPIQ.

Drawdown Indicators

	GVIP	GPIQ	Difference
Max Drawdown Largest peak-to-trough decline	-37.09%	-21.06%	-16.03%
Max Drawdown (1Y) Largest decline over 1 year	-13.67%	-9.51%	-4.16%
Max Drawdown (3Y) Largest decline over 3 years	-23.29%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-37.09%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.60%	-2.27%	-5.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.14%	2.15%	+0.99%

Volatility

GVIP vs. GPIQ - Volatility Comparison

Goldman Sachs Hedge Industry VIP ETF (GVIP) has a higher volatility of 5.39% compared to Goldman Sachs Nasdaq-100 Core Premium Income ETF (GPIQ) at 3.38%. This indicates that GVIP's price experiences larger fluctuations and is considered to be riskier than GPIQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GVIP	GPIQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.39%	3.38%	+2.01%
Volatility (6M) Calculated over the trailing 6-month period	14.49%	10.45%	+4.04%
Volatility (1Y) Calculated over the trailing 1-year period	18.13%	13.40%	+4.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.30%	17.48%	+3.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.65%	17.48%	+4.17%

GVIP vs. GPIQ - Expense Ratio Comparison

GVIP has a 0.45% expense ratio, which is higher than GPIQ's 0.29% expense ratio.

Dividends

GVIP vs. GPIQ - Dividend Comparison

GVIP's dividend yield for the trailing twelve months is around 0.29%, less than GPIQ's 9.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
GPIQ Goldman Sachs Nasdaq-100 Core Premium Income ETF	9.31%	9.81%	9.18%	1.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GVIP Goldman Sachs Hedge Industry VIP ETF	0.29%	0.34%	0.29%	0.77%	0.02%	0.00%	0.12%	0.77%	0.44%	0.45%	0.08%

Frequently Asked Questions

Can I hold both GVIP and GPIQ in my portfolio?

GVIP and GPIQ have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GVIP or GPIQ?

GVIP has higher volatility (5.39%) compared to GPIQ (3.38%). In terms of maximum drawdown, GVIP dropped -37.09% vs GPIQ's -21.06%.

Which ETF is better, GVIP or GPIQ?

On 1-year performance, GPIQ leads with 38.62% vs 38.46% for GVIP. On fees, GPIQ is cheaper at 0.29% per year. On volatility, GPIQ has been the lower-risk option at 3.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GVIP or GPIQ?

Over the 1-year period, GPIQ has performed better with a 38.62% return vs 38.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GVIP or GPIQ?

GPIQ is cheaper with a 0.29% expense ratio, compared with 0.45% for GVIP.

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

GPIQ has the higher dividend yield at 9.31%, compared with 0.29% for GVIP.

What is the main difference between GVIP and GPIQ?

GVIP is categorized as Large Cap Growth Equities, while GPIQ is Nasdaq-100. Their fees differ too: 0.45% for GVIP and 0.29% for GPIQ.

Which has better risk-adjusted returns?

GPIQ currently has the higher Sharpe Ratio (2.90 vs 2.13), 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.