HCOW vs. GPIQ

Last updated Jun 4, 2026

HCOW (Amplify Cash Flow High Income ETF) and GPIQ (Goldman Sachs Nasdaq-100 Core Premium Income ETF) are both exchange-traded funds - HCOW is a Large Cap Value Equities fund actively managed by Amplify, while GPIQ is a Nasdaq-100 fund actively managed by Goldman Sachs. Both are actively managed. Over the past year, HCOW returned 21.68% vs 37.50% for GPIQ. At a 0.49 correlation, their price movements are largely independent. HCOW charges 0.65%/yr vs 0.29%/yr for GPIQ.

Performance

HCOW vs. GPIQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify Cash Flow High Income ETF (HCOW) 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, HCOW achieves a 4.48% return, which is significantly lower than GPIQ's 18.30% return.

HCOW

• 1D: -0.36%
• 1M: 3.03%
• YTD: 4.48%
• 6M: 4.26%
• 1Y: 21.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GPIQ

• 1D: -0.19%
• 1M: 8.51%
• YTD: 18.30%
• 6M: 17.64%
• 1Y: 37.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HCOW vs. GPIQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HCOW Amplify Cash Flow High Income ETF	4.48%	5.76%	7.63%	11.59%
GPIQ Goldman Sachs Nasdaq-100 Core Premium Income ETF	18.30%	19.77%	23.22%	15.38%

Correlation

The correlation between HCOW and GPIQ is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (All Time) Calculated using the full available price history since Oct 27, 2023	0.49

The correlation between HCOW and GPIQ has been stable across timeframes, ranging from 0.49 to 0.51 - a consistent structural relationship.

HCOW vs. GPIQ - Sectors Allocation Comparison

Sectors	HCOW	GPIQ
Technology	21.0%	53.8%
Industrials	18.7%	2.9%
Financial Services	17.2%	0.2%
Consumer Cyclical	10.9%	12.3%
Energy	8.2%	0.6%
Healthcare	8.0%	4.2%
Basic Materials	6.0%	1.1%
Communication Services	4.7%	15.8%
Utilities	2.8%	1.4%
Consumer Defensive	2.4%	7.7%
Real Estate	-	0.1%

Return for Risk

HCOW vs. GPIQ — Risk / Return Rank

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

HCOW

HCOW Risk / Return Rank: 53
HCOW Sharpe Ratio Rank: 44
HCOW Sortino Ratio Rank: 47
HCOW Omega Ratio Rank: 44
HCOW Calmar Ratio Rank: 69
HCOW Martin Ratio Rank: 62

GPIQ

GPIQ Risk / Return Rank: 81
GPIQ Sharpe Ratio Rank: 84
GPIQ Sortino Ratio Rank: 81
GPIQ Omega Ratio Rank: 82
GPIQ Calmar Ratio Rank: 77
GPIQ Martin Ratio Rank: 83

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.

HCOW vs. GPIQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify Cash Flow High Income ETF (HCOW) 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.

	HCOW	GPIQ	Difference
Sharpe ratio: Return per unit of total volatility	1.57	2.81	-1.24
Sortino ratio: Return per unit of downside risk	2.35	3.71	-1.37
Omega ratio: Gain probability vs. loss probability	1.28	1.51	-0.22
Calmar ratio: Return relative to maximum drawdown	3.46	3.96	-0.50
Martin ratio: Return relative to average drawdown	11.15	17.48	-6.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HCOW vs. GPIQ - Sharpe Ratio Comparison

The current HCOW Sharpe Ratio is 1.57, which is lower than the GPIQ Sharpe Ratio of 2.81. The chart below compares the historical Sharpe Ratios of HCOW 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

	HCOW	GPIQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.57	2.81	-1.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	1.78	-1.26

Drawdowns

HCOW vs. GPIQ - Drawdown Comparison

The maximum HCOW drawdown since its inception was -24.15%, which is greater than GPIQ's maximum drawdown of -21.06%. Use the drawdown chart below to compare losses from any high point for HCOW and GPIQ.

Drawdown Indicators

	HCOW	GPIQ	Difference
Max Drawdown Largest peak-to-trough decline	-24.15%	-21.06%	-3.09%
Max Drawdown (1Y) Largest decline over 1 year	-6.29%	-9.51%	+3.22%
Current Drawdown Current decline from peak	-0.36%	-0.19%	-0.17%
Average Drawdown Average peak-to-trough decline	-4.88%	-2.27%	-2.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	2.15%	-0.20%

Volatility

HCOW vs. GPIQ - Volatility Comparison

Amplify Cash Flow High Income ETF (HCOW) has a higher volatility of 3.63% compared to Goldman Sachs Nasdaq-100 Core Premium Income ETF (GPIQ) at 3.39%. This indicates that HCOW'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

	HCOW	GPIQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.63%	3.39%	+0.24%
Volatility (6M) Calculated over the trailing 6-month period	8.74%	10.44%	-1.70%
Volatility (1Y) Calculated over the trailing 1-year period	13.89%	13.40%	+0.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.60%	17.47%	+0.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.60%	17.47%	+0.13%

HCOW vs. GPIQ - Expense Ratio Comparison

HCOW has a 0.65% expense ratio, which is higher than GPIQ's 0.29% expense ratio.

Dividends

HCOW vs. GPIQ - Dividend Comparison

HCOW's dividend yield for the trailing twelve months is around 11.73%, more than GPIQ's 9.32% yield.

Position	TTM	2025	2024	2023
GPIQ Goldman Sachs Nasdaq-100 Core Premium Income ETF	9.32%	9.81%	9.18%	1.74%
HCOW Amplify Cash Flow High Income ETF	11.73%	10.88%	8.13%	1.99%

Frequently Asked Questions

Can I hold both HCOW and GPIQ in my portfolio?

HCOW and GPIQ have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HCOW or GPIQ?

HCOW has higher volatility (3.63%) compared to GPIQ (3.39%). In terms of maximum drawdown, HCOW dropped -24.15% vs GPIQ's -21.06%.

Which ETF is better, HCOW or GPIQ?

On 1-year performance, GPIQ leads with 37.50% vs 21.68% for HCOW. On fees, GPIQ is cheaper at 0.29% per year. On volatility, GPIQ has been the lower-risk option at 3.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HCOW or GPIQ?

Over the 1-year period, GPIQ has performed better with a 37.50% return vs 21.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HCOW or GPIQ?

GPIQ is cheaper with a 0.29% expense ratio, compared with 0.65% for HCOW.

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

HCOW has the higher dividend yield at 11.73%, compared with 9.32% for GPIQ.

What is the main difference between HCOW and GPIQ?

HCOW is categorized as Large Cap Value Equities, while GPIQ is Nasdaq-100. They also come from different issuers: Amplify and Goldman Sachs. Their fees differ too: 0.65% for HCOW and 0.29% for GPIQ.

Which has better risk-adjusted returns?

GPIQ currently has the higher Sharpe Ratio (2.81 vs 1.57), 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.