ITWO vs. GPIQ

Last updated Jun 5, 2026

ITWO (Proshares Russell 2000 High Income ETF) and GPIQ (Goldman Sachs Nasdaq-100 Core Premium Income ETF) are both exchange-traded funds - ITWO is a Derivative Income fund tracking the Cboe Russell 2000 Daily Covered Call Index, while GPIQ is a Nasdaq-100 fund actively managed by Goldman Sachs. ITWO is passively managed, while GPIQ is actively managed. Over the past year, ITWO returned 41.29% vs 36.75% for GPIQ. A 0.70 correlation means they provide meaningful diversification when combined. ITWO charges 0.55%/yr vs 0.29%/yr for GPIQ.

Performance

ITWO vs. GPIQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares Russell 2000 High Income ETF (ITWO) 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, ITWO achieves a 19.23% return, which is significantly higher than GPIQ's 17.91% return.

ITWO

• 1D: 1.46%
• 1M: 3.76%
• YTD: 19.23%
• 6M: 17.25%
• 1Y: 41.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GPIQ

• 1D: -0.34%
• 1M: 7.05%
• YTD: 17.91%
• 6M: 17.28%
• 1Y: 36.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ITWO vs. GPIQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ITWO Proshares Russell 2000 High Income ETF	19.23%	14.25%	3.68%
GPIQ Goldman Sachs Nasdaq-100 Core Premium Income ETF	17.91%	19.77%	10.95%

Correlation

The correlation between ITWO and GPIQ is 0.68, 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	0.68
Correlation (All Time) Calculated using the full available price history since Sep 6, 2024	0.70

The correlation between ITWO and GPIQ has been stable across timeframes, ranging from 0.68 to 0.70 - a consistent structural relationship.

Return for Risk

ITWO vs. GPIQ — Risk / Return Rank

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

ITWO

ITWO Risk / Return Rank: 70
ITWO Sharpe Ratio Rank: 69
ITWO Sortino Ratio Rank: 66
ITWO Omega Ratio Rank: 59
ITWO Calmar Ratio Rank: 82
ITWO Martin Ratio Rank: 76

GPIQ

GPIQ Risk / Return Rank: 82
GPIQ Sharpe Ratio Rank: 85
GPIQ Sortino Ratio Rank: 82
GPIQ Omega Ratio Rank: 83
GPIQ Calmar Ratio Rank: 78
GPIQ Martin Ratio Rank: 84

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.

ITWO vs. GPIQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Russell 2000 High Income ETF (ITWO) 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.

	ITWO	GPIQ	Difference
Sharpe ratio: Return per unit of total volatility	2.23	2.76	-0.53
Sortino ratio: Return per unit of downside risk	3.00	3.65	-0.65
Omega ratio: Gain probability vs. loss probability	1.36	1.49	-0.14
Calmar ratio: Return relative to maximum drawdown	4.24	3.88	+0.35
Martin ratio: Return relative to average drawdown	14.28	17.13	-2.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ITWO vs. GPIQ - Sharpe Ratio Comparison

The current ITWO Sharpe Ratio is 2.23, which is comparable to the GPIQ Sharpe Ratio of 2.76. The chart below compares the historical Sharpe Ratios of ITWO 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

	ITWO	GPIQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.23	2.76	-0.53
Sharpe Ratio (All Time) Calculated using the full available price history	1.08	1.77	-0.70

Drawdowns

ITWO vs. GPIQ - Drawdown Comparison

The maximum ITWO drawdown since its inception was -24.77%, which is greater than GPIQ's maximum drawdown of -21.06%. Use the drawdown chart below to compare losses from any high point for ITWO and GPIQ.

Drawdown Indicators

	ITWO	GPIQ	Difference
Max Drawdown Largest peak-to-trough decline	-24.77%	-21.06%	-3.71%
Max Drawdown (1Y) Largest decline over 1 year	-9.79%	-9.51%	-0.28%
Current Drawdown Current decline from peak	0.00%	-0.52%	+0.52%
Average Drawdown Average peak-to-trough decline	-5.14%	-2.27%	-2.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.90%	2.15%	+0.75%

Volatility

ITWO vs. GPIQ - Volatility Comparison

Proshares Russell 2000 High Income ETF (ITWO) has a higher volatility of 5.81% compared to Goldman Sachs Nasdaq-100 Core Premium Income ETF (GPIQ) at 3.40%. This indicates that ITWO'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

	ITWO	GPIQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.81%	3.40%	+2.41%
Volatility (6M) Calculated over the trailing 6-month period	13.42%	10.44%	+2.98%
Volatility (1Y) Calculated over the trailing 1-year period	18.61%	13.39%	+5.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.48%	17.45%	+3.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.48%	17.45%	+3.03%

ITWO vs. GPIQ - Expense Ratio Comparison

ITWO has a 0.55% expense ratio, which is higher than GPIQ's 0.29% expense ratio.

Dividends

ITWO vs. GPIQ - Dividend Comparison

ITWO's dividend yield for the trailing twelve months is around 7.47%, less than GPIQ's 9.35% yield.

Position	TTM	2025	2024	2023
GPIQ Goldman Sachs Nasdaq-100 Core Premium Income ETF	9.35%	9.81%	9.18%	1.74%
ITWO Proshares Russell 2000 High Income ETF	7.47%	12.12%	4.11%	0.00%

Frequently Asked Questions

Can I hold both ITWO and GPIQ in my portfolio?

ITWO and GPIQ have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ITWO or GPIQ?

ITWO has higher volatility (5.81%) compared to GPIQ (3.40%). In terms of maximum drawdown, ITWO dropped -24.77% vs GPIQ's -21.06%.

Which ETF is better, ITWO or GPIQ?

On 1-year performance, ITWO leads with 41.29% vs 36.75% for GPIQ. On fees, GPIQ is cheaper at 0.29% per year. On volatility, GPIQ has been the lower-risk option at 3.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ITWO or GPIQ?

Over the 1-year period, ITWO has performed better with a 41.29% return vs 36.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ITWO or GPIQ?

GPIQ is cheaper with a 0.29% expense ratio, compared with 0.55% for ITWO.

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

GPIQ has the higher dividend yield at 9.35%, compared with 7.47% for ITWO.

What is the main difference between ITWO and GPIQ?

ITWO is categorized as Derivative Income, while GPIQ is Nasdaq-100. They also come from different issuers: ProShares and Goldman Sachs. Their fees differ too: 0.55% for ITWO and 0.29% for GPIQ.

Which has better risk-adjusted returns?

GPIQ currently has the higher Sharpe Ratio (2.76 vs 2.23), 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.