JPICX vs. GPIQ

Last updated Aug 1, 2026

JPICX (JPMorgan California Tax Free Bond Fund) and GPIQ (Goldman Sachs Nasdaq-100 Core Premium Income ETF) are both funds - JPICX is a Municipal Bonds fund managed by JPMorgan, while GPIQ is a Nasdaq-100 fund actively managed by Goldman Sachs. Their 0.10 correlation means their historical movements had little consistent relationship. JPICX charges 0.70%/yr vs 0.29%/yr for GPIQ.

Performance

JPICX vs. GPIQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan California Tax Free Bond Fund (JPICX) and Goldman Sachs Nasdaq-100 Core Premium Income ETF (GPIQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

JPICX

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

GPIQ

• 1D: 0.58%
• 1M: -2.85%
• 6M: 9.86%
• YTD: 11.67%
• 1Y: 24.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 26.11%

*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	$86.57M	$81.60M	$83.20M

JPICX vs. GPIQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JPICX JPMorgan California Tax Free Bond Fund	0.79%	3.38%	1.51%	6.59%
GPIQ Goldman Sachs Nasdaq-100 Core Premium Income ETF	11.67%	19.77%	23.22%	15.17%

Correlation

The correlation between JPICX and GPIQ is 0.17, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.17
Correlation (All Time) Calculated using the full available price history since Oct 26, 2023	0.10

Return for Risk

JPICX vs. GPIQ — Risk / Return Rank

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

JPICX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

GPIQ

GPIQ Risk / Return Rank: 60
GPIQ Sharpe Ratio Rank: 57
GPIQ Sortino Ratio Rank: 54
GPIQ Omega Ratio Rank: 55
GPIQ Calmar Ratio Rank: 68
GPIQ Martin Ratio Rank: 68

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.

JPICX vs. GPIQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan California Tax Free Bond Fund (JPICX) 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.

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.

	JPICX	GPIQ	Difference
Sharpe ratio: Return per unit of total volatility	—	1.34	—
Sortino ratio: Return per unit of downside risk	—	1.87	—
Omega ratio: Gain probability vs. loss probability	—	1.24	—
Calmar ratio: Return relative to maximum drawdown	—	2.35	—
Martin ratio: Return relative to average drawdown	—	8.33	—

Drawdowns

Drawdown Indicators

	JPICX	GPIQ	Difference
Max Drawdown Largest peak-to-trough decline	—	-21.06%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-9.51%	—
Current Drawdown Current decline from peak	—	-5.90%	—
Average Drawdown Average peak-to-trough decline	—	-2.33%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.68%	—

Volatility

Volatility by Period

	JPICX	GPIQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	6.39%	—
Volatility (6M) Calculated over the trailing 6-month period	—	14.09%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	16.69%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	18.06%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	18.06%	—

JPICX vs. GPIQ - Expense Ratio Comparison

JPICX has a 0.70% expense ratio, which is higher than GPIQ's 0.29% expense ratio.

Dividends

JPICX vs. GPIQ - Dividend Comparison

JPICX's dividend yield for the trailing twelve months is around 2.47%, less than GPIQ's 10.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GPIQ Goldman Sachs Nasdaq-100 Core Premium Income ETF	9.32%	9.81%	9.18%	1.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
JPICX JPMorgan California Tax Free Bond Fund	2.47%	3.00%	3.01%	2.55%	2.03%	1.54%	1.70%	2.35%	2.80%	2.73%	2.66%	3.16%

Frequently Asked Questions

Can I hold both JPICX and GPIQ in my portfolio?

JPICX and GPIQ have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.