JUST vs. GPIQ

Last updated Jun 24, 2026

JUST (Goldman Sachs JUST U.S. Large Cap Equity ETF) and GPIQ (Goldman Sachs Nasdaq-100 Core Premium Income ETF) are both exchange-traded funds - JUST is a Large Cap Growth Equities fund tracking the JUST US Large Cap Diversified Index, while GPIQ is a Nasdaq-100 fund actively managed by Goldman Sachs. JUST is passively managed, while GPIQ is actively managed. Over the past year, JUST returned 25.07% vs 32.06% for GPIQ. Their correlation of 0.91 suggests significant overlap in exposure. JUST charges 0.20%/yr vs 0.29%/yr for GPIQ.

Performance

JUST vs. GPIQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs JUST U.S. Large Cap Equity ETF (JUST) 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, JUST achieves a 9.35% return, which is significantly lower than GPIQ's 14.86% return.

JUST

• 1D: -1.12%
• 1M: -0.97%
• YTD: 9.35%
• 6M: 8.80%
• 1Y: 25.07%
• 3Y*: 20.82%
• 5Y*: 12.57%
• 10Y*: —

GPIQ

• 1D: -2.96%
• 1M: -0.00%
• YTD: 14.86%
• 6M: 13.78%
• 1Y: 32.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JUST vs. GPIQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF	9.35%	17.60%	23.73%	14.56%
GPIQ Goldman Sachs Nasdaq-100 Core Premium Income ETF	14.86%	19.77%	23.22%	15.17%

Correlation

The correlation between JUST and GPIQ is 0.92, 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	0.92
Correlation (All Time) Calculated using the full available price history since Oct 26, 2023	0.91

The correlation between JUST and GPIQ has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.

JUST vs. GPIQ - Sectors Allocation Comparison

Sectors	JUST	GPIQ
Technology	37.9%	58.7%
Financial Services	12.6%	0.2%
Consumer Cyclical	8.9%	11.6%
Healthcare	8.6%	3.6%
Communication Services	8.4%	14.1%
Industrials	8.3%	2.6%
Consumer Defensive	5.1%	6.4%
Energy	3.3%	0.5%
Utilities	2.6%	1.3%
Basic Materials	2.1%	1.0%
Real Estate	2.0%	0.1%

Return for Risk

JUST vs. GPIQ — Risk / Return Rank

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

JUST

JUST Risk / Return Rank: 66
JUST Sharpe Ratio Rank: 66
JUST Sortino Ratio Rank: 64
JUST Omega Ratio Rank: 64
JUST Calmar Ratio Rank: 62
JUST Martin Ratio Rank: 73

GPIQ

GPIQ Risk / Return Rank: 69
GPIQ Sharpe Ratio Rank: 68
GPIQ Sortino Ratio Rank: 62
GPIQ Omega Ratio Rank: 68
GPIQ Calmar Ratio Rank: 70
GPIQ Martin Ratio Rank: 77

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.

JUST vs. GPIQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs JUST U.S. Large Cap Equity ETF (JUST) 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.

	JUST	GPIQ	Difference
Sharpe ratio: Return per unit of total volatility	2.02	2.12	-0.10
Sortino ratio: Return per unit of downside risk	2.78	2.79	-0.01
Omega ratio: Gain probability vs. loss probability	1.36	1.39	-0.03
Calmar ratio: Return relative to maximum drawdown	2.88	3.38	-0.51
Martin ratio: Return relative to average drawdown	12.89	14.28	-1.40

JUST vs. GPIQ - Sharpe Ratio Comparison

The current JUST Sharpe Ratio is 2.02, which is comparable to the GPIQ Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of JUST 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.

Drawdowns

JUST vs. GPIQ - Drawdown Comparison

The maximum JUST drawdown since its inception was -33.83%, which is greater than GPIQ's maximum drawdown of -21.06%. Use the drawdown chart below to compare losses from any high point for JUST and GPIQ.

Drawdown Indicators

	JUST	GPIQ	Difference
Max Drawdown Largest peak-to-trough decline	-33.83%	-21.06%	-12.77%
Max Drawdown (1Y) Largest decline over 1 year	-8.76%	-9.51%	+0.75%
Max Drawdown (3Y) Largest decline over 3 years	-19.34%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.72%	—	—
Current Drawdown Current decline from peak	-2.78%	-3.21%	+0.43%
Average Drawdown Average peak-to-trough decline	-5.08%	-2.27%	-2.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	2.25%	-0.30%

Volatility

JUST vs. GPIQ - Volatility Comparison

The current volatility for Goldman Sachs JUST U.S. Large Cap Equity ETF (JUST) is 4.61%, while Goldman Sachs Nasdaq-100 Core Premium Income ETF (GPIQ) has a volatility of 7.78%. This indicates that JUST experiences smaller price fluctuations and is considered to be less risky than GPIQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JUST	GPIQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.61%	7.78%	-3.17%
Volatility (6M) Calculated over the trailing 6-month period	9.85%	12.52%	-2.67%
Volatility (1Y) Calculated over the trailing 1-year period	12.48%	15.17%	-2.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.87%	17.88%	-1.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.11%	17.88%	+1.23%

JUST vs. GPIQ - Expense Ratio Comparison

JUST has a 0.20% expense ratio, which is lower than GPIQ's 0.29% expense ratio.

Dividends

JUST vs. GPIQ - Dividend Comparison

JUST's dividend yield for the trailing twelve months is around 0.95%, less than GPIQ's 9.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
GPIQ Goldman Sachs Nasdaq-100 Core Premium Income ETF	9.60%	9.81%	9.18%	1.74%	0.00%	0.00%	0.00%	0.00%	0.00%
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF	0.95%	1.02%	1.11%	1.37%	1.51%	1.07%	1.36%	1.86%	1.11%

Frequently Asked Questions

Can I hold both JUST and GPIQ in my portfolio?

With a correlation of 0.92, JUST and GPIQ 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, JUST or GPIQ?

GPIQ has higher volatility (7.78%) compared to JUST (4.61%). In terms of maximum drawdown, JUST dropped -33.83% vs GPIQ's -21.06%.

Which ETF is better, JUST or GPIQ?

On 1-year performance, GPIQ leads with 32.06% vs 25.07% for JUST. On fees, JUST is cheaper at 0.20% per year. On volatility, JUST has been the lower-risk option at 4.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JUST or GPIQ?

Over the 1-year period, GPIQ has performed better with a 32.06% return vs 25.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JUST or GPIQ?

JUST is cheaper with a 0.20% expense ratio, compared with 0.29% for GPIQ.

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

GPIQ has the higher dividend yield at 9.60%, compared with 0.95% for JUST.

What is the main difference between JUST and GPIQ?

JUST is categorized as Large Cap Growth Equities, while GPIQ is Nasdaq-100. Their fees differ too: 0.20% for JUST and 0.29% for GPIQ.

Which has better risk-adjusted returns?

GPIQ currently has the higher Sharpe Ratio (2.12 vs 2.02), 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.