MTUM vs. GPIQ

Last updated Jul 26, 2026

MTUM (iShares MSCI USA Momentum Factor ETF) and GPIQ (Goldman Sachs Nasdaq-100 Core Premium Income ETF) are both exchange-traded funds - MTUM is a Momentum fund tracking the MSCI USA Momentum SR Variant Index, while GPIQ is a Nasdaq-100 fund actively managed by Goldman Sachs. MTUM is passively managed, while GPIQ is actively managed. Over the past year, MTUM returned 27.88% vs 21.40% for GPIQ. Their correlation of 0.87 means they have usually moved in the same direction. MTUM charges 0.15%/yr vs 0.29%/yr for GPIQ.

Performance

MTUM vs. GPIQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Momentum Factor ETF (MTUM) 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, MTUM achieves a 22.65% return, which is significantly higher than GPIQ's 10.98% return.

MTUM

• 1D: -2.42%
• 1M: -9.70%
• 6M: 20.16%
• YTD: 22.65%
• 1Y: 27.88%
• 3Y*: 28.98%
• 5Y*: 13.15%
• 10Y*: 16.00%
• ALL TIME*: 15.84%

GPIQ

• 1D: -1.08%
• 1M: -3.82%
• 6M: 9.18%
• YTD: 10.98%
• 1Y: 21.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 26.03%

*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	$68.84M	$77.85M	$80.88M
MTUM iShares MSCI USA Momentum Factor ETF	$620.00M	$622.73M	$495.72M

MTUM vs. GPIQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MTUM iShares MSCI USA Momentum Factor ETF	22.65%	22.15%	32.89%	14.16%
GPIQ Goldman Sachs Nasdaq-100 Core Premium Income ETF	10.98%	19.77%	23.22%	15.17%

Correlation

The correlation between MTUM and GPIQ is 0.87, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.87
Correlation (All Time) Calculated using the full available price history since Oct 26, 2023	0.87

The correlation between MTUM and GPIQ has been stable across timeframes, ranging from 0.87 to 0.87 - a consistent structural relationship.

MTUM vs. GPIQ - Sectors Allocation Comparison

Sectors	MTUM	GPIQ
Technology	48.0%	60.6%
Industrials	15.3%	4.0%
Energy	11.3%	0.5%
Financial Services	5.2%	0.2%
Communication Services	4.9%	12.2%
Healthcare	4.0%	3.7%
Consumer Defensive	3.9%	6.2%
Consumer Cyclical	3.0%	10.6%
Basic Materials	2.1%	1.1%
Real Estate	1.5%	0.1%
Utilities	0.6%	1.3%

Return for Risk

MTUM vs. GPIQ — Risk / Return Rank

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

MTUM

MTUM Risk / Return Rank: 55
MTUM Sharpe Ratio Rank: 49
MTUM Sortino Ratio Rank: 46
MTUM Omega Ratio Rank: 50
MTUM Calmar Ratio Rank: 66
MTUM Martin Ratio Rank: 62

GPIQ

GPIQ Risk / Return Rank: 60
GPIQ Sharpe Ratio Rank: 57
GPIQ Sortino Ratio Rank: 53
GPIQ Omega Ratio Rank: 55
GPIQ Calmar Ratio Rank: 65
GPIQ Martin Ratio Rank: 71

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.

MTUM vs. GPIQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Momentum Factor ETF (MTUM) 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.

	MTUM	GPIQ	Difference
Sharpe ratio: Return per unit of total volatility	1.18	1.34	-0.16
Sortino ratio: Return per unit of downside risk	1.66	1.85	-0.20
Omega ratio: Gain probability vs. loss probability	1.22	1.24	-0.02
Calmar ratio: Return relative to maximum drawdown	2.31	2.28	+0.03
Martin ratio: Return relative to average drawdown	7.45	8.75	-1.30

MTUM vs. GPIQ - Sharpe Ratio Comparison

The current MTUM Sharpe Ratio is 1.18, which is comparable to the GPIQ Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of MTUM 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

MTUM vs. GPIQ - Drawdown Comparison

The maximum MTUM drawdown since its inception was -34.08%, which is greater than GPIQ's maximum drawdown of -21.06%. Use the drawdown chart below to compare losses from any high point for MTUM and GPIQ.

Drawdown Indicators

	MTUM	GPIQ	Difference
Max Drawdown Largest peak-to-trough decline	-34.08%	-21.06%	-13.02%
Max Drawdown (1Y) Largest decline over 1 year	-12.49%	-9.51%	-2.98%
Max Drawdown (3Y) Largest decline over 3 years	-20.99%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-32.28%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-34.08%	—	—
Current Drawdown Current decline from peak	-11.25%	-6.47%	-4.78%
Average Drawdown Average peak-to-trough decline	-6.20%	-2.30%	-3.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.87%	2.47%	+1.40%

Volatility

MTUM vs. GPIQ - Volatility Comparison

iShares MSCI USA Momentum Factor ETF (MTUM) has a higher volatility of 11.65% compared to Goldman Sachs Nasdaq-100 Core Premium Income ETF (GPIQ) at 6.13%. This indicates that MTUM'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

	MTUM	GPIQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.65%	6.13%	+5.52%
Volatility (6M) Calculated over the trailing 6-month period	22.19%	13.56%	+8.63%
Volatility (1Y) Calculated over the trailing 1-year period	24.47%	16.22%	+8.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.65%	17.97%	+3.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.60%	17.97%	+3.63%

MTUM vs. GPIQ - Expense Ratio Comparison

MTUM has a 0.15% expense ratio, which is lower than GPIQ's 0.29% expense ratio.

Dividends

MTUM vs. GPIQ - Dividend Comparison

MTUM's dividend yield for the trailing twelve months is around 0.60%, less than GPIQ's 10.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GPIQ Goldman Sachs Nasdaq-100 Core Premium Income ETF	10.18%	9.81%	9.18%	1.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MTUM iShares MSCI USA Momentum Factor ETF	0.60%	0.91%	0.75%	1.35%	1.80%	0.55%	0.83%	1.48%	1.27%	1.02%	1.43%	1.12%

Frequently Asked Questions

Can I hold both MTUM and GPIQ in my portfolio?

MTUM and GPIQ have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MTUM or GPIQ?

MTUM has higher volatility (11.65%) compared to GPIQ (6.13%). In terms of maximum drawdown, MTUM dropped -34.08% vs GPIQ's -21.06%.

Which ETF is better, MTUM or GPIQ?

On 1-year performance, MTUM leads with 27.88% vs 21.40% for GPIQ. On fees, MTUM is cheaper at 0.15% per year. On volatility, GPIQ has been the lower-risk option at 6.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MTUM or GPIQ?

Over the 1-year period, MTUM has performed better with a 27.88% return vs 21.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MTUM or GPIQ?

MTUM is cheaper with a 0.15% expense ratio, compared with 0.29% for GPIQ.

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

GPIQ has the higher dividend yield at 10.18%, compared with 0.60% for MTUM.

What is the main difference between MTUM and GPIQ?

MTUM is categorized as Momentum, while GPIQ is Nasdaq-100. They also come from different issuers: iShares and Goldman Sachs. Their fees differ too: 0.15% for MTUM and 0.29% for GPIQ.

Which has better risk-adjusted returns?

GPIQ currently has the higher Sharpe Ratio (1.34 vs 1.18), 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.