Dividend comparison

GPIQ vs ISPY: Which Is Better for Income?

Fees, yield, total returns, drawdowns, holdings overlap and dividend history for Goldman Sachs Nasdaq-100 Premium Income ETF and ProShares - S&P 500 High Income ETF, side by side. Updated October 21, 2026.

Start freeOpen interactive compareSee pricing
GPIQ vs ISPY: key differences
The short answer, from the latest data on this page.
  • Fees. GPIQ is cheaper at 0.35% a year versus 0.55% for ISPY. On $10,000 that is $20 a year less in fees.
  • Income. GPIQ pays more income, yielding 10.27% over the last twelve months versus 5.52% for ISPY. That is about $475 more a year on $10,000. Both pay monthly.
  • Performance. Over the last 1 year, GPIQ returned 7.9% versus 6.6% for ISPY, with dividends reinvested. $10,000 would have grown to $10,794 in GPIQ and $10,661 in ISPY.
  • Risk. GPIQ has been the bumpier ride. Its worst peak-to-trough decline over the last 1 year was -100.0%, against -16.9% for ISPY.
  • Diversification. ISPY holds 514 positions and GPIQ holds 107. The ten largest positions make up 47.9% of GPIQ and 44.4% of ISPY.
  • Overlap. At least 42% of the two portfolios overlap by weight, across 35 shared holdings.
  • Size. GPIQ is the larger fund with $6.4 billion in assets, against $1.2 billion for ISPY.

Bottom line: GPIQ fits better if you care most about lower fees and more income today. ISPY fits better if you care most about smaller drawdowns and broader diversification.

Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
MetricGPIQ
Goldman Sachs Nasdaq-100 Premium Income ETF
ISPY
ProShares - S&P 500 High Income ETF
Dividend yield (TTM)10.27%5.52%
Dividend / share (TTM)$5.77$2.65
Payout frequencyMonthlyMonthly
Last dividend$0.5088 on Oct 7, 2026$0.2523 on Oct 7, 2026
Ex-dividend dateOct 1, 2026Oct 1, 2026
Price$56.13$48.05
Dividend growth streak1 year—
Beta1.160.86
Max drawdown (5Y)-100.0%-16.9%
Market cap$1.19B$1.15B
ExchangeNASDAQCBOE
Expense ratio0.35%0.55%
Assets under management$6.37B$1.16B
Number of holdings107514
Top 10 concentration47.9%44.4%
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.

GPIQ

$85.60/mo

$1027 /yr at 10.27% yield

ISPY

$46.00/mo

$552 /yr at 5.52% yield

Dividend history
Total dividends paid per share in each calendar year. GPIQ pays monthly; ISPY pays monthly.
YearGPIQISPY
2025$5.1860$3.9051
2024$4.8875—
Strategy: Options income
These funds own equities and sell call options against them, converting a share of future price appreciation into cash paid out now. How much upside is surrendered depends on the design: writing at the money on the whole portfolio pays the most and keeps the least, while writing on a partial slice or using purchased offsets keeps more of a rally. Distributions come mainly from option premium rather than from company dividends, so the headline yield is not comparable to a dividend fund's.

Payouts are variable rather than contractual, are often taxed as ordinary income, and a fund that pays out more than the strategy earns will see its net asset value drift down over time.

What GPIQ vs ISPY actually do

GPIQ
Goldman Sachs's actively managed Nasdaq-100 income ETF, pairing the index with a variable call overlay.

Rather than overwriting the whole portfolio every month, the manager sells calls against roughly 25% to 75% of the equity exposure and adjusts that share with market conditions. Leaving part of the book uncovered is the deliberate design choice: it produces a smaller distribution than a full overwrite but keeps more of a rally. Fees sit well below most options-income peers, which matters over time in a category where the overlay already caps returns.

Suits an investor who wants Nasdaq-100 income but is not willing to give up the whole upside to get the highest headline yield. Less suitable for someone comparing purely on distribution rate, since a partial overwrite by design pays less than a full one.

Balanced income and growth

Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Dec 20, 2023 would now be worth $15,829 in GPIQ and $14,654 in ISPY.
PeriodGPIQISPY
1 month-1.32%-0.08%
3 months0.27%1.14%
Year to date7.10%5.30%
1 year7.94%6.61%
3 years599.00%—
5 years——
  • GPIQ
  • ISPY
931331732023202420252026158147

Both series indexed to 100 on 2023-12-20 using the adjusted closing price series. Past performance does not guarantee future results.

Sector allocation
Weight of each sector within the fund. Sectors are aligned on the same row so the two funds can be read against each other directly.
  • GPIQ
  • ISPY
0%15%30%46%61%Technology60.7%33.5%Financial Services0.1%22.5%Communication Services12.6%8.3%Consumer Cyclical9.9%7.4%Healthcare3.8%8.0%Industrials5.1%6.2%Consumer Defensive5.5%3.9%Energy0.5%3.2%Cash & Others0.5%2.5%Utilities0.9%1.7%Other1.0%2.9%
GPIQ vs ISPY holdings overlap
At least 42% overlap by weight, with 35 holdings in common. Overlap adds up the smaller of the two weights for every stock both funds own, so 100% would mean identical portfolios.
Largest shared holdingsGPIQ weightISPY weight
NVDANVIDIA CORPORATION8.20%6.70%
AAPLAPPLE INC.7.84%6.38%
MSFTMICROSOFT CORPORATION6.23%5.05%
AMZNAMAZON.COM INC4.36%3.28%
GOOGLALPHABET INC.3.96%2.58%
AVGOBROADCOM INC.2.53%2.03%
METAMETA PLATFORMS INC-CLASS A3.34%1.98%
GOOGALPHABET INC.1.98%2.06%
TSLATESLA INC.2.95%1.32%
MUMICRON TECHNOLOGY, INC.4.42%1.30%
Top 10 holdings
Largest positions by portfolio weight.

GPIQ107 holdings total

NameWeight
NVDANVIDIA CORPORATION8.20%
AAPLAPPLE INC.7.84%
MSFTMICROSOFT CORPORATION6.23%
MUMICRON TECHNOLOGY, INC.4.42%
AMZNAMAZON.COM INC4.36%
GOOGLALPHABET INC.3.96%
AMDADVANCED MICRO DEVICES INC.3.82%
METAMETA PLATFORMS INC-CLASS A3.34%
TSLATESLA INC.2.95%
SPCXSPACE EXPLORATION TECHNOLOGIES CORP.2.74%

ISPY514 holdings total

NameWeight
IQMMPROSHARES GENIUS MNY MKT ETF12.97%
NVDANVIDIA CORP6.70%
AAPLAPPLE INC6.38%
MSFTMICROSOFT CORP5.05%
AMZNAMAZON.COM INC3.28%
GOOGLALPHABET INC-CL A2.58%
GOOGALPHABET INC-CL C2.06%
AVGOBROADCOM INC2.03%
METAMETA PLATFORMS INC-CLASS A1.98%
TSLATESLA INC1.32%

Quick verdict

GPIQ fits better if you care most about lower fees and more income today. ISPY fits better if you care most about smaller drawdowns and broader diversification. Model the holding inside your real portfolio before deciding.

Still deciding? Compare them in your portfolio
Forecast dividend income, track payouts, and see how GPIQ vs ISPY fits with the rest of your holdings. Free to start — no credit card required for the trial.
Start freeInteractive DRIP compare

Frequently asked questions

Is GPIQ or ISPY better for dividend income?
It depends on your goals. GPIQ currently yields 10.27% Trailing Twelve Months (TTM) while ISPY yields 5.52%. Higher yield means more current income per dollar invested, but may come with different risk, growth, or NAV characteristics. Compare total return and payout sustainability — not just the headline yield.
What is the difference between GPIQ and ISPY?
Goldman Sachs Nasdaq-100 Premium Income ETF (GPIQ) is an ETF listed on NASDAQ. ProShares - S&P 500 High Income ETF (ISPY) is an ETF listed on CBOE. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, GPIQ or ISPY?
GPIQ has the lower expense ratio. GPIQ charges 0.35% a year and ISPY charges 0.55%, a difference of $20 a year on a $10,000 investment.
Which has performed better, GPIQ or ISPY?
Over the last 1 year, GPIQ has the higher total return with dividends reinvested: GPIQ returned 7.9% and ISPY returned 6.6%. Past performance does not predict future returns.
Which is riskier, GPIQ or ISPY?
Measured by the worst peak-to-trough decline over the last five years, GPIQ has been riskier: GPIQ fell as much as 100.0% and ISPY as much as 16.9%. Their betas are 1.16 and 0.86.
How much do GPIQ and ISPY overlap?
At least 42% of the two portfolios overlap by weight, across 35 shared holdings. The largest shared positions are NVDA, AAPL, MSFT. Holding both still adds meaningful diversification.
How often do GPIQ and ISPY pay dividends?
Both pay monthly. The most recent payments were $0.5088 for GPIQ and $0.2523 for ISPY.
How much income does $10,000 in GPIQ vs ISPY generate?
At current TTM yields, $10,000 in GPIQ would generate roughly $85.60 per month ($1027 annually). The same amount in ISPY would produce about $46.00 per month ($552 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both GPIQ and ISPY?
Yes. Many income investors hold both to diversify strategy or index exposure. Whether the combination actually diversifies depends on overlapping holdings and factor exposure. Model both inside Dividend Wealth to see combined income, sector mix, and forecast impact.
Where can I compare GPIQ vs ISPY with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how GPIQ and ISPY fit alongside the rest of your portfolio. A 14-day free trial of Standard is available with no credit card required; a limited Free plan is also available.

Related comparisons

For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.