GPIQ vs. JEPQ and QQQI: Why Goldman Sachs' Income ETF Outperforms in Yield and Resilience

In the high-stakes arena of income-generating ETFs, the Nasdaq-100 has become a battleground for investors seeking to balance yield with resilience in a volatile tech-driven market. As of August 2025, Goldman Sachs' Nasdaq-100 Core Premium Income ETF (GPIQ) has emerged as a standout performer, outpacing both the JPMorgan Nasdaq-100 BuyWrite ETF (JEPQ) and the NEOS Nasdaq 100 High Income ETF (QQQI) in total returns, cost efficiency, and strategic adaptability. This analysis delves into why GPIQ is the most compelling choice for income-focused investors navigating the turbulence of 2025.

Performance: GPIQ's Edge in a Volatile Year

The past 12 months have tested even the most seasoned investors. GPIQ's 21.35% total return as of August 8, 2025, outperformed both QQQI (20.22%) and JEPQ (16.41%), a testament to its ability to thrive in a market characterized by sharp corrections and rapid rebounds. While JEPQ led in 2024 with a 24.89% annualized return, GPIQ surged ahead in 2025, delivering a 10.92% year-to-date return compared to JEPQ's 5.00%. This shift reflects GPIQ's dynamic strategy, which prioritizes downside protection without sacrificing upside potential.

Strategic Income Generation: Dynamic vs. Static Approaches

GPIQ's secret lies in its dynamic covered call strategy, which adjusts the percentage of its holdings (25–75%) exposed to call options on a monthly basis. This flexibility allows the fund to capitalize on market conditions: selling calls when volatility is low to capture premiums, and reducing exposure during surges to preserve gains. In contrast, JEPQ relies on equity-linked notes (ELNs), a structured product that offers principal protection but lacks the agility to adapt to real-time market shifts. QQQI, while employing a call spread strategy to retain partial upside, demands a higher expense ratio (0.68%) and exposes investors to greater volatility.

For example, during the Nasdaq-100's 17% surge in May 2025, GPIQ maintained a 10.15% yield while capping gains at 5–7%, a calculated trade-off that preserved capital during a period when QQQI's higher exposure to upside risk led to sharper drawdowns.

Cost Efficiency: GPIQ's 17% Advantage

Expense ratios may seem minor, but in a low-yield environment, they compound significantly. GPIQ's 0.29% expense ratio is 17% lower than JEPQ's 0.35% and nearly half QQQI's 0.68%. This cost discipline amplifies net returns, particularly for long-term investors. JEPQ's reliance on ELNs and QQQI's active management come at a price—both funds erode investor returns with higher fees, a trade-off that becomes harder to justify when GPIQ consistently outperforms.

Risk-Adjusted Returns: Balancing Yield and Volatility

While QQQI boasts a higher yield (13.92% trailing twelve months) and superior Sharpe (1.36) and Sortino (2.10) ratios, its risk profile is a double-edged sword. QQQI's 2.77% standard deviation and 0.98 beta expose it to greater volatility, making it less suitable for risk-averse investors. GPIQ, with a beta of 0.92 and standard deviation of 2.60%, offers a smoother ride. Its Sortino ratio of 0.97 may lag behind QQQI's 2.10, but its focus on downside protection—limiting losses during market selloffs—proves more valuable in a year like 2025, where tech stocks have swung wildly.

JEPQ, meanwhile, struggles with a Sharpe ratio of 1.14 and a yield of 11.2%, but its reliance on return of capital (ROC) distributions raises sustainability concerns. GPIQ's consistent 10.4% yield, derived from recurring option premiums, is more reliable.

The Case for GPIQ in 2025

For income-focused investors, GPIQ represents a rare trifecta: high yield, low cost, and strategic resilience. Its dynamic covered call approach adapts to market conditions, its expense ratio is among the lowest in its class, and its risk profile is tailored to withstand the volatility of the Nasdaq-100. While QQQI's higher yield is tempting, its elevated risk and cost make it a less attractive option for those prioritizing stability. JEPQ, though a veteran in the space, has been outmaneuvered by GPIQ's agility and cost efficiency.

Conclusion: A Strategic Allocation for 2025

As the Nasdaq-100 continues to oscillate between euphoria and caution, GPIQ's ability to generate consistent income while mitigating downside risk makes it a cornerstone for income-focused portfolios. Investors seeking to balance yield with resilience would be well-advised to allocate a portion of their equity exposure to GPIQ, leveraging its strategic advantages in a market where adaptability is the key to survival.

In the end, the numbers don't lie: GPIQ isn't just keeping up with the Nasdaq-100—it's leading the way.