Which paid more, GPIQ or TCAL?

Over the year to Nov 4, 2026, GPIQ paid 10.9% of its starting price in cash and TCAL paid 11.4%, so TCAL paid more. Cash paid is not the same as money made: the price change matters too.

Which returned more once distributions are counted, GPIQ or TCAL?

With every distribution reinvested, GPIQ returned +13.0% and TCAL +11.2% over the year to Nov 4, 2026.

Which is cheaper, GPIQ or TCAL?

GPIQ charges 0.29% a year and TCAL charges 0.34%, so GPIQ is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Income ETFs

GPIQ vs TCAL: Dividend Yield & Total Return

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Over the year to Nov 4, 2026, TCAL paid 11.4% of its price in cash against GPIQ’s 10.9%, though GPIQ returned more with it reinvested.

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Net assets on Nov 3, 2026: $6.4bn for Goldman Sachs Nasdaq-100 Premium Income ETF and $324m for T. Rowe Price Capital Appreciation Premium Income ETF.

GPIQ on its own →TCAL on its own →

At a glance

10.9%

GPIQ cash paid, 1 year

11.4%

TCAL cash paid, 1 year

+13.0%

GPIQ total return, 1 year

+11.2%

TCAL total return, 1 year

GPIQ · 1 year to Nov 4, 2026 0.7 pts ahead of QQQ

GPIQ

+13.0%

QQQ

+12.3%

0.7 pts ahead of QQQ

GPIQ over 1 year: paid 10.9%, price +1.7%, total +13.0%, QQQ +12.3%, +0.7 pts. Data to Nov 4, 2026.

QQQ

+12.3%

GPIQ

+13.0%

10.9% of it arrived as cash

0.7 pts ahead of QQQ

Total return, distributions reinvested

0.7 pts ahead of QQQ

GPIQ over 1 year: paid 10.9%, price +1.7%, total +13.0%, QQQ +12.3%, +0.7 pts. Data to Nov 4, 2026.

QQQ

+12.3%

GPIQ

+13.0%

10.9% as cash

0.7 pts ahead of QQQ

10.9% of it arrived as cash. Total return, distributions reinvested. GPIQ over 1 year: paid 10.9%, price +1.7%, total +13.0%, QQQ +12.3%, +0.7 pts. Data to Nov 4, 2026.

Data to Nov 4, 2026.

TCAL · 1 year to Nov 4, 2026 3.4 pts behind its own stocks

TCAL

+11.2%

Own

+14.6%

3.4 pts behind its own stocks

TCAL over 1 year: paid 11.4%, price −1.2%, total +11.2%, its own stocks +14.6%, −3.4 pts. Data to Nov 4, 2026.

its own stocks

+14.6%

TCAL

+11.2%

11.4% of it arrived as cash

3.4 pts behind its own stocks

Total return, distributions reinvested

3.4 pts behind its own stocks

TCAL over 1 year: paid 11.4%, price −1.2%, total +11.2%, its own stocks +14.6%, −3.4 pts. Data to Nov 4, 2026.

its own stocks

+14.6%

TCAL

+11.2%

11.4% as cash

11.4% of it arrived as cash. Both charts share one scale, with zero at the line. TCAL over 1 year: paid 11.4%, price −1.2%, total +11.2%, its own stocks +14.6%, −3.4 pts. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

GPIQ costs 0.05 points a year less; their one-year returns differ by 1.8 points; GPIQ is 19.8 times larger.

Points (pts) are percentage points.

GPIQ vs TCAL: Dividend Yield & Total Return
Measure	GPIQ	TCAL
Paid and earned
Measure	GPIQ	TCAL
Total return, 1 year	+13.0%	+11.2%
Price change, 1 year	rose 1.7%	fell 1.2%
Against its benchmark
Measure	GPIQ	TCAL
Benchmark	Nasdaq-100, measured through QQQ	its own stocks
Cost and size
Measure	GPIQ	TCAL
Expense ratio	0.29%	0.34%
Net assets, as of Nov 3, 2026	$6.4bn	$324m
Holdings
Measure	GPIQ	TCAL
Holdings in common	17%

ETFIQ Distribution Coverage Score · GPIQ scores higher How much of what it paid out did its total return cover?

IQ Income Score69.8GPIQ54.8TCAL

How much of its payouts the fund's total return covered, ranked against 167 income ETFs not writing on a single company. 100 is best. How it is computed

GPIQ 69.8

TCAL 54.8

0.3, the lowest in this set 99.7, the highest

One year only, and a ratio of two published numbers: it says nothing about where a distribution came from. All income ETFs ranked by it →

Method

Risk and return

Apr 4, 2025 to Oct 30, 2026 · 82 weekly returns

GPIQ TCAL

Return

Total return edge GPIQ +58.7% +15.2%

Annualized edge GPIQ +34.0% +9.4%

Price return edge GPIQ +35.6% −3.8%

Risk

Volatility edge TCAL 16.1% 8.5%

Max drawdown edge TCAL −7.9% −7.0%

Risk-adjusted

Sharpe edge GPIQ 1.66 0.64

Sortino edge GPIQ 3.00 0.95

Calmar edge GPIQ 4.31 1.34

Reading

From Apr 2025 to Oct 2026, GPIQ returned more: +58.7% to +15.2%. TCAL swung less: 8.5% to 16.1%. TCAL fell less at its worst: −7.0% to −7.9%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: GPIQ vs TCAL: Dividend Yield & Total Return
Measure	GPIQ	TCAL	Edge	How it is measured
Return
Total return	+58.7%	+15.2%	GPIQ	Price change plus distributions, reinvested.
Annualized	+34.0%	+9.4%	GPIQ	Total return as a yearly rate.
Price return	+35.6%	−3.8%	GPIQ	Price change alone, distributions left out.
Risk
Volatility	16.1%	8.5%	TCAL	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	8.9%	5.7%	TCAL	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−7.9%	−7.0%	TCAL	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	1.66	0.64	GPIQ	Return above Treasury bills per unit of volatility.
Sortino	3.00	0.95	GPIQ	Return above Treasury bills per unit of downside deviation.
Calmar	4.31	1.34	GPIQ	Annualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 82 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

17%

By the books each fund has filed, GPIQ and TCAL hold 17% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026.

50%

0 half 100%

half

17% in common

Positions both hold · largest shared weight first GPIQ TCAL

AMAZON.COM INC 4.20% 1.55%

MICROSOFT CORP 3.95% 1.51%

COSTCO WHOLESALE CORP 1.97% 1.21%

CISCO SYSTEMS INC 2.04% 1.15%

LINDE PLC 1.11% 1.65%

ADVANCED MICRO DEVICES INC 4.10% 1.05%

META PLATFORMS INC 2.77% 1.02%

BROADCOM INC 2.68% 0.96%

NETFLIX INC 0.89% 0.96%

PEPSICO INC 0.83% 1.17%

WALMART INC 2.12% 0.78%

GILEAD SCIENCES INC 0.72% 1.49%

Only in one fund ↓

Only in GPIQ

NVIDIA CORP 7.47%

APPLE INC 6.59%

MICRON TECHNOLOGY INC 5.62%

ALPHABET INC 3.54%

TESLA INC 3.17%

INTEL CORP 3.01%

ALPHABET INC 2.56%

APPLIED MATERIALS INC 2.51%

Only in TCAL

DANAHER CORP 2.02%

WATERS CORP 1.99%

VERALTO CORP 1.89%

WASTE CONNECTIONS INC 1.82%

YUM BRANDS INC 1.73%

MCDONALD S CORP 1.71%

VISA INC-CLASS A SHARES 1.71%

LOCKHEED MARTIN CORP 1.61%

Check overlap with more funds →

Side by side

GPIQ Goldman Sachs Nasdaq-100 Premium Income ETF · Covered call on QQQ, paying monthly TCAL T. Rowe Price Capital Appreciation Premium Income ETF · Covered call on its own stocks, paying monthly

Issuer Goldman Sachs T. Rowe Price

Strategy covered call covered call

Benchmark Nasdaq-100 (QQQ) TCAL's own stocks, without the options (from its filed holdings, rebalanced at each filing; latest Jun 30, 2026)

Pays monthly monthly

Payout rate, annualized 10.5% 13.0%

Expense ratio 0.29% 0.34%

Cash paid, 1 year 10.9% 11.4%

Price change, 1 year +1.7% −1.2%

Total return, 1 year +13.0% +11.2%

Benchmark return, 1 year +12.3% +14.6%

Ahead or behind +0.7 pts −3.4 pts

Return of capital, latest estimate not published not published

Age 3.0 years 1.6 years

Net assets, as of Nov 3, 2026 $6.4bn $324m

As of Nov 4, 2026. Source: ETFIQ. Cash paid: distributions over the window, as a share of the starting price. Payout rate: the latest payment, annualized, over today’s price.

Window by window

Window by window: GPIQ vs TCAL: Dividend Yield & Total Return
	Total return		Cash paid		Against the benchmark
Window	GPIQ	TCAL	GPIQ	TCAL	GPIQ	TCAL
3 months	−2.6%	+5.3%	2.6%	2.6%	+0.8 pts	−1.8 pts
6 months	+0.5%	+12.3%	5.3%	6.3%	+0.9 pts	−0.9 pts
1 year	+13.0%	+11.2%	10.9%	11.4%	+0.7 pts	−3.5 pts
3 years	+80.0%	–	38.3%	–	−11.4 pts	–
Since launchNot the same days: GPIQ Oct 2023 · TCAL Mar 2025	+91.4%	+12.0%	40.7%	16.9%	−13.4 pts	not measured

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About each fund

GPIQ

Over the year to Nov 4, 2026, GPIQ paid 10.9% of its starting value in cash distributions while its price rose 1.7%. With every distribution reinvested, the fund returned +13.0%. Nasdaq-100 (QQQ) returned +12.3% over the same days, so a holder was ahead by 0.7 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 10.5%, paid monthly.

TCAL

Over the year to Nov 4, 2026, TCAL paid 11.4% of its starting value in cash distributions while its price fell 1.2%. With every distribution reinvested, the fund returned +11.2%. TCAL's own stocks, without the options (from its filed holdings, rebalanced at each filing; latest Jun 30, 2026) returned +14.6% over the same days, so a holder was behind by 3.4 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 13.0%, paid monthly.

Questions people ask

Which paid more, GPIQ or TCAL?: Over the year to Nov 4, 2026, GPIQ paid 10.9% of its starting price in cash and TCAL paid 11.4%, so TCAL paid more. Cash paid is not the same as money made: the price change matters too.
Which returned more once distributions are counted, GPIQ or TCAL?: With every distribution reinvested, GPIQ returned +13.0% and TCAL +11.2% over the year to Nov 4, 2026.
Which is cheaper, GPIQ or TCAL?: GPIQ charges 0.29% a year and TCAL charges 0.34%, so GPIQ is cheaper. Fees come from each fund's prospectus.

Other comparisons

GPIQ vs SCEP GPIQ vs RNTY GPIQ vs GRNI GPIQ vs HEMI TCAL vs JEPQ TCAL vs TDAQ TCAL vs QYLG TCAL vs QQQY

Where to next

Nasdaq-100 (QQQ) →GPIQ on its own →TCAL on its own →GPIQ dividend history →GPIQ holdings →TCAL dividend history →TCAL holdings →Method →Standards and sources →

Sources and dates

GPIQ filings on SEC EDGAR ↗

GPIQ prospectus with the expense ratio (SEC) ↗

Goldman Sachs website ↗

TCAL filings on SEC EDGAR ↗

TCAL prospectus with the expense ratio (SEC) ↗

T. Rowe Price website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

It is a place in a set, not a rating or a recommendation.

Overlap adds up the smaller of the two weights for each security both funds hold.

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, GPIQ against TCAL, data as of Nov 4, 2026. https://etfiq.com/compare/income/gpiq-vs-tcal

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