GPIQ vs JEPQ: Distribution Yield, Total Return and Fees Compared

From 10/26/23 to 9/22/26, reinvested total returns were 103.37% for GPIQ and 86.25% for JEPQ. Ending-price trailing distribution yields were 9.80% and 11.06%. Distribution yield describes the final twelve months of cash flow; total return describes asset growth over the entire period.

GPIQ vs JEPQ at a glance

¹ Comparable yield = distributions going ex-dividend September 23, 2025–September 22, 2026 divided by the September 22 closing price. The same definition applies to both funds. It is not the yield of stock dividends alone.

² GPIQ annualizes its latest distribution relative to NAV; JEPQ adds the distribution-to-ex-date-NAV ratios over twelve months. Their definitions and dates differ, so 10.47% and 11.56% are not a like-for-like ranking. ³ SEC yield measures standardized 30-day net investment income, not future monthly cash. GPIQ reports 0.27% before fee support.

The April 2026 GPIQ prospectus keeps its fee waiver through at least April 30, 2027. A 0.06 percentage-point net-fee difference scales to KRW 60,000 a year on KRW 100 million, but fund expenses already affect observed performance and are not subtracted again.

Illustrative monthly and annual cash flow on KRW 100 million

Annual cash equals KRW 100 million times trailing per-share distributions divided by the reference close; the monthly average is annual cash divided by twelve. Fractional shares and identical purchase/payment exchange rates make FX cancel in this illustration. Personal taxes, trading and FX costs are excluded. Compare the monthly average with individual payments in the history below.

Applied to KRW 100 million, the last twelve months of distributions average about KRW 921,000 a month for JEPQ and KRW 816,000 for GPIQ. Over the shared holding period, however, GPIQ returned 103.37% with reinvestment versus JEPQ’s 86.25%. Keeping distributions as cash still left GPIQ ahead, 89.11% to 74.46%. More monthly cash did not mean more ending wealth.

Compare price appreciation plus distributions, not yield alone

The comparison runs from the first shared price date, October 26, 2023, to September 22, 2026, in USD with no contributions. GPIQ inception and the first stored trading date differ. Its short history sets the common window; we do not invent five- or ten-year performance.

Price plus retained cash equals the price change plus per-share distributions after purchase, divided by the purchase price; cash earns no interest. Reinvestment uses the distribution-adjusted closing-price ratio, a total-return index convention rather than a payment-date execution account. Both are pre-tax. Adding these columns would double-count distributions.

2026-09-22Cumulative total return

GPIQ103.37% JEPQ86.25%

Cumulative return in percent. Use arrow keys, Home or End to select a date.

The vertical axis shows USD total return. Values scale the same return to KRW 100 million at constant FX; they are not historical KRW conversions.

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The table also separates cumulative cash received on equal starting investments. JEPQ paid slightly more cumulative cash, but GPIQ’s larger price gain reversed the total-return ranking. The difference is visible within the same holding period, not only when comparing a recent yield with a longer return.

Distribution stability: twelve payments and twelve calendar months

We compare the smallest and largest per-share payments and their coefficient of variation (CV = standard deviation / mean). A lower CV means payments stayed closer to their average in this sample. Compare equal-investment income in the earlier monthly-average table and payment variation here.

Green solid: GPIQ · Amber dashed: JEPQ. Lines connect monthly observations; they are not prices or investment returns.

The table uses official payment dates. JEPQ went ex-dividend twice in December 2025; the December 31 event was paid January 5 and appears in January here. CV uses twelve individual payments, avoiding calendar effects from grouping by ex-date. Broker credit dates can differ.

Payment CV was 5.26% for GPIQ versus 13.99% for JEPQ. GPIQ payments stayed closer to their average in this sample; JEPQ combined higher current income with greater payment variation. Spending plans should allow for below-average payments rather than treat the average as guaranteed.

How much upside did the funds participate in?

We split complete months from November 2023 through August 2026 by the sign of QQQ price returns. QQQ is a Nasdaq-100 investment benchmark, not an identical portfolio. The table shows arithmetic mean monthly returns in each group, not annualized returns or a continuous investment result.

Selling calls exchanges some upside for premium income. Adding distributions can narrow a price-return gap in rising months. A larger cash payment does not remove the cost of foregone upside; the price and reinvested columns show both sides.

Across 23 rising months, GPIQ gained an average 3.25% in price versus JEPQ’s 2.59%. Both lagged QQQ’s 4.79%, but GPIQ participated more. Reinvested averages also favored GPIQ, 4.12% versus 3.48%.

How much downside protection was observed?

Maximum drawdown measures the largest observed peak-to-trough fall in each USD total-return index. Annualized volatility describes how widely daily returns varied. Compare both alongside the down-month results when judging the declines you could hold through.

Premiums may offset part of a loss while falling equity prices still affect the holding. GPIQ started in 2023, so this comparison examines declines after that date.

Across 11 declining months, price returns averaged −3.19% for GPIQ, −2.82% for JEPQ and −3.08% for QQQ: GPIQ’s price fell more than QQQ. Including reinvestment reduced the losses to −2.34% and −1.88%. JEPQ also had a smaller full-period drawdown, 20.06% versus 21.05%. This sample favored JEPQ on defense, but includes only eleven declining months.

Where do high distributions come from?

Corporate dividends are only one source. Option premiums and realized equity or derivative gains and losses also affect distributable cash. JEPQ uses equity-linked notes tied to equity and option performance, with issuer and liquidity risks beyond ordinary stocks. GPIQ actively manages equities and call exposure.

A distribution transfers assets out of the fund. Counting cash while ignoring the accompanying price or NAV adjustment overstates gains. Payments may include return of capital; interim estimates can differ from final tax characterizations. ROC alone proves neither asset depletion nor free investment gains.

Did the differences between GPIQ and JEPQ affect investment outcomes?

Stock selection and option positions both shape the outcome. Fees alone cannot explain the gap. Total return shows what an investor ended with, while payment variation and drawdowns show what happened along the way.

For asset growth, I would pay attention to GPIQ’s upside participation and total return in this period. For current cash and drawdowns, JEPQ’s results stand out more. If I planned to spend distributions, I would also examine cash-kept results and payment variation.

Over this period, GPIQ captured more upside, earned a higher total return and had less variable individual payments. JEPQ paid more recent cash and had lower total-return volatility and drawdown. Which figures matter most depends on whether the cash will fund spending and how much price movement the investor can tolerate.

Which fund would I choose?

• GPIQ may appeal if you want Nasdaq-like stock exposure with a lower current net fee and can accept changing option coverage. Its record is short, the fee waiver has an end date, and sold calls limit some upside.
• JEPQ may appeal if monthly cash and active growth-stock selection matter more to you. Before buying, understand how its ELNs work and the issuer, liquidity and upside risks they bring.
• If you do not need cash now, compare with equity ETFs that do not sell calls. Studying both the holdings and option strategy helps clarify your reason for choosing a fund.

Frequently asked questions

Is GPIQ a replacement for JEPQ?

It can be an income alternative, but the portfolios and option implementations differ. Compare matching-period total return, distribution variability and the risks you are willing to hold; a higher latest payment is insufficient.

How is the monthly average for KRW 100 million calculated?

It is one twelfth of trailing distributions scaled to the September 22, 2026 closing price. This historical monthly average assumes fractional shares and an unchanged exchange rate, before personal taxes and transaction costs.

Why is the January payment linked to a December ex-date?

Its December 31, 2025 ex-dividend event was paid on January 5, 2026. Our table uses official payment dates and links this event to January. Two December ex-dates do not mean a skipped January cash payment.

Are distribution yield and SEC yield interchangeable?

Annualizing one payment, measuring trailing distributions and calculating standardized 30-day net investment income answer different questions. Total return combines distributions with price changes.

Does return of capital mean the fund lost money?

Not by itself. Return of capital is a tax classification, and interim estimates may change. Assess NAV and total return alongside the final tax characterization; a cash payment is not automatically an investment gain.

Sources and calculation inputs

Drawdown uses each ETF’s total-return index, so peak and trough dates may differ. Annualized volatility is the sample standard deviation of simple daily total returns times √252. These daily USD measures exclude intraday losses and KRW exchange-rate effects.

Sources and calculation basis

• Goldman Sachs GPIQ fund page · distributions and payment dates
• Goldman Sachs GPIQ factsheet · 2026-08-31
• GPIQ summary prospectus · 2026-04-30
• JPMorgan JEPQ factsheet · 2026-08-31
• JPMorgan JEPQ fund page · rolling yield 2026-09-28

Price and distribution observations are fixed exports from the existing ETF dataset, with a common September 22, 2026 close; calculations and official materials were checked September 29. This is neither a live quote nor a payment-date account reconstruction. No splits occurred in the window; purchase-date ex-dividend entitlements are excluded. Missing QQQ daily observations in September limit monthly analysis to August. Personal costs, taxes and FX changes are excluded. Displayed money rounds to whole won and percentages to two decimals.

Choose how your invested money will work

I believe we should invest, then choose the role we want that money to serve. Monthly-income funds turn assets into cash flow; reinvesting that cash gives us another way to build the holding. Study the businesses and option strategy, then compare your intended holding period before choosing.

How did GPIQ compare with the Nasdaq-100?

Change the period, amount and distribution setting to compare GPIQ with QQQ. You can also select JEPQ as the asset and run it against the same benchmark.

Open GPIQ backtest →

This article presents the author’s opinion and historical data. Distributions and asset prices change, and results vary with the investment period.

JEPI vs JEPQ · Methodology