AAA vs. AAAU
AAA (Alternative Access First Priority CLO Bond ETF) and AAAU (Goldman Sachs Physical Gold ETF) are both exchange-traded funds - AAA is a CLO fund actively managed by Alternative Access, while AAAU is a Gold fund tracking the LBMA Gold PM Price. AAA is actively managed, while AAAU is passively managed. Over the past 5 years, AAA returned 4.70%/yr vs 17.20%/yr for AAAU. Their 0.02 correlation means their historical movements had little consistent relationship. AAA charges 0.25%/yr vs 0.18%/yr for AAAU.
Performance
AAA vs. AAAU - Performance Comparison
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Returns By Period
In the year-to-date period, AAA achieves a 2.38% return, which is significantly higher than AAAU's -6.16% return.
AAA
- 1D
- 0.04%
- 1M
- 0.25%
- 6M
- 2.05%
- YTD
- 2.38%
- 1Y
- 4.44%
- 3Y*
- 6.08%
- 5Y*
- 4.70%
- 10Y*
- —
- ALL TIME*
- 4.08%
AAAU
- 1D
- -1.46%
- 1M
- -1.72%
- 6M
- -16.57%
- YTD
- -6.16%
- 1Y
- 20.45%
- 3Y*
- 27.49%
- 5Y*
- 17.20%
- 10Y*
- —
- ALL TIME*
- 16.50%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $104.67K | $160.03K | $268.18K | |
| $42.23M | $43.92M | $64.42M |
AAA vs. AAAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
AAA Alternative Access First Priority CLO Bond ETF | 2.38% | 4.92% | 6.85% | 8.94% | 0.15% | 0.86% | 0.20% |
AAAU Goldman Sachs Physical Gold ETF | -6.16% | 64.06% | 26.91% | 12.96% | -0.50% | -4.01% | -1.61% |
Correlation
The correlation between AAA and AAAU is 0.09, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.09 |
Correlation (3Y) Balances recent behavior with more history. | 0.00 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.02 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2020 | 0.02 |
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Return for Risk
AAA vs. AAAU — Risk / Return Rank
AAA
AAAU
AAA vs. AAAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Alternative Access First Priority CLO Bond ETF (AAA) and Goldman Sachs Physical Gold ETF (AAAU). 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.
| AAA | AAAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.14 | ||
| Sortino ratioReturn per unit of downside risk | +2.14 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.17 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 7.57 | 0.87 | +6.70 |
| Martin ratioReturn relative to average drawdown | 24.65 | 1.89 | +22.76 |
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Drawdowns
AAA vs. AAAU - Drawdown Comparison
The maximum AAA drawdown since its inception was -2.63%, smaller than the maximum AAAU drawdown of -26.29%. Use the drawdown chart below to compare losses from any high point for AAA and AAAU.
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Drawdown Indicators
| AAA | AAAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.63% | -26.29% | +23.66% |
Max Drawdown (1Y)Largest decline over 1 year | -0.60% | -26.29% | +25.69% |
Max Drawdown (3Y)Largest decline over 3 years | -2.40% | -26.29% | +23.89% |
Max Drawdown (5Y)Largest decline over 5 years | -2.63% | -26.29% | +23.66% |
Current DrawdownCurrent decline from peak | -0.12% | -24.96% | +24.84% |
Average DrawdownAverage peak-to-trough decline | -0.30% | -6.53% | +6.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.18% | 12.13% | -11.95% |
Volatility
AAA vs. AAAU - Volatility Comparison
The current volatility for Alternative Access First Priority CLO Bond ETF (AAA) is 0.69%, while Goldman Sachs Physical Gold ETF (AAAU) has a volatility of 6.30%. This indicates that AAA experiences smaller price fluctuations and is considered to be less risky than AAAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AAA | AAAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.69% | 6.30% | -5.61% |
Volatility (6M)Calculated over the trailing 6-month period | 1.73% | 23.27% | -21.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.34% | 27.85% | -25.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.31% | 18.32% | -16.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.15% | 17.24% | -15.09% |
AAA vs. AAAU - Expense Ratio Comparison
AAA has a 0.25% expense ratio, which is higher than AAAU's 0.18% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
AAA vs. AAAU - Dividend Comparison
AAA's dividend yield for the trailing twelve months is around 4.82%, while AAAU has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
AAA Alternative Access First Priority CLO Bond ETF | 4.82% | 5.11% | 6.17% | 6.11% | 2.78% | 1.06% | 0.32% |
AAAU Goldman Sachs Physical Gold ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
AAA and AAAU have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AAAU has higher volatility (6.30%) compared to AAA (0.69%). In terms of maximum drawdown, AAA dropped -2.63% vs AAAU's -26.29%.
On 5-year performance, AAAU leads with 17.20% vs 4.70% for AAA. On fees, AAAU is cheaper at 0.18% per year. On volatility, AAA has been the lower-risk option at 0.69%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, AAAU has performed better with a 17.20% return vs 4.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AAAU is cheaper with a 0.18% expense ratio, compared with 0.25% for AAA.
AAA has the higher dividend yield at 4.82%, compared with 0.00% for AAAU.
AAA is categorized as CLO, while AAAU is Gold. They also come from different issuers: Alternative Access and Goldman Sachs. Their fees differ too: 0.25% for AAA and 0.18% for AAAU.
AAA currently has the higher Sharpe Ratio (1.96 vs 0.83), 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.
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