AAAU vs. AAA

Last updated Jun 23, 2026

AAAU (Goldman Sachs Physical Gold ETF) and AAA (AAF First Priority CLO Bond ETF) are both exchange-traded funds - AAAU is a Gold fund tracking the LBMA Gold PM Price, while AAA is a CLO fund actively managed by Alternative Access Funds LLC. AAAU is passively managed, while AAA is actively managed. Over the past 5 years, AAAU returned 18.53%/yr vs 4.67%/yr for AAA. At a 0.01 correlation, their price movements are largely independent. AAAU charges 0.18%/yr vs 0.25%/yr for AAA.

Performance

AAAU vs. AAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Physical Gold ETF (AAAU) and AAF First Priority CLO Bond ETF (AAA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAAU achieves a -2.94% return, which is significantly lower than AAA's 2.06% return.

AAAU

• 1D: -0.65%
• 1M: -7.07%
• YTD: -2.94%
• 6M: -5.73%
• 1Y: 24.21%
• 3Y*: 29.48%
• 5Y*: 18.53%
• 10Y*: —

AAA

• 1D: 0.07%
• 1M: 0.62%
• YTD: 2.06%
• 6M: 2.76%
• 1Y: 5.10%
• 3Y*: 6.36%
• 5Y*: 4.67%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

AAAU vs. AAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
AAAU Goldman Sachs Physical Gold ETF	-2.94%	64.06%	26.91%	12.96%	-0.50%	-4.01%	-1.61%
AAA AAF First Priority CLO Bond ETF	2.06%	4.92%	6.85%	8.94%	0.15%	0.86%	0.20%

Correlation

The correlation between AAAU and AAA is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.09
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.02
Correlation (All Time) Calculated using the full available price history since Sep 9, 2020	0.01

Return for Risk

AAAU vs. AAA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AAAU

AAAU Risk / Return Rank: 24
AAAU Sharpe Ratio Rank: 26
AAAU Sortino Ratio Rank: 23
AAAU Omega Ratio Rank: 28
AAAU Calmar Ratio Rank: 22
AAAU Martin Ratio Rank: 22

AAA

AAA Risk / Return Rank: 85
AAA Sharpe Ratio Rank: 71
AAA Sortino Ratio Rank: 87
AAA Omega Ratio Rank: 77
AAA Calmar Ratio Rank: 96
AAA Martin Ratio Rank: 94

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AAAU vs. AAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Physical Gold ETF (AAAU) and AAF First Priority CLO Bond ETF (AAA). 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.

	AAAU	AAA	Difference
Sharpe ratio: Return per unit of total volatility	0.89	2.21	-1.32
Sortino ratio: Return per unit of downside risk	1.26	3.73	-2.48
Omega ratio: Gain probability vs. loss probability	1.19	1.44	-0.25
Calmar ratio: Return relative to maximum drawdown	1.00	8.50	-7.50
Martin ratio: Return relative to average drawdown	2.72	25.11	-22.39

AAAU vs. AAA - Sharpe Ratio Comparison

The current AAAU Sharpe Ratio is 0.89, which is lower than the AAA Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of AAAU and AAA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AAAU vs. AAA - Drawdown Comparison

The maximum AAAU drawdown since its inception was -24.38%, which is greater than AAA's maximum drawdown of -2.63%. Use the drawdown chart below to compare losses from any high point for AAAU and AAA.

Drawdown Indicators

	AAAU	AAA	Difference
Max Drawdown Largest peak-to-trough decline	-24.38%	-2.63%	-21.75%
Max Drawdown (1Y) Largest decline over 1 year	-24.38%	-0.60%	-23.78%
Max Drawdown (3Y) Largest decline over 3 years	-24.38%	-2.40%	-21.98%
Max Drawdown (5Y) Largest decline over 5 years	-24.38%	-2.63%	-21.75%
Current Drawdown Current decline from peak	-22.38%	-0.03%	-22.35%
Average Drawdown Average peak-to-trough decline	-6.27%	-0.31%	-5.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.92%	0.20%	+8.72%

Volatility

AAAU vs. AAA - Volatility Comparison

Goldman Sachs Physical Gold ETF (AAAU) has a higher volatility of 8.03% compared to AAF First Priority CLO Bond ETF (AAA) at 0.77%. This indicates that AAAU's price experiences larger fluctuations and is considered to be riskier than AAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAAU	AAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.03%	0.77%	+7.26%
Volatility (6M) Calculated over the trailing 6-month period	24.09%	1.79%	+22.30%
Volatility (1Y) Calculated over the trailing 1-year period	27.28%	2.32%	+24.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.06%	2.29%	+15.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.15%	2.15%	+15.00%

AAAU vs. AAA - Expense Ratio Comparison

AAAU has a 0.18% expense ratio, which is lower than AAA's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

AAAU vs. AAA - Dividend Comparison

AAAU has not paid dividends to shareholders, while AAA's dividend yield for the trailing twelve months is around 4.89%.

Position	TTM	2025	2024	2023	2022	2021	2020
AAA AAF First Priority CLO Bond ETF	4.89%	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

Can I hold both AAAU and AAA in my portfolio?

AAAU and AAA 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.

Which is riskier, AAAU or AAA?

AAAU has higher volatility (8.03%) compared to AAA (0.77%). In terms of maximum drawdown, AAAU dropped -24.38% vs AAA's -2.63%.

Which ETF is better, AAAU or AAA?

On 5-year performance, AAAU leads with 18.53% vs 4.67% for AAA. On fees, AAAU is cheaper at 0.18% per year. On volatility, AAA has been the lower-risk option at 0.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAAU or AAA?

Over the 5-year period, AAAU has performed better with a 18.53% return vs 4.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAAU or AAA?

AAAU is cheaper with a 0.18% expense ratio, compared with 0.25% for AAA.

Which ETF pays a higher dividend yield, AAAU or AAA?

AAA has the higher dividend yield at 4.89%, compared with 0.00% for AAAU.

What is the main difference between AAAU and AAA?

AAAU is categorized as Gold, while AAA is CLO. They also come from different issuers: Goldman Sachs and Alternative Access Funds LLC. Their fees differ too: 0.18% for AAAU and 0.25% for AAA.

Which has better risk-adjusted returns?

AAA currently has the higher Sharpe Ratio (2.21 vs 0.89), 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.