AAAU vs. AETH

Last updated Jun 5, 2026

AAAU (Goldman Sachs Physical Gold ETF) and AETH (Bitwise Ethereum Strategy ETF) are both exchange-traded funds - AAAU is a Gold fund tracking the LBMA Gold PM Price, while AETH is a Cryptocurrency fund actively managed by Bitwise. AAAU is passively managed, while AETH is actively managed. Over the past year, AAAU returned 32.55% vs -16.19% for AETH. At a 0.06 correlation, their price movements are largely independent. AAAU charges 0.18%/yr vs 0.90%/yr for AETH.

Performance

AAAU vs. AETH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Physical Gold ETF (AAAU) and Bitwise Ethereum Strategy ETF (AETH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAAU achieves a 3.83% return, which is significantly higher than AETH's -9.77% return.

AAAU

• 1D: 0.87%
• 1M: -1.63%
• YTD: 3.83%
• 6M: 6.34%
• 1Y: 32.55%
• 3Y*: 31.47%
• 5Y*: 18.60%
• 10Y*: —

AETH

• 1D: 0.03%
• 1M: -4.99%
• YTD: -9.77%
• 6M: -15.31%
• 1Y: -16.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AAAU vs. AETH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AAAU Goldman Sachs Physical Gold ETF	3.83%	64.06%	26.91%	12.78%
AETH Bitwise Ethereum Strategy ETF	-9.77%	-0.11%	31.76%	37.65%

Correlation

The correlation between AAAU and AETH is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (All Time) Calculated using the full available price history since Oct 3, 2023	0.06

Return for Risk

AAAU vs. AETH — Risk / Return Rank

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

AAAU

AAAU Risk / Return Rank: 34
AAAU Sharpe Ratio Rank: 36
AAAU Sortino Ratio Rank: 31
AAAU Omega Ratio Rank: 39
AAAU Calmar Ratio Rank: 35
AAAU Martin Ratio Rank: 30

AETH

AETH Risk / Return Rank: 6
AETH Sharpe Ratio Rank: 6
AETH Sortino Ratio Rank: 6
AETH Omega Ratio Rank: 6
AETH Calmar Ratio Rank: 6
AETH Martin Ratio Rank: 7

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. AETH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Physical Gold ETF (AAAU) and Bitwise Ethereum Strategy ETF (AETH). 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.

	AAAU	AETH	Difference
Sharpe ratio: Return per unit of total volatility	1.24	-0.36	+1.60
Sortino ratio: Return per unit of downside risk	1.64	-0.26	+1.90
Omega ratio: Gain probability vs. loss probability	1.25	0.96	+0.29
Calmar ratio: Return relative to maximum drawdown	1.71	-0.37	+2.08
Martin ratio: Return relative to average drawdown	4.21	-0.52	+4.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AAAU vs. AETH - Sharpe Ratio Comparison

The current AAAU Sharpe Ratio is 1.24, which is higher than the AETH Sharpe Ratio of -0.36. The chart below compares the historical Sharpe Ratios of AAAU and AETH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AAAU	AETH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.24	-0.36	+1.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.05	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.09	0.37	+0.72

Drawdowns

AAAU vs. AETH - Drawdown Comparison

The maximum AAAU drawdown since its inception was -21.63%, smaller than the maximum AETH drawdown of -47.78%. Use the drawdown chart below to compare losses from any high point for AAAU and AETH.

Drawdown Indicators

	AAAU	AETH	Difference
Max Drawdown Largest peak-to-trough decline	-21.63%	-47.78%	+26.15%
Max Drawdown (1Y) Largest decline over 1 year	-19.13%	-43.98%	+24.85%
Max Drawdown (3Y) Largest decline over 3 years	-19.13%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-20.94%	—	—
Current Drawdown Current decline from peak	-16.97%	-43.84%	+26.87%
Average Drawdown Average peak-to-trough decline	-6.19%	-24.68%	+18.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.76%	30.99%	-23.23%

Volatility

AAAU vs. AETH - Volatility Comparison

Goldman Sachs Physical Gold ETF (AAAU) has a higher volatility of 5.51% compared to Bitwise Ethereum Strategy ETF (AETH) at 4.02%. This indicates that AAAU's price experiences larger fluctuations and is considered to be riskier than AETH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAAU	AETH	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.51%	4.02%	+1.49%
Volatility (6M) Calculated over the trailing 6-month period	22.94%	27.18%	-4.24%
Volatility (1Y) Calculated over the trailing 1-year period	26.33%	44.88%	-18.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.83%	54.64%	-36.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.99%	54.64%	-37.65%

AAAU vs. AETH - Expense Ratio Comparison

AAAU has a 0.18% expense ratio, which is lower than AETH's 0.90% expense ratio.

Dividends

AAAU vs. AETH - Dividend Comparison

AAAU has not paid dividends to shareholders, while AETH's dividend yield for the trailing twelve months is around 2.67%.

Position	TTM	2025	2024	2023
AAAU Goldman Sachs Physical Gold ETF	0.00%	0.00%	0.00%	0.00%
AETH Bitwise Ethereum Strategy ETF	2.67%	2.41%	14.73%	6.64%

Frequently Asked Questions

Can I hold both AAAU and AETH in my portfolio?

AAAU and AETH have a correlation of 0.12, 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 AETH?

AAAU has higher volatility (5.51%) compared to AETH (4.02%). In terms of maximum drawdown, AAAU dropped -21.63% vs AETH's -47.78%.

Which ETF is better, AAAU or AETH?

On 1-year performance, AAAU leads with 32.55% vs -16.19% for AETH. On fees, AAAU is cheaper at 0.18% per year. On volatility, AETH has been the lower-risk option at 4.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAAU or AETH?

Over the 1-year period, AAAU has performed better with a 32.55% return vs -16.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAAU or AETH?

AAAU is cheaper with a 0.18% expense ratio, compared with 0.90% for AETH.

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

AETH has the higher dividend yield at 2.67%, compared with 0.00% for AAAU.

What is the main difference between AAAU and AETH?

AAAU is categorized as Gold, while AETH is Cryptocurrency. They also come from different issuers: Goldman Sachs and Bitwise. Their fees differ too: 0.18% for AAAU and 0.90% for AETH.

Which has better risk-adjusted returns?

AAAU currently has the higher Sharpe Ratio (1.24 vs -0.36), 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.