AAAU vs. GBTC
AAAU (Goldman Sachs Physical Gold ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both exchange-traded funds - AAAU is a Gold fund tracking the LBMA Gold PM Price, while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Both are passively managed. Over the past 5 years, AAAU returned 17.33%/yr vs 9.90%/yr for GBTC. At a 0.13 correlation, their price movements are largely independent. AAAU charges 0.18%/yr vs 1.50%/yr for GBTC.
Performance
AAAU vs. GBTC - Performance Comparison
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Returns By Period
In the year-to-date period, AAAU achieves a -2.40% return, which is significantly higher than GBTC's -27.82% return.
AAAU
- 1D
- 0.12%
- 1M
- -10.17%
- YTD
- -2.40%
- 6M
- -2.14%
- 1Y
- 24.10%
- 3Y*
- 29.19%
- 5Y*
- 17.33%
- 10Y*
- —
GBTC
- 1D
- 0.04%
- 1M
- -20.21%
- YTD
- -27.82%
- 6M
- -30.09%
- 1Y
- -41.39%
- 3Y*
- 55.55%
- 5Y*
- 9.90%
- 10Y*
- 46.47%
AAAU vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
AAAU Goldman Sachs Physical Gold ETF | -2.40% | 64.06% | 26.91% | 12.96% | -0.50% | -4.01% | 25.02% | 18.17% | 8.28% |
GBTC Grayscale Bitcoin Trust ETF | -27.82% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | 106.56% | -56.90% |
Correlation
The correlation between AAAU and GBTC is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Aug 15, 2018 | 0.13 |
The correlation between AAAU and GBTC shifts across timeframes, from 0.11 (3 years) to 0.21 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
AAAU vs. GBTC — Risk / Return Rank
AAAU
GBTC
AAAU vs. GBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Physical Gold ETF (AAAU) and Grayscale Bitcoin Trust ETF (GBTC). 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 | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.84 | ||
| Sortino ratioReturn per unit of downside risk | +2.60 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 0.85 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 0.99 | -0.79 | +1.78 |
| Martin ratioReturn relative to average drawdown | 2.86 | -1.39 | +4.25 |
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Drawdowns
AAAU vs. GBTC - Drawdown Comparison
The maximum AAAU drawdown since its inception was -24.38%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for AAAU and GBTC.
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Drawdown Indicators
| AAAU | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.38% | -89.91% | +65.53% |
Max Drawdown (1Y)Largest decline over 1 year | -24.38% | -52.45% | +28.07% |
Max Drawdown (3Y)Largest decline over 3 years | -24.38% | -52.45% | +28.07% |
Max Drawdown (5Y)Largest decline over 5 years | -24.38% | -85.42% | +61.04% |
Max Drawdown (10Y)Largest decline over 10 years | — | -89.91% | — |
Current DrawdownCurrent decline from peak | -21.95% | -49.87% | +27.92% |
Average DrawdownAverage peak-to-trough decline | -6.23% | -43.43% | +37.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.44% | 29.85% | -21.41% |
Volatility
AAAU vs. GBTC - Volatility Comparison
The current volatility for Goldman Sachs Physical Gold ETF (AAAU) is 7.77%, while Grayscale Bitcoin Trust ETF (GBTC) has a volatility of 11.97%. This indicates that AAAU experiences smaller price fluctuations and is considered to be less risky than GBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AAAU | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.77% | 11.97% | -4.20% |
Volatility (6M)Calculated over the trailing 6-month period | 23.88% | 34.41% | -10.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.10% | 44.01% | -16.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.06% | 62.25% | -44.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.13% | 81.84% | -64.71% |
AAAU vs. GBTC - Expense Ratio Comparison
AAAU has a 0.18% expense ratio, which is lower than GBTC's 1.50% expense ratio.
Dividends
AAAU vs. GBTC - Dividend Comparison
Neither AAAU nor GBTC has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
AAAU Goldman Sachs Physical Gold ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GBTC Grayscale Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 5.61% |
Frequently Asked Questions
AAAU and GBTC have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GBTC has higher volatility (11.97%) compared to AAAU (7.77%). In terms of maximum drawdown, AAAU dropped -24.38% vs GBTC's -89.91%.
On 5-year performance, AAAU leads with 17.33% vs 9.90% for GBTC. On fees, AAAU is cheaper at 0.18% per year. On volatility, AAAU has been the lower-risk option at 7.77%. 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 17.33% return vs 9.90%. 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 1.50% for GBTC.
AAAU and GBTC have nearly identical dividend yields, around 0.00%.
AAAU is categorized as Gold, while GBTC is Cryptocurrency. AAAU tracks LBMA Gold PM Price, while GBTC tracks CoinDesk Bitcoin Benchmark Rate Index. They also come from different issuers: Goldman Sachs and Grayscale. Their fees differ too: 0.18% for AAAU and 1.50% for GBTC.
AAAU currently has the higher Sharpe Ratio (0.89 vs -0.94), 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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