AAAU vs. GLDI

Last updated Jun 23, 2026

AAAU (Goldman Sachs Physical Gold ETF) and GLDI (UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033) are both Gold funds - AAAU tracks the LBMA Gold PM Price while GLDI tracks the Credit Suisse NASDAQ Gold FLOWS 103 Index. Both are passively managed. Over the past 5 years, AAAU returned 18.53%/yr vs 11.32%/yr for GLDI. Their correlation of 0.81 suggests significant overlap in exposure. AAAU charges 0.18%/yr vs 0.65%/yr for GLDI.

Performance

AAAU vs. GLDI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Physical Gold ETF (AAAU) and UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 (GLDI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with AAAU having a -2.94% return and GLDI slightly higher at -2.88%.

AAAU

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

GLDI

• 1D: -0.50%
• 1M: -5.67%
• YTD: -2.88%
• 6M: -3.64%
• 1Y: 14.20%
• 3Y*: 18.11%
• 5Y*: 11.32%
• 10Y*: 8.00%

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

AAAU vs. GLDI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
AAAU Goldman Sachs Physical Gold ETF	-2.94%	64.06%	26.91%	12.96%	-0.50%	-4.01%	25.02%	18.17%	8.28%
GLDI UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033	-2.88%	34.25%	17.76%	8.93%	-1.11%	-3.42%	23.50%	14.40%	7.69%

Correlation

The correlation between AAAU and GLDI is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (All Time) Calculated using the full available price history since Aug 15, 2018	0.81

The correlation between AAAU and GLDI has been stable across timeframes, ranging from 0.81 to 0.87 - a consistent structural relationship.

Return for Risk

AAAU vs. GLDI — 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

GLDI

GLDI Risk / Return Rank: 25
GLDI Sharpe Ratio Rank: 26
GLDI Sortino Ratio Rank: 22
GLDI Omega Ratio Rank: 28
GLDI Calmar Ratio Rank: 22
GLDI Martin Ratio Rank: 26

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. GLDI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Physical Gold ETF (AAAU) and UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 (GLDI). 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	GLDI	Difference
Sharpe ratio: Return per unit of total volatility	0.89	0.90	0.00
Sortino ratio: Return per unit of downside risk	1.26	1.20	+0.06
Omega ratio: Gain probability vs. loss probability	1.19	1.19	0.00
Calmar ratio: Return relative to maximum drawdown	1.00	1.01	-0.01
Martin ratio: Return relative to average drawdown	2.72	3.38	-0.66

AAAU vs. GLDI - Sharpe Ratio Comparison

The current AAAU Sharpe Ratio is 0.89, which is comparable to the GLDI Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of AAAU and GLDI, 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. GLDI - Drawdown Comparison

The maximum AAAU drawdown since its inception was -24.38%, smaller than the maximum GLDI drawdown of -32.26%. Use the drawdown chart below to compare losses from any high point for AAAU and GLDI.

Drawdown Indicators

	AAAU	GLDI	Difference
Max Drawdown Largest peak-to-trough decline	-24.38%	-32.26%	+7.88%
Max Drawdown (1Y) Largest decline over 1 year	-24.38%	-14.14%	-10.24%
Max Drawdown (3Y) Largest decline over 3 years	-24.38%	-14.14%	-10.24%
Max Drawdown (5Y) Largest decline over 5 years	-24.38%	-14.14%	-10.24%
Max Drawdown (10Y) Largest decline over 10 years	—	-14.94%	—
Current Drawdown Current decline from peak	-22.38%	-11.85%	-10.53%
Average Drawdown Average peak-to-trough decline	-6.27%	-13.99%	+7.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.92%	4.21%	+4.71%

Volatility

AAAU vs. GLDI - Volatility Comparison

Goldman Sachs Physical Gold ETF (AAAU) has a higher volatility of 8.03% compared to UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033 (GLDI) at 7.07%. This indicates that AAAU's price experiences larger fluctuations and is considered to be riskier than GLDI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAAU	GLDI	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.03%	7.07%	+0.96%
Volatility (6M) Calculated over the trailing 6-month period	24.09%	14.49%	+9.60%
Volatility (1Y) Calculated over the trailing 1-year period	27.28%	15.94%	+11.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.06%	11.55%	+6.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.15%	11.53%	+5.62%

AAAU vs. GLDI - Expense Ratio Comparison

AAAU has a 0.18% expense ratio, which is lower than GLDI's 0.65% expense ratio.

Dividends

AAAU vs. GLDI - Dividend Comparison

AAAU has not paid dividends to shareholders, while GLDI's dividend yield for the trailing twelve months is around 26.24%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
GLDI UBS AG ETRACS Gold Shares Covered Call ETNs due February 2, 2033	26.24%	16.15%	10.45%	10.02%	13.73%	10.65%	14.25%	7.25%	5.33%	7.77%	17.26%	10.07%

Frequently Asked Questions

Can I hold both AAAU and GLDI in my portfolio?

AAAU and GLDI have a correlation of 0.86, 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 GLDI?

AAAU has higher volatility (8.03%) compared to GLDI (7.07%). In terms of maximum drawdown, AAAU dropped -24.38% vs GLDI's -32.26%.

Which ETF is better, AAAU or GLDI?

On 5-year performance, AAAU leads with 18.53% vs 11.32% for GLDI. On fees, AAAU is cheaper at 0.18% per year. On volatility, GLDI has been the lower-risk option at 7.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAAU or GLDI?

Over the 5-year period, AAAU has performed better with a 18.53% return vs 11.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAAU or GLDI?

AAAU is cheaper with a 0.18% expense ratio, compared with 0.65% for GLDI.

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

GLDI has the higher dividend yield at 26.24%, compared with 0.00% for AAAU.

What is the main difference between AAAU and GLDI?

AAAU tracks LBMA Gold PM Price, while GLDI tracks Credit Suisse NASDAQ Gold FLOWS 103 Index. They also come from different issuers: Goldman Sachs and UBS. Their fees differ too: 0.18% for AAAU and 0.65% for GLDI.

Which has better risk-adjusted returns?

GLDI currently has the higher Sharpe Ratio (0.90 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.