AAAU vs. GLDY

Last updated Jun 5, 2026

AAAU (Goldman Sachs Physical Gold ETF) and GLDY (Defiance Gold Enhanced Options Income ETF) are both exchange-traded funds - AAAU is a Gold fund tracking the LBMA Gold PM Price, while GLDY is a Derivative Income fund actively managed by Defiance. AAAU is passively managed, while GLDY is actively managed. Over the past year, AAAU returned 32.55% vs 13.41% for GLDY. Their correlation of 0.89 suggests significant overlap in exposure. AAAU charges 0.18%/yr vs 0.99%/yr for GLDY.

Performance

AAAU vs. GLDY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Physical Gold ETF (AAAU) and Defiance Gold Enhanced Options Income ETF (GLDY). 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 GLDY's -1.92% return.

AAAU

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

GLDY

• 1D: 0.39%
• 1M: -1.62%
• YTD: -1.92%
• 6M: -0.12%
• 1Y: 13.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AAAU vs. GLDY - Yearly Performance Comparison

	2026 (YTD)	2025
AAAU Goldman Sachs Physical Gold ETF	3.83%	37.81%
GLDY Defiance Gold Enhanced Options Income ETF	-1.92%	15.40%

Correlation

The correlation between AAAU and GLDY is 0.89, 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	0.89
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	0.89

The correlation between AAAU and GLDY has been stable across timeframes, ranging from 0.89 to 0.89 - a consistent structural relationship.

Return for Risk

AAAU vs. GLDY — 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

GLDY

GLDY Risk / Return Rank: 21
GLDY Sharpe Ratio Rank: 21
GLDY Sortino Ratio Rank: 18
GLDY Omega Ratio Rank: 24
GLDY Calmar Ratio Rank: 23
GLDY Martin Ratio Rank: 20

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. GLDY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Physical Gold ETF (AAAU) and Defiance Gold Enhanced Options Income ETF (GLDY). 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	GLDY	Difference
Sharpe ratio: Return per unit of total volatility	1.24	0.68	+0.56
Sortino ratio: Return per unit of downside risk	1.64	0.90	+0.74
Omega ratio: Gain probability vs. loss probability	1.25	1.15	+0.09
Calmar ratio: Return relative to maximum drawdown	1.71	1.00	+0.71
Martin ratio: Return relative to average drawdown	4.21	2.37	+1.83
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. GLDY - Sharpe Ratio Comparison

The current AAAU Sharpe Ratio is 1.24, which is higher than the GLDY Sharpe Ratio of 0.68. The chart below compares the historical Sharpe Ratios of AAAU and GLDY, 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	GLDY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.24	0.68	+0.56
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	0.57	+0.52

Drawdowns

AAAU vs. GLDY - Drawdown Comparison

The maximum AAAU drawdown since its inception was -21.63%, which is greater than GLDY's maximum drawdown of -13.43%. Use the drawdown chart below to compare losses from any high point for AAAU and GLDY.

Drawdown Indicators

	AAAU	GLDY	Difference
Max Drawdown Largest peak-to-trough decline	-21.63%	-13.43%	-8.20%
Max Drawdown (1Y) Largest decline over 1 year	-19.13%	-13.43%	-5.70%
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%	-12.78%	-4.19%
Average Drawdown Average peak-to-trough decline	-6.19%	-3.94%	-2.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.76%	5.67%	+2.09%

Volatility

AAAU vs. GLDY - Volatility Comparison

Goldman Sachs Physical Gold ETF (AAAU) has a higher volatility of 5.51% compared to Defiance Gold Enhanced Options Income ETF (GLDY) at 4.53%. This indicates that AAAU's price experiences larger fluctuations and is considered to be riskier than GLDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAAU	GLDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.51%	4.53%	+0.98%
Volatility (6M) Calculated over the trailing 6-month period	22.94%	18.28%	+4.66%
Volatility (1Y) Calculated over the trailing 1-year period	26.33%	19.87%	+6.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.83%	19.55%	-1.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.99%	19.55%	-2.56%

AAAU vs. GLDY - Expense Ratio Comparison

AAAU has a 0.18% expense ratio, which is lower than GLDY's 0.99% expense ratio.

Dividends

AAAU vs. GLDY - Dividend Comparison

AAAU has not paid dividends to shareholders, while GLDY's dividend yield for the trailing twelve months is around 47.09%.

Position	TTM	2025
AAAU Goldman Sachs Physical Gold ETF	0.00%	0.00%
GLDY Defiance Gold Enhanced Options Income ETF	47.09%	37.38%

Frequently Asked Questions

Can I hold both AAAU and GLDY in my portfolio?

AAAU and GLDY have a correlation of 0.89, 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 GLDY?

AAAU has higher volatility (5.51%) compared to GLDY (4.53%). In terms of maximum drawdown, AAAU dropped -21.63% vs GLDY's -13.43%.

Which ETF is better, AAAU or GLDY?

On 1-year performance, AAAU leads with 32.55% vs 13.41% for GLDY. On fees, AAAU is cheaper at 0.18% per year. On volatility, GLDY has been the lower-risk option at 4.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAAU or GLDY?

Over the 1-year period, AAAU has performed better with a 32.55% return vs 13.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAAU or GLDY?

AAAU is cheaper with a 0.18% expense ratio, compared with 0.99% for GLDY.

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

GLDY has the higher dividend yield at 47.09%, compared with 0.00% for AAAU.

What is the main difference between AAAU and GLDY?

AAAU is categorized as Gold, while GLDY is Derivative Income. They also come from different issuers: Goldman Sachs and Defiance. Their fees differ too: 0.18% for AAAU and 0.99% for GLDY.

Which has better risk-adjusted returns?

AAAU currently has the higher Sharpe Ratio (1.24 vs 0.68), 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.