AAAU vs. GOEX
AAAU (Goldman Sachs Physical Gold ETF) and GOEX (Global X Gold Explorers ETF) are both Gold funds - AAAU tracks the LBMA Gold PM Price while GOEX tracks the Solactive Global Gold Explorers & Developers Total Return. Both are passively managed. Over the past 5 years, AAAU returned 18.53%/yr vs 20.81%/yr for GOEX. A 0.76 correlation means they provide meaningful diversification when combined. AAAU charges 0.18%/yr vs 0.65%/yr for GOEX.
Performance
AAAU vs. GOEX - Performance Comparison
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Returns By Period
In the year-to-date period, AAAU achieves a -2.94% return, which is significantly higher than GOEX's -6.42% return.
AAAU
- 1D
- -0.65%
- 1M
- -7.07%
- YTD
- -2.94%
- 6M
- -5.73%
- 1Y
- 24.21%
- 3Y*
- 29.48%
- 5Y*
- 18.53%
- 10Y*
- —
GOEX
- 1D
- -0.12%
- 1M
- -2.47%
- YTD
- -6.42%
- 6M
- -11.26%
- 1Y
- 67.83%
- 3Y*
- 49.11%
- 5Y*
- 20.81%
- 10Y*
- 12.52%
AAAU vs. GOEX - 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% |
GOEX Global X Gold Explorers ETF | -6.42% | 179.50% | 19.38% | 1.99% | -14.63% | -14.45% | 34.98% | 36.73% | -1.17% |
Correlation
The correlation between AAAU and GOEX is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Aug 15, 2018 | 0.76 |
The correlation between AAAU and GOEX has been stable across timeframes, ranging from 0.76 to 0.79 - a consistent structural relationship.
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Return for Risk
AAAU vs. GOEX — Risk / Return Rank
AAAU
GOEX
AAAU vs. GOEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Physical Gold ETF (AAAU) and Global X Gold Explorers ETF (GOEX). 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 | GOEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.44 | ||
| Sortino ratioReturn per unit of downside risk | -0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.24 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.00 | 1.72 | -0.72 |
| Martin ratioReturn relative to average drawdown | 2.72 | 4.61 | -1.89 |
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Drawdowns
AAAU vs. GOEX - Drawdown Comparison
The maximum AAAU drawdown since its inception was -24.38%, smaller than the maximum GOEX drawdown of -88.83%. Use the drawdown chart below to compare losses from any high point for AAAU and GOEX.
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Drawdown Indicators
| AAAU | GOEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.38% | -88.83% | +64.45% |
Max Drawdown (1Y)Largest decline over 1 year | -24.38% | -39.64% | +15.26% |
Max Drawdown (3Y)Largest decline over 3 years | -24.38% | -39.64% | +15.26% |
Max Drawdown (5Y)Largest decline over 5 years | -24.38% | -47.16% | +22.78% |
Max Drawdown (10Y)Largest decline over 10 years | — | -53.66% | — |
Current DrawdownCurrent decline from peak | -22.38% | -30.93% | +8.55% |
Average DrawdownAverage peak-to-trough decline | -6.27% | -63.48% | +57.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.92% | 14.77% | -5.85% |
Volatility
AAAU vs. GOEX - Volatility Comparison
The current volatility for Goldman Sachs Physical Gold ETF (AAAU) is 8.03%, while Global X Gold Explorers ETF (GOEX) has a volatility of 17.87%. This indicates that AAAU experiences smaller price fluctuations and is considered to be less risky than GOEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AAAU | GOEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.03% | 17.87% | -9.84% |
Volatility (6M)Calculated over the trailing 6-month period | 24.09% | 42.43% | -18.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.28% | 51.38% | -24.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.06% | 39.52% | -21.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.15% | 40.19% | -23.04% |
AAAU vs. GOEX - Expense Ratio Comparison
AAAU has a 0.18% expense ratio, which is lower than GOEX's 0.65% expense ratio.
Dividends
AAAU vs. GOEX - Dividend Comparison
AAAU has not paid dividends to shareholders, while GOEX's dividend yield for the trailing twelve months is around 2.22%.
| 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% |
GOEX Global X Gold Explorers ETF | 2.22% | 2.08% | 2.46% | 0.05% | 1.04% | 2.35% | 2.62% | 1.60% | 0.00% | 0.00% | 38.91% | 11.70% |
Frequently Asked Questions
AAAU and GOEX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GOEX has higher volatility (17.87%) compared to AAAU (8.03%). In terms of maximum drawdown, AAAU dropped -24.38% vs GOEX's -88.83%.
On 5-year performance, GOEX leads with 20.81% vs 18.53% for AAAU. On fees, AAAU is cheaper at 0.18% per year. On volatility, AAAU has been the lower-risk option at 8.03%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GOEX has performed better with a 20.81% return vs 18.53%. 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 0.65% for GOEX.
GOEX has the higher dividend yield at 2.22%, compared with 0.00% for AAAU.
AAAU tracks LBMA Gold PM Price, while GOEX tracks Solactive Global Gold Explorers & Developers Total Return. They also come from different issuers: Goldman Sachs and Global X. Their fees differ too: 0.18% for AAAU and 0.65% for GOEX.
GOEX currently has the higher Sharpe Ratio (1.33 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.
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