AAAU vs. GOLI

Last updated Jul 14, 2026

AAAU (Goldman Sachs Physical Gold ETF) and GOLI (Defiance Gold Enhanced Options Income ETF) are both exchange-traded funds - AAAU is a Gold fund tracking the LBMA Gold PM Price, while GOLI is a Derivative Income fund actively managed by Defiance. AAAU is passively managed, while GOLI is actively managed. Over the past year, AAAU returned 19.00% vs 2.36% for GOLI. Their correlation of 0.88 suggests significant overlap in exposure. AAAU charges 0.18%/yr vs 0.99%/yr for GOLI.

Performance

AAAU vs. GOLI - 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 (GOLI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAAU achieves a -7.29% return, which is significantly higher than GOLI's -10.70% return.

AAAU

• 1D: -2.59%
• 1M: -5.01%
• 6M: -12.99%
• YTD: -7.29%
• 1Y: 19.00%
• 3Y*: 26.76%
• 5Y*: 16.76%
• 10Y*: —

GOLI

• 1D: -1.71%
• 1M: -3.41%
• 6M: -14.24%
• YTD: -10.70%
• 1Y: 2.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AAAU vs. GOLI - Yearly Performance Comparison

	2026 (YTD)	2025
AAAU Goldman Sachs Physical Gold ETF	-7.29%	38.06%
GOLI Defiance Gold Enhanced Options Income ETF	-10.70%	15.16%

Correlation

The correlation between AAAU and GOLI is 0.88, 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	0.88
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025	0.88

The correlation between AAAU and GOLI has been stable across timeframes, ranging from 0.88 to 0.88 - a consistent structural relationship.

Return for Risk

AAAU vs. GOLI — Risk / Return Rank

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

AAAU

AAAU Risk / Return Rank: 22
AAAU Sharpe Ratio Rank: 24
AAAU Sortino Ratio Rank: 22
AAAU Omega Ratio Rank: 26
AAAU Calmar Ratio Rank: 21
AAAU Martin Ratio Rank: 20

GOLI

GOLI Risk / Return Rank: 11
GOLI Sharpe Ratio Rank: 11
GOLI Sortino Ratio Rank: 11
GOLI Omega Ratio Rank: 12
GOLI Calmar Ratio Rank: 10
GOLI Martin Ratio Rank: 11

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. GOLI - 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 (GOLI). 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	GOLI	Difference
Sharpe ratio: Return per unit of total volatility	0.69	0.09	+0.60
Sortino ratio: Return per unit of downside risk	1.03	0.29	+0.75
Omega ratio: Gain probability vs. loss probability	1.15	1.05	+0.10
Calmar ratio: Return relative to maximum drawdown	0.73	0.09	+0.64
Martin ratio: Return relative to average drawdown	1.79	0.29	+1.51

AAAU vs. GOLI - Sharpe Ratio Comparison

The current AAAU Sharpe Ratio is 0.69, which is higher than the GOLI Sharpe Ratio of 0.09. The chart below compares the historical Sharpe Ratios of AAAU and GOLI, 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. GOLI - Drawdown Comparison

The maximum AAAU drawdown since its inception was -26.14%, roughly equal to the maximum GOLI drawdown of -25.88%. Use the drawdown chart below to compare losses from any high point for AAAU and GOLI.

Drawdown Indicators

	AAAU	GOLI	Difference
Max Drawdown Largest peak-to-trough decline	-26.14%	-25.88%	-0.26%
Max Drawdown (1Y) Largest decline over 1 year	-26.14%	-25.88%	-0.26%
Max Drawdown (3Y) Largest decline over 3 years	-26.14%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.14%	—	—
Current Drawdown Current decline from peak	-25.86%	-20.59%	-5.27%
Average Drawdown Average peak-to-trough decline	-6.40%	-5.11%	-1.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.63%	8.28%	+2.35%

Volatility

AAAU vs. GOLI - Volatility Comparison

The current volatility for Goldman Sachs Physical Gold ETF (AAAU) is 7.53%, while Defiance Gold Enhanced Options Income ETF (GOLI) has a volatility of 14.48%. This indicates that AAAU experiences smaller price fluctuations and is considered to be less risky than GOLI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAAU	GOLI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.53%	14.48%	-6.95%
Volatility (6M) Calculated over the trailing 6-month period	23.96%	23.37%	+0.59%
Volatility (1Y) Calculated over the trailing 1-year period	27.68%	25.07%	+2.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.23%	23.26%	-5.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.21%	23.26%	-6.05%

AAAU vs. GOLI - Expense Ratio Comparison

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

Dividends

AAAU vs. GOLI - Dividend Comparison

AAAU has not paid dividends to shareholders, while GOLI's dividend yield for the trailing twelve months is around 51.67%.

Position	TTM	2025
AAAU Goldman Sachs Physical Gold ETF	0.00%	0.00%
GOLI Defiance Gold Enhanced Options Income ETF	51.67%	37.38%

Frequently Asked Questions

Can I hold both AAAU and GOLI in my portfolio?

AAAU and GOLI have a correlation of 0.88, 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 GOLI?

GOLI has higher volatility (14.48%) compared to AAAU (7.53%). In terms of maximum drawdown, AAAU dropped -26.14% vs GOLI's -25.88%.

Which ETF is better, AAAU or GOLI?

On 1-year performance, AAAU leads with 19.00% vs 2.36% for GOLI. On fees, AAAU is cheaper at 0.18% per year. On volatility, AAAU has been the lower-risk option at 7.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAAU or GOLI?

Over the 1-year period, AAAU has performed better with a 19.00% return vs 2.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAAU or GOLI?

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

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

GOLI has the higher dividend yield at 51.67%, compared with 0.00% for AAAU.

What is the main difference between AAAU and GOLI?

AAAU is categorized as Gold, while GOLI 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 GOLI.

Which has better risk-adjusted returns?

AAAU currently has the higher Sharpe Ratio (0.69 vs 0.09), 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.