AAAU vs. GSEW
AAAU (Goldman Sachs Physical Gold ETF) and GSEW (Goldman Sachs Equal Weight U.S. Large Cap Equity ETF) are both exchange-traded funds - AAAU is a Gold fund tracking the LBMA Gold PM Price, while GSEW is a Large Cap Growth Equities fund tracking the Solactive US Large Cap Equal Weight Index. Both are passively managed. Over the past 5 years, AAAU returned 17.72%/yr vs 8.50%/yr for GSEW. At a 0.09 correlation, their price movements are largely independent. AAAU charges 0.18%/yr vs 0.09%/yr for GSEW.
Performance
AAAU vs. GSEW - Performance Comparison
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Returns By Period
In the year-to-date period, AAAU achieves a 0.05% return, which is significantly lower than GSEW's 8.86% return.
AAAU
- 1D
- -3.64%
- 1M
- -8.02%
- YTD
- 0.05%
- 6M
- 2.64%
- 1Y
- 28.42%
- 3Y*
- 29.80%
- 5Y*
- 17.72%
- 10Y*
- —
GSEW
- 1D
- -1.58%
- 1M
- 0.96%
- YTD
- 8.86%
- 6M
- 8.58%
- 1Y
- 18.15%
- 3Y*
- 17.09%
- 5Y*
- 8.50%
- 10Y*
- —
AAAU vs. GSEW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
AAAU Goldman Sachs Physical Gold ETF | 0.05% | 64.06% | 26.91% | 12.96% | -0.50% | -4.01% | 25.02% | 18.17% | 9.20% |
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF | 8.86% | 11.97% | 16.89% | 17.80% | -17.54% | 25.43% | 16.28% | 31.04% | -11.82% |
Correlation
The correlation between AAAU and GSEW 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 | 0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Aug 16, 2018 | 0.09 |
The correlation between AAAU and GSEW shifts across timeframes, from 0.09 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
AAAU vs. GSEW — Risk / Return Rank
AAAU
GSEW
AAAU vs. GSEW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Physical Gold ETF (AAAU) and Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (GSEW). 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 | GSEW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.41 | ||
| Sortino ratioReturn per unit of downside risk | -0.68 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.26 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.43 | 2.36 | -0.93 |
| Martin ratioReturn relative to average drawdown | 3.62 | 9.01 | -5.39 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| AAAU | GSEW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.07 | 1.49 | -0.41 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.99 | 0.50 | +0.49 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.06 | 0.61 | +0.45 |
Drawdowns
AAAU vs. GSEW - Drawdown Comparison
The maximum AAAU drawdown since its inception was -21.63%, smaller than the maximum GSEW drawdown of -38.65%. Use the drawdown chart below to compare losses from any high point for AAAU and GSEW.
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Drawdown Indicators
| AAAU | GSEW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.63% | -38.65% | +17.02% |
Max Drawdown (1Y)Largest decline over 1 year | -20.00% | -7.72% | -12.28% |
Max Drawdown (3Y)Largest decline over 3 years | -20.00% | -18.18% | -1.82% |
Max Drawdown (5Y)Largest decline over 5 years | -20.94% | -25.74% | +4.80% |
Current DrawdownCurrent decline from peak | -20.00% | -1.58% | -18.42% |
Average DrawdownAverage peak-to-trough decline | -6.19% | -5.89% | -0.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.86% | 2.02% | +5.84% |
Volatility
AAAU vs. GSEW - Volatility Comparison
Goldman Sachs Physical Gold ETF (AAAU) has a higher volatility of 5.66% compared to Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (GSEW) at 3.23%. This indicates that AAAU's price experiences larger fluctuations and is considered to be riskier than GSEW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AAAU | GSEW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.66% | 3.23% | +2.43% |
Volatility (6M)Calculated over the trailing 6-month period | 23.25% | 9.21% | +14.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.59% | 12.25% | +14.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.90% | 16.93% | +0.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.04% | 19.20% | -2.16% |
AAAU vs. GSEW - Expense Ratio Comparison
AAAU has a 0.18% expense ratio, which is higher than GSEW's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
AAAU vs. GSEW - Dividend Comparison
AAAU has not paid dividends to shareholders, while GSEW's dividend yield for the trailing twelve months is around 1.43%.
| 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% |
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF | 1.43% | 1.52% | 1.46% | 1.64% | 1.74% | 1.34% | 1.53% | 1.66% | 1.56% | 0.54% |
Frequently Asked Questions
AAAU and GSEW 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.
AAAU has higher volatility (5.66%) compared to GSEW (3.23%). In terms of maximum drawdown, AAAU dropped -21.63% vs GSEW's -38.65%.
On 5-year performance, AAAU leads with 17.72% vs 8.50% for GSEW. On fees, GSEW is cheaper at 0.09% per year. On volatility, GSEW has been the lower-risk option at 3.23%. 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 17.72% return vs 8.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GSEW is cheaper with a 0.09% expense ratio, compared with 0.18% for AAAU.
GSEW has the higher dividend yield at 1.43%, compared with 0.00% for AAAU.
AAAU is categorized as Gold, while GSEW is Large Cap Growth Equities. AAAU tracks LBMA Gold PM Price, while GSEW tracks Solactive US Large Cap Equal Weight Index. Their fees differ too: 0.18% for AAAU and 0.09% for GSEW.
GSEW currently has the higher Sharpe Ratio (1.49 vs 1.07), 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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