AAAU vs. GSEW

Last updated Apr 2, 2026

Compare and contrast key facts about Goldman Sachs Physical Gold ETF (AAAU) and Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (GSEW).

AAAU and GSEW are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. AAAU is a passively managed fund by Goldman Sachs that tracks the performance of the LBMA Gold PM Price. It was launched on Jul 26, 2018. GSEW is a passively managed fund by Goldman Sachs that tracks the performance of the Solactive US Large Cap Equal Weight Index. It was launched on Sep 12, 2017. Both AAAU and GSEW are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

AAAU vs. GSEW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Physical Gold ETF (AAAU) and Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (GSEW). The values are adjusted to include any dividend payments, if applicable.

AAAU vs. GSEW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
AAAU Goldman Sachs Physical Gold ETF	10.48%	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	0.15%	11.97%	16.89%	17.80%	-17.54%	25.43%	16.28%	31.04%	-11.82%

Returns By Period

In the year-to-date period, AAAU achieves a 10.48% return, which is significantly higher than GSEW's 0.15% return.

AAAU

• 1D: 1.78%
• 1M: -10.64%
• YTD: 10.48%
• 6M: 23.10%
• 1Y: 52.53%
• 3Y*: 33.97%
• 5Y*: 22.27%
• 10Y*: —

GSEW

• 1D: 0.38%
• 1M: -5.12%
• YTD: 0.15%
• 6M: 0.69%
• 1Y: 13.18%
• 3Y*: 14.03%
• 5Y*: 7.88%
• 10Y*: —

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

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%.

AAAU

Goldman Sachs Physical Gold ETF

GSEW

Goldman Sachs Equal Weight U.S. Large Cap Equity ETF

Return for Risk

AAAU vs. GSEW — Risk / Return Rank

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

AAAU

AAAU Risk / Return Rank: 86
AAAU Sharpe Ratio Rank: 88
AAAU Sortino Ratio Rank: 85
AAAU Omega Ratio Rank: 85
AAAU Calmar Ratio Rank: 86
AAAU Martin Ratio Rank: 84

GSEW

GSEW Risk / Return Rank: 41
GSEW Sharpe Ratio Rank: 38
GSEW Sortino Ratio Rank: 39
GSEW Omega Ratio Rank: 40
GSEW Calmar Ratio Rank: 39
GSEW Martin Ratio Rank: 48

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. 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 ratio Return per unit of total volatility	1.92	0.75	+1.17
Sortino ratio Return per unit of downside risk	2.35	1.16	+1.19
Omega ratio Gain probability vs. loss probability	1.35	1.17	+0.18
Calmar ratio Return relative to maximum drawdown	2.73	1.06	+1.67
Martin ratio Return relative to average drawdown	10.02	4.86	+5.16
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. GSEW - Sharpe Ratio Comparison

The current AAAU Sharpe Ratio is 1.92, which is higher than the GSEW Sharpe Ratio of 0.75. The chart below compares the historical Sharpe Ratios of AAAU and GSEW, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	AAAU	GSEW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.92	0.75	+1.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.27	0.47	+0.80
Sharpe Ratio (All Time) Calculated using the full available price history	1.18	0.56	+0.62

Correlation

The correlation between AAAU and GSEW is 0.09, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

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 1.55%.

	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	1.55%	1.52%	1.46%	1.64%	1.74%	1.34%	1.53%	1.66%	1.56%	0.54%

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.

Drawdown Indicators

	AAAU	GSEW	Difference
Max Drawdown Largest peak-to-trough decline	-21.63%	-38.65%	+17.02%
Max Drawdown (1Y) Largest decline over 1 year	-19.13%	-12.71%	-6.42%
Max Drawdown (5Y) Largest decline over 5 years	-20.94%	-25.74%	+4.80%
Current Drawdown Current decline from peak	-11.65%	-5.14%	-6.51%
Average Drawdown Average peak-to-trough decline	-6.01%	-5.99%	-0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.21%	2.78%	+2.43%

Volatility

AAAU vs. GSEW - Volatility Comparison

Goldman Sachs Physical Gold ETF (AAAU) has a higher volatility of 10.43% compared to Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (GSEW) at 4.87%. 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.

Volatility by Period

	AAAU	GSEW	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.43%	4.87%	+5.56%
Volatility (6M) Calculated over the trailing 6-month period	24.06%	9.59%	+14.47%
Volatility (1Y) Calculated over the trailing 1-year period	27.50%	17.69%	+9.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.58%	16.91%	+0.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.92%	19.32%	-2.40%