AAAU vs. GVIP
AAAU (Goldman Sachs Physical Gold ETF) and GVIP (Goldman Sachs Hedge Industry VIP ETF) are both exchange-traded funds - AAAU is a Gold fund tracking the LBMA Gold PM Price, while GVIP is a Large Cap Growth Equities fund tracking the Goldman Sachs Hedge Fund VIP Index. Both are passively managed. Over the past 5 years, AAAU returned 18.60%/yr vs 13.05%/yr for GVIP. At a 0.09 correlation, their price movements are largely independent. AAAU charges 0.18%/yr vs 0.45%/yr for GVIP.
Performance
AAAU vs. GVIP - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, AAAU achieves a 3.83% return, which is significantly lower than GVIP's 16.92% return.
AAAU
- 1D
- 0.87%
- 1M
- -1.63%
- YTD
- 3.83%
- 6M
- 6.34%
- 1Y
- 32.55%
- 3Y*
- 31.47%
- 5Y*
- 18.60%
- 10Y*
- —
GVIP
- 1D
- 0.65%
- 1M
- 5.70%
- YTD
- 16.92%
- 6M
- 18.43%
- 1Y
- 37.39%
- 3Y*
- 30.87%
- 5Y*
- 13.05%
- 10Y*
- —
AAAU vs. GVIP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
AAAU Goldman Sachs Physical Gold ETF | 3.83% | 64.06% | 26.91% | 12.96% | -0.50% | -4.01% | 25.02% | 18.17% | 9.20% |
GVIP Goldman Sachs Hedge Industry VIP ETF | 16.92% | 25.27% | 29.82% | 39.15% | -31.95% | 11.86% | 44.12% | 30.21% | -11.74% |
Correlation
The correlation between AAAU and GVIP is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Aug 16, 2018 | 0.09 |
The correlation between AAAU and GVIP shifts across timeframes, from 0.09 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
AAAU vs. GVIP — Risk / Return Rank
AAAU
GVIP
AAAU vs. GVIP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Physical Gold ETF (AAAU) and Goldman Sachs Hedge Industry VIP ETF (GVIP). 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 | GVIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.83 | ||
| Sortino ratioReturn per unit of downside risk | -1.13 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.36 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.71 | 2.75 | -1.04 |
| Martin ratioReturn relative to average drawdown | 4.21 | 11.96 | -7.75 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| AAAU | GVIP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.24 | 2.07 | -0.83 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.05 | 0.62 | +0.43 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.09 | 0.82 | +0.27 |
Drawdowns
AAAU vs. GVIP - Drawdown Comparison
The maximum AAAU drawdown since its inception was -21.63%, smaller than the maximum GVIP drawdown of -37.09%. Use the drawdown chart below to compare losses from any high point for AAAU and GVIP.
Loading charts...
Drawdown Indicators
| AAAU | GVIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.63% | -37.09% | +15.46% |
Max Drawdown (1Y)Largest decline over 1 year | -19.13% | -13.67% | -5.46% |
Max Drawdown (3Y)Largest decline over 3 years | -19.13% | -23.29% | +4.16% |
Max Drawdown (5Y)Largest decline over 5 years | -20.94% | -37.09% | +16.15% |
Current DrawdownCurrent decline from peak | -16.97% | 0.00% | -16.97% |
Average DrawdownAverage peak-to-trough decline | -6.19% | -7.59% | +1.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.76% | 3.14% | +4.62% |
Volatility
AAAU vs. GVIP - Volatility Comparison
Goldman Sachs Physical Gold ETF (AAAU) and Goldman Sachs Hedge Industry VIP ETF (GVIP) have volatilities of 5.51% and 5.27%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| AAAU | GVIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.51% | 5.27% | +0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 22.94% | 14.48% | +8.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.33% | 18.13% | +8.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.83% | 21.29% | -3.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.99% | 21.64% | -4.65% |
AAAU vs. GVIP - Expense Ratio Comparison
AAAU has a 0.18% expense ratio, which is lower than GVIP's 0.45% expense ratio.
Dividends
AAAU vs. GVIP - Dividend Comparison
AAAU has not paid dividends to shareholders, while GVIP's dividend yield for the trailing twelve months is around 0.29%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
GVIP Goldman Sachs Hedge Industry VIP ETF | 0.29% | 0.34% | 0.29% | 0.77% | 0.02% | 0.00% | 0.12% | 0.77% | 0.44% | 0.45% | 0.08% |
Frequently Asked Questions
AAAU and GVIP have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AAAU has higher volatility (5.51%) compared to GVIP (5.27%). In terms of maximum drawdown, AAAU dropped -21.63% vs GVIP's -37.09%.
On 5-year performance, AAAU leads with 18.60% vs 13.05% for GVIP. On fees, AAAU is cheaper at 0.18% per year. On volatility, GVIP has been the lower-risk option at 5.27%. 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 18.60% return vs 13.05%. 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 0.45% for GVIP.
GVIP has the higher dividend yield at 0.29%, compared with 0.00% for AAAU.
AAAU is categorized as Gold, while GVIP is Large Cap Growth Equities. AAAU tracks LBMA Gold PM Price, while GVIP tracks Goldman Sachs Hedge Fund VIP Index. Their fees differ too: 0.18% for AAAU and 0.45% for GVIP.
GVIP currently has the higher Sharpe Ratio (2.07 vs 1.24), 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.
Find the right allocation for AAAU and GVIP
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer