AAAU vs. IAUM
AAAU (Goldman Sachs Physical Gold ETF) and IAUM (iShares Gold Trust Micro) are both Gold funds - AAAU tracks the LBMA Gold PM Price while IAUM tracks the LBMA Gold Price PM. Both are passively managed. Over the past 3 years, AAAU returned 29.80%/yr vs 29.97%/yr for IAUM. With a 1.00 correlation, they move nearly in lockstep. AAAU charges 0.18%/yr vs 0.09%/yr for IAUM.
Performance
AAAU vs. IAUM - 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 IAUM's 0.07% return.
AAAU
- 1D
- -3.64%
- 1M
- -8.02%
- YTD
- 0.05%
- 6M
- 2.64%
- 1Y
- 28.42%
- 3Y*
- 29.80%
- 5Y*
- 17.72%
- 10Y*
- —
IAUM
- 1D
- -3.63%
- 1M
- -8.02%
- YTD
- 0.07%
- 6M
- 2.72%
- 1Y
- 28.61%
- 3Y*
- 29.97%
- 5Y*
- —
- 10Y*
- —
AAAU vs. IAUM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
AAAU Goldman Sachs Physical Gold ETF | 0.05% | 64.06% | 26.91% | 12.96% | -0.50% | 3.71% |
IAUM iShares Gold Trust Micro | 0.07% | 64.27% | 27.04% | 13.12% | -0.49% | 3.87% |
Correlation
The correlation between AAAU and IAUM is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 1.00 |
Correlation (All Time) Calculated using the full available price history since Jun 30, 2021 | 1.00 |
The correlation between AAAU and IAUM has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.
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Return for Risk
AAAU vs. IAUM — Risk / Return Rank
AAAU
IAUM
AAAU vs. IAUM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Physical Gold ETF (AAAU) and iShares Gold Trust Micro (IAUM). 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 | IAUM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.22 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.43 | 1.44 | -0.01 |
| Martin ratioReturn relative to average drawdown | 3.62 | 3.64 | -0.02 |
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 | IAUM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.07 | 1.08 | -0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.99 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.06 | 1.11 | -0.05 |
Drawdowns
AAAU vs. IAUM - Drawdown Comparison
The maximum AAAU drawdown since its inception was -21.63%, roughly equal to the maximum IAUM drawdown of -20.87%. Use the drawdown chart below to compare losses from any high point for AAAU and IAUM.
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Drawdown Indicators
| AAAU | IAUM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.63% | -20.87% | -0.76% |
Max Drawdown (1Y)Largest decline over 1 year | -20.00% | -20.02% | +0.02% |
Max Drawdown (3Y)Largest decline over 3 years | -20.00% | -20.02% | +0.02% |
Max Drawdown (5Y)Largest decline over 5 years | -20.94% | — | — |
Current DrawdownCurrent decline from peak | -20.00% | -20.02% | +0.02% |
Average DrawdownAverage peak-to-trough decline | -6.19% | -5.32% | -0.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.86% | 7.88% | -0.02% |
Volatility
AAAU vs. IAUM - Volatility Comparison
Goldman Sachs Physical Gold ETF (AAAU) and iShares Gold Trust Micro (IAUM) have volatilities of 5.66% and 5.63%, 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.
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Volatility by Period
| AAAU | IAUM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.66% | 5.63% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 23.25% | 23.20% | +0.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.59% | 26.56% | +0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.90% | 17.93% | -0.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.04% | 17.93% | -0.89% |
AAAU vs. IAUM - Expense Ratio Comparison
AAAU has a 0.18% expense ratio, which is higher than IAUM'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. IAUM - Dividend Comparison
Neither AAAU nor IAUM has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 1.00, AAAU and IAUM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
AAAU has higher volatility (5.66%) compared to IAUM (5.63%). In terms of maximum drawdown, AAAU dropped -21.63% vs IAUM's -20.87%.
On 3-year performance, IAUM leads with 29.97% vs 29.80% for AAAU. On fees, IAUM is cheaper at 0.09% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IAUM has performed better with a 29.97% return vs 29.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAUM is cheaper with a 0.09% expense ratio, compared with 0.18% for AAAU.
AAAU and IAUM have nearly identical dividend yields, around 0.00%.
AAAU tracks LBMA Gold PM Price, while IAUM tracks LBMA Gold Price PM. They also come from different issuers: Goldman Sachs and iShares. Their fees differ too: 0.18% for AAAU and 0.09% for IAUM.
IAUM currently has the higher Sharpe Ratio (1.08 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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