AAAU vs. JUST
Compare and contrast key facts about Goldman Sachs Physical Gold ETF (AAAU) and Goldman Sachs JUST U.S. Large Cap Equity ETF (JUST).
AAAU and JUST 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. JUST is a passively managed fund by Goldman Sachs that tracks the performance of the JUST US Large Cap Diversified Index. It was launched on Jun 7, 2018. Both AAAU and JUST 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. JUST - Performance Comparison
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AAAU vs. JUST - 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% |
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF | -3.30% | 17.60% | 23.73% | 24.86% | -17.88% | 26.89% | 19.59% | 31.54% | -11.04% |
Returns By Period
In the year-to-date period, AAAU achieves a 10.48% return, which is significantly higher than JUST's -3.30% return.
AAAU
- 1D
- 1.78%
- 1M
- -10.64%
- YTD
- 10.48%
- 6M
- 23.10%
- 1Y
- 52.53%
- 3Y*
- 33.97%
- 5Y*
- 22.27%
- 10Y*
- —
JUST
- 1D
- 0.81%
- 1M
- -3.98%
- YTD
- -3.30%
- 6M
- -0.31%
- 1Y
- 18.27%
- 3Y*
- 18.12%
- 5Y*
- 11.22%
- 10Y*
- —
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AAAU vs. JUST - Expense Ratio Comparison
AAAU has a 0.18% expense ratio, which is lower than JUST's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Return for Risk
AAAU vs. JUST — Risk / Return Rank
AAAU
JUST
AAAU vs. JUST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Physical Gold ETF (AAAU) and Goldman Sachs JUST U.S. Large Cap Equity ETF (JUST). 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 | JUST | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.92 | 1.00 | +0.92 |
Sortino ratioReturn per unit of downside risk | 2.35 | 1.53 | +0.82 |
Omega ratioGain probability vs. loss probability | 1.35 | 1.23 | +0.12 |
Calmar ratioReturn relative to maximum drawdown | 2.73 | 1.49 | +1.24 |
Martin ratioReturn relative to average drawdown | 10.02 | 7.10 | +2.92 |
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 | JUST | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.92 | 1.00 | +0.92 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.27 | 0.67 | +0.60 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.18 | 0.68 | +0.50 |
Correlation
The correlation between AAAU and JUST is 0.07, 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. JUST - Dividend Comparison
AAAU has not paid dividends to shareholders, while JUST's dividend yield for the trailing twelve months is around 1.08%.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
AAAU Goldman Sachs Physical Gold ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF | 1.08% | 1.02% | 1.11% | 1.37% | 1.51% | 1.07% | 1.36% | 1.86% | 1.11% |
Drawdowns
AAAU vs. JUST - Drawdown Comparison
The maximum AAAU drawdown since its inception was -21.63%, smaller than the maximum JUST drawdown of -33.83%. Use the drawdown chart below to compare losses from any high point for AAAU and JUST.
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Drawdown Indicators
| AAAU | JUST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.63% | -33.83% | +12.20% |
Max Drawdown (1Y)Largest decline over 1 year | -19.13% | -12.44% | -6.69% |
Max Drawdown (5Y)Largest decline over 5 years | -20.94% | -24.72% | +3.78% |
Current DrawdownCurrent decline from peak | -11.65% | -5.36% | -6.29% |
Average DrawdownAverage peak-to-trough decline | -6.01% | -5.20% | -0.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.21% | 2.61% | +2.60% |
Volatility
AAAU vs. JUST - Volatility Comparison
Goldman Sachs Physical Gold ETF (AAAU) has a higher volatility of 10.43% compared to Goldman Sachs JUST U.S. Large Cap Equity ETF (JUST) at 5.14%. This indicates that AAAU's price experiences larger fluctuations and is considered to be riskier than JUST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AAAU | JUST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.43% | 5.14% | +5.29% |
Volatility (6M)Calculated over the trailing 6-month period | 24.06% | 9.49% | +14.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.50% | 18.29% | +9.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.58% | 16.77% | +0.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.92% | 19.24% | -2.32% |