AAAU vs. PHYS
AAAU (Goldman Sachs Physical Gold ETF) is Gold fund tracking the LBMA Gold PM Price, while PHYS (Sprott Physical Gold Trust) is a stock. Over the past 5 years, AAAU returned 18.53%/yr vs 17.49%/yr for PHYS. With a 0.96 correlation, they move nearly in lockstep.
Performance
AAAU vs. PHYS - Performance Comparison
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Returns By Period
In the year-to-date period, AAAU achieves a -2.94% return, which is significantly higher than PHYS's -4.33% return.
AAAU
- 1D
- -0.65%
- 1M
- -7.07%
- YTD
- -2.94%
- 6M
- -5.73%
- 1Y
- 24.21%
- 3Y*
- 29.48%
- 5Y*
- 18.53%
- 10Y*
- —
PHYS
- 1D
- -0.72%
- 1M
- -7.39%
- YTD
- -4.33%
- 6M
- -6.79%
- 1Y
- 22.25%
- 3Y*
- 28.70%
- 5Y*
- 17.49%
- 10Y*
- 11.15%
AAAU vs. PHYS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
AAAU Goldman Sachs Physical Gold ETF | -2.94% | 64.06% | 26.91% | 12.96% | -0.50% | -4.01% | 25.02% | 18.17% | 8.28% |
PHYS Sprott Physical Gold Trust | -4.33% | 63.95% | 26.43% | 12.98% | -1.81% | -4.84% | 23.89% | 18.14% | 7.40% |
Correlation
The correlation between AAAU and PHYS is 0.99 - 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 | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Aug 15, 2018 | 0.96 |
The correlation between AAAU and PHYS has been stable across timeframes, ranging from 0.96 to 0.99 - a consistent structural relationship.
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Return for Risk
AAAU vs. PHYS — Risk / Return Rank
AAAU
PHYS
AAAU vs. PHYS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Physical Gold ETF (AAAU) and Sprott Physical Gold Trust (PHYS). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| AAAU | PHYS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.10 | ||
| Sortino ratioReturn per unit of downside risk | +0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.17 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.00 | 0.90 | +0.10 |
| Martin ratioReturn relative to average drawdown | 2.72 | 2.45 | +0.27 |
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Drawdowns
AAAU vs. PHYS - Drawdown Comparison
The maximum AAAU drawdown since its inception was -24.38%, smaller than the maximum PHYS drawdown of -48.16%. Use the drawdown chart below to compare losses from any high point for AAAU and PHYS.
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Drawdown Indicators
| AAAU | PHYS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.38% | -48.16% | +23.78% |
Max Drawdown (1Y)Largest decline over 1 year | -24.38% | -24.80% | +0.42% |
Max Drawdown (3Y)Largest decline over 3 years | -24.38% | -24.80% | +0.42% |
Max Drawdown (5Y)Largest decline over 5 years | -24.38% | -24.80% | +0.42% |
Max Drawdown (10Y)Largest decline over 10 years | — | -24.80% | — |
Current DrawdownCurrent decline from peak | -22.38% | -22.82% | +0.44% |
Average DrawdownAverage peak-to-trough decline | -6.27% | -21.00% | +14.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.92% | 9.09% | -0.17% |
Volatility
AAAU vs. PHYS - Volatility Comparison
Goldman Sachs Physical Gold ETF (AAAU) and Sprott Physical Gold Trust (PHYS) have volatilities of 8.03% and 7.97%, 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 | PHYS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.03% | 7.97% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 24.09% | 24.93% | -0.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.28% | 28.31% | -1.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.06% | 18.53% | -0.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.15% | 16.43% | +0.72% |
Dividends
AAAU vs. PHYS - Dividend Comparison
Neither AAAU nor PHYS has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.99, AAAU and PHYS 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 (8.03%) compared to PHYS (7.97%). In terms of maximum drawdown, AAAU dropped -24.38% vs PHYS's -48.16%.
AAAU currently has the higher Sharpe Ratio (0.89 vs 0.79), 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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