AAAU vs. SA

Last updated Jun 5, 2026

AAAU (Goldman Sachs Physical Gold ETF) is Gold fund tracking the LBMA Gold PM Price, while SA (Seabridge Gold Inc.) is a stock. Over the past 5 years, AAAU returned 18.60%/yr vs 12.47%/yr for SA. A 0.64 correlation means they provide meaningful diversification when combined.

Performance

AAAU vs. SA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Physical Gold ETF (AAAU) and Seabridge Gold Inc. (SA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAAU achieves a 3.83% return, which is significantly lower than SA's 15.07% return.

AAAU

• 1D: 0.87%
• 1M: -1.63%
• YTD: 3.83%
• 6M: 6.34%
• 1Y: 32.55%
• 3Y*: 31.47%
• 5Y*: 18.60%
• 10Y*: —

SA

• 1D: -0.73%
• 1M: 21.43%
• YTD: 15.07%
• 6M: 11.06%
• 1Y: 154.87%
• 3Y*: 34.19%
• 5Y*: 12.47%
• 10Y*: 9.60%

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

AAAU vs. SA - 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%
SA Seabridge Gold Inc.	15.07%	159.33%	-5.94%	-3.58%	-23.71%	-21.74%	52.46%	4.46%	12.12%

Correlation

The correlation between AAAU and SA is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (All Time) Calculated using the full available price history since Aug 16, 2018	0.64

The correlation between AAAU and SA has been stable across timeframes, ranging from 0.63 to 0.65 - a consistent structural relationship.

Return for Risk

AAAU vs. SA — Risk / Return Rank

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

AAAU

AAAU Risk / Return Rank: 34
AAAU Sharpe Ratio Rank: 36
AAAU Sortino Ratio Rank: 31
AAAU Omega Ratio Rank: 39
AAAU Calmar Ratio Rank: 35
AAAU Martin Ratio Rank: 30

SA

SA Risk / Return Rank: 88
SA Sharpe Ratio Rank: 92
SA Sortino Ratio Rank: 85
SA Omega Ratio Rank: 86
SA Calmar Ratio Rank: 88
SA Martin Ratio Rank: 89

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. SA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Physical Gold ETF (AAAU) and Seabridge Gold Inc. (SA). 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	SA	Difference
Sharpe ratio: Return per unit of total volatility	1.24	2.52	-1.28
Sortino ratio: Return per unit of downside risk	1.64	2.74	-1.10
Omega ratio: Gain probability vs. loss probability	1.25	1.37	-0.12
Calmar ratio: Return relative to maximum drawdown	1.71	4.11	-2.40
Martin ratio: Return relative to average drawdown	4.21	10.98	-6.78
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. SA - Sharpe Ratio Comparison

The current AAAU Sharpe Ratio is 1.24, which is lower than the SA Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of AAAU and SA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AAAU	SA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.24	2.52	-1.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.05	0.25	+0.80
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.19	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.09	0.19	+0.91

Drawdowns

AAAU vs. SA - Drawdown Comparison

The maximum AAAU drawdown since its inception was -21.63%, smaller than the maximum SA drawdown of -90.99%. Use the drawdown chart below to compare losses from any high point for AAAU and SA.

Drawdown Indicators

	AAAU	SA	Difference
Max Drawdown Largest peak-to-trough decline	-21.63%	-90.99%	+69.36%
Max Drawdown (1Y) Largest decline over 1 year	-19.13%	-37.92%	+18.79%
Max Drawdown (3Y) Largest decline over 3 years	-19.13%	-52.51%	+33.38%
Max Drawdown (5Y) Largest decline over 5 years	-20.94%	-56.12%	+35.18%
Max Drawdown (10Y) Largest decline over 10 years	—	-61.10%	—
Current Drawdown Current decline from peak	-16.97%	-13.47%	-3.50%
Average Drawdown Average peak-to-trough decline	-6.19%	-51.31%	+45.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.76%	14.16%	-6.40%

Volatility

AAAU vs. SA - Volatility Comparison

The current volatility for Goldman Sachs Physical Gold ETF (AAAU) is 5.51%, while Seabridge Gold Inc. (SA) has a volatility of 22.29%. This indicates that AAAU experiences smaller price fluctuations and is considered to be less risky than SA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAAU	SA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.51%	22.29%	-16.78%
Volatility (6M) Calculated over the trailing 6-month period	22.94%	50.27%	-27.33%
Volatility (1Y) Calculated over the trailing 1-year period	26.33%	61.85%	-35.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.83%	50.76%	-32.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.99%	51.11%	-34.12%

Dividends

AAAU vs. SA - Dividend Comparison

Neither AAAU nor SA has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both AAAU and SA in my portfolio?

AAAU and SA have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AAAU or SA?

SA has higher volatility (22.29%) compared to AAAU (5.51%). In terms of maximum drawdown, AAAU dropped -21.63% vs SA's -90.99%.

Which has better risk-adjusted returns?

SA currently has the higher Sharpe Ratio (2.52 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.