AAAU vs. SA
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 17.51%/yr vs 7.46%/yr for SA. A 0.64 correlation means they provide meaningful diversification when combined.
Performance
AAAU vs. SA - Performance Comparison
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Returns By Period
In the year-to-date period, AAAU achieves a -6.75% return, which is significantly higher than SA's -13.69% return.
AAAU
- 1D
- 0.97%
- 1M
- -10.77%
- YTD
- -6.75%
- 6M
- -10.23%
- 1Y
- 20.50%
- 3Y*
- 27.69%
- 5Y*
- 17.51%
- 10Y*
- —
SA
- 1D
- 3.19%
- 1M
- -18.79%
- YTD
- -13.69%
- 6M
- -17.51%
- 1Y
- 78.85%
- 3Y*
- 28.31%
- 5Y*
- 7.46%
- 10Y*
- 5.90%
AAAU vs. SA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
AAAU Goldman Sachs Physical Gold ETF | -6.75% | 64.06% | 26.91% | 12.96% | -0.50% | -4.01% | 25.02% | 18.17% | 8.28% |
SA Seabridge Gold Inc. | -13.69% | 159.33% | -5.94% | -3.58% | -23.71% | -21.74% | 52.46% | 4.46% | 3.36% |
Correlation
The correlation between AAAU and SA is 0.68, 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 | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Aug 15, 2018 | 0.64 |
The correlation between AAAU and SA has been stable across timeframes, ranging from 0.64 to 0.68 - a consistent structural relationship.
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Return for Risk
AAAU vs. SA — Risk / Return Rank
AAAU
SA
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.
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 | SA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.44 | ||
| Sortino ratioReturn per unit of downside risk | -0.64 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.23 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 0.79 | 2.09 | -1.30 |
| Martin ratioReturn relative to average drawdown | 2.20 | 5.04 | -2.83 |
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Drawdowns
AAAU vs. SA - Drawdown Comparison
The maximum AAAU drawdown since its inception was -26.14%, 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.
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Drawdown Indicators
| AAAU | SA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.14% | -90.99% | +64.85% |
Max Drawdown (1Y)Largest decline over 1 year | -26.14% | -37.92% | +11.78% |
Max Drawdown (3Y)Largest decline over 3 years | -26.14% | -52.51% | +26.37% |
Max Drawdown (5Y)Largest decline over 5 years | -26.14% | -56.12% | +29.98% |
Max Drawdown (10Y)Largest decline over 10 years | — | -61.10% | — |
Current DrawdownCurrent decline from peak | -25.43% | -35.10% | +9.67% |
Average DrawdownAverage peak-to-trough decline | -6.30% | -51.25% | +44.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.33% | 15.71% | -6.38% |
Volatility
AAAU vs. SA - Volatility Comparison
The current volatility for Goldman Sachs Physical Gold ETF (AAAU) is 8.68%, while Seabridge Gold Inc. (SA) has a volatility of 28.17%. 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.
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Volatility by Period
| AAAU | SA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.68% | 28.17% | -19.49% |
Volatility (6M)Calculated over the trailing 6-month period | 24.26% | 55.31% | -31.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.44% | 66.48% | -39.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.14% | 51.80% | -33.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.19% | 51.62% | -34.43% |
Dividends
AAAU vs. SA - Dividend Comparison
Neither AAAU nor SA has paid dividends to shareholders.
Frequently Asked Questions
AAAU and SA have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SA has higher volatility (28.17%) compared to AAAU (8.68%). In terms of maximum drawdown, AAAU dropped -26.14% vs SA's -90.99%.
SA currently has the higher Sharpe Ratio (1.19 vs 0.75), 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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