AAAU vs. SGOL
AAAU (Goldman Sachs Physical Gold ETF) and SGOL (abrdn Physical Gold Shares ETF) are both Gold funds - AAAU tracks the LBMA Gold PM Price while SGOL tracks the LBMA Gold Price PM ($/ozt). Both are passively managed. Over the past 5 years, AAAU returned 18.53%/yr vs 18.52%/yr for SGOL. With a 0.99 correlation, they move nearly in lockstep. AAAU charges 0.18%/yr vs 0.17%/yr for SGOL.
Performance
AAAU vs. SGOL - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with AAAU having a -2.94% return and SGOL slightly higher at -2.90%.
AAAU
- 1D
- -0.65%
- 1M
- -7.07%
- YTD
- -2.94%
- 6M
- -5.73%
- 1Y
- 24.21%
- 3Y*
- 29.48%
- 5Y*
- 18.53%
- 10Y*
- —
SGOL
- 1D
- -0.67%
- 1M
- -7.10%
- YTD
- -2.90%
- 6M
- -5.72%
- 1Y
- 24.27%
- 3Y*
- 29.52%
- 5Y*
- 18.52%
- 10Y*
- 12.00%
AAAU vs. SGOL - 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% |
SGOL abrdn Physical Gold Shares ETF | -2.90% | 63.99% | 26.90% | 12.99% | -0.51% | -3.94% | 25.03% | 18.21% | 7.23% |
Correlation
The correlation between AAAU and SGOL 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 (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (All Time) Calculated using the full available price history since Aug 15, 2018 | 0.99 |
The correlation between AAAU and SGOL has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.
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Return for Risk
AAAU vs. SGOL — Risk / Return Rank
AAAU
SGOL
AAAU vs. SGOL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Physical Gold ETF (AAAU) and abrdn Physical Gold Shares ETF (SGOL). 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 | SGOL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.19 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.00 | 1.00 | 0.00 |
| Martin ratioReturn relative to average drawdown | 2.72 | 2.72 | 0.00 |
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Drawdowns
AAAU vs. SGOL - Drawdown Comparison
The maximum AAAU drawdown since its inception was -24.38%, smaller than the maximum SGOL drawdown of -45.51%. Use the drawdown chart below to compare losses from any high point for AAAU and SGOL.
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Drawdown Indicators
| AAAU | SGOL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.38% | -45.51% | +21.13% |
Max Drawdown (1Y)Largest decline over 1 year | -24.38% | -24.37% | -0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -24.38% | -24.37% | -0.01% |
Max Drawdown (5Y)Largest decline over 5 years | -24.38% | -24.37% | -0.01% |
Max Drawdown (10Y)Largest decline over 10 years | — | -24.37% | — |
Current DrawdownCurrent decline from peak | -22.38% | -22.41% | +0.03% |
Average DrawdownAverage peak-to-trough decline | -6.27% | -18.42% | +12.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.92% | 8.94% | -0.02% |
Volatility
AAAU vs. SGOL - Volatility Comparison
Goldman Sachs Physical Gold ETF (AAAU) and abrdn Physical Gold Shares ETF (SGOL) have volatilities of 8.03% and 7.98%, 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 | SGOL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.03% | 7.98% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 24.09% | 24.07% | +0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.28% | 27.27% | +0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.06% | 18.10% | -0.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.15% | 16.06% | +1.09% |
AAAU vs. SGOL - Expense Ratio Comparison
AAAU has a 0.18% expense ratio, which is higher than SGOL's 0.17% 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. SGOL - Dividend Comparison
Neither AAAU nor SGOL has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 1.00, AAAU and SGOL 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 SGOL (7.98%). In terms of maximum drawdown, AAAU dropped -24.38% vs SGOL's -45.51%.
On 5-year performance, AAAU leads with 18.53% vs 18.52% for SGOL. On fees, SGOL is cheaper at 0.17% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, AAAU has performed better with a 18.53% return vs 18.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SGOL is cheaper with a 0.17% expense ratio, compared with 0.18% for AAAU.
AAAU and SGOL have nearly identical dividend yields, around 0.00%.
AAAU tracks LBMA Gold PM Price, while SGOL tracks LBMA Gold Price PM ($/ozt). They also come from different issuers: Goldman Sachs and abrdn. Their fees differ too: 0.18% for AAAU and 0.17% for SGOL.
SGOL currently has the higher Sharpe Ratio (0.90 vs 0.89), 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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