AAAU vs. SGOV
AAAU (Goldman Sachs Physical Gold ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - AAAU is a Gold fund tracking the LBMA Gold PM Price, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. Both are passively managed. Over the past 5 years, AAAU returned 17.33%/yr vs 3.56%/yr for SGOV. At a 0.01 correlation, their price movements are largely independent. AAAU charges 0.18%/yr vs 0.09%/yr for SGOV.
Performance
AAAU vs. SGOV - Performance Comparison
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Returns By Period
In the year-to-date period, AAAU achieves a -2.40% return, which is significantly lower than SGOV's 1.61% return.
AAAU
- 1D
- 0.12%
- 1M
- -7.36%
- YTD
- -2.40%
- 6M
- -2.14%
- 1Y
- 22.47%
- 3Y*
- 29.19%
- 5Y*
- 17.33%
- 10Y*
- —
SGOV
- 1D
- 0.02%
- 1M
- 0.26%
- YTD
- 1.61%
- 6M
- 1.78%
- 1Y
- 3.91%
- 3Y*
- 4.71%
- 5Y*
- 3.56%
- 10Y*
- —
AAAU vs. SGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
AAAU Goldman Sachs Physical Gold ETF | -2.40% | 64.06% | 26.91% | 12.96% | -0.50% | -4.01% | 10.76% |
SGOV iShares 0-3 Month Treasury Bond ETF | 1.61% | 4.24% | 5.27% | 5.12% | 1.58% | 0.04% | 0.04% |
Correlation
The correlation between AAAU and SGOV is 0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since May 28, 2020 | 0.01 |
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Return for Risk
AAAU vs. SGOV — Risk / Return Rank
AAAU
SGOV
AAAU vs. SGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Physical Gold ETF (AAAU) and iShares 0-3 Month Treasury Bond ETF (SGOV). 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 | SGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -19.38 | ||
| Sortino ratioReturn per unit of downside risk | -274.43 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 195.55 | -194.37 |
| Calmar ratioReturn relative to maximum drawdown | 0.99 | 398.20 | -397.20 |
| Martin ratioReturn relative to average drawdown | 2.86 | 4,461.98 | -4,459.12 |
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Drawdowns
AAAU vs. SGOV - Drawdown Comparison
The maximum AAAU drawdown since its inception was -24.38%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for AAAU and SGOV.
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Drawdown Indicators
| AAAU | SGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.38% | -0.03% | -24.35% |
Max Drawdown (1Y)Largest decline over 1 year | -24.38% | -0.01% | -24.37% |
Max Drawdown (3Y)Largest decline over 3 years | -24.38% | -0.01% | -24.37% |
Max Drawdown (5Y)Largest decline over 5 years | -24.38% | -0.03% | -24.35% |
Current DrawdownCurrent decline from peak | -21.95% | 0.00% | -21.95% |
Average DrawdownAverage peak-to-trough decline | -6.23% | -0.00% | -6.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.44% | 0.00% | +8.44% |
Volatility
AAAU vs. SGOV - Volatility Comparison
Goldman Sachs Physical Gold ETF (AAAU) has a higher volatility of 7.77% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.05%. This indicates that AAAU's price experiences larger fluctuations and is considered to be riskier than SGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AAAU | SGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.77% | 0.05% | +7.72% |
Volatility (6M)Calculated over the trailing 6-month period | 23.88% | 0.13% | +23.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.10% | 0.20% | +26.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.06% | 0.24% | +17.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.13% | 0.24% | +16.89% |
AAAU vs. SGOV - Expense Ratio Comparison
AAAU has a 0.18% expense ratio, which is higher than SGOV's 0.09% 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. SGOV - Dividend Comparison
AAAU has not paid dividends to shareholders, while SGOV's dividend yield for the trailing twelve months is around 3.85%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
AAAU Goldman Sachs Physical Gold ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SGOV iShares 0-3 Month Treasury Bond ETF | 3.85% | 4.10% | 5.10% | 4.87% | 1.45% | 0.03% | 0.05% |
Frequently Asked Questions
AAAU and SGOV have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AAAU has higher volatility (7.77%) compared to SGOV (0.05%). In terms of maximum drawdown, AAAU dropped -24.38% vs SGOV's -0.03%.
On 5-year performance, AAAU leads with 17.33% vs 3.56% for SGOV. On fees, SGOV is cheaper at 0.09% per year. On volatility, SGOV has been the lower-risk option at 0.05%. 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 17.33% return vs 3.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SGOV is cheaper with a 0.09% expense ratio, compared with 0.18% for AAAU.
SGOV has the higher dividend yield at 3.85%, compared with 0.00% for AAAU.
AAAU is categorized as Gold, while SGOV is Ultrashort Bond. AAAU tracks LBMA Gold PM Price, while SGOV tracks ICE 0-3 Month US Treasury Securities Index. They also come from different issuers: Goldman Sachs and iShares. Their fees differ too: 0.18% for AAAU and 0.09% for SGOV.
SGOV currently has the higher Sharpe Ratio (20.28 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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