AAAU vs. SMH
AAAU (Goldman Sachs Physical Gold ETF) and SMH (VanEck Semiconductor ETF) are both exchange-traded funds - AAAU is a Gold fund tracking the LBMA Gold PM Price, while SMH is a Semiconductors fund tracking the MVIS US Listed Semiconductor 25 Index. Both are passively managed. Over the past 5 years, AAAU returned 17.33%/yr vs 38.42%/yr for SMH. At a 0.08 correlation, their price movements are largely independent. AAAU charges 0.18%/yr vs 0.35%/yr for SMH.
Performance
AAAU vs. SMH - 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 SMH's 72.15% return.
AAAU
- 1D
- 0.12%
- 1M
- -7.36%
- YTD
- -2.40%
- 6M
- -2.14%
- 1Y
- 22.47%
- 3Y*
- 29.19%
- 5Y*
- 17.33%
- 10Y*
- —
SMH
- 1D
- 1.72%
- 1M
- 11.44%
- YTD
- 72.15%
- 6M
- 75.62%
- 1Y
- 141.99%
- 3Y*
- 60.05%
- 5Y*
- 38.42%
- 10Y*
- 37.49%
AAAU vs. SMH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
AAAU Goldman Sachs Physical Gold ETF | -2.40% | 64.06% | 26.91% | 12.96% | -0.50% | -4.01% | 25.02% | 18.17% | 8.28% |
SMH VanEck Semiconductor ETF | 72.15% | 49.17% | 39.10% | 73.38% | -33.53% | 42.13% | 55.53% | 64.45% | -15.68% |
Correlation
The correlation between AAAU and SMH is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Aug 15, 2018 | 0.08 |
The correlation between AAAU and SMH shifts across timeframes, from 0.08 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
AAAU vs. SMH — Risk / Return Rank
AAAU
SMH
AAAU vs. SMH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Physical Gold ETF (AAAU) and VanEck Semiconductor ETF (SMH). 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 | SMH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.24 | ||
| Sortino ratioReturn per unit of downside risk | -3.01 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.60 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | 0.99 | 9.18 | -8.19 |
| Martin ratioReturn relative to average drawdown | 2.86 | 33.74 | -30.88 |
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Drawdowns
AAAU vs. SMH - Drawdown Comparison
The maximum AAAU drawdown since its inception was -24.38%, smaller than the maximum SMH drawdown of -84.96%. Use the drawdown chart below to compare losses from any high point for AAAU and SMH.
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Drawdown Indicators
| AAAU | SMH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.38% | -84.96% | +60.58% |
Max Drawdown (1Y)Largest decline over 1 year | -24.38% | -14.93% | -9.45% |
Max Drawdown (3Y)Largest decline over 3 years | -24.38% | -35.74% | +11.36% |
Max Drawdown (5Y)Largest decline over 5 years | -24.38% | -45.30% | +20.92% |
Max Drawdown (10Y)Largest decline over 10 years | — | -45.30% | — |
Current DrawdownCurrent decline from peak | -21.95% | -2.81% | -19.14% |
Average DrawdownAverage peak-to-trough decline | -6.23% | -41.04% | +34.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.44% | 4.06% | +4.38% |
Volatility
AAAU vs. SMH - Volatility Comparison
The current volatility for Goldman Sachs Physical Gold ETF (AAAU) is 7.77%, while VanEck Semiconductor ETF (SMH) has a volatility of 16.25%. This indicates that AAAU experiences smaller price fluctuations and is considered to be less risky than SMH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AAAU | SMH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.77% | 16.25% | -8.48% |
Volatility (6M)Calculated over the trailing 6-month period | 23.88% | 27.73% | -3.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.10% | 33.20% | -6.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.06% | 35.47% | -17.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.13% | 32.82% | -15.69% |
AAAU vs. SMH - Expense Ratio Comparison
AAAU has a 0.18% expense ratio, which is lower than SMH's 0.35% expense ratio.
Dividends
AAAU vs. SMH - Dividend Comparison
AAAU has not paid dividends to shareholders, while SMH's dividend yield for the trailing twelve months is around 0.18%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AAAU Goldman Sachs Physical Gold ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SMH VanEck Semiconductor ETF | 0.18% | 0.31% | 0.44% | 0.60% | 1.18% | 0.51% | 0.69% | 1.50% | 1.88% | 1.43% | 0.80% | 2.14% |
Frequently Asked Questions
AAAU and SMH have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SMH has higher volatility (16.25%) compared to AAAU (7.77%). In terms of maximum drawdown, AAAU dropped -24.38% vs SMH's -84.96%.
On 5-year performance, SMH leads with 38.42% vs 17.33% for AAAU. On fees, AAAU is cheaper at 0.18% per year. On volatility, AAAU has been the lower-risk option at 7.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SMH has performed better with a 38.42% return vs 17.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AAAU is cheaper with a 0.18% expense ratio, compared with 0.35% for SMH.
SMH has the higher dividend yield at 0.18%, compared with 0.00% for AAAU.
AAAU is categorized as Gold, while SMH is Semiconductors. AAAU tracks LBMA Gold PM Price, while SMH tracks MVIS US Listed Semiconductor 25 Index. They also come from different issuers: Goldman Sachs and VanEck. Their fees differ too: 0.18% for AAAU and 0.35% for SMH.
SMH currently has the higher Sharpe Ratio (4.13 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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