AAAU vs. VOO
AAAU (Goldman Sachs Physical Gold ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - AAAU is a Gold fund tracking the LBMA Gold PM Price, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, AAAU returned 17.51%/yr vs 13.02%/yr for VOO. At a 0.09 correlation, their price movements are largely independent. AAAU charges 0.18%/yr vs 0.03%/yr for VOO.
Performance
AAAU vs. VOO - Performance Comparison
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Returns By Period
In the year-to-date period, AAAU achieves a -6.75% return, which is significantly lower than VOO's 8.09% return.
AAAU
- 1D
- 0.97%
- 1M
- -10.77%
- YTD
- -6.75%
- 6M
- -10.23%
- 1Y
- 20.50%
- 3Y*
- 27.69%
- 5Y*
- 17.51%
- 10Y*
- —
VOO
- 1D
- 0.00%
- 1M
- -2.07%
- YTD
- 8.09%
- 6M
- 6.78%
- 1Y
- 22.17%
- 3Y*
- 20.91%
- 5Y*
- 13.02%
- 10Y*
- 15.82%
AAAU vs. VOO - 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% |
VOO Vanguard S&P 500 ETF | 8.09% | 17.82% | 24.98% | 26.32% | -18.17% | 28.79% | 18.32% | 31.37% | -11.01% |
Correlation
The correlation between AAAU and VOO is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Aug 15, 2018 | 0.09 |
The correlation between AAAU and VOO shifts across timeframes, from 0.09 (all time) to 0.29 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
AAAU vs. VOO — Risk / Return Rank
AAAU
VOO
AAAU vs. VOO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Physical Gold ETF (AAAU) and Vanguard S&P 500 ETF (VOO). 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 | VOO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.05 | ||
| Sortino ratioReturn per unit of downside risk | -1.36 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.33 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 0.79 | 2.50 | -1.71 |
| Martin ratioReturn relative to average drawdown | 2.20 | 11.08 | -8.87 |
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Drawdowns
AAAU vs. VOO - Drawdown Comparison
The maximum AAAU drawdown since its inception was -26.14%, smaller than the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for AAAU and VOO.
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Drawdown Indicators
| AAAU | VOO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.14% | -33.99% | +7.85% |
Max Drawdown (1Y)Largest decline over 1 year | -26.14% | -8.90% | -17.24% |
Max Drawdown (3Y)Largest decline over 3 years | -26.14% | -18.69% | -7.45% |
Max Drawdown (5Y)Largest decline over 5 years | -26.14% | -24.52% | -1.62% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.99% | — |
Current DrawdownCurrent decline from peak | -25.43% | -3.23% | -22.20% |
Average DrawdownAverage peak-to-trough decline | -6.30% | -3.68% | -2.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.33% | 2.01% | +7.32% |
Volatility
AAAU vs. VOO - Volatility Comparison
Goldman Sachs Physical Gold ETF (AAAU) has a higher volatility of 8.68% compared to Vanguard S&P 500 ETF (VOO) at 4.75%. This indicates that AAAU's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AAAU | VOO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.68% | 4.75% | +3.93% |
Volatility (6M)Calculated over the trailing 6-month period | 24.26% | 9.77% | +14.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.44% | 12.39% | +15.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.14% | 16.91% | +1.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.19% | 18.02% | -0.83% |
AAAU vs. VOO - Expense Ratio Comparison
AAAU has a 0.18% expense ratio, which is higher than VOO's 0.03% 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. VOO - Dividend Comparison
AAAU has not paid dividends to shareholders, while VOO's dividend yield for the trailing twelve months is around 1.05%.
| 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% |
VOO Vanguard S&P 500 ETF | 1.05% | 1.13% | 1.24% | 1.46% | 1.69% | 1.25% | 1.54% | 1.88% | 2.06% | 1.78% | 2.02% | 2.10% |
Frequently Asked Questions
AAAU and VOO have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AAAU has higher volatility (8.68%) compared to VOO (4.75%). In terms of maximum drawdown, AAAU dropped -26.14% vs VOO's -33.99%.
On 5-year performance, AAAU leads with 17.51% vs 13.02% for VOO. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 4.75%. 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 17.51% return vs 13.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VOO is cheaper with a 0.03% expense ratio, compared with 0.18% for AAAU.
VOO has the higher dividend yield at 1.05%, compared with 0.00% for AAAU.
AAAU is categorized as Gold, while VOO is S&P 500. AAAU tracks LBMA Gold PM Price, while VOO tracks S&P 500 Index. They also come from different issuers: Goldman Sachs and Vanguard. Their fees differ too: 0.18% for AAAU and 0.03% for VOO.
VOO currently has the higher Sharpe Ratio (1.80 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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