AMUN vs. SGOL

Last updated Jun 4, 2026

AMUN (abrdn Ultra Short Municipal Income Active ETF) and SGOL (abrdn Physical Gold Shares ETF) are both exchange-traded funds - AMUN is a Municipal Bonds fund actively managed by abrdn, while SGOL is a Precious Metals fund tracking the LBMA Gold Price PM ($/ozt). AMUN is actively managed, while SGOL is passively managed. At a correlation of -0.04, they often move in opposite directions. AMUN charges 0.25%/yr vs 0.17%/yr for SGOL.

Performance

AMUN vs. SGOL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in abrdn Ultra Short Municipal Income Active ETF (AMUN) and abrdn Physical Gold Shares ETF (SGOL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AMUN achieves a 1.11% return, which is significantly lower than SGOL's 2.97% return.

AMUN

• 1D: -0.02%
• 1M: 0.32%
• YTD: 1.11%
• 6M: 1.36%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SGOL

• 1D: -0.98%
• 1M: -1.67%
• YTD: 2.97%
• 6M: 5.51%
• 1Y: 32.27%
• 3Y*: 31.36%
• 5Y*: 18.40%
• 10Y*: 13.32%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AMUN vs. SGOL - Yearly Performance Comparison

	2026 (YTD)	2025
AMUN abrdn Ultra Short Municipal Income Active ETF	1.11%	0.14%
SGOL abrdn Physical Gold Shares ETF	2.97%	-1.58%

Correlation

The correlation between AMUN and SGOL is -0.04, 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 (All Time) Calculated using the full available price history since Oct 21, 2025	-0.04

Return for Risk

AMUN vs. SGOL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SGOL

SGOL Risk / Return Rank: 32
SGOL Sharpe Ratio Rank: 33
SGOL Sortino Ratio Rank: 29
SGOL Omega Ratio Rank: 36
SGOL Calmar Ratio Rank: 34
SGOL Martin Ratio Rank: 29

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AMUN vs. SGOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for abrdn Ultra Short Municipal Income Active ETF (AMUN) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	AMUN	SGOL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.23	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.03	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.84	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.05	0.55	+1.50

Drawdowns

AMUN vs. SGOL - Drawdown Comparison

The maximum AMUN drawdown since its inception was -0.61%, smaller than the maximum SGOL drawdown of -45.51%. Use the drawdown chart below to compare losses from any high point for AMUN and SGOL.

Drawdown Indicators

	AMUN	SGOL	Difference
Max Drawdown Largest peak-to-trough decline	-0.61%	-45.51%	+44.90%
Max Drawdown (1Y) Largest decline over 1 year	—	-19.14%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-19.14%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-20.92%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-21.56%	—
Current Drawdown Current decline from peak	-0.02%	-17.72%	+17.70%
Average Drawdown Average peak-to-trough decline	-0.09%	-18.41%	+18.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	7.71%	—

Volatility

Volatility by Period

	AMUN	SGOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.46%	—
Volatility (6M) Calculated over the trailing 6-month period	—	22.93%	—
Volatility (1Y) Calculated over the trailing 1-year period	1.01%	26.33%	-25.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.01%	17.89%	-16.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.01%	15.91%	-14.90%

AMUN vs. SGOL - Expense Ratio Comparison

AMUN has a 0.25% 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

AMUN vs. SGOL - Dividend Comparison

AMUN's dividend yield for the trailing twelve months is around 1.89%, while SGOL has not paid dividends to shareholders.

Position	TTM	2025
AMUN abrdn Ultra Short Municipal Income Active ETF	1.89%	0.66%
SGOL abrdn Physical Gold Shares ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both AMUN and SGOL in my portfolio?

AMUN and SGOL have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, AMUN or SGOL?

On fees, SGOL is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, AMUN or SGOL?

SGOL is cheaper with a 0.17% expense ratio, compared with 0.25% for AMUN.

Which ETF pays a higher dividend yield, AMUN or SGOL?

AMUN has the higher dividend yield at 1.89%, compared with 0.00% for SGOL.

What is the main difference between AMUN and SGOL?

AMUN is categorized as Municipal Bonds, while SGOL is Precious Metals. Their fees differ too: 0.25% for AMUN and 0.17% for SGOL.