BND vs. AAAU
BND (Vanguard Total Bond Market ETF) and AAAU (Goldman Sachs Physical Gold ETF) are both exchange-traded funds - BND is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index, while AAAU is a Gold fund tracking the LBMA Gold PM Price. Both are passively managed. Over the past 5 years, BND returned -0.37%/yr vs 17.54%/yr for AAAU. Their 0.34 correlation means their historical movements had little consistent relationship. BND charges 0.03%/yr vs 0.18%/yr for AAAU.
Performance
BND vs. AAAU - Performance Comparison
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Returns By Period
In the year-to-date period, BND achieves a -0.28% return, which is significantly higher than AAAU's -4.77% return.
BND
- 1D
- 0.06%
- 1M
- -1.02%
- 6M
- -0.53%
- YTD
- -0.28%
- 1Y
- 2.92%
- 3Y*
- 3.79%
- 5Y*
- -0.37%
- 10Y*
- 1.38%
- ALL TIME*
- 3.00%
AAAU
- 1D
- 1.66%
- 1M
- 2.40%
- 6M
- -23.85%
- YTD
- -4.77%
- 1Y
- 25.49%
- 3Y*
- 27.68%
- 5Y*
- 17.54%
- 10Y*
- —
- ALL TIME*
- 16.72%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $44.00M | $44.27M | $64.81M | |
| $447.57M | $557.69M | $594.86M |
BND vs. AAAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
BND Vanguard Total Bond Market ETF | -0.28% | 7.08% | 1.38% | 5.65% | -13.11% | -1.86% | 7.71% | 8.84% | 1.31% |
AAAU Goldman Sachs Physical Gold ETF | -4.77% | 64.06% | 26.91% | 12.96% | -0.50% | -4.01% | 25.02% | 18.17% | 8.28% |
Correlation
The correlation between BND and AAAU is 0.25, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.25 |
Correlation (3Y) Balances recent behavior with more history. | 0.24 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.33 |
Correlation (All Time) Calculated using the full available price history since Aug 15, 2018 | 0.34 |
The correlation between BND and AAAU shifts across timeframes, from 0.24 (3 years) to 0.34 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BND vs. AAAU — Risk / Return Rank
BND
AAAU
BND vs. AAAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Total Bond Market ETF (BND) and Goldman Sachs Physical Gold ETF (AAAU). 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.
| BND | AAAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.13 | ||
| Sortino ratioReturn per unit of downside risk | -0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.19 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.10 | 0.97 | +0.12 |
| Martin ratioReturn relative to average drawdown | 2.77 | 2.13 | +0.64 |
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Drawdowns
BND vs. AAAU - Drawdown Comparison
The maximum BND drawdown since its inception was -18.58%, smaller than the maximum AAAU drawdown of -26.29%. Use the drawdown chart below to compare losses from any high point for BND and AAAU.
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Drawdown Indicators
| BND | AAAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.58% | -26.29% | +7.71% |
Max Drawdown (1Y)Largest decline over 1 year | -2.68% | -26.29% | +23.61% |
Max Drawdown (3Y)Largest decline over 3 years | -4.81% | -26.29% | +21.48% |
Max Drawdown (5Y)Largest decline over 5 years | -17.91% | -26.29% | +8.38% |
Max Drawdown (10Y)Largest decline over 10 years | -18.58% | — | — |
Current DrawdownCurrent decline from peak | -2.90% | -23.85% | +20.95% |
Average DrawdownAverage peak-to-trough decline | -3.06% | -6.52% | +3.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.06% | 12.02% | -10.96% |
Volatility
BND vs. AAAU - Volatility Comparison
The current volatility for Vanguard Total Bond Market ETF (BND) is 0.96%, while Goldman Sachs Physical Gold ETF (AAAU) has a volatility of 6.13%. This indicates that BND experiences smaller price fluctuations and is considered to be less risky than AAAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BND | AAAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.96% | 6.13% | -5.17% |
Volatility (6M)Calculated over the trailing 6-month period | 2.88% | 23.25% | -20.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.70% | 27.86% | -24.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.03% | 18.31% | -12.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.53% | 17.23% | -11.70% |
BND vs. AAAU - Expense Ratio Comparison
BND has a 0.03% expense ratio, which is lower than AAAU's 0.18% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
BND vs. AAAU - Dividend Comparison
BND's dividend yield for the trailing twelve months is around 4.01%, while AAAU has not paid dividends to shareholders.
| 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% |
BND Vanguard Total Bond Market ETF | 4.01% | 3.86% | 3.67% | 3.09% | 2.60% | 2.12% | 2.38% | 2.72% | 2.81% | 2.54% | 2.51% | 2.57% |
Frequently Asked Questions
BND and AAAU have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AAAU has higher volatility (6.13%) compared to BND (0.96%). In terms of maximum drawdown, BND dropped -18.58% vs AAAU's -26.29%.
On 5-year performance, AAAU leads with 17.54% vs -0.37% for BND. On fees, BND is cheaper at 0.03% per year. On volatility, BND has been the lower-risk option at 0.96%. 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 17.54% return vs -0.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BND is cheaper with a 0.03% expense ratio, compared with 0.18% for AAAU.
BND has the higher dividend yield at 4.01%, compared with 0.00% for AAAU.
BND is categorized as Total Bond Market, while AAAU is Gold. BND tracks Bloomberg U.S. Aggregate Float Adjusted Index, while AAAU tracks LBMA Gold PM Price. They also come from different issuers: Vanguard and Goldman Sachs. Their fees differ too: 0.03% for BND and 0.18% for AAAU.
AAAU currently has the higher Sharpe Ratio (0.92 vs 0.79), 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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