CGAU vs. AAAU

Last updated Apr 2, 2026

Compare and contrast key facts about Centerra Gold Inc (CGAU) and Goldman Sachs Physical Gold ETF (AAAU).

AAAU is a passively managed fund by Goldman Sachs that tracks the performance of the LBMA Gold PM Price. It was launched on Jul 26, 2018.

Performance

CGAU vs. AAAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Centerra Gold Inc (CGAU) and Goldman Sachs Physical Gold ETF (AAAU). The values are adjusted to include any dividend payments, if applicable.

CGAU vs. AAAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CGAU Centerra Gold Inc	28.47%	159.49%	-1.45%	19.37%	-32.55%	-18.30%
AAAU Goldman Sachs Physical Gold ETF	10.48%	64.06%	26.91%	12.96%	-0.50%	3.47%

Returns By Period

In the year-to-date period, CGAU achieves a 28.47% return, which is significantly higher than AAAU's 10.48% return.

CGAU

• 1D: 3.49%
• 1M: -10.60%
• YTD: 28.47%
• 6M: 64.76%
• 1Y: 199.43%
• 3Y*: 46.01%
• 5Y*: —
• 10Y*: —

AAAU

• 1D: 1.78%
• 1M: -10.64%
• YTD: 10.48%
• 6M: 23.10%
• 1Y: 52.53%
• 3Y*: 33.97%
• 5Y*: 22.27%
• 10Y*: —

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

Return for Risk

CGAU vs. AAAU — Risk / Return Rank

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

CGAU

CGAU Risk / Return Rank: 97
CGAU Sharpe Ratio Rank: 98
CGAU Sortino Ratio Rank: 95
CGAU Omega Ratio Rank: 95
CGAU Calmar Ratio Rank: 97
CGAU Martin Ratio Rank: 98

AAAU

AAAU Risk / Return Rank: 86
AAAU Sharpe Ratio Rank: 88
AAAU Sortino Ratio Rank: 85
AAAU Omega Ratio Rank: 85
AAAU Calmar Ratio Rank: 86
AAAU Martin Ratio Rank: 84

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.

CGAU vs. AAAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Centerra Gold Inc (CGAU) 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.

	CGAU	AAAU	Difference
Sharpe ratio Return per unit of total volatility	3.79	1.92	+1.87
Sortino ratio Return per unit of downside risk	3.52	2.35	+1.17
Omega ratio Gain probability vs. loss probability	1.51	1.35	+0.16
Calmar ratio Return relative to maximum drawdown	7.97	2.73	+5.24
Martin ratio Return relative to average drawdown	26.34	10.02	+16.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CGAU vs. AAAU - Sharpe Ratio Comparison

The current CGAU Sharpe Ratio is 3.79, which is higher than the AAAU Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of CGAU and AAAU, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CGAU	AAAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.79	1.92	+1.87
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.27	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	1.18	-0.84

Correlation

The correlation between CGAU and AAAU is 0.61, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

CGAU vs. AAAU - Dividend Comparison

CGAU's dividend yield for the trailing twelve months is around 1.10%, while AAAU has not paid dividends to shareholders.

	TTM	2025	2024	2023
CGAU Centerra Gold Inc	1.10%	1.39%	3.59%	3.45%
AAAU Goldman Sachs Physical Gold ETF	0.00%	0.00%	0.00%	0.00%

Drawdowns

CGAU vs. AAAU - Drawdown Comparison

The maximum CGAU drawdown since its inception was -63.47%, which is greater than AAAU's maximum drawdown of -21.63%. Use the drawdown chart below to compare losses from any high point for CGAU and AAAU.

Drawdown Indicators

	CGAU	AAAU	Difference
Max Drawdown Largest peak-to-trough decline	-63.47%	-21.63%	-41.84%
Max Drawdown (1Y) Largest decline over 1 year	-24.61%	-19.13%	-5.48%
Max Drawdown (5Y) Largest decline over 5 years	—	-20.94%	—
Current Drawdown Current decline from peak	-12.22%	-11.65%	-0.57%
Average Drawdown Average peak-to-trough decline	-30.19%	-6.01%	-24.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.45%	5.21%	+2.24%

Volatility

CGAU vs. AAAU - Volatility Comparison

Centerra Gold Inc (CGAU) has a higher volatility of 16.57% compared to Goldman Sachs Physical Gold ETF (AAAU) at 10.43%. This indicates that CGAU's price experiences larger fluctuations and is considered to be riskier than AAAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CGAU	AAAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.57%	10.43%	+6.14%
Volatility (6M) Calculated over the trailing 6-month period	41.41%	24.06%	+17.35%
Volatility (1Y) Calculated over the trailing 1-year period	53.04%	27.50%	+25.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.60%	17.58%	+31.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.60%	16.92%	+31.68%