DBP vs. AAAU

Last updated Jun 4, 2026

DBP (Invesco DB Precious Metals Fund) and AAAU (Goldman Sachs Physical Gold ETF) are both Precious Metals funds - DBP tracks the DBIQ Optimum Yield Precious Metals Index Excess Return while AAAU tracks the LBMA Gold PM Price. Both are passively managed. Over the past 5 years, DBP returned 17.43%/yr vs 18.39%/yr for AAAU. With a 0.95 correlation, they move nearly in lockstep. DBP charges 0.78%/yr vs 0.18%/yr for AAAU.

Performance

DBP vs. AAAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco DB Precious Metals Fund (DBP) and Goldman Sachs Physical Gold ETF (AAAU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DBP achieves a 2.13% return, which is significantly lower than AAAU's 2.94% return.

DBP

• 1D: -1.42%
• 1M: -1.48%
• YTD: 2.13%
• 6M: 8.68%
• 1Y: 42.65%
• 3Y*: 32.54%
• 5Y*: 17.43%
• 10Y*: 12.31%

AAAU

• 1D: -1.02%
• 1M: -1.68%
• YTD: 2.94%
• 6M: 5.50%
• 1Y: 32.29%
• 3Y*: 31.37%
• 5Y*: 18.39%
• 10Y*: —

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

DBP vs. AAAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
DBP Invesco DB Precious Metals Fund	2.13%	73.43%	26.71%	8.68%	-1.51%	-7.10%	26.79%	15.89%	8.33%
AAAU Goldman Sachs Physical Gold ETF	2.94%	64.06%	26.91%	12.96%	-0.50%	-4.01%	25.02%	18.17%	9.20%

Correlation

The correlation between DBP and AAAU is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.96
Correlation (All Time) Calculated using the full available price history since Aug 16, 2018	0.95

The correlation between DBP and AAAU has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

DBP vs. AAAU - Sectors Allocation Comparison

Sectors	DBP	AAAU
Financial Services	100.5%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	100.0%
Technology	-	-
Utilities	-	-

Return for Risk

DBP vs. AAAU — Risk / Return Rank

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

DBP

DBP Risk / Return Rank: 34
DBP Sharpe Ratio Rank: 36
DBP Sortino Ratio Rank: 30
DBP Omega Ratio Rank: 40
DBP Calmar Ratio Rank: 34
DBP Martin Ratio Rank: 28

AAAU

AAAU Risk / Return Rank: 32
AAAU Sharpe Ratio Rank: 33
AAAU Sortino Ratio Rank: 29
AAAU Omega Ratio Rank: 36
AAAU Calmar Ratio Rank: 34
AAAU 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.

DBP vs. AAAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco DB Precious Metals Fund (DBP) 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.

	DBP	AAAU	Difference
Sharpe ratio Return per unit of total volatility	1.32	1.23	+0.08
Sortino ratio Return per unit of downside risk	1.65	1.63	+0.02
Omega ratio Gain probability vs. loss probability	1.26	1.25	+0.02
Calmar ratio Return relative to maximum drawdown	1.68	1.70	-0.01
Martin ratio Return relative to average drawdown	4.01	4.21	-0.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DBP vs. AAAU - Sharpe Ratio Comparison

The current DBP Sharpe Ratio is 1.32, which is comparable to the AAAU Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of DBP and AAAU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DBP	AAAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.32	1.23	+0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.84	1.04	-0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	1.09	-0.66

Drawdowns

DBP vs. AAAU - Drawdown Comparison

The maximum DBP drawdown since its inception was -53.89%, which is greater than AAAU's maximum drawdown of -21.63%. Use the drawdown chart below to compare losses from any high point for DBP and AAAU.

Drawdown Indicators

	DBP	AAAU	Difference
Max Drawdown Largest peak-to-trough decline	-53.89%	-21.63%	-32.26%
Max Drawdown (1Y) Largest decline over 1 year	-25.48%	-19.13%	-6.35%
Max Drawdown (3Y) Largest decline over 3 years	-25.48%	-19.13%	-6.35%
Max Drawdown (5Y) Largest decline over 5 years	-25.48%	-20.94%	-4.54%
Max Drawdown (10Y) Largest decline over 10 years	-28.36%	—	—
Current Drawdown Current decline from peak	-23.04%	-17.68%	-5.36%
Average Drawdown Average peak-to-trough decline	-25.42%	-6.18%	-19.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.67%	7.69%	+2.98%

Volatility

DBP vs. AAAU - Volatility Comparison

Invesco DB Precious Metals Fund (DBP) has a higher volatility of 7.57% compared to Goldman Sachs Physical Gold ETF (AAAU) at 5.50%. This indicates that DBP'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

	DBP	AAAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.57%	5.50%	+2.07%
Volatility (6M) Calculated over the trailing 6-month period	29.87%	22.94%	+6.93%
Volatility (1Y) Calculated over the trailing 1-year period	32.57%	26.33%	+6.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.91%	17.83%	+3.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.72%	16.99%	+1.73%

DBP vs. AAAU - Expense Ratio Comparison

DBP has a 0.78% expense ratio, which is higher than AAAU's 0.18% expense ratio.

Dividends

DBP vs. AAAU - Dividend Comparison

DBP's dividend yield for the trailing twelve months is around 2.38%, while AAAU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
DBP Invesco DB Precious Metals Fund	2.38%	2.44%	4.21%	4.47%	0.45%	0.00%	0.00%	1.26%	1.24%	0.12%

Frequently Asked Questions

Can I hold both DBP and AAAU in my portfolio?

With a correlation of 0.96, DBP and AAAU move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, DBP or AAAU?

DBP has higher volatility (7.57%) compared to AAAU (5.50%). In terms of maximum drawdown, DBP dropped -53.89% vs AAAU's -21.63%.

Which ETF is better, DBP or AAAU?

On 5-year performance, AAAU leads with 18.39% vs 17.43% for DBP. On fees, AAAU is cheaper at 0.18% per year. On volatility, AAAU has been the lower-risk option at 5.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DBP or AAAU?

Over the 5-year period, AAAU has performed better with a 18.39% return vs 17.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DBP or AAAU?

AAAU is cheaper with a 0.18% expense ratio, compared with 0.78% for DBP.

Which ETF pays a higher dividend yield, DBP or AAAU?

DBP has the higher dividend yield at 2.38%, compared with 0.00% for AAAU.

What is the main difference between DBP and AAAU?

DBP tracks DBIQ Optimum Yield Precious Metals Index Excess Return, while AAAU tracks LBMA Gold PM Price. They also come from different issuers: Invesco and Goldman Sachs. Their fees differ too: 0.78% for DBP and 0.18% for AAAU.

Which has better risk-adjusted returns?

DBP currently has the higher Sharpe Ratio (1.32 vs 1.23), 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.