EQX vs. AAAU

Last updated Aug 1, 2026

EQX (Equinox Gold Corp.) is a stock, while AAAU (Goldman Sachs Physical Gold ETF) is Gold fund tracking the LBMA Gold PM Price. Over the past 5 years, EQX returned 5.20%/yr vs 17.20%/yr for AAAU. Their 0.62 correlation means they have sometimes moved together and sometimes differently.

Performance

EQX vs. AAAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Equinox Gold Corp. (EQX) 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, EQX achieves a -36.12% return, which is significantly lower than AAAU's -6.16% return.

EQX

• 1D: -4.89%
• 1M: -11.74%
• 6M: -37.28%
• YTD: -36.12%
• 1Y: 47.76%
• 3Y*: 21.83%
• 5Y*: 5.20%
• 10Y*: —
• ALL TIME*: 10.89%

AAAU

• 1D: -1.46%
• 1M: -1.72%
• 6M: -16.57%
• YTD: -6.16%
• 1Y: 20.45%
• 3Y*: 27.49%
• 5Y*: 17.20%
• 10Y*: —
• ALL TIME*: 16.50%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AAAU Goldman Sachs Physical Gold ETF	$42.23M	$43.92M	$64.42M
EQX Equinox Gold Corp.	$130.20M	$117.13M	$137.61M

EQX vs. AAAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
EQX Equinox Gold Corp.	-36.12%	179.68%	2.66%	49.09%	-51.48%	-34.62%	34.29%	106.43%	-9.27%
AAAU Goldman Sachs Physical Gold ETF	-6.16%	64.06%	26.91%	12.96%	-0.50%	-4.01%	25.02%	18.17%	8.28%

Correlation

The correlation between EQX and AAAU is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.70
Correlation (3Y) Balances recent behavior with more history.	0.65
Correlation (5Y) Shows whether the relationship held over a longer period.	0.66
Correlation (All Time) Calculated using the full available price history since Aug 15, 2018	0.62

The correlation between EQX and AAAU has been stable across timeframes, ranging from 0.62 to 0.70 - a consistent structural relationship.

Return for Risk

EQX vs. AAAU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EQX

EQX Risk / Return Rank: 66
EQX Sharpe Ratio Rank: 70
EQX Sortino Ratio Rank: 67
EQX Omega Ratio Rank: 65
EQX Calmar Ratio Rank: 64
EQX Martin Ratio Rank: 65

AAAU

AAAU Risk / Return Rank: 31
AAAU Sharpe Ratio Rank: 34
AAAU Sortino Ratio Rank: 31
AAAU Omega Ratio Rank: 36
AAAU Calmar Ratio Rank: 27
AAAU Martin Ratio Rank: 25

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EQX vs. AAAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Equinox Gold Corp. (EQX) 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.

	EQX	AAAU	Difference
Sharpe ratio: Return per unit of total volatility	0.76	0.83	-0.07
Sortino ratio: Return per unit of downside risk	1.37	1.18	+0.18
Omega ratio: Gain probability vs. loss probability	1.17	1.17	0.00
Calmar ratio: Return relative to maximum drawdown	0.88	0.87	0.00
Martin ratio: Return relative to average drawdown	2.00	1.89	+0.11

EQX vs. AAAU - Sharpe Ratio Comparison

The current EQX Sharpe Ratio is 0.76, which is comparable to the AAAU Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of EQX 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.

Drawdowns

EQX vs. AAAU - Drawdown Comparison

The maximum EQX drawdown since its inception was -81.06%, which is greater than AAAU's maximum drawdown of -26.29%. Use the drawdown chart below to compare losses from any high point for EQX and AAAU.

Drawdown Indicators

	EQX	AAAU	Difference
Max Drawdown Largest peak-to-trough decline	-81.06%	-26.29%	-54.77%
Max Drawdown (1Y) Largest decline over 1 year	-53.95%	-26.29%	-27.66%
Max Drawdown (3Y) Largest decline over 3 years	-53.95%	-26.29%	-27.66%
Max Drawdown (5Y) Largest decline over 5 years	-71.57%	-26.29%	-45.28%
Current Drawdown Current decline from peak	-52.19%	-24.96%	-27.23%
Average Drawdown Average peak-to-trough decline	-38.29%	-6.53%	-31.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.58%	12.13%	+11.45%

Volatility

EQX vs. AAAU - Volatility Comparison

Equinox Gold Corp. (EQX) has a higher volatility of 15.49% compared to Goldman Sachs Physical Gold ETF (AAAU) at 6.30%. This indicates that EQX'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

	EQX	AAAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.49%	6.30%	+9.19%
Volatility (6M) Calculated over the trailing 6-month period	48.05%	23.27%	+24.78%
Volatility (1Y) Calculated over the trailing 1-year period	62.55%	27.85%	+34.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	57.80%	18.32%	+39.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.52%	17.24%	+38.28%

Dividends

EQX vs. AAAU - Dividend Comparison

EQX's dividend yield for the trailing twelve months is around 0.34%, while AAAU has not paid dividends to shareholders.

Position	TTM
AAAU Goldman Sachs Physical Gold ETF	0.00%
EQX Equinox Gold Corp.	0.34%

Frequently Asked Questions

Can I hold both EQX and AAAU in my portfolio?

EQX and AAAU have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EQX or AAAU?

EQX has higher volatility (15.49%) compared to AAAU (6.30%). In terms of maximum drawdown, EQX dropped -81.06% vs AAAU's -26.29%.

Which has better risk-adjusted returns?

AAAU currently has the higher Sharpe Ratio (0.83 vs 0.76), 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.