EQX vs. AAAU

Last updated Apr 2, 2026

Compare and contrast key facts about Equinox Gold Corp. (EQX) 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

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.

EQX vs. AAAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
EQX Equinox Gold Corp.	6.51%	179.68%	2.66%	49.09%	-51.48%	-34.62%	34.29%	106.43%	-4.36%
AAAU Goldman Sachs Physical Gold ETF	10.48%	64.06%	26.91%	12.96%	-0.50%	-4.01%	25.02%	18.17%	9.20%

Returns By Period

In the year-to-date period, EQX achieves a 6.51% return, which is significantly lower than AAAU's 10.48% return.

EQX

• 1D: 3.32%
• 1M: -20.25%
• YTD: 6.51%
• 6M: 37.32%
• 1Y: 122.86%
• 3Y*: 42.66%
• 5Y*: 12.31%
• 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

EQX vs. AAAU — Risk / Return Rank

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

EQX

EQX Risk / Return Rank: 87
EQX Sharpe Ratio Rank: 91
EQX Sortino Ratio Rank: 86
EQX Omega Ratio Rank: 83
EQX Calmar Ratio Rank: 86
EQX Martin Ratio Rank: 89

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.

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.

	EQX	AAAU	Difference
Sharpe ratio Return per unit of total volatility	2.07	1.92	+0.15
Sortino ratio Return per unit of downside risk	2.50	2.35	+0.15
Omega ratio Gain probability vs. loss probability	1.32	1.35	-0.03
Calmar ratio Return relative to maximum drawdown	3.26	2.73	+0.53
Martin ratio Return relative to average drawdown	10.13	10.02	+0.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EQX vs. AAAU - Sharpe Ratio Comparison

The current EQX Sharpe Ratio is 2.07, which is comparable to the AAAU Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of EQX 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

	EQX	AAAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.07	1.92	+0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	1.27	-1.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	1.18	-0.86

Correlation

The correlation between EQX 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

EQX vs. AAAU - Dividend Comparison

EQX's dividend yield for the trailing twelve months is around 0.10%, while AAAU has not paid dividends to shareholders.

	TTM
EQX Equinox Gold Corp.	0.10%
AAAU Goldman Sachs Physical Gold ETF	0.00%

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 -21.63%. 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%	-21.63%	-59.43%
Max Drawdown (1Y) Largest decline over 1 year	-36.03%	-19.13%	-16.90%
Max Drawdown (5Y) Largest decline over 5 years	-73.20%	-20.94%	-52.26%
Current Drawdown Current decline from peak	-20.29%	-11.65%	-8.64%
Average Drawdown Average peak-to-trough decline	-38.40%	-6.01%	-32.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.58%	5.21%	+6.37%

Volatility

EQX vs. AAAU - Volatility Comparison

Equinox Gold Corp. (EQX) has a higher volatility of 22.93% compared to Goldman Sachs Physical Gold ETF (AAAU) at 10.43%. 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	22.93%	10.43%	+12.50%
Volatility (6M) Calculated over the trailing 6-month period	47.26%	24.06%	+23.20%
Volatility (1Y) Calculated over the trailing 1-year period	59.67%	27.50%	+32.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	57.01%	17.58%	+39.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.34%	16.92%	+38.42%