FSAGX vs. AAAU

Last updated Jun 4, 2026

FSAGX (Fidelity Select Gold Portfolio) and AAAU (Goldman Sachs Physical Gold ETF) are both Precious Metals funds. Over the past 5 years, FSAGX returned 16.56%/yr vs 18.39%/yr for AAAU. A 0.76 correlation means they provide meaningful diversification when combined. FSAGX charges 0.76%/yr vs 0.18%/yr for AAAU.

Performance

FSAGX vs. AAAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Select Gold Portfolio (FSAGX) 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, FSAGX achieves a 5.40% return, which is significantly higher than AAAU's 2.94% return.

FSAGX

• 1D: 1.18%
• 1M: 3.80%
• YTD: 5.40%
• 6M: 12.28%
• 1Y: 61.74%
• 3Y*: 40.65%
• 5Y*: 16.56%
• 10Y*: 12.30%

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)

FSAGX vs. AAAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
FSAGX Fidelity Select Gold Portfolio	5.40%	143.05%	14.97%	-0.37%	-13.46%	-10.44%	26.83%	35.50%	12.52%
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 FSAGX and AAAU is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since Aug 16, 2018	0.76

The correlation between FSAGX and AAAU has been stable across timeframes, ranging from 0.76 to 0.79 - a consistent structural relationship.

Return for Risk

FSAGX vs. AAAU — Risk / Return Rank

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

FSAGX

FSAGX Risk / Return Rank: 24
FSAGX Sharpe Ratio Rank: 26
FSAGX Sortino Ratio Rank: 19
FSAGX Omega Ratio Rank: 25
FSAGX Calmar Ratio Rank: 30
FSAGX Martin Ratio Rank: 20

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.

FSAGX vs. AAAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Select Gold Portfolio (FSAGX) 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.

	FSAGX	AAAU	Difference
Sharpe ratio: Return per unit of total volatility	1.45	1.23	+0.21
Sortino ratio: Return per unit of downside risk	1.83	1.63	+0.20
Omega ratio: Gain probability vs. loss probability	1.26	1.25	+0.02
Calmar ratio: Return relative to maximum drawdown	2.07	1.70	+0.38
Martin ratio: Return relative to average drawdown	5.41	4.21	+1.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSAGX vs. AAAU - Sharpe Ratio Comparison

The current FSAGX Sharpe Ratio is 1.45, which is comparable to the AAAU Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of FSAGX 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

	FSAGX	AAAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.45	1.23	+0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	1.04	-0.54
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.37	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	1.09	-0.87

Drawdowns

FSAGX vs. AAAU - Drawdown Comparison

The maximum FSAGX drawdown since its inception was -77.21%, which is greater than AAAU's maximum drawdown of -21.63%. Use the drawdown chart below to compare losses from any high point for FSAGX and AAAU.

Drawdown Indicators

	FSAGX	AAAU	Difference
Max Drawdown Largest peak-to-trough decline	-77.21%	-21.63%	-55.58%
Max Drawdown (1Y) Largest decline over 1 year	-29.85%	-19.13%	-10.72%
Max Drawdown (3Y) Largest decline over 3 years	-29.85%	-19.13%	-10.72%
Max Drawdown (5Y) Largest decline over 5 years	-45.94%	-20.94%	-25.00%
Max Drawdown (10Y) Largest decline over 10 years	-50.57%	—	—
Current Drawdown Current decline from peak	-22.82%	-17.68%	-5.14%
Average Drawdown Average peak-to-trough decline	-33.35%	-6.18%	-27.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.40%	7.69%	+3.71%

Volatility

FSAGX vs. AAAU - Volatility Comparison

Fidelity Select Gold Portfolio (FSAGX) has a higher volatility of 14.88% compared to Goldman Sachs Physical Gold ETF (AAAU) at 5.50%. This indicates that FSAGX'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

	FSAGX	AAAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.88%	5.50%	+9.38%
Volatility (6M) Calculated over the trailing 6-month period	35.12%	22.94%	+12.18%
Volatility (1Y) Calculated over the trailing 1-year period	43.06%	26.33%	+16.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.60%	17.83%	+15.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.10%	16.99%	+16.11%

FSAGX vs. AAAU - Expense Ratio Comparison

FSAGX has a 0.76% expense ratio, which is higher than AAAU's 0.18% expense ratio.

Dividends

FSAGX vs. AAAU - Dividend Comparison

FSAGX's dividend yield for the trailing twelve months is around 4.87%, while AAAU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
FSAGX Fidelity Select Gold Portfolio	4.87%	2.17%	3.62%	0.99%	0.36%	1.60%	4.40%	0.40%	0.00%	0.22%	3.57%

Frequently Asked Questions

Can I hold both FSAGX and AAAU in my portfolio?

FSAGX and AAAU have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSAGX or AAAU?

FSAGX has higher volatility (14.88%) compared to AAAU (5.50%). In terms of maximum drawdown, FSAGX dropped -77.21% vs AAAU's -21.63%.

Which has better risk-adjusted returns?

FSAGX currently has the higher Sharpe Ratio (1.45 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.