GBSP.L vs. AAAU
GBSP.L (WisdomTree Physical Gold - GBP Daily Hedged) and AAAU (Goldman Sachs Physical Gold ETF) are both exchange-traded funds - GBSP.L is a Precious Metals fund tracking the Gold (GBP Hedged), while AAAU is a Gold fund tracking the LBMA Gold PM Price. Both are passively managed. Over the past 5 years, GBSP.L returned 17.19%/yr vs 19.13%/yr for AAAU. A 0.64 correlation means they provide meaningful diversification when combined. GBSP.L charges 0.25%/yr vs 0.18%/yr for AAAU.
Performance
GBSP.L vs. AAAU - Performance Comparison
Loading charts...
Different Trading Currencies
GBSP.L is traded in GBp, while AAAU is traded in USD. To make them comparable, the AAAU values have been converted to GBp using the latest available exchange rates.
Returns By Period
In the year-to-date period, GBSP.L achieves a 3.18% return, which is significantly higher than AAAU's 1.05% return.
GBSP.L
- 1D
- 0.76%
- 1M
- -4.73%
- YTD
- 3.18%
- 6M
- 5.42%
- 1Y
- 31.89%
- 3Y*
- 30.23%
- 5Y*
- 17.19%
- 10Y*
- 11.30%
AAAU
- 1D
- -3.04%
- 1M
- -6.27%
- YTD
- 1.05%
- 6M
- 2.57%
- 1Y
- 30.66%
- 3Y*
- 26.75%
- 5Y*
- 19.13%
- 10Y*
- —
GBSP.L vs. AAAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
GBSP.L WisdomTree Physical Gold - GBP Daily Hedged | 3.18% | 63.29% | 25.01% | 11.75% | -1.73% | -4.92% | 21.84% | 14.56% | 7.43% |
AAAU Goldman Sachs Physical Gold ETF | 1.05% | 52.38% | 29.13% | 7.32% | 11.34% | -3.10% | 21.34% | 13.68% | 8.68% |
Correlation
The correlation between GBSP.L and AAAU is 0.76, 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 | 0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Aug 16, 2018 | 0.64 |
The correlation between GBSP.L and AAAU shifts across timeframes, from 0.64 (all time) to 0.76 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GBSP.L vs. AAAU — Risk / Return Rank
GBSP.L
AAAU
GBSP.L vs. AAAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Physical Gold - GBP Daily Hedged (GBSP.L) 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.
| GBSP.L | AAAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.25 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.76 | 1.65 | +0.12 |
| Martin ratioReturn relative to average drawdown | 4.51 | 4.24 | +0.26 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| GBSP.L | AAAU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.25 | 1.22 | +0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.99 | 1.16 | -0.16 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.72 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.38 | 1.06 | -0.68 |
Drawdowns
GBSP.L vs. AAAU - Drawdown Comparison
The maximum GBSP.L drawdown since its inception was -37.30%, which is greater than AAAU's maximum drawdown of -22.73%. Use the drawdown chart below to compare losses from any high point for GBSP.L and AAAU.
Loading charts...
Drawdown Indicators
| GBSP.L | AAAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.30% | -22.73% | -14.57% |
Max Drawdown (1Y)Largest decline over 1 year | -17.53% | -18.69% | +1.16% |
Max Drawdown (3Y)Largest decline over 3 years | -17.53% | -18.69% | +1.16% |
Max Drawdown (5Y)Largest decline over 5 years | -22.05% | -18.69% | -3.36% |
Max Drawdown (10Y)Largest decline over 10 years | -22.99% | — | — |
Current DrawdownCurrent decline from peak | -15.96% | -18.69% | +2.73% |
Average DrawdownAverage peak-to-trough decline | -17.52% | -5.99% | -11.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.88% | 7.24% | -0.36% |
Volatility
GBSP.L vs. AAAU - Volatility Comparison
WisdomTree Physical Gold - GBP Daily Hedged (GBSP.L) has a higher volatility of 6.25% compared to Goldman Sachs Physical Gold ETF (AAAU) at 4.79%. This indicates that GBSP.L'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.
Loading charts...
Volatility by Period
| GBSP.L | AAAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.25% | 4.79% | +1.46% |
Volatility (6M)Calculated over the trailing 6-month period | 21.79% | 21.75% | +0.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.78% | 25.22% | -0.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.29% | 16.63% | +0.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.56% | 16.28% | -0.72% |
GBSP.L vs. AAAU - Expense Ratio Comparison
GBSP.L has a 0.25% expense ratio, which is higher than AAAU's 0.18% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
GBSP.L vs. AAAU - Dividend Comparison
Neither GBSP.L nor AAAU has paid dividends to shareholders.
Frequently Asked Questions
GBSP.L and AAAU have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, AAAU is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
AAAU is cheaper with a 0.18% expense ratio, compared with 0.25% for GBSP.L.
GBSP.L is categorized as Precious Metals, while AAAU is Gold. GBSP.L tracks Gold (GBP Hedged), while AAAU tracks LBMA Gold PM Price. They also come from different issuers: WisdomTree and Goldman Sachs. Their fees differ too: 0.25% for GBSP.L and 0.18% for AAAU.
Find the right allocation for GBSP.L and AAAU
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer