GCCIX vs. AAAU

Last updated Jun 24, 2026

GCCIX (Goldman Sachs Commodity Strategy Fund) and AAAU (Goldman Sachs Physical Gold ETF) are both funds - GCCIX is a Commodities fund managed by Goldman Sachs, while AAAU is a Gold fund tracking the LBMA Gold PM Price. Over the past 5 years, GCCIX returned 9.21%/yr vs 18.07%/yr for AAAU. At a 0.27 correlation, their price movements are largely independent. GCCIX charges 0.59%/yr vs 0.18%/yr for AAAU.

Performance

GCCIX vs. AAAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Commodity Strategy Fund (GCCIX) 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, GCCIX achieves a 11.22% return, which is significantly higher than AAAU's -4.75% return.

GCCIX

• 1D: -0.65%
• 1M: -6.96%
• YTD: 11.22%
• 6M: 9.97%
• 1Y: 18.20%
• 3Y*: 10.95%
• 5Y*: 9.21%
• 10Y*: 4.56%

AAAU

• 1D: -1.86%
• 1M: -8.80%
• YTD: -4.75%
• 6M: -8.61%
• 1Y: 21.51%
• 3Y*: 28.67%
• 5Y*: 18.07%
• 10Y*: —

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

GCCIX vs. AAAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
GCCIX Goldman Sachs Commodity Strategy Fund	11.22%	15.45%	5.92%	-9.65%	15.70%	33.42%	-23.01%	16.75%	-17.75%
AAAU Goldman Sachs Physical Gold ETF	-4.75%	64.06%	26.91%	12.96%	-0.50%	-4.01%	25.02%	18.17%	8.28%

Correlation

The correlation between GCCIX and AAAU is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (All Time) Calculated using the full available price history since Aug 15, 2018	0.27

The correlation between GCCIX and AAAU shifts across timeframes, from 0.27 (all time) to 0.43 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

GCCIX vs. AAAU — Risk / Return Rank

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

GCCIX

GCCIX Risk / Return Rank: 21
GCCIX Sharpe Ratio Rank: 19
GCCIX Sortino Ratio Rank: 17
GCCIX Omega Ratio Rank: 19
GCCIX Calmar Ratio Rank: 24
GCCIX Martin Ratio Rank: 27

AAAU

AAAU Risk / Return Rank: 22
AAAU Sharpe Ratio Rank: 23
AAAU Sortino Ratio Rank: 21
AAAU Omega Ratio Rank: 25
AAAU Calmar Ratio Rank: 20
AAAU Martin Ratio Rank: 21

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.

GCCIX vs. AAAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Commodity Strategy Fund (GCCIX) 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.

	GCCIX	AAAU	Difference
Sharpe ratio: Return per unit of total volatility	1.16	0.79	+0.37
Sortino ratio: Return per unit of downside risk	1.57	1.15	+0.42
Omega ratio: Gain probability vs. loss probability	1.21	1.17	+0.04
Calmar ratio: Return relative to maximum drawdown	1.67	0.89	+0.79
Martin ratio: Return relative to average drawdown	5.93	2.39	+3.55

GCCIX vs. AAAU - Sharpe Ratio Comparison

The current GCCIX Sharpe Ratio is 1.16, which is higher than the AAAU Sharpe Ratio of 0.79. The chart below compares the historical Sharpe Ratios of GCCIX 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

GCCIX vs. AAAU - Drawdown Comparison

The maximum GCCIX drawdown since its inception was -90.80%, which is greater than AAAU's maximum drawdown of -24.38%. Use the drawdown chart below to compare losses from any high point for GCCIX and AAAU.

Drawdown Indicators

	GCCIX	AAAU	Difference
Max Drawdown Largest peak-to-trough decline	-90.80%	-24.38%	-66.42%
Max Drawdown (1Y) Largest decline over 1 year	-9.96%	-24.38%	+14.42%
Max Drawdown (3Y) Largest decline over 3 years	-11.89%	-24.38%	+12.49%
Max Drawdown (5Y) Largest decline over 5 years	-28.78%	-24.38%	-4.40%
Max Drawdown (10Y) Largest decline over 10 years	-57.76%	—	—
Current Drawdown Current decline from peak	-72.44%	-23.83%	-48.61%
Average Drawdown Average peak-to-trough decline	-69.42%	-6.28%	-63.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.25%	9.05%	-5.80%

Volatility

GCCIX vs. AAAU - Volatility Comparison

The current volatility for Goldman Sachs Commodity Strategy Fund (GCCIX) is 3.31%, while Goldman Sachs Physical Gold ETF (AAAU) has a volatility of 8.16%. This indicates that GCCIX experiences smaller price fluctuations and is considered to be less risky than AAAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GCCIX	AAAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.31%	8.16%	-4.85%
Volatility (6M) Calculated over the trailing 6-month period	12.28%	24.16%	-11.88%
Volatility (1Y) Calculated over the trailing 1-year period	14.43%	27.30%	-12.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.46%	18.08%	+0.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.98%	17.16%	+2.82%

GCCIX vs. AAAU - Expense Ratio Comparison

GCCIX has a 0.59% expense ratio, which is higher than AAAU's 0.18% expense ratio.

Dividends

GCCIX vs. AAAU - Dividend Comparison

GCCIX's dividend yield for the trailing twelve months is around 14.46%, while AAAU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
GCCIX Goldman Sachs Commodity Strategy Fund	14.46%	16.09%	4.08%	4.20%	10.41%	16.46%	0.36%	10.81%	1.47%	5.88%	0.84%	0.36%

Frequently Asked Questions

Can I hold both GCCIX and AAAU in my portfolio?

GCCIX and AAAU have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GCCIX or AAAU?

AAAU has higher volatility (8.16%) compared to GCCIX (3.31%). In terms of maximum drawdown, GCCIX dropped -90.80% vs AAAU's -24.38%.

Which has better risk-adjusted returns?

GCCIX currently has the higher Sharpe Ratio (1.16 vs 0.79), 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.