GDX vs. AAAU

Last updated Jun 4, 2026

GDX (VanEck Gold Miners ETF) and AAAU (Goldman Sachs Physical Gold ETF) are both exchange-traded funds - GDX is a Gold fund tracking the NYSE MarketVector Global Gold Miners Index, while AAAU is a Precious Metals fund tracking the LBMA Gold PM Price. Both are passively managed. Over the past 5 years, GDX returned 18.69%/yr vs 18.39%/yr for AAAU. A 0.78 correlation means they provide meaningful diversification when combined. GDX charges 0.51%/yr vs 0.18%/yr for AAAU.

Performance

GDX vs. AAAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Gold Miners ETF (GDX) 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, GDX achieves a -0.90% return, which is significantly lower than AAAU's 2.94% return.

GDX

• 1D: -3.46%
• 1M: -0.76%
• YTD: -0.90%
• 6M: 5.62%
• 1Y: 61.27%
• 3Y*: 41.00%
• 5Y*: 18.69%
• 10Y*: 13.98%

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)

GDX vs. AAAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
GDX VanEck Gold Miners ETF	-0.90%	154.77%	10.63%	9.98%	-9.01%	-9.52%	23.66%	39.84%	13.99%
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 GDX 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	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since Aug 16, 2018	0.78

The correlation between GDX and AAAU has been stable across timeframes, ranging from 0.78 to 0.80 - a consistent structural relationship.

GDX vs. AAAU - Sectors Allocation Comparison

Sectors	GDX	AAAU
Basic Materials	100.0%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	100.0%
Technology	-	-
Utilities	-	-

Return for Risk

GDX vs. AAAU — Risk / Return Rank

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

GDX

GDX Risk / Return Rank: 35
GDX Sharpe Ratio Rank: 37
GDX Sortino Ratio Rank: 32
GDX Omega Ratio Rank: 36
GDX Calmar Ratio Rank: 39
GDX Martin Ratio Rank: 33

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.

GDX vs. AAAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Gold Miners ETF (GDX) 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.

	GDX	AAAU	Difference
Sharpe ratio: Return per unit of total volatility	1.35	1.23	+0.12
Sortino ratio: Return per unit of downside risk	1.76	1.63	+0.13
Omega ratio: Gain probability vs. loss probability	1.25	1.25	0.00
Calmar ratio: Return relative to maximum drawdown	2.00	1.70	+0.30
Martin ratio: Return relative to average drawdown	5.13	4.21	+0.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GDX vs. AAAU - Sharpe Ratio Comparison

The current GDX Sharpe Ratio is 1.35, which is comparable to the AAAU Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of GDX 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

	GDX	AAAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.35	1.23	+0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	1.04	-0.52
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.13	1.09	-0.96

Drawdowns

GDX vs. AAAU - Drawdown Comparison

The maximum GDX drawdown since its inception was -80.34%, which is greater than AAAU's maximum drawdown of -21.63%. Use the drawdown chart below to compare losses from any high point for GDX and AAAU.

Drawdown Indicators

	GDX	AAAU	Difference
Max Drawdown Largest peak-to-trough decline	-80.34%	-21.63%	-58.71%
Max Drawdown (1Y) Largest decline over 1 year	-30.84%	-19.13%	-11.71%
Max Drawdown (3Y) Largest decline over 3 years	-30.84%	-19.13%	-11.71%
Max Drawdown (5Y) Largest decline over 5 years	-46.51%	-20.94%	-25.57%
Max Drawdown (10Y) Largest decline over 10 years	-49.79%	—	—
Current Drawdown Current decline from peak	-26.62%	-17.68%	-8.94%
Average Drawdown Average peak-to-trough decline	-40.43%	-6.18%	-34.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.99%	7.69%	+4.30%

Volatility

GDX vs. AAAU - Volatility Comparison

VanEck Gold Miners ETF (GDX) has a higher volatility of 15.40% compared to Goldman Sachs Physical Gold ETF (AAAU) at 5.50%. This indicates that GDX'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

	GDX	AAAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.40%	5.50%	+9.90%
Volatility (6M) Calculated over the trailing 6-month period	37.50%	22.94%	+14.56%
Volatility (1Y) Calculated over the trailing 1-year period	45.49%	26.33%	+19.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.39%	17.83%	+18.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.18%	16.99%	+20.19%

GDX vs. AAAU - Expense Ratio Comparison

GDX has a 0.51% expense ratio, which is higher than AAAU's 0.18% expense ratio.

Dividends

GDX vs. AAAU - Dividend Comparison

GDX's dividend yield for the trailing twelve months is around 0.74%, 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%
GDX VanEck Gold Miners ETF	0.74%	0.74%	1.19%	1.61%	1.66%	1.67%	0.53%	0.67%	0.50%	0.76%	0.26%	0.85%

Frequently Asked Questions

Can I hold both GDX and AAAU in my portfolio?

GDX 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, GDX or AAAU?

GDX has higher volatility (15.40%) compared to AAAU (5.50%). In terms of maximum drawdown, GDX dropped -80.34% vs AAAU's -21.63%.

Which ETF is better, GDX or AAAU?

On 5-year performance, GDX leads with 18.69% vs 18.39% for AAAU. On fees, AAAU is cheaper at 0.18% per year. On volatility, AAAU has been the lower-risk option at 5.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDX or AAAU?

Over the 5-year period, GDX has performed better with a 18.69% return vs 18.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDX or AAAU?

AAAU is cheaper with a 0.18% expense ratio, compared with 0.51% for GDX.

Which ETF pays a higher dividend yield, GDX or AAAU?

GDX has the higher dividend yield at 0.74%, compared with 0.00% for AAAU.

What is the main difference between GDX and AAAU?

GDX is categorized as Gold, while AAAU is Precious Metals. GDX tracks NYSE MarketVector Global Gold Miners Index, while AAAU tracks LBMA Gold PM Price. They also come from different issuers: VanEck and Goldman Sachs. Their fees differ too: 0.51% for GDX and 0.18% for AAAU.

Which has better risk-adjusted returns?

GDX currently has the higher Sharpe Ratio (1.35 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.