GLDM vs. AAAU

Last updated Jun 4, 2026

GLDM (SPDR Gold MiniShares Trust) and AAAU (Goldman Sachs Physical Gold ETF) are both exchange-traded funds - GLDM is a Gold fund tracking the LBMA Gold Price PM, while AAAU is a Precious Metals fund tracking the LBMA Gold PM Price. Both are passively managed. Over the past 5 years, GLDM returned 18.49%/yr vs 18.39%/yr for AAAU. With a 0.99 correlation, they move nearly in lockstep. GLDM charges 0.10%/yr vs 0.18%/yr for AAAU.

Performance

GLDM vs. AAAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Gold MiniShares Trust (GLDM) and Goldman Sachs Physical Gold ETF (AAAU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with GLDM having a 3.00% return and AAAU slightly lower at 2.94%.

GLDM

• 1D: -0.96%
• 1M: -1.62%
• YTD: 3.00%
• 6M: 5.60%
• 1Y: 32.42%
• 3Y*: 31.49%
• 5Y*: 18.49%
• 10Y*: —

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)

GLDM vs. AAAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
GLDM SPDR Gold MiniShares Trust	3.00%	64.20%	27.08%	13.04%	-0.47%	-4.01%	25.10%	18.10%	9.20%
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 GLDM and AAAU is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (All Time) Calculated using the full available price history since Aug 16, 2018	0.99

The correlation between GLDM and AAAU has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

GLDM vs. AAAU - Sectors Allocation Comparison

Sectors	GLDM	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

GLDM vs. AAAU — Risk / Return Rank

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

GLDM

GLDM Risk / Return Rank: 32
GLDM Sharpe Ratio Rank: 33
GLDM Sortino Ratio Rank: 29
GLDM Omega Ratio Rank: 36
GLDM Calmar Ratio Rank: 34
GLDM Martin Ratio Rank: 29

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.

GLDM vs. AAAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Gold MiniShares Trust (GLDM) 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.

	GLDM	AAAU	Difference
Sharpe ratio: Return per unit of total volatility	1.24	1.23	0.00
Sortino ratio: Return per unit of downside risk	1.63	1.63	0.00
Omega ratio: Gain probability vs. loss probability	1.25	1.25	0.00
Calmar ratio: Return relative to maximum drawdown	1.70	1.70	+0.01
Martin ratio: Return relative to average drawdown	4.23	4.21	+0.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GLDM vs. AAAU - Sharpe Ratio Comparison

The current GLDM Sharpe Ratio is 1.24, which is comparable to the AAAU Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of GLDM 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

	GLDM	AAAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.24	1.23	0.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.04	1.04	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	1.02	1.09	-0.07

Drawdowns

GLDM vs. AAAU - Drawdown Comparison

The maximum GLDM drawdown since its inception was -21.63%, roughly equal to the maximum AAAU drawdown of -21.63%. Use the drawdown chart below to compare losses from any high point for GLDM and AAAU.

Drawdown Indicators

	GLDM	AAAU	Difference
Max Drawdown Largest peak-to-trough decline	-21.63%	-21.63%	0.00%
Max Drawdown (1Y) Largest decline over 1 year	-19.14%	-19.13%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	-19.14%	-19.13%	-0.01%
Max Drawdown (5Y) Largest decline over 5 years	-20.92%	-20.94%	+0.02%
Current Drawdown Current decline from peak	-17.65%	-17.68%	+0.03%
Average Drawdown Average peak-to-trough decline	-6.22%	-6.18%	-0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.69%	7.69%	0.00%

Volatility

GLDM vs. AAAU - Volatility Comparison

SPDR Gold MiniShares Trust (GLDM) and Goldman Sachs Physical Gold ETF (AAAU) have volatilities of 5.47% and 5.50%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GLDM	AAAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.47%	5.50%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	22.99%	22.94%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	26.39%	26.33%	+0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.91%	17.83%	+0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.85%	16.99%	-0.14%

GLDM vs. AAAU - Expense Ratio Comparison

GLDM has a 0.10% expense ratio, which is lower than AAAU's 0.18% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

GLDM vs. AAAU - Dividend Comparison

Neither GLDM nor AAAU has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GLDM and AAAU in my portfolio?

With a correlation of 1.00, GLDM and AAAU move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, GLDM or AAAU?

AAAU has higher volatility (5.50%) compared to GLDM (5.47%). In terms of maximum drawdown, GLDM dropped -21.63% vs AAAU's -21.63%.

Which ETF is better, GLDM or AAAU?

On 5-year performance, GLDM leads with 18.49% vs 18.39% for AAAU. On fees, GLDM is cheaper at 0.10% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GLDM or AAAU?

Over the 5-year period, GLDM has performed better with a 18.49% return vs 18.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLDM or AAAU?

GLDM is cheaper with a 0.10% expense ratio, compared with 0.18% for AAAU.

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

GLDM and AAAU have nearly identical dividend yields, around 0.00%.

What is the main difference between GLDM and AAAU?

GLDM is categorized as Gold, while AAAU is Precious Metals. GLDM tracks LBMA Gold Price PM, while AAAU tracks LBMA Gold PM Price. They also come from different issuers: State Street and Goldman Sachs. Their fees differ too: 0.10% for GLDM and 0.18% for AAAU.

Which has better risk-adjusted returns?

GLDM currently has the higher Sharpe Ratio (1.24 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.