GLDN vs. AAAU

Last updated Jun 6, 2026

GLDN (Nicholas Gold Income ETF) and AAAU (Goldman Sachs Physical Gold ETF) are both Gold funds. GLDN is actively managed, while AAAU is passively managed. Their correlation of 0.90 suggests significant overlap in exposure. GLDN charges 1.07%/yr vs 0.18%/yr for AAAU.

Performance

GLDN vs. AAAU - Performance Comparison

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

Returns By Period

GLDN

• 1D: -6.72%
• 1M: -12.29%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

AAAU

• 1D: -3.64%
• 1M: -8.02%
• YTD: 0.05%
• 6M: 2.64%
• 1Y: 28.42%
• 3Y*: 29.80%
• 5Y*: 17.72%
• 10Y*: —

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

GLDN vs. AAAU - Yearly Performance Comparison

	2026 (YTD)
GLDN Nicholas Gold Income ETF	-21.20%
AAAU Goldman Sachs Physical Gold ETF	-13.42%

Correlation

The correlation between GLDN and AAAU is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 19, 2026	0.90

Return for Risk

GLDN vs. AAAU — Risk / Return Rank

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

AAAU

AAAU Risk / Return Rank: 30
AAAU Sharpe Ratio Rank: 31
AAAU Sortino Ratio Rank: 28
AAAU Omega Ratio Rank: 33
AAAU Calmar Ratio Rank: 30
AAAU Martin Ratio Rank: 27

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.

GLDN vs. AAAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Gold Income ETF (GLDN) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	GLDN	AAAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.07	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.99	—
Sharpe Ratio (All Time) Calculated using the full available price history	-1.33	1.06	-2.38

Drawdowns

GLDN vs. AAAU - Drawdown Comparison

The maximum GLDN drawdown since its inception was -28.04%, which is greater than AAAU's maximum drawdown of -21.63%. Use the drawdown chart below to compare losses from any high point for GLDN and AAAU.

Drawdown Indicators

	GLDN	AAAU	Difference
Max Drawdown Largest peak-to-trough decline	-28.04%	-21.63%	-6.41%
Max Drawdown (1Y) Largest decline over 1 year	—	-20.00%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-20.00%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-20.94%	—
Current Drawdown Current decline from peak	-28.04%	-20.00%	-8.04%
Average Drawdown Average peak-to-trough decline	-15.70%	-6.19%	-9.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	7.86%	—

Volatility

Volatility by Period

	GLDN	AAAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.66%	—
Volatility (6M) Calculated over the trailing 6-month period	—	23.25%	—
Volatility (1Y) Calculated over the trailing 1-year period	41.85%	26.59%	+15.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.85%	17.90%	+23.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.85%	17.04%	+24.81%

GLDN vs. AAAU - Expense Ratio Comparison

GLDN has a 1.07% expense ratio, which is higher than AAAU's 0.18% expense ratio.

Dividends

GLDN vs. AAAU - Dividend Comparison

GLDN's dividend yield for the trailing twelve months is around 4.42%, while AAAU has not paid dividends to shareholders.

Position	TTM
AAAU Goldman Sachs Physical Gold ETF	0.00%
GLDN Nicholas Gold Income ETF	4.42%

Frequently Asked Questions

Can I hold both GLDN and AAAU in my portfolio?

GLDN and AAAU have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GLDN or AAAU?

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.

Which ETF is cheaper, GLDN or AAAU?

AAAU is cheaper with a 0.18% expense ratio, compared with 1.07% for GLDN.

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

GLDN has the higher dividend yield at 4.42%, compared with 0.00% for AAAU.

What is the main difference between GLDN and AAAU?

They also come from different issuers: Nicholas and Goldman Sachs. Their fees differ too: 1.07% for GLDN and 0.18% for AAAU.