GOAU vs. GOEX
GOAU (US Global GO GOLD and Precious Metal Miners ETF) and GOEX (Global X Gold Explorers ETF) are both Materials funds - GOAU tracks the U.S. Global GO GOLD and Precious Metal Miners Index while GOEX tracks the Solactive Global Gold Explorers & Developers Total Return. Both are passively managed. Over the past 5 years, GOAU returned 15.62%/yr vs 19.07%/yr for GOEX. Their correlation of 0.91 suggests significant overlap in exposure. GOAU charges 0.60%/yr vs 0.65%/yr for GOEX.
Performance
GOAU vs. GOEX - Performance Comparison
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Returns By Period
In the year-to-date period, GOAU achieves a -1.69% return, which is significantly higher than GOEX's -4.07% return.
GOAU
- 1D
- 1.83%
- 1M
- 2.05%
- YTD
- -1.69%
- 6M
- 2.10%
- 1Y
- 38.05%
- 3Y*
- 33.93%
- 5Y*
- 15.62%
- 10Y*
- —
GOEX
- 1D
- 1.00%
- 1M
- -2.91%
- YTD
- -4.07%
- 6M
- 4.68%
- 1Y
- 63.90%
- 3Y*
- 46.37%
- 5Y*
- 19.07%
- 10Y*
- 13.71%
GOAU vs. GOEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GOAU US Global GO GOLD and Precious Metal Miners ETF | -1.69% | 126.68% | 13.78% | 10.67% | -11.66% | -9.23% | 14.13% | 54.17% | -11.88% | 7.92% |
GOEX Global X Gold Explorers ETF | -4.07% | 179.50% | 19.38% | 1.99% | -14.63% | -14.45% | 34.98% | 36.73% | -14.84% | 1.39% |
Correlation
The correlation between GOAU and GOEX is 0.95 - 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 | 0.95 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Jun 29, 2017 | 0.91 |
The correlation between GOAU and GOEX has been stable across timeframes, ranging from 0.91 to 0.95 - a consistent structural relationship.
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Return for Risk
GOAU vs. GOEX — Risk / Return Rank
GOAU
GOEX
GOAU vs. GOEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for US Global GO GOLD and Precious Metal Miners ETF (GOAU) and Global X Gold Explorers ETF (GOEX). 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.
| GOAU | GOEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.47 | ||
| Sortino ratioReturn per unit of downside risk | -0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.24 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.23 | 1.96 | -0.73 |
| Martin ratioReturn relative to average drawdown | 3.00 | 4.87 | -1.86 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GOAU | GOEX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.84 | 1.31 | -0.47 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.43 | 0.49 | -0.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.34 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 0.02 | +0.43 |
Drawdowns
GOAU vs. GOEX - Drawdown Comparison
The maximum GOAU drawdown since its inception was -55.41%, smaller than the maximum GOEX drawdown of -88.83%. Use the drawdown chart below to compare losses from any high point for GOAU and GOEX.
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Drawdown Indicators
| GOAU | GOEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.41% | -88.83% | +33.42% |
Max Drawdown (1Y)Largest decline over 1 year | -31.15% | -32.78% | +1.63% |
Max Drawdown (3Y)Largest decline over 3 years | -31.15% | -32.78% | +1.63% |
Max Drawdown (5Y)Largest decline over 5 years | -48.52% | -47.16% | -1.36% |
Max Drawdown (10Y)Largest decline over 10 years | — | -53.66% | — |
Current DrawdownCurrent decline from peak | -25.58% | -29.20% | +3.62% |
Average DrawdownAverage peak-to-trough decline | -18.82% | -63.58% | +44.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.71% | 13.17% | -0.46% |
Volatility
GOAU vs. GOEX - Volatility Comparison
US Global GO GOLD and Precious Metal Miners ETF (GOAU) and Global X Gold Explorers ETF (GOEX) have volatilities of 14.53% and 14.65%, 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.
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Volatility by Period
| GOAU | GOEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.53% | 14.65% | -0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 37.31% | 39.88% | -2.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 45.71% | 49.12% | -3.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.44% | 39.00% | -2.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.51% | 39.96% | -4.45% |
GOAU vs. GOEX - Expense Ratio Comparison
GOAU has a 0.60% expense ratio, which is lower than GOEX's 0.65% expense ratio.
Dividends
GOAU vs. GOEX - Dividend Comparison
GOAU's dividend yield for the trailing twelve months is around 0.96%, less than GOEX's 2.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GOAU US Global GO GOLD and Precious Metal Miners ETF | 0.96% | 0.94% | 2.11% | 0.99% | 1.55% | 1.28% | 0.74% | 0.16% | 0.47% | 0.27% | 0.00% | 0.00% |
GOEX Global X Gold Explorers ETF | 2.17% | 2.08% | 2.46% | 0.05% | 1.04% | 2.35% | 2.62% | 1.60% | 0.00% | 0.00% | 38.91% | 11.70% |
Frequently Asked Questions
With a correlation of 0.95, GOAU and GOEX 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.
GOEX has higher volatility (14.65%) compared to GOAU (14.53%). In terms of maximum drawdown, GOAU dropped -55.41% vs GOEX's -88.83%.
On 5-year performance, GOEX leads with 19.07% vs 15.62% for GOAU. On fees, GOAU is cheaper at 0.60% per year. On volatility, GOAU has been the lower-risk option at 14.53%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GOEX has performed better with a 19.07% return vs 15.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GOAU is cheaper with a 0.60% expense ratio, compared with 0.65% for GOEX.
GOEX has the higher dividend yield at 2.17%, compared with 0.96% for GOAU.
GOAU tracks U.S. Global GO GOLD and Precious Metal Miners Index, while GOEX tracks Solactive Global Gold Explorers & Developers Total Return. They also come from different issuers: US Global and Global X. Their fees differ too: 0.60% for GOAU and 0.65% for GOEX.
GOEX currently has the higher Sharpe Ratio (1.31 vs 0.84), 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.
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