GOLI vs. AAAU

Last updated Jul 15, 2026

GOLI (Defiance Gold Enhanced Options Income ETF) and AAAU (Goldman Sachs Physical Gold ETF) are both exchange-traded funds - GOLI is a Derivative Income fund actively managed by Defiance, while AAAU is a Gold fund tracking the LBMA Gold PM Price. GOLI is actively managed, while AAAU is passively managed. Over the past year, GOLI returned 3.39% vs 21.11% for AAAU. Their correlation of 0.88 suggests significant overlap in exposure. GOLI charges 0.99%/yr vs 0.18%/yr for AAAU.

Performance

GOLI vs. AAAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Gold Enhanced Options Income ETF (GOLI) 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, GOLI achieves a -9.90% return, which is significantly lower than AAAU's -6.02% return.

GOLI

• 1D: 0.90%
• 1M: -2.54%
• 6M: -13.72%
• YTD: -9.90%
• 1Y: 3.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AAAU

• 1D: 1.37%
• 1M: -3.71%
• 6M: -11.66%
• YTD: -6.02%
• 1Y: 21.11%
• 3Y*: 27.33%
• 5Y*: 17.05%
• 10Y*: —

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

GOLI vs. AAAU - Yearly Performance Comparison

	2026 (YTD)	2025
GOLI Defiance Gold Enhanced Options Income ETF	-9.90%	15.16%
AAAU Goldman Sachs Physical Gold ETF	-6.02%	38.06%

Correlation

The correlation between GOLI and AAAU is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025	0.88

The correlation between GOLI and AAAU has been stable across timeframes, ranging from 0.88 to 0.88 - a consistent structural relationship.

Return for Risk

GOLI vs. AAAU — Risk / Return Rank

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

GOLI

GOLI Risk / Return Rank: 12
GOLI Sharpe Ratio Rank: 12
GOLI Sortino Ratio Rank: 11
GOLI Omega Ratio Rank: 12
GOLI Calmar Ratio Rank: 11
GOLI Martin Ratio Rank: 11

AAAU

AAAU Risk / Return Rank: 24
AAAU Sharpe Ratio Rank: 26
AAAU Sortino Ratio Rank: 24
AAAU Omega Ratio Rank: 28
AAAU Calmar Ratio Rank: 22
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.

GOLI vs. AAAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Gold Enhanced Options Income ETF (GOLI) 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.

	GOLI	AAAU	Difference
Sharpe ratio: Return per unit of total volatility	0.14	0.77	-0.63
Sortino ratio: Return per unit of downside risk	0.34	1.12	-0.78
Omega ratio: Gain probability vs. loss probability	1.05	1.16	-0.11
Calmar ratio: Return relative to maximum drawdown	0.13	0.81	-0.68
Martin ratio: Return relative to average drawdown	0.41	1.97	-1.56

GOLI vs. AAAU - Sharpe Ratio Comparison

The current GOLI Sharpe Ratio is 0.14, which is lower than the AAAU Sharpe Ratio of 0.77. The chart below compares the historical Sharpe Ratios of GOLI 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

GOLI vs. AAAU - Drawdown Comparison

The maximum GOLI drawdown since its inception was -25.88%, roughly equal to the maximum AAAU drawdown of -26.14%. Use the drawdown chart below to compare losses from any high point for GOLI and AAAU.

Drawdown Indicators

	GOLI	AAAU	Difference
Max Drawdown Largest peak-to-trough decline	-25.88%	-26.14%	+0.26%
Max Drawdown (1Y) Largest decline over 1 year	-25.88%	-26.14%	+0.26%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.14%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-26.14%	—
Current Drawdown Current decline from peak	-19.88%	-24.84%	+4.96%
Average Drawdown Average peak-to-trough decline	-5.15%	-6.41%	+1.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.37%	10.75%	-2.38%

Volatility

GOLI vs. AAAU - Volatility Comparison

Defiance Gold Enhanced Options Income ETF (GOLI) has a higher volatility of 12.21% compared to Goldman Sachs Physical Gold ETF (AAAU) at 6.97%. This indicates that GOLI'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

	GOLI	AAAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.21%	6.97%	+5.24%
Volatility (6M) Calculated over the trailing 6-month period	23.39%	23.99%	-0.60%
Volatility (1Y) Calculated over the trailing 1-year period	25.04%	27.66%	-2.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.23%	18.23%	+5.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.23%	17.22%	+6.01%

GOLI vs. AAAU - Expense Ratio Comparison

GOLI has a 0.99% expense ratio, which is higher than AAAU's 0.18% expense ratio.

Dividends

GOLI vs. AAAU - Dividend Comparison

GOLI's dividend yield for the trailing twelve months is around 51.21%, while AAAU has not paid dividends to shareholders.

Position	TTM	2025
AAAU Goldman Sachs Physical Gold ETF	0.00%	0.00%
GOLI Defiance Gold Enhanced Options Income ETF	51.21%	37.38%

Frequently Asked Questions

Can I hold both GOLI and AAAU in my portfolio?

GOLI and AAAU have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GOLI or AAAU?

GOLI has higher volatility (12.21%) compared to AAAU (6.97%). In terms of maximum drawdown, GOLI dropped -25.88% vs AAAU's -26.14%.

Which ETF is better, GOLI or AAAU?

On 1-year performance, AAAU leads with 21.11% vs 3.39% for GOLI. On fees, AAAU is cheaper at 0.18% per year. On volatility, AAAU has been the lower-risk option at 6.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GOLI or AAAU?

Over the 1-year period, AAAU has performed better with a 21.11% return vs 3.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GOLI or AAAU?

AAAU is cheaper with a 0.18% expense ratio, compared with 0.99% for GOLI.

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

GOLI has the higher dividend yield at 51.21%, compared with 0.00% for AAAU.

What is the main difference between GOLI and AAAU?

GOLI is categorized as Derivative Income, while AAAU is Gold. They also come from different issuers: Defiance and Goldman Sachs. Their fees differ too: 0.99% for GOLI and 0.18% for AAAU.

Which has better risk-adjusted returns?

AAAU currently has the higher Sharpe Ratio (0.77 vs 0.14), 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.