GPIQ vs. AAAU

Last updated Jun 24, 2026

GPIQ (Goldman Sachs Nasdaq-100 Core Premium Income ETF) and AAAU (Goldman Sachs Physical Gold ETF) are both exchange-traded funds - GPIQ is a Nasdaq-100 fund actively managed by Goldman Sachs, while AAAU is a Gold fund tracking the LBMA Gold PM Price. GPIQ is actively managed, while AAAU is passively managed. Over the past year, GPIQ returned 32.06% vs 21.51% for AAAU. At a 0.12 correlation, their price movements are largely independent. GPIQ charges 0.29%/yr vs 0.18%/yr for AAAU.

Performance

GPIQ vs. AAAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Nasdaq-100 Core Premium Income ETF (GPIQ) 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, GPIQ achieves a 14.86% return, which is significantly higher than AAAU's -4.75% return.

GPIQ

• 1D: -2.96%
• 1M: -0.00%
• YTD: 14.86%
• 6M: 13.78%
• 1Y: 32.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AAAU

• 1D: -1.86%
• 1M: -8.80%
• YTD: -4.75%
• 6M: -8.61%
• 1Y: 21.51%
• 3Y*: 28.67%
• 5Y*: 18.07%
• 10Y*: —

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

GPIQ vs. AAAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GPIQ Goldman Sachs Nasdaq-100 Core Premium Income ETF	14.86%	19.77%	23.22%	15.17%
AAAU Goldman Sachs Physical Gold ETF	-4.75%	64.06%	26.91%	4.15%

Correlation

The correlation between GPIQ and AAAU is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (All Time) Calculated using the full available price history since Oct 26, 2023	0.12

The correlation between GPIQ and AAAU shifts across timeframes, from 0.12 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GPIQ vs. AAAU — Risk / Return Rank

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

GPIQ

GPIQ Risk / Return Rank: 69
GPIQ Sharpe Ratio Rank: 68
GPIQ Sortino Ratio Rank: 62
GPIQ Omega Ratio Rank: 68
GPIQ Calmar Ratio Rank: 70
GPIQ Martin Ratio Rank: 77

AAAU

AAAU Risk / Return Rank: 22
AAAU Sharpe Ratio Rank: 23
AAAU Sortino Ratio Rank: 21
AAAU Omega Ratio Rank: 25
AAAU Calmar Ratio Rank: 20
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.

GPIQ vs. AAAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Nasdaq-100 Core Premium Income ETF (GPIQ) 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.

	GPIQ	AAAU	Difference
Sharpe ratio: Return per unit of total volatility	2.12	0.79	+1.33
Sortino ratio: Return per unit of downside risk	2.79	1.15	+1.65
Omega ratio: Gain probability vs. loss probability	1.39	1.17	+0.22
Calmar ratio: Return relative to maximum drawdown	3.38	0.89	+2.50
Martin ratio: Return relative to average drawdown	14.28	2.39	+11.90

GPIQ vs. AAAU - Sharpe Ratio Comparison

The current GPIQ Sharpe Ratio is 2.12, which is higher than the AAAU Sharpe Ratio of 0.79. The chart below compares the historical Sharpe Ratios of GPIQ 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

GPIQ vs. AAAU - Drawdown Comparison

The maximum GPIQ drawdown since its inception was -21.06%, smaller than the maximum AAAU drawdown of -24.38%. Use the drawdown chart below to compare losses from any high point for GPIQ and AAAU.

Drawdown Indicators

	GPIQ	AAAU	Difference
Max Drawdown Largest peak-to-trough decline	-21.06%	-24.38%	+3.32%
Max Drawdown (1Y) Largest decline over 1 year	-9.51%	-24.38%	+14.87%
Max Drawdown (3Y) Largest decline over 3 years	—	-24.38%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.38%	—
Current Drawdown Current decline from peak	-3.21%	-23.83%	+20.62%
Average Drawdown Average peak-to-trough decline	-2.27%	-6.28%	+4.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.25%	9.05%	-6.80%

Volatility

GPIQ vs. AAAU - Volatility Comparison

Goldman Sachs Nasdaq-100 Core Premium Income ETF (GPIQ) and Goldman Sachs Physical Gold ETF (AAAU) have volatilities of 7.78% and 8.16%, 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

	GPIQ	AAAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.78%	8.16%	-0.38%
Volatility (6M) Calculated over the trailing 6-month period	12.52%	24.16%	-11.64%
Volatility (1Y) Calculated over the trailing 1-year period	15.17%	27.30%	-12.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.88%	18.08%	-0.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.88%	17.16%	+0.72%

GPIQ vs. AAAU - Expense Ratio Comparison

GPIQ has a 0.29% expense ratio, which is higher than AAAU's 0.18% expense ratio.

Dividends

GPIQ vs. AAAU - Dividend Comparison

GPIQ's dividend yield for the trailing twelve months is around 9.60%, while AAAU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
AAAU Goldman Sachs Physical Gold ETF	0.00%	0.00%	0.00%	0.00%
GPIQ Goldman Sachs Nasdaq-100 Core Premium Income ETF	9.60%	9.81%	9.18%	1.74%

Frequently Asked Questions

Can I hold both GPIQ and AAAU in my portfolio?

GPIQ and AAAU have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GPIQ or AAAU?

AAAU has higher volatility (8.16%) compared to GPIQ (7.78%). In terms of maximum drawdown, GPIQ dropped -21.06% vs AAAU's -24.38%.

Which ETF is better, GPIQ or AAAU?

On 1-year performance, GPIQ leads with 32.06% vs 21.51% for AAAU. On fees, AAAU is cheaper at 0.18% per year. On volatility, GPIQ has been the lower-risk option at 7.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GPIQ or AAAU?

Over the 1-year period, GPIQ has performed better with a 32.06% return vs 21.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GPIQ or AAAU?

AAAU is cheaper with a 0.18% expense ratio, compared with 0.29% for GPIQ.

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

GPIQ has the higher dividend yield at 9.60%, compared with 0.00% for AAAU.

What is the main difference between GPIQ and AAAU?

GPIQ is categorized as Nasdaq-100, while AAAU is Gold. Their fees differ too: 0.29% for GPIQ and 0.18% for AAAU.

Which has better risk-adjusted returns?

GPIQ currently has the higher Sharpe Ratio (2.12 vs 0.79), 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.