GSEE vs. AAAU

Last updated Jun 24, 2026

GSEE (Goldman Sachs MarketBeta Emerging Markets Equity ETF) and AAAU (Goldman Sachs Physical Gold ETF) are both exchange-traded funds - GSEE is a Asia Pacific Equities fund tracking the Solactive GBS Emerging Markets Large & Mid Cap Index, while AAAU is a Gold fund tracking the LBMA Gold PM Price. Both are passively managed. Over the past 5 years, GSEE returned 7.00%/yr vs 18.07%/yr for AAAU. At a 0.31 correlation, their price movements are largely independent. GSEE charges 0.36%/yr vs 0.18%/yr for AAAU.

Performance

GSEE vs. AAAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs MarketBeta Emerging Markets Equity ETF (GSEE) 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, GSEE achieves a 23.34% return, which is significantly higher than AAAU's -4.75% return.

GSEE

• 1D: -5.32%
• 1M: 2.31%
• YTD: 23.34%
• 6M: 23.87%
• 1Y: 45.47%
• 3Y*: 22.27%
• 5Y*: 7.00%
• 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)

GSEE vs. AAAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF	23.34%	33.38%	4.94%	11.03%	-19.57%	-2.61%	43.54%
AAAU Goldman Sachs Physical Gold ETF	-4.75%	64.06%	26.91%	12.96%	-0.50%	-4.01%	9.61%

Correlation

The correlation between GSEE and AAAU is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.31
Correlation (All Time) Calculated using the full available price history since May 15, 2020	0.31

Return for Risk

GSEE vs. AAAU — Risk / Return Rank

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

GSEE

GSEE Risk / Return Rank: 69
GSEE Sharpe Ratio Rank: 69
GSEE Sortino Ratio Rank: 61
GSEE Omega Ratio Rank: 70
GSEE Calmar Ratio Rank: 73
GSEE Martin Ratio Rank: 73

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.

GSEE vs. AAAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs MarketBeta Emerging Markets Equity ETF (GSEE) 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.

	GSEE	AAAU	Difference
Sharpe ratio: Return per unit of total volatility	2.06	0.79	+1.27
Sortino ratio: Return per unit of downside risk	2.68	1.15	+1.53
Omega ratio: Gain probability vs. loss probability	1.39	1.17	+0.22
Calmar ratio: Return relative to maximum drawdown	3.50	0.89	+2.61
Martin ratio: Return relative to average drawdown	12.71	2.39	+10.32

GSEE vs. AAAU - Sharpe Ratio Comparison

The current GSEE Sharpe Ratio is 2.06, which is higher than the AAAU Sharpe Ratio of 0.79. The chart below compares the historical Sharpe Ratios of GSEE 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

GSEE vs. AAAU - Drawdown Comparison

The maximum GSEE drawdown since its inception was -37.51%, which is greater than AAAU's maximum drawdown of -24.38%. Use the drawdown chart below to compare losses from any high point for GSEE and AAAU.

Drawdown Indicators

	GSEE	AAAU	Difference
Max Drawdown Largest peak-to-trough decline	-37.51%	-24.38%	-13.13%
Max Drawdown (1Y) Largest decline over 1 year	-13.05%	-24.38%	+11.33%
Max Drawdown (3Y) Largest decline over 3 years	-17.39%	-24.38%	+6.99%
Max Drawdown (5Y) Largest decline over 5 years	-34.89%	-24.38%	-10.51%
Current Drawdown Current decline from peak	-5.32%	-23.83%	+18.51%
Average Drawdown Average peak-to-trough decline	-14.63%	-6.28%	-8.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.59%	9.05%	-5.46%

Volatility

GSEE vs. AAAU - Volatility Comparison

Goldman Sachs MarketBeta Emerging Markets Equity ETF (GSEE) has a higher volatility of 12.17% compared to Goldman Sachs Physical Gold ETF (AAAU) at 8.16%. This indicates that GSEE'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

	GSEE	AAAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.17%	8.16%	+4.01%
Volatility (6M) Calculated over the trailing 6-month period	20.00%	24.16%	-4.16%
Volatility (1Y) Calculated over the trailing 1-year period	22.20%	27.30%	-5.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.86%	18.08%	+0.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.83%	17.16%	+1.67%

GSEE vs. AAAU - Expense Ratio Comparison

GSEE has a 0.36% expense ratio, which is higher than AAAU's 0.18% expense ratio.

Dividends

GSEE vs. AAAU - Dividend Comparison

GSEE's dividend yield for the trailing twelve months is around 2.05%, while AAAU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
AAAU Goldman Sachs Physical Gold ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF	2.05%	2.53%	2.79%	3.07%	3.05%	6.10%	2.41%

Frequently Asked Questions

Can I hold both GSEE and AAAU in my portfolio?

GSEE and AAAU have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GSEE or AAAU?

GSEE has higher volatility (12.17%) compared to AAAU (8.16%). In terms of maximum drawdown, GSEE dropped -37.51% vs AAAU's -24.38%.

Which ETF is better, GSEE or AAAU?

On 5-year performance, AAAU leads with 18.07% vs 7.00% for GSEE. On fees, AAAU is cheaper at 0.18% per year. On volatility, AAAU has been the lower-risk option at 8.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GSEE or AAAU?

Over the 5-year period, AAAU has performed better with a 18.07% return vs 7.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GSEE or AAAU?

AAAU is cheaper with a 0.18% expense ratio, compared with 0.36% for GSEE.

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

GSEE has the higher dividend yield at 2.05%, compared with 0.00% for AAAU.

What is the main difference between GSEE and AAAU?

GSEE is categorized as Asia Pacific Equities, while AAAU is Gold. GSEE tracks Solactive GBS Emerging Markets Large & Mid Cap Index, while AAAU tracks LBMA Gold PM Price. Their fees differ too: 0.36% for GSEE and 0.18% for AAAU.

Which has better risk-adjusted returns?

GSEE currently has the higher Sharpe Ratio (2.06 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.