GSEU vs. AAAU
GSEU (Goldman Sachs ActiveBeta Europe Equity ETF) and AAAU (Goldman Sachs Physical Gold ETF) are both exchange-traded funds - GSEU is a Europe Equities fund tracking the Goldman Sachs ActiveBeta Europe Equity Index, while AAAU is a Gold fund tracking the LBMA Gold PM Price. Both are passively managed. Over the past 5 years, GSEU returned 8.36%/yr vs 18.60%/yr for AAAU. At a 0.22 correlation, their price movements are largely independent. GSEU charges 0.25%/yr vs 0.18%/yr for AAAU.
Performance
GSEU vs. AAAU - Performance Comparison
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Returns By Period
In the year-to-date period, GSEU achieves a 6.97% return, which is significantly higher than AAAU's 3.83% return.
GSEU
- 1D
- 1.28%
- 1M
- 2.78%
- YTD
- 6.97%
- 6M
- 10.59%
- 1Y
- 18.39%
- 3Y*
- 17.27%
- 5Y*
- 8.36%
- 10Y*
- 9.25%
AAAU
- 1D
- 0.87%
- 1M
- -1.63%
- YTD
- 3.83%
- 6M
- 6.34%
- 1Y
- 32.55%
- 3Y*
- 31.47%
- 5Y*
- 18.60%
- 10Y*
- —
GSEU vs. AAAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
GSEU Goldman Sachs ActiveBeta Europe Equity ETF | 6.97% | 35.70% | 2.00% | 20.74% | -17.90% | 17.33% | 6.64% | 24.57% | -10.50% |
AAAU Goldman Sachs Physical Gold ETF | 3.83% | 64.06% | 26.91% | 12.96% | -0.50% | -4.01% | 25.02% | 18.17% | 9.20% |
Correlation
The correlation between GSEU and AAAU is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since Aug 16, 2018 | 0.22 |
The correlation between GSEU and AAAU shifts across timeframes, from 0.22 (all time) to 0.33 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GSEU vs. AAAU — Risk / Return Rank
GSEU
AAAU
GSEU vs. AAAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs ActiveBeta Europe Equity ETF (GSEU) 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.
| GSEU | AAAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.25 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.55 | 1.71 | -0.16 |
| Martin ratioReturn relative to average drawdown | 5.83 | 4.21 | +1.62 |
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
| GSEU | AAAU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.22 | 1.24 | -0.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.49 | 1.05 | -0.56 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.51 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.53 | 1.09 | -0.56 |
Drawdowns
GSEU vs. AAAU - Drawdown Comparison
The maximum GSEU drawdown since its inception was -35.71%, which is greater than AAAU's maximum drawdown of -21.63%. Use the drawdown chart below to compare losses from any high point for GSEU and AAAU.
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Drawdown Indicators
| GSEU | AAAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.71% | -21.63% | -14.08% |
Max Drawdown (1Y)Largest decline over 1 year | -11.90% | -19.13% | +7.23% |
Max Drawdown (3Y)Largest decline over 3 years | -14.12% | -19.13% | +5.01% |
Max Drawdown (5Y)Largest decline over 5 years | -33.98% | -20.94% | -13.04% |
Max Drawdown (10Y)Largest decline over 10 years | -35.71% | — | — |
Current DrawdownCurrent decline from peak | -0.90% | -16.97% | +16.07% |
Average DrawdownAverage peak-to-trough decline | -6.60% | -6.19% | -0.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.16% | 7.76% | -4.60% |
Volatility
GSEU vs. AAAU - Volatility Comparison
Goldman Sachs ActiveBeta Europe Equity ETF (GSEU) and Goldman Sachs Physical Gold ETF (AAAU) have volatilities of 5.54% and 5.51%, 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
| GSEU | AAAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.54% | 5.51% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 12.53% | 22.94% | -10.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.14% | 26.33% | -11.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.14% | 17.83% | -0.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.11% | 16.99% | +1.12% |
GSEU vs. AAAU - Expense Ratio Comparison
GSEU has a 0.25% expense ratio, which is higher than AAAU's 0.18% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
GSEU vs. AAAU - Dividend Comparison
GSEU's dividend yield for the trailing twelve months is around 2.55%, while AAAU has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
AAAU Goldman Sachs Physical Gold ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GSEU Goldman Sachs ActiveBeta Europe Equity ETF | 2.55% | 2.72% | 2.35% | 3.41% | 3.34% | 2.71% | 1.84% | 3.69% | 3.40% | 2.51% | 2.74% |
Frequently Asked Questions
GSEU and AAAU have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSEU has higher volatility (5.54%) compared to AAAU (5.51%). In terms of maximum drawdown, GSEU dropped -35.71% vs AAAU's -21.63%.
On 5-year performance, AAAU leads with 18.60% vs 8.36% for GSEU. On fees, AAAU is cheaper at 0.18% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, AAAU has performed better with a 18.60% return vs 8.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AAAU is cheaper with a 0.18% expense ratio, compared with 0.25% for GSEU.
GSEU has the higher dividend yield at 2.55%, compared with 0.00% for AAAU.
GSEU is categorized as Europe Equities, while AAAU is Gold. GSEU tracks Goldman Sachs ActiveBeta Europe Equity Index, while AAAU tracks LBMA Gold PM Price. Their fees differ too: 0.25% for GSEU and 0.18% for AAAU.
AAAU currently has the higher Sharpe Ratio (1.24 vs 1.22), 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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