GSEW vs. AAAU
GSEW (Goldman Sachs Equal Weight U.S. Large Cap Equity ETF) and AAAU (Goldman Sachs Physical Gold ETF) are both exchange-traded funds - GSEW is a Large Cap Growth Equities fund tracking the Solactive US Large Cap Equal Weight Index, while AAAU is a Gold fund tracking the LBMA Gold PM Price. Both are passively managed. Over the past 5 years, GSEW returned 8.84%/yr vs 18.60%/yr for AAAU. At a 0.09 correlation, their price movements are largely independent. GSEW charges 0.09%/yr vs 0.18%/yr for AAAU.
Performance
GSEW vs. AAAU - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GSEW achieves a 10.61% return, which is significantly higher than AAAU's 3.83% return.
GSEW
- 1D
- 0.99%
- 1M
- 3.38%
- YTD
- 10.61%
- 6M
- 10.52%
- 1Y
- 19.76%
- 3Y*
- 17.95%
- 5Y*
- 8.84%
- 10Y*
- —
AAAU
- 1D
- 0.87%
- 1M
- -1.63%
- YTD
- 3.83%
- 6M
- 6.34%
- 1Y
- 32.55%
- 3Y*
- 31.47%
- 5Y*
- 18.60%
- 10Y*
- —
GSEW vs. AAAU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF | 10.61% | 11.97% | 16.89% | 17.80% | -17.54% | 25.43% | 16.28% | 31.04% | -11.82% |
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 GSEW and AAAU is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (All Time) Calculated using the full available price history since Aug 16, 2018 | 0.09 |
The correlation between GSEW and AAAU shifts across timeframes, from 0.09 (all time) to 0.21 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GSEW vs. AAAU — Risk / Return Rank
GSEW
AAAU
GSEW vs. AAAU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (GSEW) 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.
| GSEW | AAAU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.39 | ||
| Sortino ratioReturn per unit of downside risk | +0.70 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.25 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.57 | 1.71 | +0.86 |
| Martin ratioReturn relative to average drawdown | 9.83 | 4.21 | +5.62 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| GSEW | AAAU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.64 | 1.24 | +0.39 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.53 | 1.05 | -0.52 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.62 | 1.09 | -0.47 |
Drawdowns
GSEW vs. AAAU - Drawdown Comparison
The maximum GSEW drawdown since its inception was -38.65%, which is greater than AAAU's maximum drawdown of -21.63%. Use the drawdown chart below to compare losses from any high point for GSEW and AAAU.
Loading charts...
Drawdown Indicators
| GSEW | AAAU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.65% | -21.63% | -17.02% |
Max Drawdown (1Y)Largest decline over 1 year | -7.72% | -19.13% | +11.41% |
Max Drawdown (3Y)Largest decline over 3 years | -18.18% | -19.13% | +0.95% |
Max Drawdown (5Y)Largest decline over 5 years | -25.74% | -20.94% | -4.80% |
Current DrawdownCurrent decline from peak | 0.00% | -16.97% | +16.97% |
Average DrawdownAverage peak-to-trough decline | -5.89% | -6.19% | +0.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.02% | 7.76% | -5.74% |
Volatility
GSEW vs. AAAU - Volatility Comparison
The current volatility for Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (GSEW) is 2.82%, while Goldman Sachs Physical Gold ETF (AAAU) has a volatility of 5.51%. This indicates that GSEW experiences smaller price fluctuations and is considered to be less risky than AAAU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| GSEW | AAAU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.82% | 5.51% | -2.69% |
Volatility (6M)Calculated over the trailing 6-month period | 9.09% | 22.94% | -13.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.13% | 26.33% | -14.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.92% | 17.83% | -0.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.19% | 16.99% | +2.20% |
GSEW vs. AAAU - Expense Ratio Comparison
GSEW has a 0.09% expense ratio, which is lower than AAAU's 0.18% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
GSEW vs. AAAU - Dividend Comparison
GSEW's dividend yield for the trailing twelve months is around 1.41%, while AAAU has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF | 1.41% | 1.52% | 1.46% | 1.64% | 1.74% | 1.34% | 1.53% | 1.66% | 1.56% | 0.54% |
Frequently Asked Questions
GSEW and AAAU have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AAAU has higher volatility (5.51%) compared to GSEW (2.82%). In terms of maximum drawdown, GSEW dropped -38.65% vs AAAU's -21.63%.
On 5-year performance, AAAU leads with 18.60% vs 8.84% for GSEW. On fees, GSEW is cheaper at 0.09% per year. On volatility, GSEW has been the lower-risk option at 2.82%. 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 8.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GSEW is cheaper with a 0.09% expense ratio, compared with 0.18% for AAAU.
GSEW has the higher dividend yield at 1.41%, compared with 0.00% for AAAU.
GSEW is categorized as Large Cap Growth Equities, while AAAU is Gold. GSEW tracks Solactive US Large Cap Equal Weight Index, while AAAU tracks LBMA Gold PM Price. Their fees differ too: 0.09% for GSEW and 0.18% for AAAU.
GSEW currently has the higher Sharpe Ratio (1.64 vs 1.24), 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.
Find the right allocation for GSEW and AAAU
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer