GSIE vs. AAAU

Last updated Apr 2, 2026

Compare and contrast key facts about Goldman Sachs ActiveBeta International Equity ETF (GSIE) and Goldman Sachs Physical Gold ETF (AAAU).

GSIE and AAAU are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GSIE is a passively managed fund by Goldman Sachs that tracks the performance of the Goldman Sachs ActiveBeta International Equity Index. It was launched on Nov 6, 2015. AAAU is a passively managed fund by Goldman Sachs that tracks the performance of the LBMA Gold PM Price. It was launched on Jul 26, 2018. Both GSIE and AAAU are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

GSIE vs. AAAU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs ActiveBeta International Equity ETF (GSIE) and Goldman Sachs Physical Gold ETF (AAAU). The values are adjusted to include any dividend payments, if applicable.

GSIE vs. AAAU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
GSIE Goldman Sachs ActiveBeta International Equity ETF	2.37%	32.53%	5.23%	16.99%	-15.86%	13.27%	7.45%	22.83%	-10.54%
AAAU Goldman Sachs Physical Gold ETF	10.48%	64.06%	26.91%	12.96%	-0.50%	-4.01%	25.02%	18.17%	9.20%

Returns By Period

In the year-to-date period, GSIE achieves a 2.37% return, which is significantly lower than AAAU's 10.48% return.

GSIE

• 1D: 1.58%
• 1M: -3.98%
• YTD: 2.37%
• 6M: 6.80%
• 1Y: 26.11%
• 3Y*: 15.72%
• 5Y*: 8.62%
• 10Y*: 9.01%

AAAU

• 1D: 1.78%
• 1M: -10.64%
• YTD: 10.48%
• 6M: 23.10%
• 1Y: 52.53%
• 3Y*: 33.97%
• 5Y*: 22.27%
• 10Y*: —

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

GSIE vs. AAAU - Expense Ratio Comparison

GSIE 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%.

GSIE

Goldman Sachs ActiveBeta International Equity ETF

AAAU

Goldman Sachs Physical Gold ETF

Return for Risk

GSIE vs. AAAU — Risk / Return Rank

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

GSIE

GSIE Risk / Return Rank: 80
GSIE Sharpe Ratio Rank: 77
GSIE Sortino Ratio Rank: 80
GSIE Omega Ratio Rank: 79
GSIE Calmar Ratio Rank: 81
GSIE Martin Ratio Rank: 81

AAAU

AAAU Risk / Return Rank: 86
AAAU Sharpe Ratio Rank: 88
AAAU Sortino Ratio Rank: 85
AAAU Omega Ratio Rank: 85
AAAU Calmar Ratio Rank: 86
AAAU Martin Ratio Rank: 84

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.

GSIE vs. AAAU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs ActiveBeta International Equity ETF (GSIE) 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.

	GSIE	AAAU	Difference
Sharpe ratio Return per unit of total volatility	1.47	1.92	-0.45
Sortino ratio Return per unit of downside risk	2.12	2.35	-0.23
Omega ratio Gain probability vs. loss probability	1.31	1.35	-0.04
Calmar ratio Return relative to maximum drawdown	2.46	2.73	-0.27
Martin ratio Return relative to average drawdown	9.50	10.02	-0.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GSIE vs. AAAU - Sharpe Ratio Comparison

The current GSIE Sharpe Ratio is 1.47, which is comparable to the AAAU Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of GSIE and AAAU, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	GSIE	AAAU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.47	1.92	-0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	1.27	-0.73
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	1.18	-0.68

Correlation

The correlation between GSIE and AAAU is 0.22, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

GSIE vs. AAAU - Dividend Comparison

GSIE's dividend yield for the trailing twelve months is around 2.62%, while AAAU has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GSIE Goldman Sachs ActiveBeta International Equity ETF	2.62%	2.65%	3.11%	2.87%	3.01%	2.40%	1.60%	2.80%	2.68%	2.31%	2.15%	0.13%
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%	0.00%

Drawdowns

GSIE vs. AAAU - Drawdown Comparison

The maximum GSIE drawdown since its inception was -34.63%, which is greater than AAAU's maximum drawdown of -21.63%. Use the drawdown chart below to compare losses from any high point for GSIE and AAAU.

Drawdown Indicators

	GSIE	AAAU	Difference
Max Drawdown Largest peak-to-trough decline	-34.63%	-21.63%	-13.00%
Max Drawdown (1Y) Largest decline over 1 year	-10.76%	-19.13%	+8.37%
Max Drawdown (5Y) Largest decline over 5 years	-29.97%	-20.94%	-9.03%
Max Drawdown (10Y) Largest decline over 10 years	-34.63%	—	—
Current Drawdown Current decline from peak	-5.99%	-11.65%	+5.66%
Average Drawdown Average peak-to-trough decline	-6.11%	-6.01%	-0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.78%	5.21%	-2.43%

Volatility

GSIE vs. AAAU - Volatility Comparison

The current volatility for Goldman Sachs ActiveBeta International Equity ETF (GSIE) is 7.15%, while Goldman Sachs Physical Gold ETF (AAAU) has a volatility of 10.43%. This indicates that GSIE 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.

Volatility by Period

	GSIE	AAAU	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.15%	10.43%	-3.28%
Volatility (6M) Calculated over the trailing 6-month period	10.64%	24.06%	-13.42%
Volatility (1Y) Calculated over the trailing 1-year period	17.82%	27.50%	-9.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.92%	17.58%	-1.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.70%	16.92%	-0.22%